Document:

Indenture dated as of January 26, 2007

 Exhibit 10.3 
  

 EXECUTION COPY 
 COSAN FINANCE LIMITED 
 as Issuer 
 the GUARANTORS party hereto 
 THE BANK OF NEW
YORK, 
 as Trustee, Registrar and Transfer Agent 
 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., 
 as Principal Paying Agent 
 THE BANK OF NEW YORK (LUXEMBOURG) S.A., 
 as
Paying Agent and Transfer Agent 
  

 INDENTURE 
 Dated as of January 26, 2007 
  

 7% Senior Notes Due 2017

  

  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	PAGE
		 	ARTICLE 1	  	
		 	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	
	   Section 1.01.
	 	Definitions	  	1
	   Section 1.02.
	 	Rules of Construction	  	12
	   Section 1.03.
	 	Table of Contents; Headings	  	13
	   Section 1.04.
	 	Form of Documents Delivered to Trustee	  	13
	   Section 1.05.
	 	Acts of Holders	  	13
			
		 	ARTICLE 2	  	
		 	THE NOTES	  	
			
	   Section 2.01.
	 	Form and Dating	  	14
	   Section 2.02.
	 	Execution, Authentication and Delivery	  	15
	   Section 2.03.
	 	Transfer Agent, Registrar and Paying Agent	  	16
	   Section 2.04.
	 	Paying Agent to Hold Money in Trust	  	17
	   Section 2.05.
	 	Payment of Principal and Interest; Principal and Interest Rights Preserved	  	18
	   Section 2.06.
	 	Holder Lists	  	19
	   Section 2.07.
	 	Transfer and Exchange	  	19
	   Section 2.08.
	 	Replacement Notes	  	21
	   Section 2.09.
	 	Temporary Notes	  	21
	   Section 2.10.
	 	Cancellation	  	22
	   Section 2.11.
	 	Defaulted Interest	  	22
	   Section 2.12.
	 	CUSIP and ISIN Numbers	  	22
	   Section 2.13.
	 	Open Market Purchases	  	22
			
		 	ARTICLE 3	  	
		 	REDEMPTION	  	
			
	   Section 3.01.
	 	Right of Redemption	  	23
	   Section 3.02.
	 	Applicability of Article	  	24
	   Section 3.03.
	 	Election to Redeem; Notice to Trustee	  	24
	   Section 3.04.
	 	Notice of Redemption by the Company	  	24
	   Section 3.05.
	 	Deposit of Redemption Price	  	25
	   Section 3.06.
	 	Effect of Notice of Redemption	  	25
			
		 	ARTICLE 4	  	
		 	COVENANTS	  	
			
	   Section 4.01.
	 	Payment of Principal and Interest Under the Notes	  	26
	   Section 4.02.
	 	Maintenance of Office or Agency	  	26
	   Section 4.03.
	 	Money for Note Payments to Be Held in Trust	  	26
	   Section 4.04.
	 	Maintenance of Corporate Existence	  	28

					
	   Section 4.05.
	 	    Payment of Taxes and Claims	  	28
	   Section 4.06.
	 	    Payment of Additional Amounts	  	28
	   Section 4.07.
	 	    Reporting Requirements	  	30
	   Section 4.08.
	 	    Available Information	  	31
	   Section 4.09.
	 	    Limitation and Restrictions on the Company	  	31
	   Section 4.10.
	 	    Limitation on Liens	  	32
	   Section 4.11.
	 	    Waiver of Certain Covenants	  	34
	   Section 4.12.
	 	    Repurchase of Notes upon a Change of Control	  	34
			
		 	ARTICLE 5	  	
		 	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	  	
			
	   Section 5.01.
	 	    Limitation on Consolidation, Merger or Transfer of Assets	  	35
	   Section 5.02.
	 	    Successor Substituted	  	36
	   Section 5.03.
	 	    Notes to Be Secured in Certain Events	  	36
	   Section 5.04.
	 	    Consolidation, Merger Or Sale Of Assets By A Guarantor	  	36
			
		 	ARTICLE 6	  	
		 	EVENTS OF DEFAULT AND REMEDIES	  	
			
	   Section 6.01.
	 	    Events of Default	  	37
	   Section 6.02.
	 	    Acceleration of Maturity, Rescission and Amendment	  	39
	   Section 6.03.
	 	    Collection Suit by Trustee	  	39
	   Section 6.04.
	 	    Other Remedies	  	40
	   Section 6.05.
	 	    Trustee May Enforce Claims Without Possession of Notes	  	40
	   Section 6.06.
	 	    Application of Money Collected	  	40
	   Section 6.07.
	 	    Limitation on Suits	  	40
	   Section 6.08.
	 	    Rights of Holders to Receive Principal and Interest	  	41
	   Section 6.09.
	 	    Restoration of Rights and Remedies	  	41
	   Section 6.10.
	 	    Trustee May File Proofs of Claim	  	41
	   Section 6.11.
	 	    Delay or Omission Not Waiver	  	42
	   Section 6.12.
	 	    Control by Holders	  	42
	   Section 6.13.
	 	    Waiver of Past Defaults and Events of Default	  	42
	   Section 6.14.
	 	    Rights and Remedies Cumulative	  	42
	   Section 6.15.
	 	    Waiver of Stay or Extension Laws	  	42
			
		 	ARTICLE 7	  	
		 	TRUSTEE AND PRINCIPAL PAYING AGENT	  	
			
	   Section 7.01.
	 	    Duties of Trustee and Principal Paying Agent	  	43
	   Section 7.02.
	 	    Rights of Trustee	  	44
	   Section 7.03.
	 	    Individual Rights of Trustee	  	45
	   Section 7.04.
	 	    Trustee’s Disclaimer	  	45
	   Section 7.05.
	 	    Notice of Defaults and Events of Default	  	46
	   Section 7.06.
	 	    Compensation and Indemnity	  	46
	   Section 7.07.
	 	    Replacement of Trustee	  	47
	   Section 7.08.
	 	    Successor Trustee by Merger	  	48

  

 ii 

					
	   Section 7.09.
	 	    Eligibility; Disqualification	  	48
			
		 	ARTICLE 8	  	
		 	DISCHARGE OF INDENTURE; DEFEASANCE	  	
			
	   Section 8.01.
	 	    Discharge of Liability on Notes	  	48
	   Section 8.02.
	 	    Conditions to Defeasance	  	49
	   Section 8.03.
	 	    Application of Trust Money	  	51
	   Section 8.04.
	 	    Repayment to Company	  	51
	   Section 8.05.
	 	    Indemnity for U.S. Governmental Obligations	  	51
	   Section 8.06.
	 	    Reinstatement	  	51
			
		 	ARTICLE 9	  	
		 	AMENDMENTS	  	
			
	   Section 9.01.
	 	    Without Consent of Holders	  	52
	   Section 9.02.
	 	    With Consent of Holders	  	53
	   Section 9.03.
	 	    Revocation and Effect of Consents and Waivers	  	54
	   Section 9.04.
	 	    Notation on or Exchange of Notes	  	54
	   Section 9.05.
	 	    Trustee to Sign Amendments	  	55
	   Section 9.06.
	 	    Payment for Consent	  	55
			
		 	ARTICLE 10	  	
		 	GUARANTEE	  	
			
	 Section 10.01.
	 	    The Note Guaranty	  	55
	 Section 10.02.
	 	    Guaranty Unconditional	  	55
	 Section 10.03.
	 	    Discharge; Reinstatement	  	56
	 Section 10.04.
	 	    Waiver by the Guarantors	  	56
	 Section 10.05.
	 	    Subrogation and Contribution	  	56
	 Section 10.06.
	 	    Stay of Acceleration	  	56
	 Section 10.07.
	 	    Limitation on Amount of Guaranty	  	56
	 Section 10.08.
	 	    Execution and Delivery of Guaranty	  	57
	 Section 10.09.
	 	    Release of Guaranty	  	57
			
		 	ARTICLE 11	  	
		 	MEETINGS OF HOLDERS	  	
			
	 Section 11.01.
	 	    Purposes for Which Meetings May Be Called	  	57
	 Section 11.02.
	 	    Manner of Calling Meetings	  	58
	 Section 11.03.
	 	    Call of Meetings by Company or Holders	  	58
	 Section 11.04.
	 	    Who May Attend and Vote at Meetings	  	58
	 Section 11.05.
	 	    Regulations May Be Made by Trustee; Conduct of the Meeting; Voting Rights; Adjournment	  	58
	 Section 11.06.
	 	    Voting at the Meeting and Record to Be Kept	  	59
	 Section 11.07.
	 	    Exercise of Rights of Trustee or Holders May Not Be Hindered or Delayed by Call of Meeting	  	60
	 Section 11.08.
	 	    Procedures Not Exclusive	  	60

  

 iii 

					
		 	ARTICLE 12	  	
		 	MISCELLANEOUS	  	
			
	 Section 12.01.
	 	    Provisions of Indenture and Notes for the Sole Benefit of Parties and Holders of Notes	  	60
	 Section 12.02.
	 	    Notices	  	60
	 Section 12.03.
	 	    Officers’ Certificate and Opinion of Counsel as to Conditions Precedent	  	62
	 Section 12.04.
	 	    Statements Required in Officers’ Certificate or Opinion of Counsel	  	62
	 Section 12.05.
	 	    Rules by Trustee, Registrar Paying Agent and Transfer Agents	  	62
	 Section 12.06.
	 	    Currency Indemnity	  	62
	 Section 12.07.
	 	    No Recourse Against Others	  	63
	 Section 12.08.
	 	    Legal Holidays	  	63
	 Section 12.09.
	 	    Governing Law	  	63
	 Section 12.10.
	 	    Consent to Jurisdiction; Waiver of Immunities	  	63
	 Section 12.11.
	 	    Successors and Assigns	  	65
	 Section 12.12.
	 	    Multiple Originals	  	65
	 Section 12.13.
	 	    Severability Clause	  	65
	 Section 12.14.
	 	    Force Majeure	  	65
			
	 EXHIBITS:
	 		  	
			
	 EXHIBIT A
	 	–  Form of Note	  	A-1
	 EXHIBIT B
	 	–  Form of Supplemental Indenture	  	B-1
	 EXHIBIT C
	 	–  Form of Transfer Notice	  	C-1
	 EXHIBIT D
	 	 –  Form of Certificate for Transfer from Restricted Global Note or Certificated Note Bearing a Securities Act Legend to
Regulation S Global Note or Certificated Note Not Bearing a Securities Act Legend
	  	D-1
	 EXHIBIT E
	 	 –  Form of Transfer Certificate for Transfer from Regulation S Global Note or Certificated Note Not Bearing a Securities Act
Legend to Restricted Global Note or Certificated Note Bearing a Securities Act Legend
	  	E-1
	 EXHIBIT F
	 	–  Form of Certificate for Removal of the Securities Act Legend on a Certificated Note	  	E-1

  

 iv 

 INDENTURE, dated as of January 26, 2007, among COSAN FINANCE LIMITED, an exempted company
incorporated under the laws of the Cayman Islands, as the Company, the GUARANTORS party hereto (the “Guarantors”), THE BANK OF NEW YORK, as Trustee, THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Principal Paying Agent and THE BANK OF
NEW YORK (LUXEMBOURG) S.A., as Paying Agent and Transfer Agent. 
 RECITALS 
 The Company has duly authorized the issue of 7% Senior Notes Due 2017 (the “Notes”), initially in an aggregate principal amount of
U.S.$400,000,000, and has duly authorized the execution and delivery of this Indenture. 
 All things necessary have been done to make the
Notes when executed and authenticated and delivered hereunder and duly issued, the valid obligations of the Company, and to make this Indenture a valid agreement of the Company. 
 In addition, the Guarantors party hereto have duly authorized the execution and delivery of the Indenture as guarantors of the Notes. 
 Each Guarantor has done all things necessary to make the Note Guarantees, when the Notes are executed by the Company and authenticated and delivered by
the Trustee and duly issued by the Company, the valid obligations of such Guarantor, and to make the Indenture a valid agreement of such Guarantor. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Notes by the
Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders, as follows: 
 ARTICLE 1

 DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION 
 Section 1.01. Definitions.  
 “Act”, when used with respect to any Holder, has the meaning specified in Section 1.05. 
 “Additional Amounts” has the meaning specified in Section 4.06. 
 “Advance Transaction” means an advance from a financial institution involving either (i) a foreign exchange contract
(Adiantamento sobre Contrato de Câmbio), or ACC, or (ii) an export contract (Adiantamento sobre Contrato de Exportação), or ACE. 
 “Affiliate” means, with respect to any specified Person, (i) any other Person which, directly or indirectly, is in control of, is controlled by or is under common control with such specified
Person or (ii) any other Person who is a director or officer (a) of such specified Person, (b) of any subsidiary of such specified Person or (c) of any Person described in clause (i) above. 
  

