# EDGAR Filing Document

**Accession Number:** 0001472033
**File Stem:** 0001193805-25-001778
**Filing Date:** 2025-12
**Character Count:** 215642
**Document Hash:** 1e5291b197c463d78e3c32c5174dce2a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193805-25-001778.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001193805-25-001778

**CONFORMED SUBMISSION TYPE**: F-6 POS

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AZUL SA
- **CENTRAL INDEX KEY:** 0001432364
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, SCHEDULED [4512]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-6 POS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-285238
- **FILM NUMBER:** 251593229

**BUSINESS ADDRESS:**
- **STREET 1:** AV. MARCOS PENTEADO ULHOA RODRIGUES
- **STREET 2:** NO. 939, 9 FLOOR, ED. JATOBA
- **CITY:** BARUERI
- **STATE:** D5
- **ZIP:** 06460-040
- **BUSINESS PHONE:** 55 11 4831 2880

**MAIL ADDRESS:**
- **STREET 1:** AV. MARCOS PENTEADO ULHOA RODRIGUES
- **STREET 2:** NO. 939, 9 FLOOR, ED. JATOBA
- **CITY:** BARUERI
- **STATE:** D5
- **ZIP:** 06460-040

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SALEB II PARTICIPACOES SA
- **DATE OF NAME CHANGE:** 20080415
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Citibank,N.A./ADR
- **CENTRAL INDEX KEY:** 0001472033
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 521568099
- **STATE OF INCORPORATION:** DC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-6 POS

**BUSINESS ADDRESS:**
- **STREET 1:** 388 GREENWICH STREET, 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 212-816-6647

**MAIL ADDRESS:**
- **STREET 1:** 388 GREENWICH STREET, 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013

---

| | |
|:---|:---|
| **As filed with the Securities and Exchange Commission on December 22, 2025** | **Registration No. 333 -285238** |

---

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 **__________________________________**

**POST-EFFECTIVE AMENDMENT NO. 1 TO FORM F-6**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933 FOR AMERICAN DEPOSITARY SHARES EVIDENCED BY**

**AMERICAN DEPOSITARY RECEIPTS**

 **_____________**

**azul s.a.**

(Exact name of issuer of deposited securities as specified in its charter)

_____________

**N/A**

(Translation of issuer's name into English)

_____________

**Federative Republic of Brazil**

(Jurisdiction of incorporation or organization of issuer**)**

__________________________________

**CITIBANK, N.A.**

(Exact name of depositary as specified in its charter**)**

_____________

388 Greenwich Street

New York, New York 10013

(877) 248-4237

(Address, including zip code, and telephone number, including area code, of depositary's principal executive offices)

_____________

**Cogency Global Inc.**

**122 East 42nd Street, 18th Floor**

**New York, NY 10168**

**(212) 947-7200**

(Address, including zip code, and telephone number, including area code, of agent for service)

__________________________________

Copies to:

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| | |
|:---|:---|
| **Manuel Garciadiaz, Esq.**<br> **Davis Polk & Wardwell LLP**<br> **450 Lexington Avenue**<br> **New York, New York 10017**<br> **(212) 450-4000**<br>| **Herman H. Raspé, Esq.**<br> **Jean-Claude Lanza, Esq.**<br> **Patterson Belknap Webb & Tyler LLP**<br> **1133 Avenue of the Americas**<br> **New York, New York 10036**<br> **212-336-2000** |

---

__________________________________

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| | |
|:---|:---|
| It is proposed that this filing become effective under Rule 466: | ☐ immediately upon filing. |
|  | ☐ on (Date) at (Time). |
| If a separate registration statement has been filed to register the deposited shares, check the following box: ☐ | If a separate registration statement has been filed to register the deposited shares, check the following box: ☐ |

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__________________________________

**The Registrant hereby amends this Post-Effective Amendment No. 1 to Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Post-Effective Amendment No. 1 to Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, or until this Post-Effective Amendment No. 1 to Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

This Post-Effective Amendment No. 1 to Registration Statement may be executed in any number of counterparts, each of which shall be deemed an original, and all of such counterparts together shall constitute one and the same instrument.

ii

**PART I**

**INFORMATION REQUIRED IN PROSPECTUS**

**Cross Reference Sheet**

**Item 1. DESCRIPTION OF SECURITIES TO BE REGISTERED**

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| | | |
|:---|:---|:---|
| <br>**<u>Item Number and Caption</u>** | <br>**<u>Item Number and Caption</u>** | **Location in Form of American**<br> **Depositary Receipt ("Receipt")<br> <u>Filed Herewith as Prospectus</u>** |
| 1. | Name of Depositary and address of its principal executive office | <u>Face of Receipt</u> - Introductory Article. |
| 2. | Title of Receipts and identity of deposited securities | <u>Face of Receipt</u> - Top Center. |
| Terms of Deposit: | Terms of Deposit: |  |
| (i) | The amount of deposited securities represented by one American Depositary Share ("<u>ADSs</u>") | <u>Face of Receipt</u> - Upper right corner. |
| (ii) | The procedure for voting, if any, the deposited securities | <u>Reverse of Receipt</u> - Paragraphs (18)<br> and (19). |
| (iii) | The collection and distribution of dividends | <u>Reverse of Receipt</u> – Paragraph (16). |
| (iv) | The transmission of notices, reports and proxy soliciting material | <u>Face of Receipt</u> - Paragraph (15);<br> <u>Reverse of Receipt</u> – Paragraph (19). |
| (v) | The sale or exercise of rights | <u>Reverse of Receipt</u> – Paragraphs (16)<br> and (18). |
| (vi) | The deposit or sale of securities resulting from dividends, splits or plans of reorganization | <u>Face of Receipt</u> - Paragraphs (3) and (6);<br> <u>Reverse of Receipt</u> - Paragraphs (16) and (18). |
| (vii) | Amendment, extension or termination of the deposit agreement | <u>Reverse of Receipt</u> - Paragraphs (24) and (25) (no provision for extensions). |
| (viii) | Rights of holders of Receipts to inspect the transfer books of the Depositary and the list of holders of ADSs | <u>Face of Receipt</u> - Paragraph (15). |

---

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| | | |
|:---|:---|:---|
| <br>**<u>Item Number and Caption</u>** | <br>**<u>Item Number and Caption</u>** | **Location in Form of American**<br> **Depositary Receipt ("Receipt")<br> <u>Filed Herewith as Prospectus</u>** |
| (ix) | Restrictions upon the right to deposit or withdraw the underlying securities | <u>Face of Receipt</u> – Paragraphs (2), (3), (4), (6), (7), (10), and (11).<br>|
| (x) | Limitation upon the liability of the Depositary | <u>Face of Receipt</u> - Paragraph (9);<br> <u>Reverse of Receipt</u> - Paragraphs (21) and (22). |
| (xi) | Fees and charges which may be imposed directly or indirectly on holders of ADSs | <u>Face of Receipt</u> – Paragraphs (12) and (15). |
| **Item 2.** | **AVAILABLE INFORMATION** | <u>Face of Receipt</u> - Paragraph (15). |

---

The Company is subject to the periodic reporting requirements of the United States Securities Exchange Act of 1934, as amended, and, accordingly, files certain reports with, and submits certain reports to, the United States Securities and Exchange Commission (the "<u>Commission</u>"). These reports can be retrieved from the Commission's internet website (<u>www.sec.gov</u>), and can be inspected and copied at the public reference facilities maintained by the Commission at 100 F Street, N.E., Washington D.C. 20549.

**PROSPECTUS**

The Prospectus consists of the form of American Depositary Receipt filed as Exhibit A to the form of Amendment No. 1 to Deposit Agreement filed as Exhibit (a)(i) to this Post-Effective Amendment No. 1 to Registration Statement on Form F-6 and is incorporated herein by reference.

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

Item 3. EXHIBITS

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| | |
|:---|:---|
| (a)(i) | Form of Amendment No. 1 to Deposit Agreement, by and between Azul S.A. (the "<u>Company</u>"), Citibank, N.A. (the "<u>Depositary</u>"), and all Holders and Beneficial Owners of American Depositary Shares issued thereunder. <sup>___</sup> Filed herewith as Exhibit (a)(i). |

---

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| | |
|:---|:---|
| (a)(ii) | Deposit Agreement, dated as of April 7, 2017, by and among the Company, the Depositary, and all Holders and Beneficial Owners of American Depositary Shares issued thereunder. <sup>___</sup> Previously filed as Exhibit (a) to the Registration Statement on Form F-6, Reg. No. 333-263414, filed on March 10, 2022, and incorporated herein by reference. |

---

(b)(i) Omnibus Restricted ADS Letter Agreement, dated as of February 21, 2025, by and between the Company and the Depositary – Previously filed as Exhibit (b) to the Registration Statement on Form F-6, Reg. No. 333-285238, filed on February 25, 2025, and incorporated herein by reference.

(b)(ii) Lessor Equity Restricted ADS Series Supplement, dated as of April 3, 2025, by and between the Company and the Depositary <sup>___</sup> Filed herewith as Exhibit (b)(ii).

(b)(iii) Form of Letter Agreement, by and between the Company and the Depositary, with respect to the Public Equitization Offer by the Company in the context of the Joint Chapter 11 Plan of Reorganization of the Company. <sup>___</sup> Filed herewith as Exhibit (b)(iii).

(c) Every material contract relating to the deposited securities between the Depositary and the issuer of
the deposited securities in effect at any time within the last three years. <sup>___</sup> None.

(d) Opinion of counsel for the Depositary as to the legality of the securities to be registered. <sup>___</sup>
None.

(e) Certificate under Rule 466. <sup>___</sup> None.

(f) Powers of Attorney for certain officers and directors and the authorized representative of the Company.
<sup>___</sup> None.

Item 4. UNDERTAKINGS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Depositary undertakes to make available at the principal office of the Depositary in the United States,
for inspection by holders of ADSs, any reports and communications received from the issuer of the deposited securities which are both
(1) received by the Depositary as the holder of the deposited securities, and (2) made generally available to the holders of the underlying
securities by the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the amount of fees charged is not disclosed in the prospectus, the Depositary undertakes to prepare
a separate document stating the amount of any fee charged and describing the service for which it is charged and to deliver promptly a
copy of such fee schedule without charge to anyone upon request. The Depositary undertakes to notify each registered holder of an ADS
thirty (30) days before any change in the fee schedule.

**<u>SIGNATURES</u>**

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| | |
|:---|:---|

| **CITIBANK, N.A., solely in its capacity as Depositary** | **CITIBANK, N.A., solely in its capacity as Depositary** |
| By: | /s/ Leslie DeLuca |
|  | Name: Leslie DeLuca |
|  | Title: Attorney-in-Fact |

---

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Act of 1933, as amended, Azul S.A. certifies that it has reasonable grounds to believe that all the requirements for filing on Form F-6 are met and has duly caused this Post-Effective Amendment No. 1 to Registration Statement on Form F-6 to be signed on its behalf by the undersigned thereunto duly authorized, in São Paulo, Brazil, on December 22, 2025.

---

| | |
|:---|:---|
| **AZUL S.A.** | **AZUL S.A.** |
| By: | /s/ John Peter Rodgerson |
|  | Name: John Peter Rodgerson |
|  | Title: Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 1 to Registration Statement on Form F-6 has been signed by the following persons in the following capacities on December 22, 2025.

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| | |
|:---|:---|
| <u>Signature</u> | <u>Title</u> |
| /s/John Peter Rodgerson | Chief Executive OfficerChief Executive Officer |
| John Peter Rodgerson | (Principal Executive Officer(s)) |
| \* | Chief Financial and Investor Relations Officer |
| Alexandre Wagner Malfitani | (Principal Financial Officer(s)) |
| | Controller |
| Ricardo Luiz Temer Mariano | (Principal Accounting Officer/Controller) |
| \* | Chairman |
| David Gary Neeleman |  |
| \* | Director |
| Sérgio Eraldo de Salles Pinto |  |
| | Director |
| Gilberto de Almeida Peralta |  |
| \* | Director |
| Daniella Marques Consentino |  |
| \* | Director |
| Renata Faber Rocha Ribeiro |  |
| \* | Director |
| Patrick Wayne Quayle |  |
| | Director |
| José Mario Caprioli dos Santos |  |
| | Director |
| James Jason Grant |  |
| | Director |
| Jonathan Seth Zinman |  |

---

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| | |
|:---|:---|
| \* |  |
| By: | /s/ John Peter Rodgerson |
| Name: | John Peter Rodgerson |
| Title: | Attorney-in-fact |

---

**<u>SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES</u>**

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of America of Azul S.A., has signed this registration statement or amendment thereto in New York, NY, United States of America, on December 22, 2025.

---

| | |
|:---|:---|
| **Cogency Global Inc.** | **Cogency Global Inc.** |
| By: | /s/ Colleen A. De Vries |
|  | Name: Colleen A. De Vries |
|  | Title: Senior Vice-President on behalf of Cogency Global Inc. |

---

**<u>Index to Exhibits</u>**

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| | | |
|:---|:---|:---|
| **<u>Exhibit</u>** | **<u>Document</u>** | **Sequentially**<br> **<u>Numbered Page</u>**<br>|
| (a)(i) | Form of Amendment No. 1 to Deposit Agreement |  |
| (b)(ii) | Lessor Equity Restricted ADS Series Supplement |  |
| (b)(iii) | Form of Letter Agreement |  |

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## Ex-99.(A)(I)

<u>Exhibit (a)(i)</u>

------

AZUL S.A.

AND

CITIBANK, N.A.,

As Depositary,

AND

ALL HOLDERS AND BENEFICIAL OWNERS OF<br> AMERICAN DEPOSITARY SHARES ISSUED AND<br> OUTSTANDING UNDER THE TERMS OF THE<br> DEPOSIT AGREEMENT, DATED AS OF APRIL 7, 2017.

&nbsp;&nbsp;&nbsp;&nbsp;_______________________________________________

Amendment No. 1<br> to<br> Deposit Agreement

_______________________________________________

Dated as of January [●], 2026

------

**<u>**TABLE OF CONTENTS**</u>**

**<u>Page</u>**

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| | | | |
|:---|:---|:---|:---|
| ARTICLE I | DEFINITIONS | DEFINITIONS | 2 |
|  | SECTION 1.01 | Definitions | 2 |
|  | SECTION 1.02 | Effective Date | 2 |
| ARTICLE II | AMENDMENTS TO DEPOSIT AGREEMENT | AMENDMENTS TO DEPOSIT AGREEMENT | 2 |
|  | SECTION 2.01 | Deposit Agreement | 2 |
|  | SECTION 2.02 | Amendments Binding on all Holders and Beneficial Owners | 2 |
| ARTICLE III | AMENDMENTS TO THE FORM OF ADR | AMENDMENTS TO THE FORM OF ADR | 2 |
|  | SECTION 3.01 | ADR Amendments | 2 |
|  | SECTION 3.02 | Change of Ratio | 3 |
| ARTICLE IV | REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES | 3 |
|  | SECTION 4.01 | Representations and Warranties | 3 |
| ARTICLE V | MISCELLANEOUS | MISCELLANEOUS | 4 |
|  | SECTION 5.01 | New ADRs | 4 |
|  | SECTION 5.02 | Notice of Amendment to Owners of ADSs | 4 |
|  | SECTION 5.03 | Indemnification | 4 |
|  | SECTION 5.04 | Ratification | 4 |
|  | SECTION 5.05 | Governing Law | 4 |
|  | SECTION 5.06 | Counterparts | 4 |
| EXHIBIT A | - Form of ADR | - Form of ADR | A-1 |
| EXHIBIT B | - Form of Depositary Notice | - Form of Depositary Notice | B-1 |

---

i

<u>AMENDMENT NO. 1 TO DEPOSIT AGREEMENT</u>

AMENDMENT NO. 1 TO DEPOSIT AGREEMENT, dated as of January [●], 2026 (the "<u>Amendment No. 1</u>"), by and among Azul S.A., a *sociedade por ações* organized under the laws of the Federative Republic of Brazil, and its successors (the "<u>Company</u>"), Citibank, N.A., a national banking association organized under the laws of the United States of America (the "<u>Depositary</u>"), and all Holders and Beneficial Owners of American Depositary Shares ("<u>ADSs</u>") issued pursuant to, and outstanding as of the date hereof under, the Deposit Agreement.

WITNESSETH THAT:

WHEREAS, the Company and the Depositary entered into that certain Deposit Agreement, dated as of April 7, 2017 (the "<u>Deposit Agreement</u>"), for the creation of ADSs representing the Shares (as defined in the Deposit Agreement) deposited thereunder and for the execution and delivery of American Depositary Receipts ("<u>ADRs</u>") in respect of the ADSs; and

WHEREAS, the Company and the Depositary entered into that certain Omnibus Restricted ADS Letter Agreement, dated as of February 21, 2025 (the "<u>RADS Letter Agreement</u>"), for the establishment of procedures to enable certain holders of Shares, including Affiliates of the Company, that constitute Restricted Securities (as defined in the Deposit Agreement) to deposit Restricted Shares for the issuance of Restricted ADSs ("<u>RADSs</u>"), some of which may be represented by Restricted American Depositary Receipts ("<u>RADRs</u>"); and

WHEREAS, pursuant to the terms of the Deposit Agreement and the ADRs issued thereunder all Holders and Beneficial Owners of ADSs are parties to, and bound by the terms of, the Deposit Agreement; and

WHEREAS, the Company desires to (i) change the ADS-to-Share ratio from the existing ratio of one (1) ADS (including, for avoidance of doubt, RADS) to three (3) Shares to a new ratio of one (1) ADS (including for avoidance of doubt, RADS) representing (1) Share Unit with each Share Unit representing the right to receive fifty thousand (50,000) Shares; (ii) amend the Deposit Agreement, the ADRs (including, for avoidance of doubt, RADRs, if any) currently outstanding, and the form of ADR annexed to the Deposit Agreement to reflect the ratio change; and (iii) to give notice thereof to all Holders (as defined in the Deposit Agreement) of ADSs (including, for avoidance of doubt, RADSs); and

WHEREAS, pursuant to Section 6.1 of the Deposit Agreement, the Company and the Depositary deem it necessary and desirable to amend the Deposit Agreement, the ADRs currently outstanding and the form of ADR annexed to the Deposit Agreement as Exhibit A for the purposes set forth herein;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Depositary hereby agree to amend the Deposit Agreement, the ADRs currently outstanding and the form of ADR annexed as <u>Exhibit A</u> to the Deposit Agreement as follows:

ARTICLE I

<u>DEFINITIONS</u>

SECTION 1.01 <u>Definitions</u>. Unless otherwise specified in this Amendment No. 1, all capitalized terms used, but not defined, herein shall have the meanings given to such terms in the Deposit Agreement.

SECTION 1.02 <u>Effective Date</u>. The term "Effective Date" shall mean the date set forth above and as of which this Amendment No. 1 shall become effective.

ARTICLE II

<u>AMENDMENTS TO DEPOSIT AGREEMENT</u>

SECTION 2.01 <u>Deposit Agreement</u>. All references in the Deposit Agreement and in the RADS Letter Agreement to the term "Deposit Agreement" shall, as of the Effective Date, refer to the Deposit Agreement, dated as of April 7, 2017, as supplemented by the RADS Letter Agreement, amended by this Amendment No. 1 and as may be further amended and supplemented from time to time after the Effective Date.

SECTION 2.02 <u>Amendments Binding on all Holders and Beneficial Owners</u>. From and after the Effective Date, the amendments to the Deposit Agreement effected hereby shall be binding on all Holders and Beneficial Owners of ADSs (which, for avoidance of doubt, includes RADSs) issued and outstanding as of the Effective Date and on all Holders and Beneficial Owners of ADSs (which, for avoidance of doubt, includes RADSs) issued after the Effective Date.

ARTICLE III

<u>AMENDMENTS TO THE FORM OF ADR</u>

SECTION 3.01 <u>ADR Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The phrase in the top, right-hand corner of the first page of the Form of ADR attached as <u>Exhibit A</u> to the Deposit Agreement and in each of the ADRs issued and outstanding under the terms of the Deposit Agreement is hereby amended as of the Effective Date by deleting such phrase in its entirety and inserting the following in its stead:

"American Depositary Shares (each American Depositary Share representing (1) Share Unit with each Share Unit representing the right to receive fifty thousand (50,000) fully paid preferred shares of Azul S.A.)"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The second sentence of the introductory paragraph of the first page of the Form of ADR attached as <u>Exhibit A</u> to the Deposit Agreement and in each of the ADRs issued and outstanding under the terms of the Deposit Agreement is hereby amended as of the Effective Date by deleting such sentence in its entirety and inserting the following in its stead:

"As of the date of issuance of this ADR, each ADS represents the right to receive representing (1) Share Unit with each Share Unit representing the right to receive fifty thousand (50,000) Shares deposited under the Deposit Agreement (as hereinafter defined) with the Custodian, which at the date of issuance of this ADR is Banco Bradesco S.A. (the "Custodian")."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The first sentence of paragraph (1) of the form of ADR attached as Exhibit A to the Deposit Agreement and in each of the ADRs issued and outstanding under the terms of the Deposit Agreement is hereby amended as of the Effective Date by deleting such sentence in its entirety and inserting the following in its stead:

"This American Depositary Receipt is one of an issue of American Depositary Receipts ("ADRs"), all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of April 7, 2017, as amended by Amendment No. 1 to Deposit Agreement, dated [●], 2026 (as amended and supplemented from time to time, the "Deposit Agreement"), by and among the Company, the Depositary, and all Holders and Beneficial Owners from time to time of ADSs issued thereunder, each of whom by accepting an ADS agrees to become a party thereto and becomes bound by all the terms and conditions thereof."

SECTION 3.02 <u>Change of Ratio</u>. All other references to the ADS-to-Share ratio made in the form of ADR attached as Exhibit A to the Deposit Agreement and in each of the ADRs outstanding, as of the Effective Date, under the terms of the Deposit Agreement shall, as of the Effective Date, refer to the ADS-to-Share ratio of "one (1) ADS representing (1) Share Unit with each Share Unit representing the right to receive fifty thousand (50,000) Shares."

ARTICLE IV

<u>REPRESENTATIONS AND WARRANTIES</u>

SECTION 4.01 <u>Representations and Warranties</u>. The Company represents and warrants to, and agrees with, the Depositary and all Holders and Beneficial Owners, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Amendment No. 1, when executed and delivered by the Company, and the Deposit Agreement and all other documentation executed and delivered by the Company in connection therewith, will be and have been, respectively, duly and validly authorized, executed and delivered by the Company, and constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to ensure the legality, validity, enforceability or admissibility into evidence of this Amendment No. 1 or the Deposit Agreement as amended hereby, and other document furnished hereunder or thereunder in the Federative Republic of Brazil, neither of such agreements need to be filed or recorded with any court or other authority in the Federative Republic of Brazil, nor does any stamp or similar tax need be paid in the Federative Republic of Brazil on or in respect of such agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All of the information provided to the Depositary by the Company in connection with this Amendment No. 1 is true, accurate and correct.

ARTICLE V

<u>MISCELLANEOUS</u>

SECTION 5.01 <u>Whole Share Units</u>. The Company hereby directs the Depositary to not (i) accept the deposit or withdrawal of a number of Shares not constituting a whole Share Unit (50,000 Shares), and (ii) issue or cancel ADSs or RADSs, as the case may be, not representing a whole Share Unit (50,000 Shares), notwithstanding anything contained in the Deposit Agreement or in any ADR.

SECTION 5.02 <u>New ADRs</u>. From and after the Effective Date, the Depositary shall arrange to have new ADRs printed or amended that reflect the changes to the form of ADR effected by this Amendment No. 1. All ADRs issued hereunder after the Effective Date, once such new ADRs are available, whether upon the deposit of Shares or other Deposited Securities or upon the transfer, combination or split up of existing ADRs, shall be substantially in the form of the specimen ADR attached as <u>Exhibit A</u> hereto. However, ADRs issued prior or subsequent to the date hereof, which do not reflect the changes to the form of ADR effected hereby, must be returned to the Depositary for exchange. The Depositary is authorized and directed to take any and all actions deemed necessary to effect the foregoing.

SECTION 5.03 <u>Notice of Amendment to Owners of ADSs</u>. The Depositary is hereby directed to send a notice informing the Holders of ADSs (which, for avoidance of doubt, includes RADSs), *inter alia*, (i) of the terms of this Amendment No. 1, (ii) of the Effective Date of this Amendment No. 1, (iii) that the Holder of ADRs, if any, are requested to surrender their ADRs in exchange for new ADRs reflecting the changes effected by this Amendment No. 1, as provided in Section 5.01 hereof, and (iv) that copies of this Amendment No. 1 may be retrieved from the Commission's website at https://www.sec.gov and may be obtained from the Depositary and the Company upon request. The notice to Holders of ADSs (including, for avoidance of doubt, RADSs) shall be substantially in the form of <u>Exhibit B</u> attached hereto.

SECTION 5.04 <u>Indemnification</u>. The Company agrees to indemnify and hold harmless the Depositary (and any and all of its directors, employees and officers) for any and all liability it or they may incur as a result of the terms of this Amendment No. 1 and the transactions contemplated herein.

SECTION 5.05 <u>Ratification</u>. Except as expressly amended hereby, the terms, covenants and conditions of the Deposit Agreement as originally executed shall remain in full force and effect.

SECTION 5.06 <u>Governing Law</u>. This Amendment No. 1 shall be interpreted in accordance with, and all rights hereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York.

SECTION 5.07 <u>Counterparts</u>. This Amendment No. 1 may be executed in any number of counterparts, each of which shall be deemed an original, and all of such counterparts together shall be deemed an original, and all such counterparts together shall constitute one and the same instrument.

[*Reminder of page left blank*]

IN WITNESS WHEREOF, the Company and the Depositary have caused this Amendment No. 1 to be executed by representatives thereunto duly authorized as of the date set forth above.

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| | |
|:---|:---|
| **AZUL S.A.** | **AZUL S.A.** |
| By: |  |
|  | Name: |
|  | Title: |
| **CITIBANK, N.A., as Depositary** | **CITIBANK, N.A., as Depositary** |
| By: |  |
|  | Name: |
|  | Title: |

---

**EXHIBIT A**

**[FORM OF ADR]**

---

| | |
|:---|:---|
| Number | CUSIP NUMBER: |
|  | ISIN NUMBER: |
| _____________ |  |
|  | American Depositary Shares (each American Depositary Share representing (1) Share Unit with each Share Unit representing the right to receive fifty thousand (50000) fully paid preferred shares of Azul S.A.) |

---

AMERICAN DEPOSITARY RECEIPT

for

AMERICAN DEPOSITARY SHARES

representing

DEPOSITED PREFERRED SHARES

of

Azul S.A.

(Incorporated under the laws of the Federative Republic of Brazil)

CITIBANK, N.A., a national banking association organized and existing under the laws of the United States of America, as depositary (the "Depositary"), hereby certifies that _____________is the owner of ______________ American Depositary Shares (hereinafter "ADS") representing deposited preferred shares without par value, including evidence of rights to receive such preferred shares (the "Shares"), of Azul S.A., a *sociedade por ações* organized under the laws of the Federative Republic of Brazil (the "Company"). As of the date of issuance of this ADR, each ADS represents the right to receive representing (1) Share Unit with each Share Unit representing the right to receive fifty thousand (50,000) Shares deposited under the Deposit Agreement (as hereinafter defined) with the Custodian, which at the date of issuance of this ADR is Banco Bradesco S.A. (the "Custodian"). The ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of the Deposit Agreement. The Depositary's Principal Office is located at 388 Greenwich Street, New York, New York 10013, U.S.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1) <u>The Deposit Agreement</u>.** This American Depositary Receipt is one of an issue of American Depositary Receipts ("ADRs"), all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of April 7, 2017, as amended by Amendment No. 1 to Deposit Agreement, dated as of January [●], 2026 (as amended and supplemented from time to time, the "Deposit Agreement"), by and among the Company, the Depositary, and all Holders and Beneficial Owners from time to time of ADSs issued thereunder, each of whom by accepting an ADS agrees to become a party thereto and becomes bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners of ADSs and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other Deposited Property (as defined in the Deposit Agreement) from time to time received and held on deposit in respect of the ADSs. Copies of the Deposit Agreement are on file at the Principal Office of the Depositary and with the Custodian. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof.

The statements made on the face and reverse of this ADR are summaries of certain provisions of the Deposit Agreement and the *Estatuto Social* of the Company (as in effect on the date of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement and the *Estatuto Social*, to which reference is hereby made.

All capitalized terms used, but not otherwise defined herein shall have the meanings ascribed thereto in the Deposit Agreement.

The Depositary makes no representation or warranty as to the validity or worth of the Deposited Property. The Depositary has made arrangements for the acceptance of the ADSs into DTC. Each Beneficial Owner of ADSs held through DTC must rely on the procedures of DTC and the DTC Participants to exercise and be entitled to any rights attributable to such ADSs. The Depositary may issue Uncertificated ADSs subject, however, to the terms and conditions of Section 2.13 of the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2) <u>Surrender of ADSs and Withdrawal of Deposited Securities</u>.**The Holder of this ADR (and of the ADSs evidenced hereby) shall be entitled to Delivery (at the Custodian's designated office) of the Deposited Securities at the time represented by the ADSs evidenced hereby upon satisfaction of each of the following conditions: (i) the Holder (or a duly authorized attorney of the Holder) has duly Delivered to the Depositary at its Principal Office the ADSs evidenced hereby (and, if applicable, this ADR) for the purpose of withdrawal of the Deposited Securities represented thereby, (ii) if applicable and so required by the Depositary, this ADR Delivered to the Depositary for such purpose has been properly endorsed in blank or is accompanied by proper instruments of transfer in blank (including signature guarantees in accordance with standard securities industry practice), (iii) if so required by the Depositary, the Holder of the ADSs has executed and delivered to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of the person(s) designated in such order, and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and <u>Exhibit B</u> to, the Deposit Agreement) have been paid, *subject, however, in each case*, to the terms and conditions of this ADR evidencing the surrendered ADSs, of the Deposit Agreement, of the *Estatuto Social*, of any applicable laws and the rules of CBLC, and to any provisions of or governing the Deposited Securities, in each case as in effect at the time thereof.

Upon satisfaction of each of the conditions specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, this ADR(s) evidencing the ADSs so Delivered), (ii) shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained for such purpose, and (iii) shall direct the Custodian to Deliver, or cause the Delivery of, in each case, without unreasonable delay, the Deposited Securities represented by the ADSs so canceled together with any certificate or other document of title for the Deposited Securities, or evidence of the electronic transfer thereof (if available), as the case may be, to or upon the written order of the person(s) designated in the order delivered to the Depositary for such purpose, *subject however, in each case*, to the terms and conditions of the Deposit Agreement, of this ADR evidencing the ADS so canceled, of the *Estatuto Social* of the Company, of any applicable laws and of the rules of the CBLC, and to the terms and conditions of or governing the Deposited Securities, in each case as in effect at the time thereof.

The Depositary shall not accept for surrender ADSs representing less than one (1) Unit Share. In the case of Delivery to it of ADSs representing a number other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) return to the person surrendering such ADSs the number of ADSs representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share represented by the ADSs so surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the person surrendering the ADSs.

Notwithstanding anything else contained in this ADR or the Deposit Agreement, the Depositary may make delivery at the Principal Office of the Depositary of Deposited Property consisting of (i) any cash dividends or cash distributions, or (ii) any proceeds from the sale of any non-cash distributions, which are at the time held by the Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs represented by this ADR, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any Deposited Property (other than Deposited Securities) held by the Custodian in respect of such ADSs to the Depositary for delivery at the Principal Office of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex, electronic or facsimile transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3) <u>Transfer, Combination and Split-up of ADRs</u>.** The Registrar shall register the transfer of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary shall (x) cancel this ADR and execute new ADRs evidencing the same aggregate number of ADSs as those evidenced by this ADR when canceled by the Depositary, (y) cause the Registrar to countersign such new ADRs, and (z) Deliver such new ADRs to or upon the order of the person entitled thereto, if each of the following conditions has been satisfied: (i) this ADR has been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a transfer thereof, (ii) this surrendered ADR has been properly endorsed or is accompanied by proper instruments of transfer (including signature guarantees in accordance with standard securities industry practice), (iii) this surrendered ADR has been duly stamped (if required by the laws of the State of New York or of the United States), and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and <u>Exhibit B</u> to, the Deposit Agreement) have been paid, *subject, however, in each case,* to the terms and conditions of this ADR, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof.