 1 

 For purposes of this definition, control of a Person means the power, direct or indirect, to direct or cause the
direction of the management and policies of such Person, whether by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Applicable Procedures” means the applicable procedures of DTC, Euroclear and Clearstream Banking, in each case to the extent
applicable. 
 “Authenticating Agent” has the meaning specified in Section 2.02. 
 “Authorized Denomination” has the meaning specified in Section 2.02. 
 “Bankruptcy Law” means (i) Title 11, United States Code or any similar U.S. federal or state law for the relief of debtors or the
administration or liquidation of debtors’ estates for the benefit of their creditors, (ii) the Brazilian Bankruptcy Law or any similar Brazilian federal or state law for the relief of debtors or the administration or liquidation of
debtors’ estates for the benefit of their creditors, and (iii) Part V of the Companies Law (2004 Revision) of the Cayman Islands or any other law of the Cayman Islands relating to the winding up of Cayman Islands companies. 
 “Board of Directors” means, as the case may be, the Board of Directors of the Company or any committee thereof duly authorized to act on
behalf of such Board of Directors. 
 “Board Resolution” means a copy of a resolution certified by the Secretary, the
Assistant Secretary or another Officer or legal counsel performing corporate secretarial functions of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification and delivered
to the Trustee. 
 “Brazil” means the Federative Republic of Brazil. 
 “Brazilian Bankruptcy Law” means Brazilian Federal Law No. 11,101. 
 “Brazilian Corporation Law” means Brazilian Federal Law No. 6.404/76, as amended by Brazilian Law No. 9.457/97 and Brazilian
Law No. 10.303/01. 
 “Brazilian GAAP” means accounting practices prescribed by the Brazilian Corporation Law, the
rules and regulations issued by the CVM and the accounting standards issued by the Brazilian Institute of Independent Accountants (Instituto dos Auditores Independentes do Brasil), in each case as in effect from time to time. 
 “Business Day” means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust
companies are authorized or obligated by law to close in The City of New York or São Paulo, Brazil. 
 “Capital Lease
Obligations” means, with respect to any Person, any obligation which is required to be classified and accounted for as a capital lease on the face of a balance sheet of such Person prepared in accordance with Brazilian GAAP; the amount of
such obligation shall be the capitalized amount thereof, determined in accordance with Brazilian GAAP; and the 

  

 2 

 
Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease
may be terminated by the lessee without payment of a penalty. 
 “Capital Stock” means, with respect to any Person, any and
all shares of stock, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated, whether voting or non-voting), such person’s equity including any preferred stock, but excluding
any debt securities convertible into or exchangeable for such equity. 
 “Cayman Islands” means the Cayman Islands, a
territory of the United Kingdom of Great Britain and Northern Ireland. 
 “Certificated Note” has the meaning specified in
Section 2.01. 
 “Change of Control” means: 
 (1) the merger or consolidation of Cosan with or into another Person or the merger of another Person with or into Cosan or the merger of any Person with or into a Subsidiary of Cosan, if Capital Stock of Cosan is
issued in connection therewith, or the sale of all or substantially all the assets of Cosan to another Person, (in each case, unless such other Person is a Permitted Holder) unless holders of a majority of the aggregate voting power of the Voting
Stock of Cosan, immediately prior to such transaction, hold securities of the surviving or transferee Person that represent, immediately after such transaction, at least a majority of the aggregate voting power of the Voting Stock of the surviving
Person; or 
 (2) any “person” or “group” (as such terms are used for purposes of Sections 13(d) and 14(d) of the
Exchange Act, other than Permitted Holders) is or becomes the “beneficial owner” (as such term is used in Rules 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of Cosan;
or 
 (3) occupation of a majority of the seats (other than vacant seats) on the Board of Directors of the Company by persons who were
neither (i) nominated by the Permitted Holders or the Board of Directors of the Company nor (ii) appointed by directors so nominated. 
 “Clearstream Banking” means Clearstream Banking, société anonyme. 
 “Closing
Date” means January 26, 2007, or such later date on which the Notes are issued hereunder. 
 “Company” means
Cosan Finance Limited, an exempted company incorporated under the laws of the Cayman Islands, until replaced by a successor thereof, and, thereafter, includes the successor for purposes of any provision contained herein. 
 “Company Order” means a written order signed in the name of the Company by an Officer. 
  

 3 

 “Comparable Treasury Issue” means the United States treasury security selected by an
Independent Investment Banking Firm as having a maturity comparable to the remaining term of the Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to
any redemption date: 
 (1) the average of the bid and ask prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) on the third Business Day preceding such redemption date, as set forth in the most recently published statistical release designated “H. 15(519)” (or any successor release) published by the Board of Governors of the
Federal Reserve System and which establishes yields on actively traded United States treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” or 
 (2) if such release (or any successor release) is not published or does not contain such prices on such Business Day, the average of the Reference
Treasury Dealer Quotations on the second Business Day preceding such redemption date. 
 “Corporate Trust Office” means the
office of the Trustee at which at any particular time its corporate trust business shall be principally administered (which office as of the date of this Indenture is located at 101 Barclay Street, 4th Floor East, New York, New York 10286).

 “Cosan” means Cosan S.A. Indústria e Comércio, a corporation organized under the laws of Brazil.

 “covenant defeasance option” has the meaning specified in Section 8.01. 
 “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 “CVM” means the Brazilian Securities Commission (Comissão de Valores Mobiliários). 
 “Da Barra” means Usina Da Barra S.A. – Açúcar e Álcool, a corporation organized under the laws of Brazil.

 “Debt” means, with respect to any Person, without duplication: 
 (i) the principal of and premium, if any, in respect of (a) indebtedness of such Person for money borrowed and (b) indebtedness evidenced by
notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; 
 (ii) all Capital
Lease Obligations of such Person; 
 (iii) all obligations of such Person issued or assumed as the deferred purchase price of property, all
conditional sale obligations of such Person and all obligations of such Person under any title retention agreement (but excluding trade accounts payable or other short term obligations to suppliers payable within 180 days, in each case arising in
the ordinary course of business); 
  

 4 

 (iv) all obligations of such Person for the reimbursement of any obligor on any letter of credit,
banker’s acceptance or similar credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (i) through (iii) above) entered into in the ordinary course
of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth Business Day following receipt by such Person of a demand for reimbursement
following payment on the letter of credit); 
 (v) all Hedging Obligations; 
 (vi) all obligations of the type referred to in clauses (i) through (iv) of other Persons and all dividends of other Persons for the payment of
which, in either case, such Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any guarantee (other than obligations of other Persons that are customers or suppliers of such Person for
which such Person is or becomes so responsible or liable in the ordinary course of business to (but only to) the extent that such Person does not, or is not required to, make payment in respect thereof); 
 (vii) all obligations of the type referred to in clauses (i) through (v) of other Persons secured by any Lien on any property or asset of such
Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the value of such property or assets or the amount of the obligation so secured; and 
 (viii) any other obligations of such Person which are required to be, or are in such Person’s financial statements, recorded or treated as debt
under Brazilian GAAP. 
 “Default” means any event which is, or after notice or passage of time or both would be, an Event
of Default. 
 “defeasance trust” has the meaning specified in Section 8.02. 
 “Depositary” means DTC or any successor depositary for the Notes. 
 “DTC” means The Depository Trust Company. 
 “Euroclear” means Euroclear Bank S.A./N.V. 
 “Event of Default” has the
meaning specified in Section 6.01. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“Global Note” means a global note representing the Notes substantially in the form attached hereto as Exhibit A. 
  

 5 

 “guarantee” means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Debt or other obligation of any Person and any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or
other obligation of such Person (whether arising by virtue of partnership arrangements, or by agreement to keep well, to purchase assets, goods, securities or services, to take or pay, or to maintain financial statement conditions or otherwise) or
(ii) entered into for purposes of assuring in any other manner the obligee of such Debt or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided,
however, that the term “guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The term “guarantee” used as a verb has a corresponding meaning. 
 “Guarantor” means (i) each of Cosan and Da Barra, and (ii) any successor obligor under its Note Guaranty pursuant to Section
5.04, in each case unless and until such Guarantor is released from its Note Guaranty pursuant to the Indenture. 
 “Hedging
Agreement” means (i) any interest rate swap agreement, interest rate cap agreement or other agreement designed to protect against fluctuations in interest rates, (ii) any foreign exchange forward contract, currency swap agreement
or other agreement designed to protect against fluctuations in foreign exchange rates or (iii) any commodity or raw material futures contract or any other agreement designed to protect against fluctuations in raw material prices. 
 “Hedging Obligations” means, with respect to any Person, the obligations of such Person pursuant to any interest rate swap agreement,
foreign currency exchange agreement, interest rate collar agreement, option or futures contract or other similar agreement or arrangement designed to protect such Person against changes in interest rates or foreign exchange rates. 
 “Holder” or “Noteholder” means the Person in whose name a Note is registered in the Register. 
 “Indenture” means this Indenture, as amended or supplemented from time to time in accordance with the provisions hereof. 
 “Independent Investment Banking Firm” means one of the Reference Treasury Dealers appointed by the Company. 
 “interest” on a Note means the interest on such Note (including any Additional Amounts payable by the Company in respect of such
interest). 
 “Interest Payment Date” means the Payment Date of an installment of interest on the Notes. 
 “Investment” means, with respect to any Person, any loan or advance to, any acquisition of Capital Stock, equity interest, obligation or
other security of, or capital contribution or other investment in, such Person. 
  

 6 

 “issue” means issue, assume, guarantee, incur or otherwise become liable for;
provided, however, that any Debt or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be issued by such Subsidiary at the
time it becomes a Subsidiary; and the term “issuance” has a corresponding meaning. 
 “Issue Date” means
January 26, 2007. 
 “legal defeasance option” has the meaning specified in Section 8.01. 
 “Lien” means any mortgage, pledge, security interest, conditional sale or other title retention agreement or other similar lien.

 “Marketable Securities” means publicly traded debt or equity securities that are listed for trading on a national
securities exchange and that were issued by a corporation with debt securities rated at least “AA-” from S&P or “Aa3” from Moody’s, or the equivalent local rating in Brazil. 
 “Maturity” means, when used with respect to any Note, February 1, 2017 or the date on which the outstanding principal of and
interest on such Note becomes due and payable as therein or herein provided, whether by declaration of acceleration, call for redemption or otherwise. 
 “Minimum Withholding Level” has the meaning specified in Section 3.01(c). 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Note Guaranty” means the guaranty of
the Notes by a Guarantor pursuant to the Indenture. 
 “Notes” has the meaning specified in the first paragraph of the
Recitals in this Indenture and shall be in the form of Note set forth in Exhibit A. 
 “Officer” means the president or
chief executive officer, any vice president, the chief financial officer, the treasurer or any assistant treasurer, or the secretary or any assistant secretary, of the Company, or any other Person duly appointed by the shareholders of the Company or
the Board of Directors to perform corporate duties, including, without limitation, any Director of the Company. 
 “Officers’
Certificate” means a certificate signed by any two Officers of the Company and delivered to the Trustee. 
 “Opinion of
Counsel” means a written opinion of legal counsel of recognized standing (who may be an employee of or counsel to the Company) and who shall be acceptable to the Trustee, which opinion is reasonably satisfactory to the Trustee. 

“Organizational Documents” means, with respect to the Company, the Memorandum and Articles of Association, by laws and any other
documents governing the formation and organization of the Company. 
  