The Registrar shall register the split-up or combination of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary shall (x) cancel this ADR and execute new ADRs for the number of ADSs requested, but in the aggregate not exceeding the number of ADSs evidenced by this ADR (canceled), (y) cause the Registrar to countersign such new ADRs, and (z) Deliver such new ADRs to or upon the order of the Holder thereof, if each of the following conditions has been satisfied: (i) this ADR has been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a split-up or combination hereof, and (ii) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and <u>Exhibit B</u> to, the Deposit Agreement) have been paid, *subject, however, in each case*, to the terms and conditions of this ADR, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4) <u>Pre-Conditions to Registration, Transfer, Etc</u>.** As a condition precedent to the execution and Delivery, the registration of issuance, transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal of any Deposited Property, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of ADSs or of this ADR of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in Section 5.9 and <u>Exhibit B</u> to the Deposit Agreement and in this ADR, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1 of the Deposit Agreement, and (iii) compliance with (A) any laws or governmental regulations relating to the execution and Delivery of this ADR or ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations as the Depositary and the Company may establish consistent with the provisions of this ADR, the Deposit Agreement and applicable law.

The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused, or the registration of transfer of ADSs in particular instances may be refused, or the registration of transfer of ADSs generally may be suspended, during any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law or regulation, any government or governmental body or commission or any securities exchange on which the Shares or ADSs are listed, or under any provision of the Deposit Agreement or this ADR, or under any provision of, or governing, the Deposited Securities, or any a meeting of the Board of Directors or shareholders of the Company or for any other reason, subject, in all cases to paragraph (26) of this ADR. Notwithstanding any provision of the Deposit Agreement or this ADR to the contrary, Holders are entitled to surrender outstanding ADSs to withdraw the Deposited Securities associated therewith at any time subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders' meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the ADSs or to the withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5) <u>Compliance With Information Requests</u>.** Notwithstanding any other provision of the Deposit Agreement or this ADR, each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to applicable law, the rules and requirements of the CVM and/or the BM&FBOVESPA, and any other stock exchange on which the Shares or ADSs are, or will be, registered, traded or listed or the *Estatuto Social* of the Company, which are made to provide information, *inter alia*, as to the capacity in which such Holder or Beneficial Owner owns ADSs (and Shares as the case may be) and regarding the identity of any other person(s) interested in such ADSs (and Shares as the case may be) and the nature of such interest and various other matters, whether or not they are Holders and/or Beneficial Owners at the time of such request. The Depositary agrees to use its reasonable efforts to forward, upon the request of the Company and at the Company's expense, any such request from the Company to the Holders and to forward to the Company any such responses to such requests received by the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6) <u>Ownership Restrictions</u>.** Notwithstanding any other provision of this ADR or of the Deposit Agreement, the Company may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable law or the *Estatuto Social* of the Company. The Company may also restrict, in such manner as it deems appropriate, transfers of the ADSs where such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial Owner to exceed any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the preceding sentence, including but not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting rights or the mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the *Estatuto Social* of the Company. Nothing herein or in the Deposit Agreement shall be interpreted as obligating the Depositary or the Company to ensure compliance with the ownership restrictions described herein or in Section 3.5 of the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7) <u>Reporting Obligations and Regulatory Approvals</u>.** Applicable laws and regulations, including those of the Central Bank, the CVM and the BM&FBOVESPA, may require holders and beneficial owners of Shares, including the Holders and Beneficial Owners of ADSs, to comply with certain disclosure and trading standards (as of the date of this Deposit Agreement, mainly provided for in CVM Ruling no. 358/02), to satisfy reporting requirements and to obtain regulatory approvals in certain circumstances. Holders and Beneficial Owners of ADSs are solely responsible for determining and complying with such reporting requirements and for obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees to make such determination, file such reports, and obtain such approvals to the extent and in the form required by applicable laws and regulations as in effect from time to time. Neither the Depositary, the Custodian, the Company or any of their respective agents or affiliates shall be required to take any actions whatsoever on behalf of Holders or Beneficial Owners to determine or satisfy such reporting requirements or obtain such regulatory approvals under applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8) <u>Delivery of Information to the CVM, the Central Bank and the BM&FBOVESPA</u>.** The Company shall comply with Brazil's Monetary Council Resolution No. 4,373, dated as of September 29, 2013, and shall furnish to the CVM, the Central Bank and the BM&FBOVESPA, whenever required, information or documents related to the approved ADR program, the Deposited Securities and distributions thereon. The Company hereby authorizes each of the Depositary and the Custodian to release such information or documents and any other information as required by local regulation, law or regulatory body request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9) <u>Liability for Taxes and Other Charges</u>.** Any tax or other governmental charge payable by the Custodian or by the Depositary with respect to any Deposited Property, ADSs or this ADR shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Property and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Property and apply such distributions and sale proceeds in payment of any taxes (including applicable interest and penalties) or charges that are or may be payable by Holders or Beneficial Owners in respect of the ADSs, Deposited Property and this ADR, the Holder and the Beneficial Owner hereof remaining liable for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs, deliver ADRs, register the transfer of ADSs, register the split-up or combination of ADRs and (subject to paragraph (26) of this ADR) the withdrawal of Deposited Property until payment in full of such tax, charge, penalty or interest is received.

Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, and any of their agents, officers, directors, employees and Affiliates for, and to hold each of them harmless from, any claims with respect to taxes or additions to tax (in each case, including applicable interest and penalties thereon) arising out of any refund of taxes, reduced rate of withholding at source or from any tax benefit obtained for or by such Holder and/or Beneficial Owner. The obligations of Holders and Beneficial Owners under Section 3.2 of the Deposit Agreement shall survive any transfer of ADSs, any cancellation of ADSs and withdrawal of Deposited Securities, and the termination of the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(10) <u>Representations and Warranties of Depositors</u>.** Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid and non-assessable and were legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, (v) the Shares presented for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except as contemplated in Section 2.14 of the Deposit Agreement), and (vi) the Shares presented for deposit have not been stripped of any rights or entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. If any such representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(11) <u>Filing Proofs, Certificates and Other Information</u>.** Any person presenting Shares for deposit, any Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary and the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Property, compliance with applicable laws, the terms of the Deposit Agreement or this ADR evidencing the ADSs and the provisions of, or governing, the Deposited Property, to execute such certifications and to make such representations and warranties, and to provide such other information and documentation (or, in the case of Shares in registered form presented for deposit, such information relating to the registration on the books of the Company or of the Share Registrar) as the Depositary or the Custodian may deem necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement and this ADR. The Depositary and the Registrar, as applicable, may withhold the execution or Delivery or registration of transfer of any ADR or ADS or the distribution or sale of any dividend or distribution of rights or of the proceeds thereof or, to the extent not limited by paragraph (26) of this ADR, the delivery of any Deposited Property until such proof or other information is filed or such certifications are executed, or such representations and warranties are made or such other documentation or information are provided, in each case to the Depositary's, the Registrar's and the Company's satisfaction. Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12) <u>ADS Fees and Charges</u>.** The following ADS fees are payable under the terms of the Deposit Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** <u>ADS Issuance Fee</u>: by any person to whom the ADSs are issued (*e.g.*, an issuance of ADSs upon
a deposit of Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding ADS issuances described in paragraph
(iv) below, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** <u>ADS Cancellation Fee</u>: by any person whose ADSs are being cancelled (*e.g.*, a cancellation
of ADSs for delivery of Deposited Property, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), a fee not in excess
of U.S. $5.00 per 100 ADSs (or fraction thereof) cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** <u>Cash Distribution Fee</u>: by any Holder of ADSs, a fee not in excess of U.S. $5.00 per 100 ADSs (or
fraction thereof) held for the distribution of cash dividends or other cash distributions (*e.g.*, upon sale of rights and other
entitlements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** <u>Stock Distribution/Rights Exercise Fee</u>: by any Holder of ADS(s), a fee not in excess of U.S. $5.00
per 100 ADSs (or fraction thereof) held for (a) the distribution of stock dividends or other free stock distributions or (b) the
exercise of rights to purchase additional ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** <u>Other Distribution Fee</u>: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs
(or fraction thereof) held for the distribution of securities other than ADSs or rights to purchase additional ADSs (*e.g.*, spin-off
shares); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** <u>Depositary Services Fee</u>: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs
(or fraction thereof) held on the applicable record date(s) established by the Depositary.

In addition, Holders, Beneficial Owners, persons receiving ADSs upon issuance, and persons whose ADSs are being cancelled will be responsible for the payment of the following ADS charges under the terms of the Deposit Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) taxes (including applicable interest and penalties) and other governmental charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such registration fees as may from time to time be in effect for the registration of Shares or other Deposited
Securities on the share register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian,
the Depositary or any nominees upon the making of deposits and withdrawals, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit
Agreement to be at the expense of the person depositing Shares or withdrawing Deposited Securities or of the Holders and Beneficial Owners
of ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the expenses and charges incurred by the Depositary in the conversion of Foreign Currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control
regulations and other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the
delivery or servicing of Deposited Property.

All ADS fees and charges may, at any time and from time to time, be changed by agreement between the Depositary and the Company but, in the case of ADS fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated by paragraph (24) of this ADR and as contemplated in the Deposit Agreement. The Depositary shall provide, without charge, a copy of its latest ADS fee schedule to anyone upon request.

ADS fees and charges payable upon (i) the issuance of ADSs and (ii) the cancellation of ADSs will be payable by the person to whom the ADSs are so issued by the Depositary (in the case of ADS issuances) and by the person whose ADSs are being cancelled (in the case of ADS cancellations). In the case of ADSs issued by the Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees and charges will be payable by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) holding the ADSs being cancelled, as the case may be, on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the account(s) of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC Participant(s) as in effect at the time. ADS fees and charges in respect of distributions and the ADS service fee are payable by Holders as of the applicable ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of the applicable ADS fees and charges is deducted from the funds being distributed. In the case of (i) distributions other than cash and (ii) the ADS service fee, the applicable Holders as of the ADS Record Date established by the Depositary will be invoiced for the amount of the ADS fees and charges and such ADS fees may be deducted from distributions made to Holders. For ADSs held through DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from distributions made through DTC and may be charged to the DTC Participants in accordance with the procedures and practices prescribed by DTC from time to time and the DTC Participants in turn charge the amount of such ADS fees and charges to the Beneficial Owners for whom they hold ADSs.

The Depositary may reimburse the Company for certain expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement, by making available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company and the Depositary agree from time to time. The Company shall pay to the Depositary such fees and charges, and reimburse the Depositary for such out-of-pocket expenses, as the Depositary and the Company may agree from time to time. Responsibility for payment of such fees, charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise agreed, the Depositary shall present its statement for such fees, charges and reimbursements to the Company once every three months. The charges and expenses of the Custodian are for the sole account of the Depositary.

The obligations of Holders and Beneficial Owners to pay ADS fees and charges shall survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation or removal of such Depositary as described in Section 5.4 of the Deposit Agreement, the right to collect ADS fees and charges shall extend for those ADS fees and charges incurred prior to the effectiveness of such resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13) <u>Title to ADRs</u>.** Subject to the limitations contained in the Deposit Agreement and in this ADR, it is a condition of this ADR, and every successive Holder and Beneficial Owner of this ADR by accepting or holding the same consents and agrees, that title to this ADR (and to each Certificated ADS evidenced hereby) shall be transferable by delivery of the ADR upon the same terms as a certificated security under the laws of the State of New York, provided that, in the case of Certificated ADSs, this ADR has been properly endorsed or is accompanied by proper instruments of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of this ADR (that is, the person in whose name this ADR is registered on the books of the Depositary) as the absolute owner thereof for all purposes. Neither the Depositary nor the Company shall have any obligation nor be subject to any liability under the Deposit Agreement or this ADR to any holder of this ADR or any Beneficial Owner unless, in the case of a holder of ADSs, such holder is the Holder of this ADR registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner, or the Beneficial Owner's representative, is the Holder registered on the books of the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(14) <u>Validity of ADR</u>.** The Holder(s) of this ADR (and the ADSs represented hereby) shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company unless this ADR has been (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the Depositary, (iii) countersigned by the manual or facsimile signature of a duly authorized signatory of the Registrar, and (iv) registered in the books maintained by the Registrar for the registration of issuances and transfers of ADRs. An ADR bearing the facsimile signature of a duly authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the Delivery of such ADR by the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(15) <u>Available Information; Reports; Inspection of Transfer Books</u>.** 

The Company is subject to the periodic reporting requirements of the Exchange Act and, accordingly, is required to file or furnish certain reports with the Commission. These reports can be retrieved from the Commission's website (<u>www.sec.gov</u>) and can be inspected and copied at the public reference facilities maintained by the Commission located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549. The Depositary shall make available for inspection by Holders at its Principal Office any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Property and (b) made generally available to the holders of such Deposited Property by the Company.

The Registrar shall keep books for the registration of ADSs which at all reasonable times shall be open for inspection by the Company and by the Holders of such ADSs, provided that such inspection shall not be, to the Registrar's knowledge, for the purpose of communicating with Holders of such ADSs in the interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement or the ADSs.

The Registrar may close the transfer books with respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to paragraph (26) of this ADR.

Dated:

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| | | | |
|:---|:---|:---|:---|
| CITIBANK, N.A.<br> Transfer Agent and Registrar | CITIBANK, N.A.<br> Transfer Agent and Registrar | CITIBANK, N.A.<br> as Depositary | CITIBANK, N.A.<br> as Depositary |
| By: |  | By: |  |
|  | Authorized Signatory |  | Authorized Signatory |

---

The address of the Principal Office of the Depositary is 388 Greenwich Street, New York, New York 10013, U.S.A.

**[FORM OF REVERSE OF ADR]**

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS

OF THE DEPOSIT AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16) <u>Dividends and Distributions in Cash, Shares, etc</u>.** (a) ***Cash Distributions***: Whenever the Company intends to make a distribution of a cash dividend or other cash distribution in respect of any Deposited Securities, the Company shall give notice thereof to the Depositary at least twenty (20) days prior to the proposed distribution specifying, *inter alia*, the record date applicable for determining the holders of Deposited Securities entitled to receive such distribution. Upon the timely receipt of such notice, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement. Upon receipt of confirmation of receipt of (x) any cash dividend or other cash distribution on any Deposited Securities, or (y) proceeds from the sale of any Deposited Property held in respect of the ADSs under the terms of the Deposit Agreement, the Depositary will (i) if at the time of receipt thereof any amounts received in a Foreign Currency can in the judgment of the Depositary (pursuant to Section 4.8 of the Deposit Agreement), be converted on a practicable basis into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.8 of the Deposit Agreement), (ii) if applicable and unless previously established, establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement, and (iii) distribute promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders entitled thereto as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent, and any balance not so distributed shall be held by the Depositary (without liability for interest thereon) and shall be added to and become part of the next sum received by the Depositary for distribution to Holders of ADSs outstanding at the time of the next distribution. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities, or from any cash proceeds from the sales of Deposited Property, an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary will hold any cash amounts it is unable to distribute in a non-interest bearing account for the benefit of the applicable Holders and Beneficial Owners of ADSs until the distribution can be effected or the funds that the Depositary holds must be escheated as unclaimed property in accordance with the laws of the relevant states of the United States. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for above, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.1 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary's failure to perform the actions contemplated in Section 4.1 of the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Share Distributions***: Whenever the Company intends to make a distribution that consists of a dividend in, or free distribution of, Shares, the Company shall give notice thereof to the Depositary at least twenty (20) days prior to the proposed distribution, specifying, *inter alia*, the record date applicable to holders of Deposited Securities entitled to receive such distribution. Upon the timely receipt of such notice from the Company, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement. Upon receipt of confirmation from the Custodian of the receipt of the Shares so distributed by the Company, the Depositary shall either (i) subject to Section 5.9 of the Deposit Agreement, distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if additional ADSs are not so distributed, take all actions necessary so that each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional integral number of Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary, and (b) taxes). In lieu of Delivering fractional ADSs, the Depositary shall sell the number of Shares or ADSs, as the case may be, represented by the aggregate of such fractions and distribute the net proceeds upon the terms described in Section 4.1 of the Deposit Agreement.

In the event that the Depositary determines that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, if the Company in the fulfillment of its obligation under Section 5.7 of the Deposit Agreement, has furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and no such registration statement has been declared effective), the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of (a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms described in Section 4.1 of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for above, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.2 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary's failure to perform the actions contemplated in Section 4.2 of the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Elective Distributions in Cash or Shares***: Whenever the Company intends to make a distribution payable at the election of the holders of Deposited Securities in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least forty five (45) days prior to the proposed distribution specifying, *inter alia*, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such elective distribution to be made available to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iii) the Depositary shall have received satisfactory documentation within the terms of the Deposit Agreement. If the above conditions are not satisfied or if the Company requests such elective distribution not to be made available to Holders of ADSs, the Depositary shall establish the ADS Record Date on the terms described in Section 4.9 of the Deposit Agreement and, to the extent permitted by law, distribute to the Holders, on the basis of the same determination as is made in Brazil in respect of the Shares for which no election is made, either (x) cash upon the terms described in Section 4.1 of the Deposit Agreement or (y) additional ADSs representing such additional Shares upon the terms described in Section 4.2 of the Deposit Agreement. If the above conditions are satisfied, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish the ADS Record Date according to paragraph (17) of this ADR and establish procedures to enable the Holder hereof to elect the receipt of the proposed distribution in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If a Holder elects to receive the proposed distribution (x) in cash, the distribution shall be made upon the terms described in Section 4.1 of the Deposit Agreement, or (y) in ADSs, the distribution shall be made upon the terms described in Section 4.2 of the Deposit Agreement. Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance that the Holder hereof will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for above, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.3 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary's failure to perform the actions contemplated in Section 4.3 of the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***Distribution of Rights to Purchase Additional ADSs***: Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least forty five (45) days prior to the proposed distribution specifying, *inter alia*, the record date applicable to holders of Deposited Securities entitled to receive such distribution and whether or not it wishes such rights to be made available to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to any Holders if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for above, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.4(a) of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary's failure to perform the actions contemplated in Section 4.4(a) of the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein. In the event any of the conditions set forth above are not satisfied or if the Company requests that the rights not be made available to Holders of ADSs, the Depositary shall proceed with the sale of the rights as described below. In the event all conditions set forth above are satisfied, the Depositary shall establish the ADS Record Date (upon the terms described in Section 4.9 of the Deposit Agreement) and establish procedures to (x) distribute rights to purchase additional ADSs (by means of warrants or otherwise), (y) enable the Holders to exercise such rights (upon payment of the subscription price and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes), and (z) deliver ADSs upon the valid exercise of such rights. The Company shall assist the Depositary to the extent necessary in establishing such procedures. Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to exercise rights to subscribe for Shares (rather than ADSs). If (i) the Company does not timely request the Depositary to make the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement or determines it is not lawful or reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine, after consultation with the Company to the extent practicable, whether it is lawful and reasonably practicable to sell such rights, in a riskless principal capacity, at such place and upon such terms (including public or private sale) as it may deem practicable. The Company shall assist the Depositary to the extent necessary to determine such legality and practicability. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the terms hereof and of Section 4.1 of the Deposit Agreement. If the Depositary is unable to make any rights available to Holders upon the terms described in Section 4.4(a) of the Deposit Agreement or to arrange for the sale of the rights upon the terms described in Section 4.4(b) of the Deposit Agreement, the Depositary shall allow such rights to lapse. The Depositary shall not be liable for (i) any failure to accurately determine whether it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise, or (iii) the content of any materials forwarded to the Holders of ADSs on behalf of the Company in connection with the rights distribution.

Notwithstanding anything herein or in the Deposit Agreement to the contrary, if registration (under the Securities Act or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii) unless the Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case reasonably satisfactory to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of Deposited Property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to the Holders of ADSs shall be reduced accordingly. In the event that the Depositary determines that any distribution of Deposited Property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such Deposited Property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or charges.

There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive or exercise rights on the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein or in the Deposit Agreement shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***Distributions other than Cash, Shares or Rights to Purchase Shares***: Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase additional Shares, the Company shall give notice thereof to the Depositary at least thirty (30) days prior to the proposed distribution and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating that the Company wishes such distribution to be made to Holders of ADSs, the Depositary shall consult with the Company, and the Company shall assist the Depositary, to determine whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the Company shall have requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received the documentation contemplated in the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution is lawful and reasonably practicable. Upon receipt of satisfactory documentation and the request of the Company to distribute property to Holders of ADSs and after making the requisite determinations set forth above, the Depositary shall distribute the property so received to the Holders of record, as of the ADS Record Date, in proportion to the number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution.

If (i) the Company does not request the Depositary to make such distribution to Holders or requests the Depositary not to make such distribution to Holders, (ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, or (iii) the Depositary determines that all or a portion of such distribution is not reasonably practicable, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem practicable and shall (i) cause the proceeds of such sale, if any, to be converted into Dollars and (ii) distribute the proceeds of such conversion received by the Depositary (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of such property for the account of the Holders in any way it deems reasonably practicable under the circumstances.

Neither the Depositary nor the Company shall be liable for (i) any failure to accurately determine whether it is lawful or practicable to make the property described in Section 4.5 of the Deposit Agreement available to Holders in general or any Holders in particular, nor (ii) any loss incurred in connection with the sale or disposal of such property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(17) <u>Redemption</u>.** If the Company intends to exercise any right of redemption in respect of any of the Deposited Securities, the Company shall give notice thereof to the Depositary, as is reasonably practicable having regard to all applicable regulatory and other requirements to which the Company is subject from time to time, at least thirty (30) days prior to the intended date of redemption which notice shall set forth the particulars of the proposed redemption. Upon timely receipt of (i) such notice and (ii) satisfactory documentation given by the Company to the Depositary within the terms of Section 5.7 of the Deposit Agreement, and only if the Company and the Depositary shall have determined that such proposed redemption is practicable, the Depositary shall provide to each Holder a notice setting forth the intended exercise by the Company of the redemption rights and any other particulars set forth in the Company's notice to the Depositary. The Depositary shall instruct the Custodian to present to the Company the Deposited Securities in respect of which redemption rights are being exercised against payment of the applicable redemption price. Upon receipt of confirmation from the Custodian that the redemption has taken place and that funds representing the redemption price have been received, the Depositary shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and charges of, and the expenses incurred by, the Depositary, and (b) taxes), retire ADSs and cancel ADRs, if applicable, upon Delivery of such ADSs by Holders thereof and the terms set forth in Sections 4.1 and 6.2 of the Deposit Agreement. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired will be selected by lot or on a pro rata basis, as may be determined by the Depositary, after consultation with the Company to the extent practicable. The redemption price per ADS shall be the dollar equivalent of the per share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited Securities represented by ADSs (subject to the terms of Section 4.8 of the Deposit Agreement and the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied by the number of Deposited Securities represented by each ADS redeemed. Notwithstanding anything contained in this Deposit Agreement to the contrary, in the event the Company fails to give the Depositary thirty (30) days' prior notice of the proposed redemption provided for above, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.7 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary's failure to perform the actions contemplated in Section 4.7 of the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(18) <u>Fixing of ADS Record Date</u>.** Whenever the Depositary shall receive notice of the fixing of a record date by the Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares, rights or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient in connection with the giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix the record date (the "<u>ADS Record Date</u>") for the determination of the Holders of ADS(s) who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS. The Depositary shall make reasonable efforts to establish the ADS Record Date as closely as practicable to the applicable record date for the Deposited Securities (if any) set by the Company in Brazil and shall not announce the establishment of any ADS Record Date prior to the relevant corporate action having been made public by the Company (if such corporate action affects the Deposited Securities). Subject to applicable law, the terms and conditions of this ADR and Sections 4.1 through 4.8 of the Deposit Agreement, only the Holders of ADSs at the close of business in New York on such ADS Record Date shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(19) <u>Voting of Deposited Securities</u>.** As soon as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of consent or proxy in accordance with Section 4.9 of the Deposit Agreement. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at least thirty (30) days prior to the date of such vote or meeting), at the Company's expense and provided no U.S. legal prohibitions exist, distribute to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy, (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of the Deposit Agreement, the *Estatuto Social* of the Company and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder's ADSs and (c) a brief statement as to the manner in which such voting instructions may be given.

Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials upon request (*e.g.*, by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials).

Voting instructions may be given only in respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs as of the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit Agreement, *Estatuto Social* of the Company and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy) represented by such Holder's ADSs in accordance with such voting instructions.

Deposited Securities represented by ADSs for which no timely voting instructions are received by the Depositary from the Holder shall not be voted (except as otherwise contemplated herein). Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of, for purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise contemplated in the Deposit Agreement or herein. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder's ADSs, the Depositary will deem such Holder (unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items set forth in such voting instructions.

If (i) the Company made a timely request to the Depositary as contemplated by the second sentence of Section 4.10 of the Deposit Agreement and (ii) no timely voting instructions are received by the Depositary from the Holder of this ADR with respect to the Deposited Securities represented by the ADSs evidenced by this ADR on or before the date established by the Depositary for such purpose, the Depositary shall deem such Holder to have instructed the Depositary to give a discretionary proxy to a person designated by the Board of Directors of the Company with respect to such Deposited Securities and the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit Agreement, *Estatuto Social* of the Company and the provisions of the Deposited Securities, to give or cause the Custodian to give a discretionary proxy to a person designated by the Board of Directors of the Company to vote such Deposited Securities; provided, however, that no such instruction shall be deemed given and no such discretionary proxy shall be given with respect to any matter as to which the Board of Directors of the Company informs the Depositary that (x) the Company does not wish such proxy given, (y) substantial opposition exists or (z) such matter materially and adversely affects the rights of holders of Shares.

Notwithstanding anything else contained herein, the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose of establishing quorum at a meeting of shareholders.

Notwithstanding anything else contained in the Deposit Agreement or this ADR, the Depositary shall not have any obligation to take any action with respect to any meeting, or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. or Brazilian laws. The Company agrees to take any and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting rights accruing to the Deposited Securities and to deliver to the Depositary an opinion of U.S. or Brazilian counsel, as applicable, addressing any actions requested to be taken if so requested by the Depositary. There can be no assurance that Holders generally or any Holder in particular will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(20) <u>Changes Affecting Deposited Securities</u>.** Upon any change in nominal or par value, split-up, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale of assets affecting the Company or to which it is a party, any property which shall be received by the Depositary or the Custodian in exchange for, or in conversion of, or replacement of, or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Property under the Deposit Agreement, and this ADR shall, subject to the provisions of the Deposit Agreement, this ADR and applicable law, represent the right to receive such additional or replacement Deposited Property. In giving effect to such change, split-up, cancellation, consolidation or other reclassification of Deposited Securities, recapitalization, reorganization, merger, consolidation or sale of assets, the Depositary may, with the Company's approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary, and (b) taxes) and receipt of an opinion of counsel to the Company satisfactory to the Depositary that such actions are not in violation of any applicable laws or regulations, (i) issue and deliver additional ADSs as in the case of a stock dividend on the Shares, (ii) amend the Deposit Agreement and the applicable ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6 as filed with the Commission in respect of the ADSs, (iv) call for the surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions as are appropriate to reflect the transaction with respect to the ADSs. The Company agrees to, jointly with the Depositary, amend the Registration Statement on Form F-6 as filed with the Commission to permit the issuance of such new form of ADRs. Notwithstanding the foregoing, in the event that any Deposited Property so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company's approval, and shall, if the Company requests, subject to receipt of an opinion of Company's counsel satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such Deposited Property at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise entitled to such Deposited Property upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1 of the Deposit Agreement. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such Deposited Property available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such Deposited Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(21) <u>Exoneration</u>.** Notwithstanding anything contained in the Deposit Agreement or herein, neither the Depositary nor the Company shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or incur any liability (i) if the Depositary or the Company or their respective controlling persons or agents shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required by the terms of the Deposit Agreement and this ADR, by reason of any provision of any present or future law or regulation of the United States or any State thereof, Brazil or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of potential criminal or civil penalties or restraint, or by reason of any provision, present or future, of the *Estatuto Social* of the Company or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the *Estatuto Social* of the Company or provisions of or governing Deposited Securities, (iii) for any action or inaction in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs, or (v) for any consequential or punitive damages (including lost profits) for any breach of the terms of the Deposit Agreement. The Depositary, its controlling persons, its agents, any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. No disclaimer of liability under the Securities Act is intended by any provision of the Deposit Agreement or this ADR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(22) <u>Standard of Care</u>.** The Company and the Depositary and their respective directors, officers, Affiliates, employees and agents assume no obligation and shall not be subject to any liability under the Deposit Agreement or this ADR to any Holder(s) or Beneficial Owner(s), except that the Company and the Depositary agree to perform their respective obligations specifically set forth in the Deposit Agreement or this ADR without negligence or bad faith. Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons, directors, officers, Affiliates, employees or agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Property or in respect of the ADSs, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary).

The Depositary and its agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and without negligence and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to accurately determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Property, for the validity or worth of the Deposited Property or for any tax consequences that may result from the ownership of ADSs, Shares or other Deposited Property, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement, for the failure or timeliness of any notice from the Company, or for any action of or failure to act by, or any information provided or not provided by, DTC or any DTC Participant.

None of the Company, the Depositary or the Custodian shall be liable for any action or failure to act by any Holder relating to the Holder's obligations under any applicable Brazilian law or regulation relating to foreign investment in Brazil in respect of a withdrawal or sale of Deposited Securities, including, without limitation, any failure to comply with a requirement to register such investment pursuant to the terms of any applicable Brazilian law or regulation prior to such withdrawal or any failure to report foreign exchange transactions to the Central Bank, as the case may be. Without limiting the provisions hereof, each Holder will be responsible for the payment and/or reimbursement of any and all taxes effectively paid or incurred by the Company, the Depositary or the Custodian (including as a result of the execution of any symbolic foreign exchange transaction (*operação simbólica de câmbio*)) related to or as a result of a deposit of Shares and/or withdrawal or sale of Deposited Property by such Holder. Each Holder will be responsible for the reporting of any false or misleading information, or the failure to report required information, relating to foreign exchange transactions to the Custodian or the Central Bank, as the case may be, in connection with deposits or withdrawals of Deposited Securities.

The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary.

The Depositary shall not be liable for any acts or omissions made by a predecessor depositary whether in connection with an act or omission of the Depositary or in connection with any matter arising wholly prior to the appointment of the Depositary or after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(23) <u>Resignation and Removal of the Depositary; Appointment of Successor Depositary</u>.** The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its commercially reasonable efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor (other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement). The predecessor depositary, upon payment of all sums due to it and on the written request of the Company, shall, (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement), (ii) duly assign, transfer and deliver all of the Depositary's right, title and interest to the Deposited Property to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADSs and such other information relating to ADSs and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly provide notice of its appointment to such Holders. Any entity into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(24) <u>Amendment/Supplement</u>.** Subject to the terms and conditions of this paragraph (24), the Deposit Agreement and applicable law, this ADR and any provisions of the Deposit Agreement may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the expiration of thirty (30) days after notice of such amendment or supplement shall have been given to the Holders of outstanding ADSs. Notice of any amendment to the Deposit Agreement or any ADR shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, <u>provided</u>, <u>however</u>, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (*e.g.*, upon retrieval from the Commission's, the Depositary's or the Company's website or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs to be settled solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADSs, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement and this ADR as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such ADS and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require an amendment of, or supplement to, the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and this ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement and this ADR in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(25) <u>Termination</u>.** The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. If ninety (90) days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and, in either case, a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 of the Deposit Agreement, the Depositary may terminate the Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. The date so fixed for termination of the Deposit Agreement in any termination notice so distributed by the Depositary to the Holders of ADSs is referred to as the "<u>Termination Date</u>". Until the Termination Date, the Depositary shall continue to perform all of its obligations under the Deposit Agreement, and the Holders and Beneficial Owners will be entitled to all of their rights under the Deposit Agreement. If any ADSs shall remain outstanding after the Termination Date, the Registrar and the Depositary shall not, after the Termination Date, have any obligation to perform any further acts under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions of the Deposit Agreement, continue to (i) collect dividends and other distributions pertaining to Deposited Securities, (ii) sell Deposited Property received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any other Deposited Property, in exchange for ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required under applicable law in connection with its role as Depositary under the Deposit Agreement. At any time after the Termination Date, the Depositary may sell the Deposited Property then held under the Deposit Agreement and shall after such sale hold un-invested the net proceeds of such sale, together with any other cash then held by it under the Deposit Agreement, in an un-segregated account and without liability for interest, for the pro rata benefit of the Holders whose ADSs have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement except (i) to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in connection with the termination of the Deposit Agreement. After the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement, except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6 of the Deposit Agreement. The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination Date shall survive the Termination Date and shall be discharged only when the applicable ADSs are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement (except as specifically provided in the Deposit Agreement).