 7 

 “Outstanding” means, when used with respect to Notes, as of the date of determination,
all Notes theretofore authenticated and delivered under this Indenture, except: 
 (i) Notes theretofore cancelled by the Trustee or delivered
to the Trustee for cancellation; 
 (ii) Notes for whose payment or redemption money in the necessary amount has been theretofore deposited
with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Notes; provided that, if such Notes are to
be redeemed pursuant to Section 3.01(b), notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 
 (iii) Notes, except to the extent provided in Sections 8.01 and 8.02, with respect to which the Company has effected legal defeasance and/or covenant
defeasance as provided in Article 8; and 
 (iv) Notes in exchange for or in lieu of which other Notes have been authenticated and delivered
pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Notes are held by a bona fide purchaser in whose hands such Notes are valid obligations of
the Company; 
 provided, however, that in determining whether the Holders of the requisite principal amount of Outstanding Notes have given
any request, demand, authorization, direction, consent, notice or waiver hereunder, Notes owned by the Company or any of its Affiliates shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be
protected in relying upon any such request, demand, authorization, direction, consent, notice or waiver, only Notes which the Trustee has received written notice at its address specified herein of being so owned shall be so disregarded. Notes so
owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company, or any
other obligor upon the Notes or any of its Affiliates or such other obligor. 
 “Paying Agent” means The Bank of New York
(Luxembourg) S.A., the Principal Paying Agent and any other Person authorized by the Company to pay the principal of or interest on any Notes on behalf of the Company hereunder, including the Principal Paying Agent. 
 “Payment Date” means the date on which payment of interest on and/or principal of the Notes is due. 
 “Payment Default” has the meaning specified in Section 6.01. 
 “Permitted Holders” means any or all of the following: (i) an immediate family member of Mr. Rubens Ometto Silveira Mello or
any Affiliate or immediate family member thereof; and (ii) any Person both the Capital Stock and the Voting Stock of which (or in the case of a trust, the beneficial interests in which) are owned 80% by Persons specified in clause (ii).

  

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 “Person” means any individual, corporation, partnership, joint venture, trust,
unincorporated organization or government or any agency, department or political subdivision thereof. 
 “Primary Treasury
Dealer” means a primary U.S. Government securities dealer in New York. 
 “principal” of a Note means the principal
amount of such Note (including any Additional Amounts payable by the Company in respect of such principal). 
 “Principal Paying
Agent” means The Bank of Tokyo-Mitsubishi UFJ, Ltd., until a successor Principal Paying Agent shall have become such pursuant to the applicable provisions of this Indenture, and, thereafter, “Principal Paying Agent” shall mean
such successor Principal Paying Agent. 
 “Proceeding” has the meaning specified in Section 12.10. 
 “Process Agent” has the meaning specified in Section 12.10. 
 “Rating Agency” means S&P or Moody’s; or if S&P or Moody’s are not making rating of the Notes publicly available, an
internationally recognized U.S. rating agency or agencies, as the case may be, selected by us, which shall be substituted for S&P or Moody’s or both, as the case may be. 
 “Rating Decline” means that at any time within 90 days (which period shall be extended so long as the rating of the Notes is under
publicly announced consideration for possible down grade by either Rating Agency) after the date of public notice of a Change of Control, or of the Company’s intention or that of any Person to effect a Change of Control, the then-applicable
rating of the Notes is decreased by either Rating Agency by one or more categories; provided that any such Rating Decline is in whole or in part in connection with a Change in Control. 
 “Record Date” means, when used with respect to the interest on the Notes payable on any Interest Payment Date, the January 15 and
July 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. 
 “Redemption
Date” means, when used with respect to any Note to be redeemed pursuant to Section 3.01(b), the date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price” means, when used with respect to any Notes to be redeemed pursuant to Section 3.01(b), the price at which it is to be redeemed pursuant to this Indenture. 
 “Reference Treasury Dealer” means Morgan Stanley & Co. Incorporated and its successors; provided, however, that if it shall
cease to be a Primary Treasury Dealer, the Company shall substitute therefore another Primary Treasury Dealer. 
 “Reference Treasury
Dealer Quotations” means, with respect to the Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Trustee by the Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such Redemption Date. 
  

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 “Register” has the meaning specified in Section 2.03. 
 “Registrar” means The Bank of New York, until a successor Registrar shall have become such pursuant to the applicable provisions of this
Indenture, and, thereafter, “Registrar” shall mean such successor Registrar. 
 “Regulation S” means Regulation S
under the Securities Act, as in effect from time to time. 
 “Regulation S Global Note” means one or more permanent Global
Notes in definitive fully registered form without interest coupons representing Notes sold outside of the United States pursuant to Regulation S. 
 “Relevant Date” means, with respect to any payment on a Note, whichever is the later of: (i) the date on which such payment first becomes due; and (ii) if the full amount payable has not been received by the
Trustee or a Paying Agent on or prior to such due date, the date on which notice is given to the Holders that the full amount has been received by the Trustee. 
 “Relevant Withholding Taxes” has the meaning specified in Section 4.06. 
 “Responsible Officer” means any officer of the Trustee or the Principal Paying Agent in Corporate Trust Administration with direct responsibility for the administration of this Indenture. 
 “Restricted Global Note” means one or more permanent Global Notes in definitive fully registered form without interest coupons sold to
“qualified institutional buyers” (as such term is defined in Rule 144A) pursuant to Rule 144A. 
 “Rule 144A”
means Rule 144A under the Securities Act, as in effect from time to time. 
 “S&P” means Standard & Poor’s
Rating Group, a division of McGraw Hill, Inc. and its successors. 
 “SEC” means the U.S. Securities and Exchange
Commission. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 
 “Securities Act Legend” means the following legend, printed in capital letters: 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER SECURITIES
LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES FOR THE BENEFIT OF COSAN FINANCE LIMITED THAT THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) TO COSAN FINANCE LIMITED,
(II) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT 

  

 10 

 
(“RULE 144A”), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A) IN ACCORDANCE
WITH RULE 144A, (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE NOTE FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE NOTES OF U.S.$100,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN
VIOLATION OF THE SECURITIES ACT, (IV) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (V) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AFFORDED BY RULE 144 UNDER THE
SECURITIES ACT (IF AVAILABLE) OR (VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER APPLICABLE
JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, REPRESENTS AND AGREES THAT IT SHALL NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE. 
 THE FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE ON SATISFACTION OF THE CONDITIONS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN. 
 “Significant Subsidiary” means any Subsidiary of Cosan which at the time of determination either (i) had assets which, as of the
date of Cosan’s most recent quarterly consolidated balance sheet, constituted at least 10% of Cosan’s total assets on a consolidated basis as of such date or (ii) had revenues for the 12 month period ending on the date of Cosan’s
most recent quarterly consolidated statement of income which constituted at least 10% of Cosan’s total revenues on a consolidated basis for such period. 
 “Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the principal of such security is due and payable, including pursuant to any
mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the Holder thereof upon the happening of any contingency unless such contingency has occurred). 
 “Subsidiary” means any corporation, association, partnership or other business entity of which more than 50% of the total voting power
of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by (i) Cosan, (ii) Cosan and one or more Subsidiaries or (iii) one or more Subsidiaries. 
 “Total Consolidated Assets” means the total amount of assets of Cosan and its Subsidiaries prepared in accordance with Brazilian GAAP. 
  

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 “Transfer Agent” means The Bank of New York (Luxembourg) S.A. and any other Person
authorized by the Company to effectuate the exchange or transfer of any Note on behalf of the Company hereunder. 
 “Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the yield to maturity of the Comparable Treasury Issue, compounded semi-annually, assuming a price for such Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 
 “Trust Indenture Act” means the
U.S. Trust Indenture Act of 1939, as amended. 
 “Trustee” means The Bank of New York, until a successor Trustee shall have
become such pursuant to the applicable provisions of this Indenture and, thereafter, “Trustee” shall mean such successor Trustee. 
 “United States” and “U.S.” means the United States of America (including the States and the District of Columbia) and its territories, its possessions and other areas subject to its jurisdiction.

 “U.S. Dollars” and “U.S.$” each mean the currency of the United States. 
 “U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in such obligations) of the
United States (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States is pledged and which are not callable at the issuer’s option. 
 “Voting Stock” means, with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the
election of directors, managers or other voting members of the governing body of such Person. 
 “Wholly-Owned Subsidiary”
means a Subsidiary all of the Capital Stock of which (other than directors’ qualifying shares) is owned by the Cosan or another Wholly-Owned Subsidiary. 
 Section 1.02. Rules of Construction. (a) For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (i) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 
 (ii) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and
not to any particular Article, Section or other subdivision; 
 (iii) “or” is not exclusive; and 
 (iv) “including” means including, without limitation; 
  

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 (v) any reference to an “Article”, a “Section” or an “Exhibit” refers to an
Article, a Section or an Exhibit, as the case may be, of this Indenture. 
 (b) All accounting terms not otherwise defined herein shall have
the meanings assigned to them in accordance with Brazilian GAAP. 
 (c) For purposes of the definitions set forth in Article 1 and this
Indenture generally, all calculations and determinations shall be made in accordance with Brazilian GAAP and shall be based upon the consolidated financial statements of the Cosan and its Subsidiaries prepared in accordance with Brazilian GAAP.

 Section 1.03. Table of Contents; Headings. The table of contents and headings of the Articles and Sections of this Indenture
have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
 Section 1.04. Form of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an Officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are
erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer or Officers of the Company stating that the information with respect to
such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 1.05. Acts of Holders.
(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor
signed by such Holders in Person or by agents duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby
expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or 

  

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instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and
conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 1.05. 
 (b) The fact and date of the
execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the
individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient
proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee reviewing such instrument or writing deems
sufficient. 
 (c) The principal amount and serial numbers of Notes held by any Person, and the date of holding the same, shall be proved by
the Register. 
 (d) If the Company solicits from the Holders of Notes any request, demand, authorization, direction, notice, consent, waiver
or other Act, the Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act,
but the Company shall not have any obligation to do so. Such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders
generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such
record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Notes have authorized or agreed or
consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Notes shall be computed as of such record date; provided that no such authorization, agreement or consent
by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date. 
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the
same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether
or not notation of such action is made upon such Note. 
 ARTICLE 2 
 THE NOTES 
 Section 2.01. Form and Dating.
The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Note set forth in Exhibit A, which is hereby 

  

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incorporated in and expressly made a part of this Indenture. The Notes may have such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such notations, legends or endorsements as may be required to comply with any law, stock exchange rule, agreement to which the
Company is subject, if any, or usage, provided that any such notation, legend or endorsement is in a form acceptable to the Company. 
 Each Global Note shall be dated the Closing Date. Each definitive certificated Note (“Certificated Note”) shall be dated the date of its authentication. 
 The Notes shall be printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other manner permitted by
the rules of any stock exchange on which the Notes may be listed, if any, all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
 Section 2.02. Execution, Authentication and Delivery. (a) Two Officers of the Company shall sign the Notes for the Company by manual or
facsimile signature. 
 (i) If an Officer whose signature is on a Note no longer holds that office at the time the Trustee
authenticates the Note, the Note shall be valid nevertheless. 
 (ii) A Note shall not be valid until an authorized signatory
of the Trustee or an authenticating agent manually signs the certificate of authentication on the Note upon Company Order. Such signature shall be conclusive evidence that the Note has been authenticated under this Indenture. Such Company Order
shall specify the amount of the Notes to be authenticated and the date on which the original issue of Notes is to be authenticated. 
 (iii) The Trustee or an authenticating agent shall initially authenticate and deliver Notes in an aggregate principal amount of up to U.S.$400,000,000. 
 (iv) The Company may from time to time, without the consent of the Holders of the Notes, create and issue additional Notes having the same
terms and conditions as the Notes in all respects, except for issue date, issue price and the first payment of interest thereon. Additional Notes issued in this manner shall be consolidated with and shall form a single series with the previously
outstanding Notes. 
 (v) The Notes shall be issued in fully registered form without coupons attached in minimum denominations
of U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof (each, an “Authorized Denomination”). 
 (b) The
Trustee may appoint an authenticating agent, with a copy of such appointment to the Company, to authenticate the Notes (the “Authenticating Agent”). Unless limited by the terms of such appointment, an Authenticating Agent may
authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by an Authenticating Agent. An Authenticating Agent has the same rights as the Registrar or any Transfer
Agent or Paying Agent or agent for service of notices and demands. 
  

 15 

 (i) Any corporation into which any Authenticating Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust business of any Authenticating
Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. 
 (ii) Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and the Company. The Trustee
may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Company. Upon receiving such notice of resignation or upon such a termination, the Trustee may appoint a
successor Authenticating Agent reasonably acceptable to the Company and shall give written notice of such appointment to the Company. 
 (iii) The Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services and reimbursement for its reasonable expenses relating thereto and the Trustee shall be entitled
to be promptly reimbursed by the Company for such payments. 
 Section 2.03. Transfer Agent, Registrar and Paying Agent.
(a) Subject to such reasonable regulations as the Company may prescribe, the books of the Company for the exchange, registration, and registration of transfer of Notes shall be kept at the office of the Registrar (such books maintained in such
office and in any other office or agency designated for such purpose being herein referred to as the “Register”). The Company shall also cause the Trustee to maintain books for the exchange, registration and registration of transfer
of Notes. The Trustee shall notify the Registrar and the Registrar shall notify the Trustee, when necessary, upon any exchange, registration or registration of transfer of any Notes and shall cause their respective books to be amended accordingly.
The Company may have one or more co-Registrars and one or more additional Transfer Agents or Paying Agents. The terms “Transfer Agent” and “Paying Agent” include any additional Transfer Agent or Paying Agent, as the
case may be. The term “Registrar” includes any co-Registrar. 
 (i) For so long as the Notes are listed on
the Luxembourg Stock Exchange, Euro MTF and such stock exchange shall so require, the Company shall maintain a Paying Agent and Transfer Agent in Luxembourg. 
 (ii) The Company shall enter into any appropriate agency agreements with any Registrar, Transfer Agent or Paying Agent not a party to this
Indenture, which shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee of the name and address of any such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee
shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.06. The Company initially appoints the Trustee as Registrar and Transfer Agent, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Principal Paying Agent,
and The Bank of New York (Luxembourg) S.A., as Paying Agent and Transfer Agent in Luxembourg in connection with the Notes. 
  

 16 

 (b) The Trustee shall keep a record of all the Notes and shall make such record available during regular
business hours for inspection upon the request of the Company provided a reasonable amount of time prior to such inspection. Such books and records shall include notations as to whether such Notes have been redeemed, or otherwise paid or cancelled,
and, in the case of mutilated, destroyed, defaced, stolen or lost Notes, whether such Notes have been replaced. In the case of the replacement of any of the Notes, the Trustee shall keep a record of the Note so replaced, and the Notes issued in
replacement thereof. In the case of the cancellation of any of the Notes, the Trustee shall keep a record of the Note so cancelled and the date on which such Note was cancelled. Each Transfer Agent shall notify the Trustee of any transfers or
exchanges of Notes effected by it. The Trustee shall not be required to register the transfer of or exchange Certificated Notes for a period of 17 days preceding any date of selection of Notes for redemption, or register the transfer of or exchange
any Certificated Notes previously called for redemption. 
 (c) All Notes surrendered for payment, redemption, registration of transfer or
exchange shall be cancelled by the relevant Transfer Agent or Paying Agent or the Trustee, as the case may be. Each Registrar and Transfer Agent shall notify the Trustee of the surrender and cancellation of such Notes and shall deliver such Notes to
the Trustee. The Trustee may destroy or cause to be destroyed all such Notes surrendered for payment, redemption, registration of transfer or exchange and, if so destroyed, shall promptly deliver a certificate of destruction to the Company.

 (d) The Paying Agent shall comply with applicable backup withholding tax and information reporting requirements under the U.S. Internal
Revenue Code of 1986, as amended, and the U.S. Treasury Regulations promulgated thereunder with respect to payments made under the Notes (including, to the extent required, the collection of Internal Revenue Service Forms W-8 and W-9 and the filing
of U.S. Internal Revenue Service Forms 1099 and 1096). 
 Section 2.04. Paying Agent to Hold Money in Trust. By 10:00 A.M. New
York time, no later than one Business Day prior to each Payment Date on any Note, the Company shall deposit with the Principal Paying Agent in immediately available funds a sum sufficient to pay such principal and interest when so becoming due
(including any amounts under Section 4.06). The Company shall request that the bank through which such payment is to be made agree to supply to the Principal Paying Agent by 10:00 A.M. (New York time) two Business Days prior to the due date from any
such payment an irrevocable confirmation (by tested telex) of its intention to make such payment. The Company shall require each Paying Agent (other than the Trustee, The Bank of Tokyo-Mitsubishi UFJ, Ltd., and The Bank of New York (Luxembourg)
S.A.) to agree in writing that such Paying Agent shall hold in trust, for the benefit of Holders or the Trustee, all money held by such Paying Agent for the payment of principal and interest on the Notes and shall notify the Trustee of any default
by the Company in making any such payment. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by it. Upon complying with this Section 2.04, the Paying Agent shall have
no further liability for the money delivered to the Trustee. 
 Each payment in full of principal, redemption amount, Additional Amounts
and/or interest payable under the Notes and this Indenture in respect of any Note made by or on behalf of the Company to or to the order of the Principal Paying Agent in the manner specified herein or in the Notes on the date due shall be valid and
effective to satisfy and discharge the obligation of 

  

 17 

 
the Company to make payment of principal, redemption amount, Additional Amounts and/or interest payable hereunder and under the Notes on such date, provided,
however, that the liability of the Principal Paying Agent hereunder shall not exceed any amounts paid to it by the Company, or held by it, on behalf of the Holders hereunder; and provided further that, in the event that there is a default by the
Principal Paying Agent in any payment of principal, redemption amount, Additional Amounts and/or interest in respect of any Note in accordance with the terms hereof, the Company shall pay on demand such further amounts as will result in receipt by
the Holder of such amounts as would have been received by it had no such default occurred. 
 Section 2.05. Payment of Principal and
Interest; Principal and Interest Rights Preserved. (a) Except as otherwise provided herein for the redemption of the Notes, the payment of principal of or interest on the Notes shall be allocated on a pro rata basis among all Outstanding
Notes, without preference or priority of any kind among the Notes. 
 (b) Final payments in respect of any Note (whether upon redemption,
declaration of acceleration or otherwise) shall be made only against presentation and surrender of such Note at the Corporate Trust Office, at the offices of the Trustee and, subject to any fiscal or other laws and regulations applicable thereto, at
the specified offices of any other Paying Agent appointed by the Company. 
 (c) Payment of the principal of any Note on a relevant Payment
Date shall be made to the Person in whose name such Note is registered in the Register at the close of business on the seventeenth day (whether or not a Business Day) immediately preceding such Payment Date, by U.S. Dollar check drawn on a bank
in The City of New York and mailed to the Person entitled thereto at its address as it appears on the Register, or by wire transfer to a U.S. Dollar account maintained by the payee with a bank in The City of New York, provided that such
Holder so elects by giving written notice to such effect designating such account, upon application to the Trustee at least 17 days prior to such Payment Date. 
 (d) Payment of interest on each Interest Payment Date with respect to any Note shall be made to the Person in whose name such Note is registered on the Record Date immediately preceding such Interest Payment Date by
U.S. Dollar check drawn on a bank in The City of New York and mailed to the Person entitled thereto at its address as it appears on the Register, or by wire transfer to a U.S. Dollar account maintained by the payee with a bank in The City
of New York, provided that the Holder so elects by giving written notice to such effect designating such account, which is received by the Trustee or a Paying Agent no later than the Record Date immediately preceding such Interest Payment
Date. Unless such designation is revoked, any such designation made by such Holder with respect to such Note shall remain in effect with respect to any future payments with respect to such Note payable to such Holder. The Company shall pay any
administrative costs imposed by banks in connection with making payments by wire transfer. 
 If the Payment Date in respect of any Note is
not a Business Day at the place in which it is presented for payment, the Holder thereof shall not be entitled to payment of the amount due until the next succeeding Business Day at such place and shall not be entitled to any further interest or
other payment in respect of any such delay. 
  

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 Notwithstanding the provisions of this Section 2.05, payments on Notes registered in the name of DTC or
its nominee shall be effected in accordance with the Applicable Procedures. 
 Section 2.06. Holder Lists. The Trustee shall
preserve in as current a form as is reasonably practicable, the most recent list available to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee in writing, at least ten Business
Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders. 
 Section 2.07. Transfer and Exchange. (a) Interests in the Regulation S Global Note and the Restricted Global Note shall be exchangeable
or transferable, as the case may be, for physical delivery of Certificated Notes if (i) DTC notifies the Company that it is unwilling or unable to continue as depositary for such Global Note, or DTC ceases to be a “clearing agency”
registered under the Exchange Act, and a successor depositary is not appointed by the Company within 90 days, or (ii) an Event of Default has occurred and is continuing with respect to such Notes, provided that such transfer or exchange
is made in accordance with the provisions of this Indenture and the Applicable Procedures. 
 Upon receipt of notice by DTC or the Trustee,
as the case may be, regarding the occurrence of any of the events described in the preceding paragraph, the Company shall use its best efforts to make arrangements with DTC for the exchange of interests in the Global Notes for individual
Certificated Notes, and cause the requested individual Certificated Notes to be executed and delivered to the Trustee in sufficient quantities and authenticated by the Trustee for delivery to Holders. In the case of Certificated Notes issued in
exchange for the Restricted Global Note, such Certificated Notes shall bear the Securities Act Legend. Upon the transfer, exchange or replacement of Notes bearing such Securities Act Legend, or upon specific request for removal of the Securities Act
Legend on a Note, the Company shall deliver only Notes that bear such Securities Act Legend, or shall refuse to remove such Securities Act Legend, as the case may be, unless there is delivered to the Company a certificate in the form of Exhibit D or
Exhibit F, as the case may be, or such satisfactory evidence as may reasonably be required by the Company, which may include an Opinion of Counsel, that neither the Securities Act Legend nor the restrictions on transfer set forth therein are
required to ensure compliance with the provisions of the Securities Act. The Trustee shall exchange a Note bearing the Securities Act Legend for a Note not bearing such Securities Act Legend only if it has been directed to do so in writing by the
Company, upon which direction it may conclusively rely. 
 (b) On or prior to the 40th day after the Closing Date, transfers by an owner of a
beneficial interest in the Regulation S Global Note to a transferee who takes delivery of such interest through the Restricted Global Note shall be made only in Authorized Denominations in accordance with the Applicable Procedures and upon receipt
by the Trustee or Transfer Agent of a written certification from the transferor of the beneficial interest in the form of Exhibit E to the effect that such transfer is being made to a Person who the transferor reasonably believes is a
“qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction. After
such 40th day, such certification requirement shall no longer apply to such transfers. 
  

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 (c) Transfers by an owner of a Certificated Note bearing the Securities Act Legend or of a beneficial
interest in the Restricted Global Note to a transferee who takes delivery of such interest through the Regulation S Global Note or in the form of a Certificated Note not bearing the Securities Act Legend shall be made only in Authorized
Denominations upon receipt by the Trustee or Transfer Agent of a written certification from the transferor in the form of Exhibit D to the effect that such transfer is being made in accordance with Regulation S. 
 Beneficial interests in the Global Notes shall be shown on, and transfers thereof shall be effected only through records maintained by DTC and its direct
and indirect participants, including Euroclear and Clearstream Banking. 
 Transfers between participants in DTC shall be effected in the
ordinary way in accordance with the Applicable Procedures and shall be settled in DTC’s Same Day Funds Settlement System and secondary market trading activity in such Notes shall therefore settle in immediately available funds. There can be no
assurance as to the effect, if any, of settlements in immediately available funds on trading activity in the Notes. Transfers between participants in Euroclear and Clearstream Banking shall be effected in the ordinary way in accordance with
Applicable Procedures. 
 (d) Certificated Notes may be exchanged or transferred in whole or in part in the principal amount of Authorized
Denominations by surrendering such Certificated Notes at the office of the Trustee or any Transfer Agent with a written instrument of transfer as provided in this Indenture in the form of Exhibit B hereto duly executed by the Holder thereof or his
attorney duly authorized in writing. 
 In exchange for any Certificated Note properly presented for transfer, the Trustee shall promptly
authenticate and deliver or cause to be authenticated and delivered at the Corporate Trust Office, to the transferee, or send by mail (at the risk of the transferee) to such address as the transferee may request, a Certificated Note or Notes, as the
case may require, registered in the name of such transferee, for the same aggregate principal amount as was transferred. In the case of the transfer of any Certificated Note in part, the Trustee shall also promptly authenticate and deliver or cause
to be authenticated and delivered at the Corporate Trust Office, to the transferor, or send by mail (at the risk of the transferor) to such address as the transferor may request, a Certificated Note or Notes, as the case may require, registered in
the name of such transferor, for the aggregate principal amount that was not transferred. No transfer of any Notes shall be made unless the request for such transfer is made by the registered Holder or his attorney duly authorized in writing at the
Corporate Trust Office and is accompanied by a completed instrument of transfer in the form of Exhibit C attached to the Note presented for transfer. 
 (e) Transfer, registration and exchange of any Note or Notes shall be permitted and executed as provided in this Section 2.07 without any charge to the Holder of any such Note or Notes other than any taxes or
governmental charges or insurance charges payable on transfers or any expenses of delivery by other than regular mail, but subject to such reasonable regulations as the Company, the Registrar and the Trustee may prescribe. 
 The costs and expenses of effecting any exchange or registration of transfer pursuant to the foregoing provisions, except for the expense of delivery by
other than regular mail (if any) and except for the payment of a sum sufficient to cover any tax or other governmental charges or insurance charges that may be imposed in relation thereto, shall be borne by the Company. 
  