Notwithstanding anything contained in the Deposit Agreement or any ADR, in connection with the termination of the Deposit Agreement, the Depositary may, independently and without the need for any action by the Company, make available to Holders of ADSs a means to withdraw the Deposited Securities represented by their ADSs and to direct the deposit of such Deposited Securities into an unsponsored American depositary shares program established by the Depositary, upon such terms and conditions as the Depositary may deem reasonably appropriate, subject however, in each case, to satisfaction of the applicable registration requirements by the unsponsored American depositary shares program under the Securities Act, and to receipt by the Depositary of payment of the applicable fees and charges of, and reimbursement of the applicable expenses incurred by, the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(26) <u>Compliance with U.S. Securities Laws</u>.** Notwithstanding any provisions in this ADR or the Deposit Agreement to the contrary, the withdrawal or Delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(27) <u>Certain Rights of the Depositary; Limitations</u>.** Subject to the further terms and provisions of this paragraph (27), the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Such evidence of rights shall consist of written blanket or specific guarantees of ownership of Shares. In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; <u>provided</u>, <u>however</u>, that the Depositary may (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 of the Deposit Agreement and (ii) deliver Shares prior to the receipt of ADSs for withdrawal of Deposited Securities pursuant to Section 2.7 of the Deposit Agreement, including ADSs which were issued under (i) above but for which Shares may not have been received (each such transaction a "<u>Pre-Release Transaction</u>"). The Depositary may receive ADSs in lieu of Shares under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) subject to a written agreement whereby the person or entity (the "<u>Applicant</u>") to whom ADSs or Shares are to be delivered (w) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (x) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian, (y) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs and (z) agrees to any additional restrictions or requirements that the Depositary deems appropriate, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) Business Days' notice and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs outstanding under (i) above), <u>provided</u>, <u>however</u>, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a case-by-case basis as it deems appropriate. The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(28) <u>Governing Law / Waiver of Jury Trial</u>**. The Deposit Agreement and the ADRs shall be interpreted in accordance with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference to the principles of choice of law thereof. Notwithstanding anything contained in the Deposit Agreement, any ADR or any present or future provisions of the laws of the State of New York, the rights of holders of Shares and of any other Deposited Securities and the obligations and duties of the Company in respect of the holders of Shares and other Deposited Securities, as such, shall be governed by the laws of Brazil (or, if applicable, such other laws as may govern the Deposited Securities).

**EACH OF THE PARTIES TO THE DEPOSIT AGREEMENT (INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY ARISING OUT OF, OR RELATING TO, THE DEPOSIT AGREEMENT, ANY ADR AND ANY TRANSACTIONS CONTEMPLATED THEREIN (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE).** 

**(ASSIGNMENT AND TRANSFER SIGNATURE LINES)**

FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto ______________________________ whose taxpayer identification number is _______________________ and whose address including postal zip code is ________________, the within ADR and all rights thereunder, hereby irrevocably constituting and appointing ________________________ attorney-in-fact to transfer said ADR on the books of the Depositary with full power of substitution in the premises.

---

| | | |
|:---|:---|:---|
| Dated: | Name: |  |
|  |  | By: |
|  |  | Title: |
|  | NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever. | NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever. |
|  | If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this ADR. | If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this ADR. |
| __________________________ |  |  |
| SIGNATURE GUARANTEED |  |  |
|  | All endorsements or assignments of ADRs must be guaranteed by a member of a Medallion Signature Program approved by the Securities Transfer Association, Inc. | All endorsements or assignments of ADRs must be guaranteed by a member of a Medallion Signature Program approved by the Securities Transfer Association, Inc. |

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**Legends**

The ADRs issued in respect of Partial Entitlement American Depositary Shares shall bear the following legend on the face of the ADR: "This ADR evidences ADSs representing 'partial entitlement' Shares of Azul S.A. and as such do not entitle the holders thereof to the same per-share entitlement as other Shares (which are 'full entitlement' Shares) issued and outstanding at such time. The ADSs represented by this ADR shall entitle holders to distributions and entitlements identical to other ADSs when the Shares represented by such ADSs become 'full entitlement' Shares."

**EXHIBIT B**

<u>NOTICE TO HOLDERS</u>

## Ex-99.(B)(Ii)

<u>Exhibit (b)(ii)</u>

**Azul S.A.**

As of April 3, 2025

Citibank, N.A. - ADR Department

388 Greenwich Street

New York, New York 10013

Attention: Teresa Loureiro-Stein

Re: <u>Lessor Equity Restricted ADS Series Supplement:</u> <br> <u>(CUSIP No.: 05501U999 for Non-U.S. Restricted Holders, and CUSIP No.: 05501U981 for U.S. Restricted Holders)</u>

Ladies and Gentlemen:

Reference is hereby made to (i) the Deposit Agreement, dated as of April 7, 2017, as amended and supplemented from time to time (as so amended and supplemented from time to time, the "<u>Deposit Agreement</u>"), by and among Azul S.A., a company organized under the laws of the Federative Republic of Brazil (the "<u>Company</u>"), Citibank, N.A., a national banking association organized and existing under the laws of the United States of America, as Depositary (the "<u>Depositary</u>"), and all Holders and Beneficial Owners of American Depositary Shares (the "<u>ADSs</u>") issued thereunder, and (ii) the Restricted ADS Letter Agreement, dated as of February 21, 2025 (the "<u>Restricted ADS Letter Agreement</u>"), by and between the Company and the Depositary. Capitalized terms used but not defined herein shall have the meanings given to them in the Deposit Agreement, or, in the event so noted herein, in the Restricted ADS Letter Agreement.

As contemplated in the Restricted ADS Letter Agreement, the Company desires, and the Depositary agrees, to establish procedures to accommodate the issuance and delivery of Designated Restricted ADSs (as defined in Section 1 below) upon the terms of this Lessor Equity Restricted ADS Series Supplement (the "<u>Lessor Equity RADS Series Supplement</u>"), provided that (a) the terms of deposit of the designated Restricted Securities for Designated Restricted ADSs neither (i) prejudice any substantial rights of existing Holders and Beneficial Owners of ADSs under the Deposit Agreement, nor (ii) violate or conflict with any law, rule or administrative position applicable to the ADSs, and (b) the terms of the Deposit Agreement are supplemented as set forth in this Lessor Equity RADS Series Supplement for purpose of the issuance of the Designated Restricted ADSs.

The purpose and intent of this Lessor Equity RADS Series Supplement is to supplement the Deposit Agreement and the Restricted ADS Letter Agreement for the purpose of accommodating (i) the issuance of Designated Restricted ADSs to the Restricted Holders, (ii) the sale, transfer or cancellation of such Designated Restricted ADSs, and (iii) certain ancillary transactions further described below.

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Depositary hereby agree, notwithstanding the terms of the Deposit Agreement and the RADS Letter Agreement, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Depositary Procedures</u>**. The Company hereby consents, under <u>Section 2.3</u> and <u>Section 2.14</u> of the Deposit Agreement, to (i) the deposit, from time to time, by each Restricted Holder listed on <u>Schedule 1</u> attached hereto of up to the number of Shares specified therein and on the applicable Standard Consent and Delivery Instruction (as defined in the Restricted ADS Letter Agreement) delivered to the Depositary pursuant to this Lessor Equity RADS Series Supplement (the "<u>Restricted Shares</u>") and (ii) the issuance and delivery by the Depositary of the corresponding number of Restricted ADSs in respect thereof in the form of Uncertificated ADSs, upon the terms set forth in <u>Section 2.13</u> of the Deposit Agreement, as supplemented by the Restricted ADS Letter Agreement and this Lessor Equity RADS Series Supplement, to the Restricted Holders or their respective designees. For the avoidance of doubt, <u>Schedule 1</u> is confidential and the Company hereby directs the Depositary not to furnish a copy of <u>Schedule 1</u> to any Holder unless otherwise directed to do so by the Company in writing. The Restricted ADSs described in the immediately preceding sentence and the Restricted Shares represented thereby are referred to herein as the "<u>Designated Restricted ADSs</u>" and the "<u>Designated Shares</u>", respectively. The Depositary shall (unless otherwise agreed by the Company and the Depositary in writing) cause the Designated Restricted ADSs issued upon the deposit of the Designated Shares, or the delivery, cancellation and conversion of Unrestricted ADSs to be separately identified on the books of the Depositary under the applicable CUSIP No. In connection with each deposit of Designated Shares by a Restricted Holder and request for issuance of Designated Restricted ADSs, the Company shall deliver to the Depositary for each Restricted Holder a duly completed and signed Standard Consent and Delivery Instruction – Restricted Holder (as defined in the Restricted ADS Letter Agreement) attached hereto as <u>Exhibit A</u>. For the avoidance of doubt, whilst the Company consents to the aforementioned deposits of Shares herein, there is no assurance that the relevant Restricted Holder will deposit such Designated Shares for the issuance of any such Designated Restricted ADSs.

In furtherance of the foregoing, the Company hereby instructs the Depositary, and the Depositary agrees, upon the terms and subject to the conditions set forth in <u>Section 2.14</u> of the Deposit Agreement as supplemented by the Restricted ADS Letter Agreement and this Lessor Equity RADS Series Supplement, to (i) establish procedures to enable the deposit of the Designated Shares with the Custodian by each Restricted Holder listed on <u>Schedule 1</u> attached hereto as a valid deposit of Shares under the Deposit Agreement in order to enable the issuance and delivery by the Depositary to the Restricted Holders of the corresponding Designated Restricted ADSs issued under the terms of the Restricted ADS Letter Agreement as supplemented by this Lessor Equity RADS Series Supplement upon deposit of such Designated Shares, and (ii) deliver an account statement (the "<u>Account Statement</u>") to the relevant Restricted Holder listed on <u>Schedule 1</u> attached hereto upon the issuance of the relevant Designated Restricted ADSs, in each case upon the terms set forth herein and in the Restricted ADS Letter Agreement. Nothing contained in the Restricted ADS Letter Agreement or this Lessor Equity RADS Series Supplement shall in any way obligate the Depositary, or give authority to the Depositary, to accept any Shares other than the Designated Shares described herein for deposit under the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Stop Transfer Notation and Legend</u>**. The books of the Depositary shall identify the Restricted ADSs as "restricted" and shall contain a "stop transfer" notation to that effect and any other additional legends that Company and the Depositary deem necessary. The Account Statements to be sent by the Depositary to the Restricted Holders upon the issuance of Restricted ADSs shall contain a legend substantially in the form of the following legend:

THE RESTRICTED AMERICAN DEPOSITARY SHARES ("<u>RESTRICTED ADSs</u>") REGISTERED IN YOUR NAME OR ON YOUR BEHALF OR OTHERWISE CREDITED TO YOUR OR YOUR NOMINEE'S ACCOUNT AND THE UNDERLYING RESTRICTED SHARES ("<u>RESTRICTED SHARES</u>") OF AZUL S.A. (THE "<u>COMPANY</u>") ARE SUBJECT TO THE TERMS OF (X) A RESTRICTED ADS LETTER AGREEMENT, DATED AS OF FEBRUARY 21, 2025 (AS AMENDED AND SUPPLEMENTED FROM TIME TO TIME, THE "<u>RESTRICTED ADS LETTER AGREEMENT</u>"), (Y) THE DEPOSIT AGREEMENT, DATED AS OF APRIL 7, 2017, AS AMENDED AND SUPPLEMENTED (AS SO AMENDED AND SUPPLEMENTED, THE "<u>DEPOSIT AGREEMENT</u>") AND (Z) THE LESSOR EQUITY RESTRICTED ADS SERIES SUPPLEMENT, DATED AS OF APRIL 3, 2025 (THE "<u>LESSOR EQUITY RADS SERIES SUPPLEMENT</u>"). ALL TERMS USED BUT NOT OTHERWISE DEFINED HEREIN SHALL, UNLESS OTHERWISE SPECIFICALLY DESIGNATED HEREIN, HAVE THE MEANING GIVEN TO SUCH TERMS IN THE LESSOR EQUITY RADS SERIES SUPPLEMENT, OR IF NOT DEFINED THEREIN IN THE RESTRICTED ADS LETTER AGREEMENT, OR IF NOT DEFINED IN THE LESSOR EQUITY RADS SERIES SUPPLEMENT OR THE RESTRICTED ADS LETTER AGREEMENT, IN THE DEPOSIT AGREEMENT.

HOLDERS AND BENEFICIAL OWNERS OF THE RESTRICTED ADSs BY ACCEPTING AND HOLDING THE RESTRICTED ADSs, AND ANY INTEREST THEREIN, SHALL BE BOUND BY THE TERMS OF THE DEPOSIT AGREEMENT AND THE RESTRICTED ADS LETTER AGREEMENT AS SUPPLEMENTED AND AMENDED BY THE LESSOR EQUITY RADS SERIES SUPPLEMENT. AT THE TIME OF ISSUANCE OF THE RESTRICTED ADSs, THE RESTRICTED SHARES REPRESENTED THEREBY HAD NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), AND SUCH RESTRICTED SHARES AND RESTRICTED ADSs HAD NOT BEEN REGISTERED OR QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO (A) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT IN A TRANSACTION REGISTERED OR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS, OR (B) AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION OR QUALIFICATION REQUIREMENTS, UNLESS A REGISTRATION STATEMENT IS EFFECTIVE WITH RESPECT TO THESE SECURITIES. AS A CONDITION TO PERMITTING ANY TRANSFER OF THESE SECURITIES, EACH OF CITIBANK, N.A., IN ITS CAPACITY AS THE DEPOSITARY FOR THE RESTRICTED ADSs (THE "<u>DEPOSITARY</u>"), AND THE COMPANY MAY REQUIRE THAT IT BE FURNISHED WITH AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE DEPOSITARY AND THE COMPANY TO THE EFFECT THAT NO REGISTRATION OR QUALIFICATION IS LEGALLY REQUIRED FOR SUCH TRANSFER.

PRIOR TO THE SALE OF THE RESTRICTED ADSs AND ISSUANCE OF FREELY TRANSFERABLE ADSs IN RESPECT THEREOF, A HOLDER OF RESTRICTED ADSs WILL BE REQUIRED TO PROVIDE TO THE DEPOSITARY AND TO THE COMPANY A RESALE CERTIFICATION AND INSTRUCTION LETTER IN THE FORM ATTACHED TO THE RESTRICTED ADS LETTER AGREEMENT. PRIOR TO THE WITHDRAWAL OF THE RESTRICTED SHARES, A HOLDER OF RESTRICTED ADSs WILL BE REQUIRED TO PROVIDE TO THE DEPOSITARY AND TO THE COMPANY A WITHDRAWAL CERTIFICATION IN THE FORM ATTACHED TO THE RESTRICTED ADS LETTER AGREEMENT. THE TRANSFER AND OTHER RESTRICTIONS SET FORTH HEREIN AND IN THE RESTRICTED ADS LETTER AGREEMENT SHALL REMAIN APPLICABLE WITH RESPECT TO THE RESTRICTED ADSs AND THE RESTRICTED SHARES UNTIL SUCH TIME AS THE PROCEDURES SET FORTH IN THE LESSOR EQUITY RADS SERIES SUPPLEMENT OR IF NOT SET FORTH THEREIN, AS SET FORTH IN THE RESTRICTED ADS LETTER AGREEMENT FOR REMOVAL OF RESTRICTIONS ARE SATISFIED. NEITHER THE COMPANY NOR THE DEPOSITARY MAKES ANY REPRESENTATION AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT FOR RESALE OF THE RESTRICTED SHARES OR THE RESTRICTED ADSs. A COPY OF THE DEPOSIT AGREEMENT, OF THE RESTRICTED ADS LETTER AGREEMENT AND OF THE LESSOR EQUITY RADS SERIES SUPPLEMENT MAY BE OBTAINED FROM THE DEPOSITARY OR THE COMPANY UPON REQUEST.