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 All Certificated Notes issued upon any exchange or registration of transfer of Notes shall be valid
obligations of the Company, evidencing the same debt, and entitled to the same benefits, as the Notes surrendered upon exchange or registration of transfer. 
 (f) The Trustee or the Transfer Agent shall effect transfers of Global Notes and Certificated Notes. In addition, the Registrar shall keep the Register for the ownership, exchange and transfer of any Notes. The
Transfer Agent shall give prompt notice to the Registrar and the Registrar shall likewise give prompt notice to the Trustee of any exchange or transfer of such Notes. Neither the Trustee nor any Transfer Agent shall register the exchange or the
transfer of interests during the period of 17 days beginning on the Record Date and ending on the Payment Date. The Trustee shall give prompt notice to the Company of any replacement, transfer, cancellation or destruction of the Notes. 

(g) Upon any such exchange of all or a portion of any Global Note for a Certificated Note or an interest in either the Restricted Global Note or the
Regulation S Global Note, the Global Note to be so exchanged shall be marked to reflect the reduction of its principal amount by the aggregate principal amount of such Certificated Note or the interest to be so exchanged for an interest in a
Regulation S Global Note or a Restricted Global Note, as the case may be. Until so exchanged in full, the Note shall in all respects be entitled to the same benefits under this Indenture as the Notes authenticated and delivered hereunder.

 Section 2.08. Replacement Notes. If any Note at any time becomes mutilated, defaced, destroyed, stolen or lost, such Note may
be replaced at the cost of the applicant (including reasonable legal fees of the Company, the Trustee, the Transfer Agents, the Registrar and the Paying Agents) at the office of the Trustee or any Transfer Agent, upon provision of, in the case of
destroyed, stolen or lost Notes, evidence satisfactory to the Trustee and the Company that such Note was destroyed, stolen or lost, together with such indemnity as the Trustee and the Company may require. Mutilated or defaced Notes must be
surrendered before replacements shall be issued. 
 Each Note authenticated and delivered in exchange for or in lieu of any such Note shall
carry rights to accrued and unpaid interest and to interest to accrue equivalent to the rights that were carried by such Note before such Note was mutilated, defaced, destroyed, stolen or lost. 
 Every replacement Note is an additional obligation of the Company and shall be entitled to the benefits at this Indenture. 
 Section 2.09. Temporary Notes. Subject to the provisions of Section 2.07(a), until Certificated Notes are ready for delivery, the Company may
prepare and the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Certificated Notes but may have variations that the Company considers appropriate for temporary Notes. As necessary, the Company shall
prepare and the Trustee shall authenticate Certificated Notes and deliver them in exchange for temporary Notes at the office or agency of the Company or the Trustee, without charge to the Holder. Until so exchanged, the temporary Notes shall be
entitled to the same benefits under this Indenture as Certificated Notes. 
  

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 Section 2.10. Cancellation. The Company at any time may deliver Notes to the Trustee for
cancellation. The Transfer Agents and the Paying Agents shall forward to the Trustee any Notes surrendered to them for transfer, exchange or payment. The Trustee or a Paying Agent and no one else shall cancel and the Trustee shall destroy in
accordance with its customary procedures (subject to the record-retention requirements of the Exchange Act) all Notes surrendered for transfer, exchange, payment or cancellation and, if so destroyed, deliver a certificate of such destruction to the
Company unless the Company directs the Trustee in writing to deliver cancelled Notes to the Company. The Company may not issue new Notes to replace Notes it has redeemed, paid or delivered to the Trustee for cancellation. 
 Section 2.11. Defaulted Interest. If the Company defaults in a payment of interest on the Notes, the Company shall pay the defaulted interest
(plus interest on such defaulted interest at the rate specified in Section 4.01 to the extent lawful) in any lawful manner not inconsistent with the requirements of any stock exchange on which the Notes may be listed, and upon such notice as may be
required by such exchange, if, after written notice given by the Company to the Trustee of the proposed payment pursuant to this Section 2.11, such manner of payment shall be deemed practicable by the Trustee. 
 The Company may pay the defaulted interest to the Persons who are Holders on a subsequent special record date, which date shall be at least five Business
Days prior to the payment date of such defaulted interest. The Company shall fix or cause to be fixed any such special record date and payment date, and, at least 15 days before any such special record date, the Company shall deliver to each Holder,
with a copy to the Trustee, a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 
 Section 2.12. CUSIP and ISIN Numbers. The Company in issuing the Notes may use CUSIP and ISIN numbers (if then generally in use) and, if so, the Trustee shall use CUSIP and ISIN numbers in notices as a convenience to Holders;
provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice and that reliance may be placed only on the other
identification numbers printed on the Notes, and any such notice shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee of any change in CUSIP or ISIN numbers. 
 Section 2.13. Open Market Purchases. The Company or any of its Affiliates may at any time purchase Notes in the open market or otherwise at
any agreed upon price. All Notes so purchased may not be reissued or resold, except in accordance with applicable securities and other laws. 

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 ARTICLE 3 
 REDEMPTION 
 Section 3.01. Right of Redemption. (a) Except as described in
this Section 3.01 and Paragraph 10 of the form of Note set forth in Exhibit A, the Notes may not be redeemed. 
 (b) The Notes shall be
redeemable, at the option of the Company, in whole, but not in part, on any Interest Payment Date prior to February 1, 2017, upon giving not less than 30 nor more than 60 days’ notice to the Holders (which notice shall be irrevocable), at
a Redemption Price equal to the greater of: 
 (1) 100% of the principal amount thereof to be redeemed, plus accrued interest
and any Additional Amounts payable with respect thereto; and 
 (2) the sum of the present values of (A) the Redemption
Price of the Notes at February 1, 2017 (as set forth below) and (B) the remaining scheduled payments of interest from the Redemption Date to February 1, 2017 but excluding accrued and unpaid interest, if any, to the Redemption Date,
discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at the Treasury Rate (determined on the second Business Day immediately preceding the Redemption Date) plus 50 basis points;

 plus, in either case, accrued and unpaid interest, if any, and any Additional Amounts to the Redemption Price (subject to the right of Holders of record
on the relevant record date to receive interest due on the relevant Interest Payment Date). 
 Any notice to Holders of the Notes of a
redemption shall include the appropriate calculation of the Redemption Price, but need not include the Redemption Price itself. In the event of such a redemption, the actual Redemption Price, calculated as described above, shall be set forth in an
Officer’s Certificate delivered to the Trustee no later than two Business Days prior to the Redemption Date. 
 (c) Redemption for
Taxation Reasons. If as a result of any change in or amendment to the laws (or any rules or regulations thereunder) of the Cayman Islands, Brazil or any political subdivision or taxing authority thereof or therein affecting taxation, or any
amendment to or change in an official interpretation, administration or application of such laws, treaties, rules, or regulations (including a holding by a court of competent jurisdiction), which change or amendment becomes effective or, in the case
of a change in official position, is announced on or after the Issue Date of the Notes or on or after the date a successor assumes the obligations under the Notes, (i) the Company has or shall become obligated to pay any Additional Amounts as
described below in Section 4.06 or (ii) the Guarantors have or shall become obligated to pay Additional Amounts, as defined below in Section 4.06, in excess of the Additional Amounts the Guarantors would be obligated to pay if payments were
subject to withholding or deduction at a rate of 15% or at a rate of 25% in case the Holder of the Notes is resident in a tax haven jurisdiction (i.e., countries that do not impose any income tax or that impose it at a maximum 

  

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rate lower than 20% or where the laws impose restrictions on the disclosure of ownership composition or securities ownership) as a result of the taxes,
duties, assessments and other governmental charges described above (the “Minimum Withholding Level”), the Company or the Guarantors may, at their option, on any Business Day redeem all, but not less than all, of the Notes, at a
Redemption Price equal to 100% of their principal amount, together with interest accrued to the date fixed for redemption, upon publication of irrevocable notice to Holders not less than 30 days nor more than 90 days prior to the date fixed for
redemption. No notice of such redemption may be given earlier than 90 days prior to the earliest date on which the Company, the Guarantors would, but for such redemption, be obligated to pay the Additional Amounts above the Minimum Withholding
Level. The Company shall not have the right to so redeem the Notes in the event it becomes obliged to pay Additional Amounts that are less than the Additional Amounts payable at the Minimum Withholding Level. Notwithstanding the foregoing, the
Company shall not have the right to so redeem the Notes unless: (i) it has taken reasonable measures to avoid the obligation to pay Additional Amounts (provided, however, that for this purpose reasonable measures shall not include the
Company moving or changing jurisdictions); and (ii) it has complied with all necessary regulations of the Central Bank of Brazil to legally effect such redemption. 
 In the event that the Company elects to so redeem the Notes pursuant to Section 3.01(c), it shall deliver to the Trustee: (i) a certificate, signed in the name of the Company by any two of its executive
officers or by its attorney-in-fact in accordance with its bylaws, stating that the Company is entitled to redeem the Notes pursuant to their terms and setting forth a statement of facts showing that the condition or conditions precedent to the
right of the Company to so redeem have occurred or been satisfied; and (ii) an Opinion of Counsel to the effect that the Company has or shall become obligated to pay Additional Amounts in excess of the Additional Amounts payable at the Minimum
Withholding Level as a result of the change or amendment, that the Company has taken reasonable measures to avoid the payment of such Additional Amounts and that all governmental requirements necessary for the Company to effect the redemption have
been complied with. 
 Section 3.02. Applicability of Article. Redemption of Notes at the option of the Company, as permitted by
Section 3.01 or required by any provision of this Indenture, shall be made in accordance with such provision and this Article 3. 
 Section 3.03. Election to Redeem; Notice to Trustee. The election of the Company to redeem the Notes pursuant to Section 3.01(b) or 3.01(c) shall be evidenced by a Board Resolution. In case of any redemption of Notes at the
election of the Company, the Company shall, at least 70 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing of such Redemption Date. 
 Section 3.04. Notice of Redemption by the Company. In the case of redemption of Notes pursuant to Section 3.01(b) or 3.01(c), notice of
redemption shall be mailed at least 30 but not more than 60 days before the Redemption Date to each Holder of any Note to be redeemed by first-class mail at its registered address and such notice shall be irrevocable. In addition, so long as the
Notes continue to be listed on the Luxembourg Stock Exchange, Euro MTF, notices shall be published in English in a leading newspaper having general circulation in Luxembourg. 
  

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 The notice shall state: 
 (i) the Redemption Date; 
 (ii) the Redemption Price; 
 (iii) the name and address of the Paying Agents; 
 (iv) that Notes called for redemption must be surrendered to a Paying Agent to collect the Redemption Price; 
 (v) that, unless the Company defaults in making such redemption payment or the Paying Agent is prohibited from making such payment
pursuant to the terms of this Indenture, interest on Notes called for redemption ceases to accrue on and after the Redemption Date; 
 (vi) the paragraph of the Notes pursuant to which the Notes called for redemption are being redeemed; 
 (vii) the
CUSIP or ISIN number, if any; and 
 (viii) that no representation is made as to the correctness or accuracy of the CUSIP or
ISIN number, if any, listed in such notice or printed on the Notes. 
 At the Company’s election and at its request, made in writing to
the Trustee at least 60 days before a date for redemption of Notes, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense; provided that the Company shall deliver to the Trustee, at least
70 days prior to the Redemption Date, an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 
 Section 3.05. Deposit of Redemption Price. By 10:00 A.M. New York City time, no later than one Business Day prior to the Redemption Date, the
Company shall deposit with the Principal Paying Agent money sufficient to pay the Redemption Price of and accrued interest on the Notes other than Notes that have been delivered by the Company to the Trustee at least 15 days prior to the Redemption
Date for cancellation. The Company shall request that the bank through which such payment is to be made agree to supply to the Principal Paying Agent by 10:00 A.M. (New York time) two Business Days prior to the due date from any such payment an
irrevocable confirmation (by tested telex) of its intention to make such payment. 
 Section 3.06. Effect of Notice of Redemption.
Notice of redemption having been given as aforesaid, the Notes shall, on the Redemption Date, become due and payable at the applicable Redemption Price (together with accrued interest, if any, to the Redemption Date), and from and after such
date (except in the event of a default in the payment of the Redemption Price and accrued interest) such Notes shall cease to bear interest. Upon surrender of any such Note for redemption in accordance with such notice, such Note shall be paid by
the Company at the Redemption Price, together with accrued interest, if any, to the Redemption Date; provided, however, that installments of interest whose Payment Date is on or prior to the Redemption Date shall be payable to the
Holders of such Notes registered as such at the close of business on the relevant Record Dates according to their terms. 
  

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 If any Note to be redeemed shall not be so paid upon surrender thereof in accordance with the
Company’s instructions for redemption, the principal shall, until paid, bear interest from the Redemption Date at the rate borne by the Notes. Upon surrender to the Paying Agent, such Notes shall be paid at the applicable Redemption Price, plus
accrued interest to the Redemption Date; provided, however, that installments of interest payable on or prior to the Redemption Date shall be payable to the Holders of such Notes registered as such at the close of business on the
relevant Record Date according to their terms. 
 ARTICLE 4 
 COVENANTS 
 Section 4.01. Payment of Principal and Interest Under the Notes. The
Company shall punctually pay the principal of and interest on the Notes on the dates and in the manner provided in the form of Note set forth as Exhibit A. By 10:00 a.m. (New York City time), no later than one Business Day prior to any Payment Date,
the Company shall irrevocably deposit with the Trustee or with the Paying Agent money sufficient to pay such principal and interest. 
 The
Company shall pay interest on overdue principal or installments of interest, to the extent lawful, at the rate borne by the Notes plus 1% per annum. 
 No interest shall be payable hereunder in excess of the maximum rate permitted by applicable law. 
 Section 4.02. Maintenance of Office or Agency. The Company shall maintain in each place of payment for the Notes an office or agency where Notes may be presented or surrendered for payment and where notices and demands to or
upon the Company in respect of the Notes and this Indenture may be served. The Corporate Trust Office of the Trustee shall be such office or agency of the Company, unless the Company shall designate and maintain some other office or agency for one
or more of such purposes. The Company shall give prompt written notice to the Trustee of any change in the location of any such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands. 
 Section 4.03. Money for Note Payments to Be Held in Trust. If the Company
shall at any time act as its own Paying Agent, it shall, on or before each due date of principal of or interest on any of the Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal
and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and shall promptly notify the Trustee of its action or failure so to act. 
  

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 Whenever the Company shall have one or more Paying Agents for the Notes, it shall, on or before each due
date of principal of or interest on any Notes, irrevocably deposit with a Paying Agent a sum sufficient to pay such principal and interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal or
interest, and (unless such Paying Agent is the Trustee) the Company shall promptly notify the Trustee in writing of such action or any failure so to act. 
 Each Paying Agent, subject to the provisions of this Section 4.03, shall: 
 (i) hold all sums
held by it for the payment of principal of or interest on Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein; provided, however, such sums
need not be segregated from other funds held by it, except as required by law; 
 (ii) give the Trustee written notice of any
Default by the Company (or any other obligor upon the Notes) in the making of any payment of principal or interest; and 
 (iii) at any time during the continuance of any such Default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 The Company shall cause each Paying Agent (other than the Principal Paying Agent and the Paying Agent in Luxembourg) to execute and deliver an instrument
in which such Paying Agent shall agree with the Trustee to act as a Paying Agent in accordance with this Section 4.03. 
 The Company may at
any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent,
such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further
liability with respect to such sums. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for
the payment of principal of or interest on any Note and remaining unclaimed for two years after such principal or interest has become due and payable shall be paid to the Company at the request of the Company, or (if then held by the Company) shall
be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and
all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, shall, upon request and at the expense of the Company,
cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in (i) the Borough of Manhattan, The City of New York and (ii) so long as the Notes
continue to be listed on the Luxembourg Stock Exchange, Euro MTF, Luxembourg, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining shall be repaid to the Company. 
  

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 Section 4.04. Maintenance of Corporate Existence. Cosan shall, and shall cause each of its
Subsidiaries to, (i) maintain in effect its corporate existence and all registrations necessary therefor, provided that these restrictions shall not prohibit any transactions permitted by Article 5 or the merger of any Subsidiary with or
into the Cosan or with or into any other Wholly-Owned Subsidiary of the Cosan; (ii) take all reasonable actions to maintain all rights, privileges, titles to property, franchises and the like necessary in the normal conduct of its business,
activities or operations; and (iii) maintain or cause to be maintained in good repair, working order and condition (normal wear and tear excepted) all properties used in their business; provided, however, that neither the Cosan
nor its Subsidiaries shall be prevented from discontinuing those operations (including through the transfer or dissolution of a Subsidiary) or suspending the maintenance of those properties (including through the sale thereof) which, in the
reasonable judgment of the Cosan are no longer necessary in the conduct of the Cosan’s business, or that of its Subsidiaries; and provided, further, that such discontinuation of operations or suspension of maintenance shall not be
materially disadvantageous to the Holders of the Notes. 
 Section 4.05. Payment of Taxes and Claims. Cosan shall, and shall
cause each of its Subsidiaries to, pay all taxes, assessments and other governmental charges imposed upon it or any of its property in respect of any of its franchises, businesses, income or profits before any penalty or interest accrues thereon,
and pay all claims (including claims for labor, services, materials and supplies) for sums which have become due and payable and which by law have or might become a Lien upon its property; provided, however, that any such payment shall
not be required unless the failure to make such payment would have a material adverse effect upon the financial condition of Cosan and its Subsidiaries considered as one enterprise or a material adverse effect on the performance of Cosan’s
obligations hereunder; and provided, further, that no such charge or claim need be paid while it is being contested in good faith by appropriate proceedings and if appropriate reserves or other provisions shall have been made therefor.

 Section 4.06. Payment of Additional Amounts. (a) All payments by the Company in respect of the Notes or the Guarantors in
respect of the Note Guaranty shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments, or other governmental charges of whatever nature imposed or levied by or on behalf of the Cayman
Islands, and/or Brazil, or any authority therein or thereof in the case of payments under the Notes or any other jurisdiction in which any Guarantor is organized having power to tax in the case of payments under the Note Guaranty, unless the Company
or the Guarantors are compelled by law to deduct or withhold such taxes, duties, assessments, or governmental charges. In such event, the Company or the Guarantors shall make such deduction or withholding, make payment of the amount so withheld to
the appropriate governmental authority and pay such Additional Amounts as may be necessary to ensure that the net amounts receivable by Holders of Notes after such withholding or deduction shall equal the respective amounts of principal and interest
which would have been receivable in respect of the Notes in the absence of such withholding or deduction (“Additional Amounts”). No such Additional Amounts shall be payable: 
 (i) to, or to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or governmental charges in respect of
such Note by reason of the 

  

 28 

 
existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of such Holder, if
such Holder is an estate, a trust, a partnership, or a corporation) and the Cayman Islands, and/or Brazil, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member or shareholder) being or having been a citizen or
resident thereof or being or having been engaged in a trade or business or present therein or having, or having had, a permanent establishment therein, other than the mere holding of the Note or enforcement of rights and the receipt of payments with
respect to the Note; 
 (ii) in respect of Notes surrendered (if surrender is required) more than 30 days after the Relevant Date except to
the extent that payments under such Note would have been subject to withholdings and the Holder of such Note would have been entitled to such Additional Amounts, on surrender of such Note for payment on the last day of such period of 30 days;

 (iii) where such Additional Amount is imposed on a payment to an individual and is required to be made pursuant to any law implementing or
complying with, or introduced in order to conform to, any European Union Directive on the taxation of savings; 
 (iv) with respect to any
taxes withheld, deducted or imposed on a payment to an individual and which are required to be made pursuant to European Council Directive 2003/48/EC or any other directive implementing the conclusions of the ECOFIN Council meeting of 26 and
27 November 2000 on the taxation of savings income or any law implementing or complying with or introduced in order to conform to, such Directive; 
 (v) to, or to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or other governmental charges by reason of such Holder’s failure to comply with any certification,
identification or other reporting requirement concerning the nationality, residence, identity or connection with the Cayman Islands, or Brazil, or a successor jurisdiction or applicable political subdivision or authority thereof or therein having
power to tax, of such Holder, if (1) compliance is required by such jurisdiction, or any political subdivision or authority thereof or therein having power to tax, as a precondition to, exemption from, or reduction in the rate of, the tax,
assessment or other governmental charge and (2) the Company has given the Holders at least 30 days’ notice that Holders shall be required to provide such certification, identification or other requirement; 
 (vi) in respect of any estate, inheritance, gift, sales, transfer, capital gains, excise or personal property or similar tax, assessment or governmental
charge; 
 (vii) in respect of any tax, assessment or other governmental charge which is payable other than by deduction or withholding from
payments of principal of or interest on the Note or by direct payment by the Company or the Guarantors in respect of claims made against the Company or the Guarantors; or 
 (viii) in respect of any combination of the above. 
  

 29 

 (b) No Additional Amounts shall be paid with respect to any payment on a Note to a Holder who is a
fiduciary, a partnership, a limited liability company or other than the sole beneficial owner of that payment to the extent that payment would be required by the laws of the Cayman Islands, Brazil or any political subdivision thereof to be included
in the income, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, an interestholder in a limited liability company or a beneficial owner who would not have been entitled to the Additional
Amounts had that beneficiary, settlor, member or beneficial owner been the Holder. 
 (c) The Notes are subject in all cases to any tax,
fiscal or other law or regulation or administrative or judicial interpretation. Except as specifically provided above, neither the Company nor the Guarantors shall be required to make a payment with respect to any tax, assessment or governmental
charge imposed by any government or a political subdivision or taxing authority thereof or therein. 
 (d) In the event that Additional
Amounts actually paid with respect to the Notes are based on rates of deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the Holder of such Notes, and, as a result thereof such Holder is entitled to make
claim for a refund or credit of such excess from the authority imposing such withholding tax, then such Holder shall, by accepting such Notes, be deemed to have assigned and transferred all right, title, and interest to any such claim for a refund
or credit of such excess to the Company. 
 (e) Any reference in this Indenture or the Notes to principal, interest or any other amount
payable in respect of the Notes by the Company or the Note Guaranty by the Guarantors shall be deemed also to refer to any Additional Amount, unless the context requires otherwise, that may be payable with respect to that amount under the
obligations referred to in this Section. 
 Section 4.07. Reporting Requirements. (a) Cosan shall provide the Trustee with
the following reports (and shall also provide the Trustee with sufficient copies, as required, of the reports referred to in clauses (i), (ii), (iii) and (iv) for distribution, at the Company’s expense, to all Holders of Notes): 
 (i) an English language version of its annual audited consolidated financial statements prepared in accordance with Brazilian GAAP
promptly upon such financial statements becoming available but not later than 120 days after the close of its fiscal year; 
 (ii) an English language version of its unaudited quarterly financial statements prepared in accordance with Brazilian GAAP promptly upon such statements becoming available but not later than 60 days after the close of each fiscal quarter
(other than the last fiscal quarter of its fiscal year); 
 (iii) simultaneously with the delivery of each set of financial
statements referred to in clauses (i) and (ii) of this Section 4.07(a), an Officers’ Certificate stating whether a Default or Event of Default exists on the date of such certificate and, if a Default or Event of Default exists, setting forth
the details thereof and the action which Cosan is taking or proposes to take with respect thereto; 
  