IN ADDITION, THE RESTRICTED ADSs REGISTERED IN YOUR NAME OR ON YOUR BEHALF OR OTHERWISE CREDITED TO YOU OR YOUR NOMINEE'S ACCOUNT AND THE UNDERLYING RESTRICTED SHARES ARE SUBJECT TO CONTRACTUAL RESTRICTIONS ON TRANSFER AS SET FORTH IN ONE OR MORE AGREEMENTS ENTERED INTO BETWEEN YOU OR YOUR NOMINEE (OR YOUR OR THEIR RESPECTIVE AFFILIATES) AND THE COMPANY AND/OR AZUL LINHAS AÉREAS BRASILEIRAS S.A., AND NEITHER THE RESTRICTED ADSs NOR THE UNDERLYING RESTRICTED SHARES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SUCH CONTRACTUAL RESTRICTIONS ON TRANSFER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Representations and Warranties</u>**. The Company hereby represents and warrants as of the date hereof (a) the deposit from time to time of Designated Shares by the Company, or by, for, or on behalf of, Restricted Holders and the issuance and delivery of Designated Restricted ADSs, in each case upon the terms contemplated herein, will not, as of the time of such deposit and issuance, require registration under the Securities Act, (b) all approvals required by the laws of the Federative Republic of Brazil to permit the deposit of Designated Shares under the Deposit Agreement, the Restricted ADS Letter Agreement and this Lessor Equity RADS Series Supplement have been, obtained, (c) none of the terms of this Lessor Equity RADS Series Supplement and none of the transactions contemplated in this Lessor Equity RADS Series Supplement violate any court judgment or order issued against the Company or any material contract to which it is a party, (d) the Designated Shares being deposited for the purpose of the issuance of Designated Restricted ADSs are validly issued, fully paid and non-assessable, free and clear of any lien, encumbrance, security interest, charge, mortgage, adverse claim, or preemptive rights of the holders of outstanding Shares, and free from any transfer and/or voting restrictions (other than any contractual restrictions on transfer, such as lock-up obligations, entered into between the Company and the relevant Restricted Holder), (e) the Designated Shares are of the same class as, and rank *pari passu* and will be fully fungible with, the other Shares on deposit under the Deposit Agreement, and (f) to the knowledge of the Company based on written representations of the relevant Restricted Holder, each Restricted Holder of the Designated Restricted ADSs specified on <u>Schedule 1</u> attached hereto was the beneficial owner of the specified Designated Shares and will be the Beneficial Owner of the corresponding Designated Restricted ADSs immediately following the deposit of the Designated Shares and issuance and delivery of the corresponding Designated Restricted ADSs. Such representations and warranties shall survive each deposit of Designated Shares, each delivery, cancellation and conversion of Unrestricted ADSs, and each issuance of Designated Restricted ADSs hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Opinion Coverage</u>**. The Company shall at the time of execution of this Lessor Equity RADS Series Supplement cause (A) its U.S. counsel to deliver an opinion to the Depositary as of the date hereof stating, *inter alia*, that (i) assuming its due authorization, execution and delivery, this Lessor Equity RADS Series Supplement is valid, binding and enforceable against the Company under the laws of the State of New York, except as the enforcement thereof may be limited by bankruptcy, insolvency (including, without limitation, all laws relating to fraudulent transfers), reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally, and as enforcement thereof is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law), and (ii) the deposit of Designated Shares by the Restricted Holders and the issuance and delivery of Designated Restricted ADSs, in each case upon the terms contemplated herein, do not require registration of the Designated Shares under the Securities Act, and (B) its Brazilian counsel to deliver an opinion to the Depositary as of the date hereof stating, *inter alia*, that (i) the Company has duly authorized and executed this Lessor Equity RADS Series Supplement, (ii) this Lessor Equity RADS Series Supplement constitutes a legal, valid and binding obligation of the Company under the laws of the Federative Republic of Brazil enforceable against the Company upon its terms, (iii) all approvals required by the laws of the Federative Republic of Brazil to permit the entry by the Company into this Lessor Equity RADS Series Supplement have been obtained, (iv) the terms of this Lessor Equity RADS Series Supplement and the transactions contemplated by this Lessor Equity RADS Series Supplement do not contravene or conflict with any existing laws of the Federative Republic of Brazil of general application, and (v) all approvals required by the laws of the Federative Republic of Brazil to permit the deposit of Designated Shares under the Deposit Agreement, the Restricted ADS Letter Agreement and this Lessor Equity RADS Series Supplement have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Mutatis Mutandis</u>**. The Company and the Depositary hereby agree that the following provisions of the Restricted ADS Letter Agreement shall apply to this Lessor Equity RADS Series Supplement, *mutatis mutandis*, as if they had been fully set forth herein: (i) the first paragraph of Section 2 – *Company Assistance*, (ii) Section 3 – *Limitations on Issuance of Restricted ADSs*, (iii) Section 5 – *Limitations on Transfer of Restricted ADSs*, (iv) Section 6 – *Limitations On Cancellation of Restricted ADSs*, (v) Section 7 – *Fungibility*, (vi) Section 8 – *Limitations On Exchange of Restricted ADSs for Freely Transferrable ADSs*, (vii) Section 9 – *Removal of Restrictions*, (viii) Section 11 – *Indemnity*, (ix) Section 12 – *Fractional Shares and ADSs*, (x) Section 13 – *Governing Law and Jurisdiction,* (xi) Section 14 – *Limited Depositary Obligation,* (xii) Section 15 – *Parties; Amendment; Assignment*, and (xiii) Section 16 – *F-6 Registration Statement*. For the avoidance of doubt, to the extent Designated Restricted ADSs are issued under and pursuant to the terms of this Lessor Equity RADS Series Supplement, the above referenced provisions set forth in the Restricted ADS Letter Agreement shall apply to such Designated Restricted ADSs and the transactions contemplated herein, except to the extent specifically modified herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Depositary Fees</u>**. Without limitation of any fees, costs and expenses otherwise payable by the Restricted Holder(s) pursuant to the Deposit Agreement (some of which fees payable to the Depositary under the Deposit Agreement may be cumulative), and subject to any other agreements between the Company and the Depositary with respect to the manner in which, and the amount of, the fees payable to the Depositary hereunder are paid, the Company and the Depositary agree that the Restricted Holder(s) (or the Company if the Company and the Depositary have agreed otherwise) shall pay to the Depositary: (i) any and all fees, costs and expenses payable under the terms of the Deposit Agreement, the Restricted ADS Letter Agreement and this Lessor Equity RADS Series Supplement, and (ii) all costs and expenses (including all related legal fees) incurred by or on behalf of the Depositary, in each case in connection with the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Miscellaneous</u>**. The parties hereto agree to duly execute and deliver, or cause to be duly executed and delivered, such further documents and instruments and do and cause to be done such further acts, as may be reasonably requested by the other party in order to implement the terms and provisions of this Lessor Equity RADS Series Supplement and to effectuate the purpose and intent hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Original Restricted ADS Letter Agreement</u>**. The Company and the Depositary hereby agree that the terms set forth in this Lessor Equity RADS Series Supplement shall apply only to the Designated Restricted ADSs and not to Restricted ADSs pursuant to any other RADS Series Supplement(s). Accordingly, only Holders and Beneficial Owners of the Designated Restricted ADSs issued pursuant to this Lessor Equity RADS Series Supplement shall be subject to all of the terms and conditions of, the Restricted ADS Letter Agreement and this Lessor Equity RADS Series Supplement in all respects.

[*Remainder of page intentionally left blank. Signature page to follow.*]

This Lessor Equity RADS Series Supplement may be executed in one or more counterparts, each of which shall be deemed an original and all of such counterparts shall constitute the same agreement.

The Company and the Depositary have caused this Lessor Equity RADS Series Supplement to be executed and delivered on their behalf by their respective officers thereunto duly authorized as of the date set forth above.

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| | |
|:---|:---|
| **Azul, S.A.** | **Azul, S.A.** |
| By: | /s/ Raphael Linares Felippe |
|  | Name: Raphael Linares Felippe |
|  | Title: General Counsel, Head of Fleet, and Attorney-in-Fact |
| **Citibank, N.a.,** | **Citibank, N.a.,** |
| **as Depositary** | **as Depositary** |
| By: | /s/ Leslie DeLuca |
|  | Name: Leslie DeLuca |
|  | Title: Attorney-in-Fact |

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**<u>Schedule 1</u>**

 ****

***For the avoidance of doubt, this Schedule 1 is confidential and the Holders are not permitted to receive a copy of this Schedule 1 unless directed in writing by the Company.***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Restricted Holder Name** | **Restricted Shares** | **Restricted ADSs** | **U.S. Person or Non-U.S. Person** | **Name, Address, E-mail Address, and Tax Identification of Registered Holder of Restricted ADSs** | **Restricted Holder's Custodian in Brazil** | **Restricted Holder's Custodial Account Number in Brazil** | **Contact Name and Phone Number at Restricted Holder's Custodian in Brazil** |

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**<u>Exhibit A</u>**

**_____________________**

**STANDARD CONSENT AND DELIVERY INSTRUCTION – RESTRICTED HOLDER<br> _____________________**

[Date]

Citibank, N.A. - ADR Department

388 Greenwich Street

New York, New York 10013

<u>Attn</u> Account Management

Teresa.Loureirostein@citi.com

Keith.Galfo@citi.com

Leslie.DeLuca@citi.com

Joseph.Connor@citi.com

James3.lee@citi.com

<u>Azul S.A. – Restricted ADSs (CUSIP No.: [●]</u>)

Ladies and Gentlemen:

Reference is hereby made to (i) the Deposit Agreement, dated as of April 7, 2017, as amended and supplemented from time to time (as so amended and supplemented, the "<u>Deposit Agreement</u>"), by and among Azul S.A., a company organized under the laws of the Federative Republic of Brazil (the "<u>Company</u>"), Citibank, N.A., a national banking association organized and existing under the laws of the United States of America, as Depositary (the "<u>Depositary</u>"), and all Holders and Beneficial Owners of American Depositary Shares ("<u>ADSs</u>") issued thereunder, (ii) the Restricted ADS Letter Agreement, dated as of February 21, 2025 (the "<u>Restricted ADS Letter Agreement</u>"), by and between the Company and the Depositary, and (iii) the Lessor Equity Restricted ADS Series Supplement, dated as of April 3, 2025 by and between the Company and the Depositary (the "<u>Lessor Equity RADS Series Supplement</u>"). Capitalized terms used but not defined herein shall have the meanings given to them in the Deposit Agreement, or, in the event so noted herein, in the Restricted ADS Letter Agreement or in the Lessor Equity RADS Series Supplement.

The undersigned holder of Restricted Shares (as defined in the Restricted ADS Letter Agreement) (the "<u>Restricted Holder</u>") hereby advises the Depositary and the Company of its intent to deposit, or to cause to be deposited on its behalf, the Restricted Shares specified in <u>Schedule I</u> hereto and requests the issuance by the Depositary of the corresponding Restricted ADSs (as defined in the Restricted ADS Letter Agreement) in the form of Uncertificated ADSs subject to the terms and conditions of the Deposit Agreement, the Restricted ADS Letter Agreement and the Lessor Equity RADS Series Supplement. The Company hereby consents to the deposit of the specified Restricted Shares and the issuance of the corresponding Restricted ADSs.

The Restricted Holder hereby represents and warrants to the Depositary that (a) the Restricted Shares being deposited for the purpose of the issuance of Restricted ADSs are free and clear of any lien, encumbrance, security interest, charge, mortgage, adverse claim, or preemptive rights of the holders of outstanding Shares, (b) the specified Restricted Holder of the Restricted ADSs specified on <u>Schedule I</u> hereto is the beneficial owner of the specified Restricted Shares and will be the Beneficial Owner of the corresponding Restricted ADSs immediately following the deposit of the Restricted Shares and issuance and delivery of the corresponding Restricted ADSs, and (c) none of the transactions contemplated herein violate any court judgment or order issued against the Restricted Holder or any material contract to which it is a party.

The Restricted Holder agrees to be bound by the terms of the Deposit Agreement, the Restricted ADS Letter Agreement and the Lessor Equity RADS Series Supplement upon acceptance of the specified Restricted ADSs.

Series Exhibit A- 1

Each of the Restricted Holder and the Company confirms that payment of the applicable fees, taxes and expenses payable under the terms of the Deposit Agreement, the Restricted ADS Letter Agreement and the Lessor Equity RADS Series Supplement upon the deposit of Shares and issuance of ADSs, has been made to the Depositary or relevant tax authority (as appropriate) or is being made concurrently herewith.

If any of the above acknowledgements, agreements, certifications, instructions, representations or warranties are false or incorrect in any way, (x) the Depositary and the Company shall be authorized, at the cost and expense of the undersigned, to take any and all actions necessary to correct the consequences thereof, and (y) the undersigned shall indemnify and hold harmless the Depositary and its agents for any and all losses, liabilities, costs, expenses (including, without limitation, fees and expenses of counsel), claims, damages and taxes of any kind, incurred as a result thereof.

Each of the Restricted Holder and the Company has caused this Standard Consent and Delivery Instruction to be executed and delivered on its behalf by their respective officers thereunto duly authorized as of the date set forth above.

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| | |
|:---|:---|
| **[Restricted Holder]** | **[Restricted Holder]** |
| By: |  |
|  | Name: |
|  | Title: |

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Consented to:

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| | |
|:---|:---|
| **Azul S.A.** | **Azul S.A.** |
| By: |  |
|  | Name: |
|  | Title: |

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Series Exhibit A- 2

**<u>Schedule I</u>**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Restricted Shares** | **Restricted ADSs** | **U.S. Person or Non-U.S. Person** | **Name, Address, E-mail Address, and Tax Identification** | **Custodian in Brazil** | **Custodial Account Number in Brazil** | **Contact Name and Phone Number at Custodian in Brazil** |

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Series Exhibit A- 3

## Ex-99.(B)(Iii)

<u>Exhibit (b)(iii)</u>

As of December [●], 2025

Citibank, N.A.

388 Greenwich Street

New York, New York 10013

<u>Attention</u>: Depositary Receipts Services

Ladies and Gentlemen:

Reference is hereby made to that certain (i) Second Amended & Restated Deposit Agreement, dated as of April 7, 2017 (the "<u>Preferred Shares Deposit Agreement</u>"), by and among Azul S.A. (the "<u>Company</u>"), a company organized under the laws of Federative Republic of Brazil, Citibank, N.A., a national banking association organized under the laws of the United States of America, as Depositary (the "<u>Depositary</u>"), and the Holders and Beneficial Owners of American Depositary Shares (the "<u>Preferred Share ADSs</u>") representing the Company's preferred shares (the "<u>Preferred Shares</u>") issued thereunder, and (ii) Master Restricted ADS Letter Agreement, dated as of February 21, 2025 (the "<u>Preferred Shares Master RADS Letter Agreement</u>"), by and between the Company and the Depositary. Except as specifically set forth herein, capitalized terms used herein without definition shall have the meaning assigned thereto in the Preferred Shares Deposit Agreement.

The purpose and intent of this Letter Agreement (the "<u>Letter Agreement</u>") is to supplement the Preferred Shares Deposit Agreement in connection with the following transactions (collectively, the "<u>Transaction</u>") resulting from the Joint Chapter 11 Plan of Reorganization of the Company and its debtor affiliates, as amended from time to time (as so amended, the "<u>Chapter 11 Plan</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The A*ssignment of Claims* (the "<u>Claims Assignment</u>") by the Holders of the 1L Notes Claims (as defined in the Chapter 11 Plan and hereinafter used as so defined) of the 1L Notes Claims (as defined in the Chapter 11 Plan and hereinafter used as so defined) to the 1L Creditors' Entity (as defined in the Chapter 11 Plan), and by the Holders of the 2L Notes Claims (as defined in the Chapter 11 Plan and hereinafter used as so defined) of the 2L Notes Claims (as defined in the Chapter 11 Plan and hereinafter used as so defined) to the 2L Creditors' Entity (as defined in the Chapter 11 Plan and hereinafter used as so defined);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company's *Extraordinary General Shareholders' Meeting* (the "<u>Common Shares Limit EGM</u>") held on December 16, 2025 to remove the limitations in place regarding the maximum number of Common Shares of the Company (the "<u>Common Shares</u>") that may be issued in capital increases carried out within the Company's authorized capital limit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The *Public Equitization Offer* (the "<u>Equitization Offer</u>") of Common Shares, Preferred Shares and Subscription Warrants (the "<u>Equitization Warrants</u>") to equitize of 1L Notes Claims, 2L Notes Claims and Convertible Debentures (as defined in the Chapter 11 Plan and hereinafter used as so defined) upon the terms described in the Chapter 11 Plan (the "<u>Equitization</u>"), including Common Shares and Preferred Shares to be delivered in the form of American Depositary Shares to non-Brazilian investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The *Priority Rights* of the Company's current shareholders arising in connection with the Equitization Offer (the "<u>Priority Rights</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company's *Extraordinary General Shareholders' Meeting* (the "<u>Preferred Shares Conversion EGM</u>") to be held to, *inter alia*, approve the conversion of all of the Company's Preferred Shares into Common Shares (the "<u>Conversion of Preferred Shares</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The *liquidation of the 1L Creditors' Entity and the 2L Creditors' Entity* (the "<u>Liquidation of the Creditors' Entities</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Company's *Equity Rights Offer* (the "<u>ERO</u>") as described in the ERO Procedures that are part of the Chapter 11 Plan, including the issuance of Common Shares as part of the ERO to be delivered in the form of American depositary shares.