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 (iv) without duplication, English language versions or summaries of such other reports or
notices as may be filed or submitted by (and promptly after filing or submission by) Cosan with the Luxembourg Stock Exchange, Euro MTF or any other stock exchange on which the Notes may be listed (in each case, to the extent that any such report or
notice is generally available to securityholders of the Company or the public in Brazil); and 
 (v) as soon as practicable
and in any event within 30 calendar days after any director or executive officer of Cosan becomes aware of the existence of a Default or Event of Default, an Officers’ Certificate setting forth the details thereof and the action which Cosan is
taking or proposes to take with respect thereto. 
 Delivery of the above reports to the Trustee is for informational purposes only and the
Trustee’s receipt of such reports shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including Cosan’s compliance with any of its covenants in this Indenture
(as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 (b) Within 60 days of the close of each of the
first three fiscal quarters and within 90 days of the close of each fiscal year, for so long as any of the Notes remain outstanding, (i) the Company shall request from DTC, a current list of the names and addresses of each DTC participant which
is a Holder of an interest in a Global Note and (ii) at the Company’s written request, the Trustee shall provide the Company with the names and addresses of each Holder of a Certificated Note, if any. 
 Section 4.08. Available Information. The Company shall take all action necessary to provide information to permit resales of the Notes
pursuant to Rule 144A, including furnishing to any Holder of a Note or owner of a beneficial interest in a Global Note, or to any prospective purchaser designated by such a Holder or beneficial owner, upon request to such Holder or beneficial owner,
financial and other information required to be delivered under paragraph (d)(4) of Rule 144A (as amended from time to time and including any successor provision) unless, at the time of such request, the Company is subject to the reporting
requirements of Section 13 or Section 15(d) of the Exchange Act or is exempt from such requirements pursuant to Rule 12g3-2(b) under the Exchange Act (as amended from time to time and including any successor provision). 
 Section 4.09. Limitation and Restrictions on the Company.  
 (a) The Company shall not engage in any business or enter into, or be a party to, any transaction or agreement other than in connection with (i) the issuance, sale, redemption or repurchase of the Notes and
activities incidentally related thereto; (ii) the entering into import and export financing transactions; (iii) the entering into Hedging Agreements relating to the Notes; and (iv) as required by law. 
 (b) The Company shall not acquire or own any Subsidiaries or other assets or properties (either real or personal), except for (i) an interest in
Hedging Agreements relating to its Debt and instruments evidencing interests in the foregoing, (ii) cash, Cash Equivalents or Marketable Securities, (iii) any assets related to import and export financing transactions, and (iv) the
Notes; 
  

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 (c) The Company shall not create, incur, assume or suffer to exist any Debt other than any Debt
(i) incurred solely for the purpose of complying with its obligations under the Notes, (ii) the issuance of additional notes or (iii) in respect of Hedging Agreements relating to its Debt; 
 (d) The Company shall not create, assume, incur or suffer to exist any Lien upon or with respect to any of its properties or assets except for any Liens
imposed by law; it being understood, for the avoidance of doubt, that the Company shall not create, incur, assume or suffer to exist any Lien including Liens which would otherwise constitute a Permitted Lien in the case of either Guarantor;

 (e) The Company shall not enter into any consolidation, merger, amalgamation, joint venture or other form of combination with any Person,
and shall not sell, lease, convey or otherwise dispose of any of its assets or receivables; and 
 (f) The Company shall not amend,
supplement, waive or modify, or consent to any amendment, supplement, waiver or modification of Organizational Documents except in accordance with the provisions of this Section 4.09(f). Any provision of any Organizational Document may be
amended, waived, supplemented, restated, discharged or terminated without the consent of the Holders; provided that such amendment, waiver, supplement or restatement does not result in a Default or Event of Default; and provided,
further, that the Trustee shall have received prior notice thereof together with copies of any documentation related thereto. Any amendment, waiver, supplement or restatement of any Organizational Document (including any exhibit thereto) that
would result in a Default or Event of Default shall require the written consent of at least a majority in principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender
offer or exchange offer for, the Notes). 
 Section 4.10. Limitation on Liens. Cosan shall not, and shall not permit any
Subsidiary to, create or suffer to exist any Lien upon any of its property or assets now owned or hereafter acquired by it or on any Capital Stock of Cosan or any Subsidiary, securing any obligation unless contemporaneously therewith effective
provision is made to secure the Notes and the Note Guaranty equally and ratably with such obligation for so long as such obligation is so secured. The preceding sentence shall not require Cosan or any Subsidiary to equally and ratably secure the
Notes and the Note Guaranty if the Lien consists of the following: 
 (i) any Lien existing on the date of this Indenture, and
any extension, renewal or replacement thereof or of any Lien referred to in clauses (ii), (iii) or (iv) below; provided, however, that the total amount of Debt so secured is not increased; 
 (ii) any Lien on any property or assets (including Capital Stock of any Person) securing Debt incurred solely for purposes of financing
the acquisition, construction or improvement of such property or assets after the date of this Indenture; provided that (A) the aggregate principal amount of Debt secured by the Liens shall not exceed (but may be less than) the cost
(i.e., purchase price) of the property or assets so acquired, constructed 

  

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or improved and (B) the Lien is incurred before, or within 365 days after the completion of, such acquisition, construction or improvement and does not
encumber any other property or assets of Cosan or any Subsidiary; and provided, further, that to the extent that the property or asset acquired is Capital Stock, the Lien also may encumber other property or assets of the Person so
acquired; 
 (iii) any Lien securing Debt for the purpose of financing all or part of the cost of the acquisition,
construction or development of a project; provided that the Liens in respect of such Debt are limited to assets (including Capital Stock of the project entity) and/or revenues of such project; provided, further, that the Lien is
incurred before, or within 365 days after the completion of, that acquisition, construction or development and does not apply to any other property or assets of Cosan or any Subsidiary; 
 (iv) any Lien existing on any property or assets of any Person before that Person’s acquisition (in whole or in part) by, merger into
or consolidation with Cosan or any Subsidiary after the date of this Indenture; provided that the Lien is not created in contemplation of or in connection with such acquisition, merger or consolidation; 
 (v) any Lien imposed by law that was incurred in the ordinary course of business, including, without limitation, carriers’,
warehousemen’s and mechanics’ liens and other similar encumbrances arising in the ordinary course of business, in each case for sums not yet due or being contested in good faith by appropriate proceedings; 
 (vi) any pledge or deposit made in connection with workers’ compensation, unemployment insurance or other similar social security
legislation, any deposit to secure appeal bonds in proceedings being contested in good faith to which Cosan or any Subsidiary is a party, good faith deposits in connection with bids, tenders, contracts (other than for the payment of Debt) or leases
to which Cosan or any Subsidiary is a party or deposits for the payment of rent, in each case made in the ordinary course of business; 
 (vii) any Lien in favor of issuers of surety bonds or letters of credit issued pursuant to the request of and for the account of Cosan or any Subsidiary in the ordinary course of business; 
 (viii) any Lien securing taxes, assessments and other governmental charges, the payment of which are not yet due or are being contested in
good faith by appropriate proceedings and for which such reserves or other appropriate provisions, if any, have been established as required by Brazilian GAAP; 
 (ix) minor defects, easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business and
encumbrances consisting of zoning restrictions, licenses, restrictions on the use of property or assets or minor imperfections in title that do not materially impair the value or use of the property or assets affected thereby, and any leases and
subleases of real property that do not interfere with the ordinary conduct of the business of Cosan or any Subsidiary, and which are made on customary and usual terms applicable to similar properties; 
  

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 (x) any rights of set-off of any Person with respect to any deposit account of Cosan or
any Subsidiary arising in the ordinary course of business; 
 (xi) any Liens granted to secure borrowings from, directly or
indirectly, (A) Banco Nacional de Desenvolvimento Econômico e Social–BNDES, or any other Brazilian governmental development bank or credit agency or (B) any international or multilateral development bank,
government-sponsored agency, export-import bank or official export-import credit insurer; 
 (xii) any Liens on the inventory
or receivables of Cosan or any Subsidiary securing the obligations of such Person under any lines of credit or working capital facility or in connection with any structured export or import financing or other trade transaction; provided that
the aggregate principal amount of Debt incurred that is secured by receivables that shall fall due in any calendar year shall not exceed (A) with respect to transactions secured by receivables from export sales, 80% of Cosan’s consolidated
gross revenues from export sales for the immediately preceding calendar year or (B) with respect to transactions secured by receivables from domestic (Brazilian) sales, 80% of such Person’s consolidated gross revenues from sales within
Brazil for the immediately preceding calendar year; and provided, further, that Advance Transactions shall not be deemed transactions secured by receivables for purpose of the above calculation; 
 (xiii) Liens securing Hedging Agreements; provided such Hedging Agreements are entered into for bona fide, non-speculative
purposes; and 
 (xiv) in addition to the foregoing Liens set forth in clauses (i) through (xiii) above, Liens securing
Debt of Cosan or any Subsidiary (including, without limitation, guarantees of Cosan or any Subsidiary) which do not in aggregate principal amount, at any time of determination, exceed the greater of U.S.$200,000,000 or 15.0% of Cosan’s Total
Consolidated Assets. 
 Section 4.11. Waiver of Certain Covenants. The Company may omit in any particular instance to comply with
any term, provision or condition set forth in Section 5.03 or Sections 4.07 or 4.10, if before or after the time for such compliance the Holders of at least a majority in principal amount of the outstanding Notes, by Act of such Holders, waive such
compliance in such instance with such term, provision or condition, or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provisions or condition shall remain in full force and effect. 
 Section 4.12. Repurchase of Notes upon a Change of Control. Not later than 30 days following a Change of Control that results in a Rating
Decline, the Company shall make an Offer to Purchase all outstanding Notes at a purchase price equal to 101% of the principal amount plus accrued interest to the date of purchase. 
 An Offer to Purchase must be made by written offer in English, which shall specify the principal amount of Notes subject to the offer and the purchase
price. The offer must specify an 

  

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expiration date (the “expiration date”) on any Business Day not less than 30 days or more than 60 days after the date of the offer and a
settlement date for purchase (the “purchase date”) not more than five Business Days after the expiration date. The offer must include information concerning the business of Cosan and its Subsidiaries which Cosan in good faith
believes shall enable the Holders to make an informed decision with respect to the Offer to Purchase. The Offer to Purchase shall also contain instructions and materials necessary to enable Holders to tender Notes pursuant to the Offer to Purchase.

 A Holder may tender all or any portion of its Notes pursuant to an Offer to Purchase, subject to the requirement that any portion of a
Note tendered must be in a multiple of U.S.$1,000 principal amount. Holders shall be entitled to withdraw Notes tendered up to the close of business on the expiration date. On the purchase date the purchase price shall become due and payable on each
Note accepted for purchase pursuant to the Offer to Purchase, and interest on Notes purchased shall cease to accrue on and after the purchase date. 
 The Company shall comply with Rule 14e-1 under the Exchange Act (to the extent applicable) and all other applicable laws in making any Offer to Purchase, and the above procedures shall be deemed modified as necessary to permit such
compliance. 
 Cosan shall obtain all necessary consents and approvals from the Central Bank of Brazil for the remittance of funds outside of
Brazil prior to making any Offer to Purchase. Any failure to obtain such consents and approvals shall constitute an Event of Default pursuant to Section 6.01(c) below. 
 ARTICLE 5 
 CONSOLIDATION, MERGER,
CONVEYANCE, TRANSFER OR LEASE 
 Section 5.01. Limitation on
Consolidation, Merger or Transfer of Assets. Cosan shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all its assets to, any Person, unless: 
 (i) the resulting, surviving or transferee Person (if not the Cosan) shall be a Person organized and existing under the laws of Brazil, or
the United States of America, any State thereof or the District of Columbia, or any other country that is a member country of the European Union or of the Organization for Economic Co-operation and Development on the date of this Indenture, and such
Person expressly assumes, by an indenture supplemental to this Indenture, executed and delivered to the Trustee, all the obligations of the Cosan under this Indenture, the Notes and the Note Guaranty; 
 (ii) the resulting, surviving or transferee person (if not the Cosan), if not organized and existing under the laws of Brazil, undertakes,
in such supplemental indenture, to pay such Additional Amounts in respect of principal (and premium, if any) and interest as may be necessary in order that every net payment made in respect of the Notes and the Note Guaranty after deduction or
withholding for or on account of any present or future tax, penalty, fine, duty, assessment or other governmental charge imposed by such other country or any political subdivision or taxing authority thereof or 

  