The Company hereby informs the Depositary that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Chapter 11 Plan was confirmed on December 12, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Claims Assignment occurred effective December 19, 2025. The 1L Creditors' Entity is Azul 1L Creditors' Entity Ltd., a Cayman Islands exempted company with limited liability. The 2L Creditors' Entity is Azul 2L Creditors' Entity Ltd., a Cayman Islands exempted company with limited liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Common Shares Limit EGM was held on December 16, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The 1L Creditors' Entity is required to exercise their Equitization Warrants promptly following the public offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The 2L Creditors' Entity is permanently restricted from exercising its Equitization Warrants, which will be cancelled immediately following the public offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Preferred Shares Conversion EGM is scheduled to be held on January 9, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Immediately prior to the launch of the ERO (such date, the "<u>Initial Distribution Date</u>"), the Holders of 1L Notes Claims assigned to the 1L Creditors' Entity pursuant to the Claims Assignment, and the Holders of 2L Notes Claims assigned to the 1L Creditors' Entity pursuant to the Claims Assignment, in each case that have provided or caused to be provided to the Company, on or prior to the Initial Distribution Date, the requisite information and documentation required under the Plan to effect delivery of their distributions (the "<u>Required Information</u>"), are to receive the applicable Azul ADSs held by the Creditors' Entities as a dividend in kind; provided that any such Holder that has not provided the Required Information on or prior to the Initial Distribution Date shall not receive such ADSs on the Initial Distribution Date, but shall instead receive its distribution promptly following delivery of the Required Information in accordance with the Plan; provided, further, that any such Holder that does not deliver the Required Information within 180 days after the Effective Date (as defined by the Plan) (or such longer period as may be permitted under the Plan) may have their entitlement to receive Azul ADSs forfeited pursuant to the provisions of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Pursuant to the Chapter 11 Plan, holders of 1L Notes Claims and the holders of 2L Notes Claims agreed that the Common Shares and Preferred Shares issued to the Creditors' Entities as part of the Equitization Offer are subject to lock up (the "<u>Lock-Up Agreement</u>") prohibiting the transfer of Azul shares (except for certain transfers required as a result of a change in law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Prior to the Liquidation of the Creditors' Entities, the Creditors' Entities will be required to sign and deliver to the Company powers of attorney (each, a "<u>Management PoA"</u>) in favor of the Company's management authorizing the holders of the powers of attorney to vote the Azul shares held by the Creditors' entities in favor of the restructuring of the Company as contemplated in the Chapter 11 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Prior to the Liquidation of the Creditors' Entities, the Holders of Convertible Debentures will be required to (i) agree to the Lock-Up Agreements, (ii) sign and deliver to the Company Management PoAs, and (iii) waive their right to participate in Priority Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The Lock-Up Agreement will expire on the record date for the ERO; provided that, if so agreed by the majority of the Backstop Commitment Parties (as defined in the Chapter 11 Plan and hereinafter used as so defined), the transfer restrictions set forth in the Lock-Up Agreement may be extended from the date of liquidation of the Creditors' Entities until the settlement date of the ERO; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The Management PoAs will expire upon to the Liquidation of the Creditors' Entities.

In connection with the Transaction, the Depositary and the Company agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>ADS Books Closure</u>**. The Depositary shall close the Preferred Share ADS books for Preferred Share ADS issuances and cancellations, and shall not process any Preferred Share ADS issuances and cancellations on or about the time of the Conversion of Preferred Shares, and may extend the books closure period thereafter if deemed necessary, and the Depositary will give notice thereof "to the Street" in accordance with standard practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Establishment of Common Shares ADR Program</u>.** The Depositary and the Company have agreed to (i) establish a sponsored American Depositary Receipts program in respect of the Company's Common Shares in connection with, *inter alia*, the Equitization Offer and the Conversion of Preferred Shares into Common Shares (the "<u>Common Shares ADR Program</u>"); and (ii) enter into (x) a Deposit Agreement for the issuance of American Depositary Shares ("<u>Common Share ADSs</u>" and together with the Preferred Share ADSs, the "<u>Azul ADSs</u>") representing Common Shares held on deposit (the "<u>Common Shares Deposit Agreement</u>" and together with the Preferred Shares Deposit Agreement, the "<u>Azul Deposit Agreements</u>"), (y) a Master Restricted ADS Letter Agreement (the "<u>Common Shares Master RADS Letter Agreement</u>" and together with the Preferred Shares Master RADS Letter Agreement, the "<u>Azul Master RADS Letter Agreements</u>") in respect of restricted Common Share ADSs that may be issued as contemplated in Section 2.14 of the Common Shares Deposit Agreement, and (z) file a registration statement on Form F-6 with the Commission for the Common Share ADSs and request effectiveness of the registration statement prior to the issuance of Common Share ADSs. The Company hereby instructs the Depositary, and the Depositary agrees to use commercially reasonable efforts, to apply for a new CUSIP number for the Common Share ADSs from the CUSIP Bureau and to cause such CUSIP to be made eligible by DTC for deposit, settlement and clearance through DTC as soon as commercially practicable after the filing of the registration statement on Form F-6 for the Common Share ADSs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Equitization Offer</u>**. The Company hereby directs the Depositary pursuant to Section 2.14 of the Azul Deposit Agreements and the Azul Master RADS Letter Agreements, and the Depositary agrees to use commercially reasonable efforts, to establish 'restricted' and 'partial entitlement' Azul ADS series to enable the deposit of Common Shares and Preferred Shares by or on behalf of the 1L Creditors' Entity and the 2L Creditors' Entity and the issuance and delivery of 'restricted' and 'partial entitlement' Azul ADSs ("<u>Partial Entitlement Azul RADSs</u>") in respect of such Azul shares. The Company and the Depositary agree to enter into the applicable RADS Series Supplements (the "<u>Azul RADS Series Supplements</u>") pursuant to, and upon the terms contemplated in, the Azul Master RADS Letter Agreements detailing the terms of the Partial Entitlement Azul RADSs. The issuance and delivery of the Partial Entitlement Azul RADSs by the Depositary will be subject to (i) the deposit of the requisite Azul shares with the Custodian; (ii) the execution and delivery of the applicable Azul Deposit Agreements, the Azul Master RADS Letter Agreements, the applicable Azul RADS Series Supplements, and the applicable Consent and Delivery Instructions (as contemplated in the applicable Azul RADS Series Supplements); (iii) receipt by the Depositary of satisfactory opinions of the Company's Brazilian and U.S. counsels covering the establishment of the Common Shares ADR Program, the signing of the Common Shares Deposit Agreement, the Common Shares Master RADS Latter Agreement, and the Azul RADS Series Supplements, and the issuance of the Partial Entitlement Azul RADSs; and (iv) receipt by the Depositary of applicable fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Conversion of Preferred Shares / Preferred Share ADSs</u>**. The Company hereby directs the Depositary pursuant to Section 4.11 of the Preferred Shares Deposit Agreement, and the Depositary agrees to use commercially reasonable efforts, to (i) establish procedures for the conversion of Preferred Share ADSs for Common Share ADSs (the "<u>Conversion of Preferred Share ADSs</u>") in connection with the Conversion of Preferred Shares; (ii) establish an effective date (the "<u>Effective Date</u>") for the Conversion of Preferred Share ADSs into Common Share ADSs and give notice thereof to The New York Stock Exchange and to DTC; and (iii) arrange to establish the applicable procedures with DTC for the cancellation and exchange, as a result of the Conversion, after the Effective Date, of the Preferred ADSs held in DTC, in uncertificated format (other than in DTC) or in certificated format for Common ADSs, after the Effective Date, subject to applicable fees, taxes, and reimbursable expenses, upon the terms described in this Letter Agreement and in the notice to be distributed by the Depositary to holders of Company Preferred Share ADSs detailing the Conversion of Preferred Share ADSs in a form reasonably acceptable to the Company and to the Depositary. No fractional Common Share ADSs will be issued in connection with the Conversion of Preferred Share ADSs. Cash-in-lieu of fractional entitlements to Common Share ADSs is to be distributed at a rate based upon the net proceeds received by the Depositary for the sale of the aggregate of the fractional Common Share ADSs (net of applicable fees, expenses and taxes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Liquidation of Creditors' Entities.</u>** In connection with the Liquidation of the Creditors' Entities and the related distribution in kind of the Company's equity interests to the Holders of the 1L Notes Claims and the Holders of the 2L Notes Claims as contemplated by the Chapter 11 Plan (the "<u>Liquidation Distribution</u>"), the Company hereby directs the Depositary pursuant to the applicable provisions of the Azul Deposit Agreements (including Section 2.14 thereof, to the extent applicable) and the applicable Azul Master RADS Letter Agreements and Azul RADS Series Supplements, and the Depositary agrees to use commercially reasonable efforts, to facilitate the delivery to the applicable recipients of the Azul ADSs (including, as applicable, Restricted ADSs and/or Partial Entitlement Azul RADSs) held by or on behalf of the 1L Creditors' Entity and/or the 2L Creditors' Entity in connection with the Liquidation Distribution. The Creditors' Entities, with the written consent of the Company, shall deliver to the Depositary reasonably prior to the Liquidation Distribution a written instruction (the "<u>Liquidation Delivery Instruction</u>") setting forth the applicable distribution date and a schedule of recipients and entitlements and customary delivery details (including, as applicable, DTC participant information). The Depositary shall effect such delivery in accordance with the Liquidation Delivery Instruction and the terms of the applicable Azul Deposit Agreements and any applicable RADS Series Supplement(s), including, as specified in the Liquidation Delivery Instruction, by (i) book-entry transfer of Azul ADSs (or Restricted ADSs) on the books of the Depositary and/or through DTC (to the extent eligible), and/or (ii) cancellation of Azul ADSs (or Restricted ADSs) registered in the name of the applicable Creditors' Entity and issuance and delivery of Azul ADSs (or Restricted ADSs) to the applicable recipients, subject in each case to receipt by the Depositary of (i) satisfactory opinions of the Company's Brazilian and U.S. counsels covering the Liquidation Distribution, (ii) satisfactory opinion(s) confirming authority and signature(s) covering the Liquidation Delivery Instruction(s), and (iii) applicable fees. To the extent any securities delivered pursuant to the Liquidation Distribution are Restricted ADSs, such Restricted ADSs shall be delivered in the applicable restricted series (and remain non-fungible with unrestricted ADSs) unless and until exchanged in accordance with the applicable documentation and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Equity Rights Offer</u>.** In connection with the Equity Rights Offer (the "<u>ERO</u>"), and the issuance and delivery of Common Share ADSs to non-Brazilian investors in connection therewith, the Company hereby directs the Depositary pursuant to Section 2.14 of the Common Shares Deposit Agreement and the Common Shares Master RADS Letter Agreement, and the Depositary agrees to use commercially reasonable efforts, to implement the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall cause to be established, and the Depositary shall use commercially reasonable efforts to maintain at the Company's instructions, pursuant to the Common Shares Master RADS Letter Agreement, (i) a "Private Placement" restricted ADS series for Common Share ADSs to be issued to ERO participants that are U.S. persons (as defined in Regulation S under the Securities Act ("<u>Regulation S</u>")) that are reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A) in reliance on Section 4(a)(2) of the U.S. Securities Act of 1933, as amended (the "<u>Securities Act</u>") pursuant to a "Private Placement" restricted ADS series supplement (a "<u>Private Placement RADS Series Supplement</u>") and (ii) a separate "Regulation S" restricted ADS series for Common Share ADSs to be issued to ERO participants that are not U.S. persons (as defined in Regulation S) in reliance on Regulation S (such ADSs, the "<u>Regulation S ADSs</u>") pursuant to a "Regulation S" restricted ADS series supplement (a "<u>Regulation S RADS Series Supplement</u>" and, together with the Private Placement RADS Series Supplement, the "<u>RADS Series Supplements</u>"). The Regulation S ADSs shall be subject to the transfer restrictions under Regulation S during the applicable 40-day Regulation S distribution compliance period (being 40 days after the ERO settlement date) (the "<u>Compliance Period</u>"). During the Compliance Period, each of the Depositary and the Custodian shall close the Common Share ADS facility for the issuance of unrestricted Common Share ADSs to deposits of Common Shares (and otherwise decline to accept deposits that would result in the issuance of unrestricted Common Share ADSs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Once the allocation of Common Shares to be delivered in ADS form in the ERO is finalized, the Company shall complete and deliver to the Depositary an instruction letter indicating (i) the number of Common Shares to be deposited by or on behalf of the Company with the Custodian pursuant to the Common Shares Deposit Agreement and (ii) the corresponding number and series of Common Share ADSs to be issued by the Depositary (the "<u>ERO Instruction Letter</u>"). The Company shall promptly thereafter deposit, or cause to be deposited, the applicable number of Common Shares with the Custodian and shall concurrently deliver to the Depositary the ERO Instruction Letter and the applicable executed delivery instructions for delivery of such Common Share ADSs to the persons entitled thereto, together with any other documents required under the Common Shares Deposit Agreement, the Common Shares Master RADS Letter Agreement or the applicable RADS Series Supplement. Upon receipt of the deposited Common Shares, the Depositary shall issue the applicable Common Share ADSs in uncertificated form and, in accordance with the Company's delivery instructions, deliver such Common Share ADSs on its books (and, to the extent eligible, through DTC) to the persons entitled to receive such Common Share ADSs pursuant to the ERO, subject in each case to receipt by the Depositary of (i) duly executed ERO Instruction Letter and opinions of the Company's Brazilian and U.S. counsels covering the issuance and deposit of the Common Shares and the issuance and delivery of the Common Share ADSs in the ERO, (ii) satisfactory confirmations of authority and signature(s) covering the Liquidation Delivery Instruction(s), and (iii) all applicable fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Upon expiration of the Compliance Period, and provided that the applicable holder is not an 'affiliate' of the Company and no other transfer restrictions then apply, the Depositary shall re-designate any outstanding Regulation S ADSs as unrestricted Common Share ADSs of the same class and series as the Company's unrestricted Common Share ADSs and (y) remove any legends and stop-transfer notations relating solely to Regulation S and make such ADSs fungible with the Company's unrestricted Common Share ADSs, upon receipt of (i) satisfactory instructions from the Company and opinions of the Company's Brazilian and U.S. counsels covering the issuance and deposit of Common Shares and the issuance and delivery of Common Share ADSs in the ERO, (ii) satisfactory confirmations of authority and signature(s) covering the Liquidation Delivery Instruction(s), and (iii) applicable fees, delivered in accordance with the terms of the applicable RADS Series Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company hereby instructs the Depositary, and the Depositary agrees to use commercially reasonable efforts, to cause the Company's unrestricted Common Share ADSs, the Restricted ADSs and the Regulation S ADSs (during the Compliance Period) to be eligible for clearance and settlement through DTC, including participation in DTC's FAST/DRS program, and to obtain, assign and maintain appropriate CUSIP/ISIN identifiers therefor, in each case subject to DTC's applicable requirements and, with respect to Restricted ADSs, the terms of Section 2.14 of the Common Shares Deposit Agreement, the Common Shares Master RADS Letter Agreement and the applicable RADS Series Supplements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Depositary Fees</u>.** The Company agrees that the Depositary will be entitled to charge holders of Azul ADSs the fees set forth in the Azul Deposit Agreements, subject to the conditions and waivers set forth in Letter Agreement dated January 27, 2017, as amended by the Amendment to the Letter Agreement dated February 19, 2024, as further amended by the Letter Agreement dated April 3, 2025, and further amended by the Amendment to the Letter Agreement dated December [●], 2025, by and between the Company and the Depositary. In the absence of receipt of any applicable fees from the holders of the Azul ADSs, the Depositary shall not be obligated to perform the services contemplated in this Letter Agreement. In addition, the Company shall reimburse the Depositary for all out-of-pocket expenses incurred in connection with the Transaction (and any ancillary corporate actions related to, or deriving from, the Transaction), including, without limitation, fees and expenses of its legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Brazilian Tax</u>**.

The Company hereby certifies to the Depositary as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *<u>Equitization Offer</u>*. **[TBD]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *<u>Conversion of Preferred Shares</u>*. **[TBD]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *<u>Liquidation of Creditors' Entities</u>*<u>.</u> **[TBD]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *<u>Equity Rights Offer.</u>* [**TBD**]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>U.S. Tax Reporting</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>U.S. Federal Income Tax Treatment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Equitization Offer</u>*. **[TBD]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Conversion of Preferred Shares</u>*. **[TBD]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Liquidation of Creditors' Entities</u>*. **[TBD]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>Equity Rights Offer</u>*. [**TBD**]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>U.S. Tax Reporting</u>. The Depositary will timely prepare and furnish to each holder of ADSs who is treated as receiving a dividend in accordance with the terms hereof a Form 1099-DIV reporting the dividend received by such holder, to the extent required by, and in accordance with, U.S. Treasury Regulations, unless a holder demonstrates their status as a nonresident alien (or other non-U.S. Holder) by providing a properly completed Form W-8 in accordance with U.S. Treasury Regulations (such person, a "<u>Non-U.S. Holder</u>"), or if they otherwise provide evidence of exempt status. In addition, the Depositary will timely prepare and furnish to such holders who receive sale proceeds and/or a cash-in-lieu payment in accordance with the terms hereof Forms 1099-B reporting such amounts received by such holders, to the extent required by, and in accordance with, U.S. Treasury Regulations. The Depositary will also prepare and timely electronically file copies of such Forms 1099-DIV and 1099-B (if applicable) with the IRS. For tax reporting purposes, the Company will promptly provide to the Depositary in a signed officer's certificate the calculation of the fair market value of the ADSs on the date the Preferred Shares are received by the Depositary on behalf of the ADS holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Backup Withholding</u>. If the Depositary has not received from an ADS holder a Taxpayer Identification Number ("<u>TIN</u>") including on a properly completed Form W-9, or if such TIN has not been certified as correct or such holder otherwise fails to comply with applicable backup withholding tax provisions under the U.S. Treasury Regulations, the Depositary will deduct and withhold backup withholding tax (at the rate specified by the Code) from the dividend, sale proceeds, and/or cash-in-lieu payment, as applicable, delivered to such holder (other than a Non-U.S. Holder that provides a properly completed Form W-8 or other exempt recipient) and remit such funds to the IRS in accordance with the Depositary's standard procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Section 6045B Reporting</u>. Notwithstanding any other provision herein, any U.S. tax returns or information statements required to be filed by the Company pursuant to Section 6045B of the Code or the U.S. Treasury Regulations promulgated thereunder shall be prepared and timely filed by the Company, and the Depositary shall not be responsible for preparing or filing any such U.S. tax returns or information statements. The Depositary shall use commercially reasonable efforts to provide information requested by the Company in order to assist the Company in preparing and filing U.S. tax returns or information statements. The Company shall timely post an IRS Form 8937 on its website in accordance with applicable U.S. Treasury Regulations to provide information to holders of the Azul ADSs and shall furnish, or cause to be furnished, a copy of the IRS Form 8937 to the Depositary within 15 days of posting the form on its website.

The Depositary shall not be required to furnish to U.S. Holders any tax reports or forms with respect to the Transaction except as specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Further Assistance</u>. Should any issue arise regarding U.S. federal income tax reporting or withholding, the Depositary will take such action consistent with the terms of the Deposit Agreements, this Instructions Letter, the Transaction, and as the Company instructs to the Depositary in writing. The Company agrees to reimburse the Depositary for any reasonable out-of-pocket costs incurred in connection with such actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Opinion of Counsel</u>.** The Company will cause its U.S. counsel and Brazilian counsel to deliver to the Depositary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *prior to the settlement of the Equitization Offer*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an opinion from its U.S. counsel that the Equitization Offer and the issuance and delivery of Common Shares and Preferred Shares and Partial Entitlement Azul RADSs as part of the Equitization Offer (x) is exempt from registration under the Securities Act; and (y) the Partial Entitlement Azul RADSs are not 'restricted securities' (as defined in the Rule 144 under the Securities Act); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an opinion from is Brazilian counsel that the Equitization Offer and the issuance and delivery of Common Shares and Preferred Shares and Partial Entitlement Azul RADSs as part of the Equitization Offer (w) does not violate, or conflict with, the *Estatuto Social* of the Company or any agreement to which the Company is a party or by which the Company is bound; (x) does not violate any law, rule, regulation, order, judgment, administrative decree, or regulation of Brazil or to which the Company is subject; (y) the Common Shares and Preferred Shares issued and delivered in the Equitization Offer have been duly authorized, validly issued, and are fully paid and non-assessable, are free of any transfer or voting restrictions, and free of any pre-emptive rights; and (z) all requisite permissions, consents, approvals, authorizations, and orders (if any) have been obtained and all requisite filings (if any) have been made in Brazil to enable the Company to complete the Equitization Offer and the issuance and delivery of the Partial Entitlement Azul RADSs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *prior to the effective date of the Conversion of Preferred Share ADSs*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an opinion from its U.S. counsel that the Conversion of Preferred Shares and the Conversion of Preferred Share ADSs (x) is exempt from registration under the Securities Act; and (y) does not and will not violate the provisions of any U.S. federal or New York State statute nor any rule or applicable to the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an opinion from is Brazilian counsel that the Conversion of Preferred Shares and the Conversion of Preferred Share ADSs (w) does not violate, or conflict with, the *Estatuto Social* of the Company or any agreement to which the Company is a party or by which the Company is bound; (x) does not violate any law, rule, regulation, order, judgment, administrative decree, or regulation of Brazil or to which the Company is subject; (y) the Common Shares issued in the Conversion of Preferred Shares have been duly authorized, validly issued, and are fully paid and non-assessable, are free of any transfer or voting restrictions, and free of any pre-emptive rights; and (z) all requisite permissions, consents, approvals, authorizations, and orders (if any) have been obtained and all requisite filings (if any) have been made in Brazil to enable the Company to complete the Conversion of Preferred Shares and the Conversion of Preferred Share ADSs.

(iii) *prior to the effective date of the Common Shares ADR Program* opinions
of such counsels as provided in <u>Exhibit A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *prior to the effective date of the Liquidation of the Creditors' Entities* and the distribution
of Azul ADSs in connection with such liquidation, the opinions contemplated in the applicable Azul RADS Series Supplements and the applicable
Azul Master RADS Letter Agreements **.** 

(v) *prior to the deposit of Azul Shares into the Azul ADR programs* in connection with the Equity Rights Offer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an opinion from its U.S. counsel that the Equity Rights Offer and the issuance and delivery of Common Shares and Preferred Shares and Azul ADSs as part of the Equity Rights Offer is exempt from registration under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an opinion from is Brazilian counsel that the Equity Rights Offer and the issuance and delivery of Common Shares and Preferred Shares and Azul ADSs as part of the Equity Rights Offer (w) does not violate, or conflict with, the *Estatuto Social* of the Company or any agreement to which the Company is a party or by which the Company is bound; (x) does not violate any law, rule, regulation, order, judgment, administrative decree, or regulation of Brazil or to which the Company is subject; (y) the Common Shares and Preferred Shares issued and delivered in the Equity Rights Offer have been duly authorized, validly issued, and are fully paid and non-assessable, are free of any transfer or voting restrictions, and free of any pre-emptive rights; and (z) all requisite permissions, consents, approvals, authorizations, and orders (if any) have been obtained and all requisite filings (if any) have been made in Brazil to enable the Company to complete the Equitization Offer and the issuance and delivery of the issuance and delivery of Common Shares and Preferred Shares and Azul ADSs as part of the Equity Rights Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Blue Sky Filings</u>.** The Company will cause its U.S. counsel to make the requisite state filings (if any) required in connection with the delivery of the Common Shares and/or Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>F-6 Registration Statements</u>**. The parties hereto confirm that a signed copy of this Letter Agreement may be filed as an exhibit to the next Registration Statements on Form F-6 (or next amendment to any existing Registration Statements on Form F-6 currently on file) that may be filed in respect of the Azul ADSs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Company Cooperation</u>**. The Company shall, and shall cause its officers, directors, employees, advisors, and agents to, cooperate fully and in good faith with the Depositary to effectuate the Transaction, as contemplated by this Letter Agreement. Such cooperation shall include providing timely access to and sharing of all information, documents, certifications, consents, and approvals reasonably requested by the Depositary; coordinating with the Depositary and any transfer agent, registrar, clearing agency, listing authority, or regulatory body as reasonably requested by the Depositary; and facilitating all procedural, operational, and administrative steps required for settlement, clearance, and any applicable listing or eligibility determinations. The Company shall use commercially reasonable efforts to promptly remediate any deficiencies identified by the Depositary that are within the Company's control and shall promptly notify the Depositary of any event, circumstance, or change that could reasonably be expected to delay, impair, or prevent consummation of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Indemnity/Survival</u>.** The Company acknowledges and agrees that the indemnities provided in Section 5.8 of the Azul Deposit Agreements shall apply to any acts performed or omitted by the Depositary, the Custodian and any of their respective directors, employees, agents, and Affiliates pursuant to (a) this Letter Agreement, or (b) the Transaction generally. For avoidance of doubt, the Company confirms that its obligations under this <u>Section 16</u> shall survive the Transaction and any amendment and/or termination of the Azul Deposit Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Governing Law/Jurisdiction</u>.** This Letter Agreement shall be governed by and construed in accordance with the laws of the State of New York. The parties agree that the federal or state courts in the Borough of Manhattan, The City of New York shall have jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of, or in connection with, this Letter Agreement and, for such purposes, each irrevocably submits to the non-exclusive jurisdiction of such courts.

The parties irrevocably waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to the laying of venue of any actions, suits or proceedings brought in any court as provided in this <u>Section 17</u>, and hereby further irrevocably and unconditionally waive, and agree not to plead or claim in any such court, that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. The parties further irrevocably and unconditionally waive, to the fullest extent permitted by law, and agree not to plead or claim, any right of immunity from legal action, suit or proceeding, from setoff or counterclaim, from the jurisdiction of any such court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, from execution of judgment, or from any other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, and consents to such relief and enforcement against it, its assets and its revenues in any jurisdiction, in each case with respect to any matter arising out of, or in connection with, this Letter Agreement.

**THE PARTIES IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF, OR IN CONNECTION WITH, THIS LETTER AGREEMENT AND ANY ACTIONS AND TRANSACTIONS CONTEMPLATED THEREIN (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **<u>Third-Party Beneficiaries</u>**. Nothing in this Letter Agreement, express or implied, is intended to confer upon any person other than the signatories hereto any rights or remedies hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>Counterparts</u>.** This Letter Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of such counterparts shall constitute the same agreement.

*[Signature page on following page]*

The Company and the Depositary have caused this Letter Agreement to be executed and delivered on their behalf by their respective officers thereunto duly authorized as of the date set forth above.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **azul S.A.** | **azul S.A.** |
| By: |  |
|  | Name: |
|  | Title: |
| Agreed and Accepted: | Agreed and Accepted: |
| **CITIBANK, N.A.** | **CITIBANK, N.A.** |
| By: |  |
|  | Name: |
|  | Title: |

---

**<u>Exhibit A</u>**

**<u>Common Shares ADR Program Opinion Requirements</u>**

**<u>Note to Issuer's counsel</u>**: Set forth below are minimum opinion requirements of Citibank, N.A. acting as depositary for the Issuer's ADS facility. Please note that Citibank, N.A. reserves the right to request delivery of any other opinions that it considers relevant to the establishment of the ADS facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>i.</u>**<u>**Opinion of Issuer's Local Counsel**</u>

The Issuer's local counsel opinion should address the following:

**Authority and good standing**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Issuer has been duly incorporated and is a validly existing entity in good standing under the laws of the jurisdiction of its formation with power and authority to enter into the Deposit Agreement and to file the Registration Statement on Form F-6 (the "<u>Registration Statement</u>") with the SEC and to engage in the transactions contemplated therein. The execution of the Deposit Agreement and the signing and filing of the Registration Statement with the SEC has been duly authorized by all requisite corporate action by and/or on behalf of the Issuer.

**Due execution and legal obligation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Deposit Agreement has been duly executed and delivered for and on behalf of the Issuer by an officer of the Issuer that has been duly elected or appointed and thereunto duly authorized and constitutes the legal, valid, and binding agreement of the Issuer, enforceable against the Issuer in accordance with its terms in Brazil except as may be limited by bankruptcy, insolvency, moratorium, or similar laws affecting creditors' rights generally and general principles of equity. The Registration Statement has been signed for and on behalf of the Issuer by officers thereunto duly authorized and by directors duly elected or appointed and have all requisite power and authority to do so.

**Consents, permits, filings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All requisite permissions, consents, approvals, authorizations, and orders (if any) have been obtained and all requisite filings (if any) have been made in Brazil to enable the Issuer to enter into the Deposit Agreement, to file the Registration Statement with the SEC, and to engage in the transactions contemplated therein.

**Local formalities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Neither the Deposit Agreement nor any other document or instrument delivered by the Issuer to the Depositary needs to be recorded or filed with any agency or authority under the laws of Brazil nor does any stamp or similar tax need to be paid under the laws of Brazil to ensure the legality, validity, or admissibility into evidence of the Deposit Agreement.

**No conflict**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. None of the terms of the Deposit Agreement violate or conflict with, nor does the execution and delivery of the Deposit Agreement, the filing of the Registration Statement or the consummation of the transactions contemplated therein violate, or conflict with, the *Estatuto Social* of the Issuer or any agreement to which the Issuer is a party or by which the Issuer is bound.

**No violation of law**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. None of the terms nor the transactions contemplated by the Deposit Agreement violate any law, rule, regulation, order, judgment, administrative decree, or regulation of Brazil or to which the Issuer is subject.

**Valid issuance of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. All of the Shares of the Issuer to be deposited in the ADS facility pursuant to the terms of the Deposit Agreement have been duly authorized, validly issued, and are fully paid and non-assessable, are free of any transfer or voting restrictions, and free of any pre-emptive rights.

**Enforceability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Deposit Agreement is a valid, binding, and enforceable contract under the laws of Brazil. The Depositary will not (absent negligence, bad faith, or breach of contract and general principles of agency) be subject to any potential liability under the laws of Brazil for taking the actions contemplated in the Deposit Agreement.

**Choice of law and forum recognition**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The choice of forum clause and the choice of law clause contained in the Deposit Agreement will be recognized by the courts of Brazil.

**Enforceability of judgments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Any judgment entered by a court contemplated in the Deposit Agreement will be held enforceable against the Issuer in the courts of Brazil.

**Misstatement and/or omission**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Nothing in the Deposit Agreement or the form of receipt attached thereto misstates the rights of the holders of the ADSs in respect of the deposited securities and there is nothing contained in the law of Brazil, the *Estatuto Social* of the Issuer, or in any agreement to which the Issuer is a party and bound which prevents the exercise of any right or the enjoyment of any benefit to which an ADS holder is entitled as a result of owning an ADSs issued under the terms of the Deposit Agreement and which has not been disclosed in the Deposit Agreement and the form of receipt attached thereto.

**Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. There are no reporting obligations under the laws of Brazil on the ADS holders that have not been disclosed in the Deposit Agreement and the form of receipt attached thereto.

**Voting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Depositary will not be deemed to be authorized to exercise any discretion when voting in accordance with the terms set forth in Section 4.10 of the Deposit Agreement under the laws of Brazil and the Depositary will not (absent negligence, bad faith or breach of contract, and general principles of agency) be subject to any potential liability under the laws of Brazil for losses arising from the exercise of the voting arrangements set forth in Section 4.10 of the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Depositary will not be subject to any reporting or similar requirements under the laws of Brazil with respect to the ADSs or the Shares underlying such ADSs by virtue of it being a party to the Deposit Agreement and exercising its rights and performing its obligations thereunder or alternatively, describe and applicable reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>ii. Opinion of Issuer's U.S. Counsel</u>**

The Issuer's U.S. counsel opinion should address the following:

**Enforceability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Deposit Agreement is valid, binding, and enforceable against the Issuer under the laws of the State of New York except as may be limited by bankruptcy, insolvency, moratorium, or similar laws affecting creditors' rights generally and general principles of equity.

**Investment Company Act**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Issuer is not an "Investment Company" within the meaning of Section 3 of the Investment Company Act of 1940, as amended, and the rules issued thereunder.

**No Violation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The establishment of the ADS facility does not violate any U.S. federal or New York State statute nor any rule or applicable thereto.

**Consents, Permits, Filings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All requisite permissions, consents, approvals, authorizations, and orders (if any) have been obtained and all requisite filings (if any) have been made in the State of New York to enable the Issuer to enter into the Deposit Agreement and to engage in the transactions contemplated therein.

**Jurisdiction / Venue / Service of Process**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Under the laws of the State of New York relating to personal jurisdiction, the Issuer has under the Deposit Agreement validly and irrevocably submitted to the personal jurisdiction of any state or federal court located in the Borough of Manhattan, the City of New York, New York in any action arising out of or relating to the Deposit Agreement and the transactions contemplated therein, has validly and irrevocably waived any objection to the venue of any proceeding in any such court and has validly, and irrevocably appointed **[name of service agent]** as its authorized agent for service of process and any service of such agent upon the terms set forth in the Deposit Agreement will be effective to confer such personal jurisdiction over the Issuer.