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therein shall not be less than the amount of principal (and premium, if any) and interest then due and payable on the Notes and the Note Guaranty subject to
the same exceptions set forth under Sections 4.06(a)(i), 4.06(a)(ii) and 4.06(a)(iii) but replacing references in such clause to Brazil with references to such other country; 
 (iii) immediately prior to such transaction and immediately after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing; and 
 (iv) Cosan shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture, if any, comply with this Indenture. 
 The Trustee shall be entitled to rely exclusively on and shall accept such Officers’ Certificate and Opinion of Counsel as sufficient evidence of the satisfaction of the conditions precedent set forth in this Section 5.01, in which
event it shall be conclusive and binding on the Holders. 
 Section 5.02. Successor Substituted. Upon any consolidation or
merger, or any sale, assignment, conveyance, transfer, lease or disposition of all or substantially all of the properties and assets of Cosan in accordance with Section 5.01 in which Cosan is not the continuing obligor under this Indenture, the
surviving or transferor Person shall succeed to, and be substituted for, and may exercise every right and power of, Cosan under this Indenture with the same effect as if such successor had been named as Cosan therein. When a successor assumes all
the obligations of its predecessor under this Indenture and the Notes, the predecessor shall be released from those obligations; provided that in the case of a transfer by lease, the predecessor shall not be released from the payment of
principal and interest on the Notes. 
 Section 5.03. Notes to Be Secured in Certain Events. If, upon any such consolidation of
Cosan with or merger of Cosan into any other corporation, or upon any conveyance, lease or transfer of the property of Cosan substantially as an entirety to any other Person, any property or assets of Cosan would thereupon become subject to any
Lien, then unless such Lien could be created pursuant to Section 4.10 without equally and ratably securing the Notes, Cosan, prior to or simultaneously with such consolidation, merger, conveyance, lease or transfer, shall as to such property or
assets, secure the Outstanding Notes (together with, if Cosan so determines, any other Debt of Cosan now existing or hereinafter created which is not subordinate in right of payment to the Notes) equally and ratably with or prior to the Debt which
upon such consolidation, merger, conveyance, lease or transfer is to become secured as to such property or assets by such Lien, or shall cause such Notes to be so secured. 
 Section 5.04. Consolidation, Merger Or Sale Of Assets By A Guarantor. (a) Neither Da Barra nor any other Guarantor (other than Cosan)
shall: 
 (i) consolidate with or merge with or into any Person; or 
 (ii) sell, convey, transfer or dispose of, all or substantially all its assets as an entirety or substantially as an entirety, in one
transaction or a series of related transactions, to any Person; or 
  

 36 

 (iii) permit any Person to merge with or into the Guarantor 
 unless: 
 (A) the other
Person is Cosan or any Subsidiary that is a Guarantor or becomes a Guarantor concurrently with the transaction; or 
 (B)(1)
either (x) the Guarantor is the continuing Person or (y) the resulting, surviving or transferee Person expressly assumes by supplemental indenture, substantially in the form of Exhibit B, all of the obligations of the Guarantor under its
Note Guaranty; (2) immediately after giving effect to the transaction, no Default or Event of Default has occurred and is continuing; and (3) the applicable Guarantor shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each to the effect that such consolidation, merger or transfer and such supplemental indenture, if any, comply with this Indenture. 
 The Trustee shall be entitled to rely exclusively on and shall accept such Officer’s Certificate and Opinion of Counsel as sufficient evidence of the satisfaction of the conditions precedent set forth in this
Section 5.04, in which event it shall be conclusive and binding on the Holders. 
 ARTICLE 6 
 EVENTS OF DEFAULT AND REMEDIES 
 Section 6.01. Events of Default. The term “Event of Default” means, when used herein, any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to, or as a result of any failure to obtain, any authorization, order, rule, regulation, judgment or
decree of any governmental or administrative body or court): 
 (a) The Company defaults in any payment of interest (including any Additional
Amounts) on any Note when the same becomes due and payable, and such Default continues for a period of 30 days; 
 (b) The Company defaults
in the payment of the principal (including any Additional Amounts) of any Note when the same becomes due and payable upon redemption or otherwise; 
 (c) The Company fails to make an Offer to Purchase and thereafter to accept and pay for Notes tendered when and as required pursuant to Section 4.12 above. 
 (d) The Company or any Guarantor fails to comply with any of its covenants or agreements in the Notes or this Indenture (other than those referred to in clauses (a) and (b) or of this Section 6.01), and such failure
continues for 60 days after the notice specified below; 
 (e) The Company, any Guarantor or any Significant Subsidiary defaults under any
mortgage, indenture or instrument under which there may be issued or by which there may be 

  

 37 

 
secured or evidenced any Debt for money borrowed by the Company, any such Guarantor or any such Significant Subsidiary (or the payment of which is guaranteed
by the Company, any such Guarantor or any such Significant Subsidiary) whether such Debt or guarantee now exists, or is created after the date of this Indenture, which default (i) is caused by failure to pay principal of or premium, if any, or
interest on such Debt after giving effect to any grace period provided in such Debt on the date of such default (“Payment Default”) or (i) results in the acceleration of such Debt prior to its express maturity and, in each
case, the principal amount of any such Debt, together with the principal amount of any other such Debt under which there has been a Payment Default or the maturity of which has been so accelerated, totals U.S.$20,000,000 (or the equivalent thereof
at the time of determination) or more in the aggregate; 
 (f) One or more final judgments or decrees for the payment of money in excess of
U.S.$20,000,000 (or the equivalent thereof at the time of determination) in the aggregate are rendered against the Company, any Guarantor or any Significant Subsidiary and are not paid (whether in full or in installments in accordance with the terms
of the judgment) or otherwise discharged and, in the case of each such judgment or decree, either (i) an enforcement proceeding has been commenced by any creditor upon such judgment or decree and is not dismissed within 30 days following
commencement of such enforcement proceedings or (ii) there is a period of 60 days following such judgment during which such judgment or decree is not discharged, waived or the execution thereof stayed; or 
 (g) an involuntary case or other proceeding is commenced against the Company, any Guarantor or any Significant Subsidiary with respect to it or its debts
under any bankruptcy, insolvency or other similar law now or hereafter in effect seeking the appointment of a trustee, receiver, síndico, liquidator, custodian or other similar official of it or any substantial part of its Property,
and such involuntary case or other proceeding remains undismissed and unstayed for a period of 60 days; or an order for relief is entered or a winding up petition is presented against the Company, any Guarantor or any Significant Subsidiary under
the Bankruptcy Laws now or hereafter in effect, and such order or petition is not being contested by the Company, any Guarantor or any Significant Subsidiary, as the case may be, in good faith, or has not been dismissed, discharged or otherwise
stayed, in each case within 60 days of being made; 
 (h) the Company, any Guarantor or any Significant Subsidiary (i) commences a
voluntary case or other proceeding seeking liquidation, reorganization, concordata or other relief with respect to itself or its Debts under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to
the entry of an order for relief in an involuntary case under any such law or a resolution is passed by its members for the winding up of the Company, (ii) consents to the appointment of or taking possession by a receiver,
síndico, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company, any Guarantor or any Significant Subsidiary or for all or substantially all of the Property of the Company, any Guarantor or any
Significant Subsidiary or (iii) effects any general assignment for the benefit of creditors (an Event of Default specified in clause (g) or (h) a “bankruptcy default”); 
 (i) any event occurs that under the laws of the Cayman Islands, or Brazil or any political subdivision thereof or any other country has substantially the
same effect as any of the events referred to in any of clause (g) or (h); or 
  

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 (j) the Note Guaranty ceases to be in full force and effect, other than in accordance the terms of this
Indenture, or a Guarantor denies or disaffirms its obligations under the Note Guaranty. 
 A Default under clause (d) of this Section 6.01
shall not constitute an Event of Default until the Trustee or the Holders of at least 25% in principal amount of the Outstanding Notes notify Cosan of the Default and Cosan does not cure such Default within the time specified after receipt of such
notice. 
 Section 6.02. Acceleration of Maturity, Rescission and Amendment. If an Event of Default (other than an Event of
Default specified in Section 6.01(g), Section 6.01(h) or Section 6.01(i) occurs and is continuing, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare all unpaid principal of and accrued interest
on all Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee, if the notice is given by the Holders), stating that such notice is an “acceleration notice,” and upon any such declaration such
amounts shall become due and payable immediately. If an Event of Default specified in Section 6.01(g), Section 6.01(h) or Section 6.01(i) occurs and is continuing, then the principal of and accrued interest on all Notes shall become and be
immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 
 At any time after a declaration
of acceleration has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article, the Holders of a majority in principal amount of the Notes by written notice to the
Company and the Trustee may rescind or annul such declaration if: 
 (i) the Company has paid or deposited with the Trustee a
sum sufficient to pay (A) all overdue interest on Outstanding Notes, (B) all unpaid principal of the Notes that has become due otherwise than by such declaration of acceleration, (C) to the extent that payment of such interest on the
Notes is lawful, interest on such overdue interest (including any Additional Amounts) as provided herein and (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel; and 
 (ii) all Events of Default have been cured or waived as provided in Section 6.13 other
than the nonpayment of principal that has become due solely because of acceleration. 
 No such rescission shall affect any subsequent
Default or Event of Default or impair any right consequent thereto. 
 Section 6.03. Collection Suit by Trustee. If an Event of
Default specified in Section 6.01(a) or 6.01(b) occurs, the Trustee, in its own name as trustee of an express trust, (i) may institute a judicial proceeding for the collection of the whole amount then due and payable on such Notes for principal
and interest (including Additional Amounts), and interest on any overdue principal and, to the extent that payment of such interest (including Additional Amounts) shall be legally enforceable, upon any overdue installment of interest (including
Additional 

  

 39 

 
Amounts), at the rate borne by the Notes, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, (ii) may prosecute such proceeding to judgment or final decree and (iii) may enforce the same against the Company or any
other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon the Notes, wherever situated. 
 If an Event of Default occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the
Holders by any available proceeding at law or in equity, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
 Section 6.04. Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the
payment of principal of or interest (including Additional Amounts) on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 Section 6.05. Trustee May Enforce Claims Without Possession of Notes. All rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Trustee without the possession
of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name and as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes in respect of which such judgment has been recovered.

 Section 6.06. Application of Money Collected. Any money collected by the Trustee pursuant to this Article 6 shall be applied
in the following order: 
 FIRST: to the Trustee for amounts due to it hereunder (including, without limitation, under Section
7.06); 
 SECOND: to Holders for amounts due and unpaid on the Notes for principal and interest (including Additional
Amounts), ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal and interest (including Additional Amounts), respectively; and 
 THIRD: to the Company or, to the extent the Trustee collects any amounts from any Guarantor, to such Guarantor or as a court of competent
jurisdiction may direct. 
 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.06. At
least 15 days before such record date, the Company shall mail to each Holder and the Trustee a notice that states the record date, the payment date and amount to be paid. 
 Section 6.07. Limitation on Suits. A Holder may not pursue any remedy with respect to this Indenture or the Notes unless: 
 (i) the Holder has previously given to the Trustee written notice stating that an Event of Default has occurred and is continuing;

  

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 (ii) the Holders of at least 25% in principal amount of the Notes have made a written
request to the Trustee to pursue the remedy in respect of such Event of Default; 
 (iii) such Holder or Holders has offered
and provided to the Trustee security or indemnity reasonably satisfactory to the Trustee against any cost, loss, liability or expense to be incurred in compliance with such request; 
 (iv) the Trustee does not comply with the request within 60 days after receipt of the request and the offer and provision of security or
indemnity; and 
 (v) no direction inconsistent with such written request has been given to the Trustee during such 60-day
period by the Holders of a majority in principal amount of the Notes outstanding. 
 A Holder may not use this Indenture to prejudice the
rights of another Holder or to obtain a preference or priority over another Holder. 
 Section 6.08. Rights of Holders to Receive
Principal and Interest. Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of and interest on the Notes held by such Holder, on or after the respective Payment Dates expressed in the
Notes, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired of affected without the consent of such Holder. 
 Section 6.09. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company,
the Guarantors, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been
instituted. 
 Section 6.10. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the trustee
hereunder) and the Holders allowed in any judicial proceedings relative to the Company or any Guarantor, their respective creditors or their respective properties and, unless prohibited by law or applicable regulations, may vote on behalf of the
Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due
the Trustee under Section 7.06. Nothing herein shall be deemed to authorize the Trustee to authorize or 

  

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consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of
any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute
a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee
or by the Holders, as the case may be. 
 Section 6.12. Control by Holders. The Holders of a majority in principal amount of the
Outstanding Notes may direct in writing the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee shall be under no obligation
to exercise any of the rights or powers under this Indenture at the request or direction of the Holders if such request or direction conflicts with any law or with this Indenture or, subject to Section 7.01, if the Trustee determines it is unduly
prejudicial to the rights of other Holders (it being understood that, subject to Sections 7.01 and 7.02, the Trustee shall have no duty to ascertain whether or not such actions or forbearance are unduly prejudicial to such Holders) or would involve
the Trustee in personal liability or expense; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such request or direction. Prior to taking any action hereunder, the
Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all costs, losses, liabilities and expenses caused by taking or not taking such action. 
 Section 6.13. Waiver of Past Defaults and Events of Default. The Holders of a majority in principal amount of the Outstanding Notes by notice
to the Trustee may waive an existing Default or Event of Default and its consequences except (i) a Default or Event of Default in the payment of the principal of or interest on a Note or (ii) a Default or Event of Default in respect of a
provision that under Section 9.02 cannot be amended without the consent of each Holder affected. When a Default or Event of Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or Event of Default
or impair any consequent right. 
 Section 6.14. Rights and Remedies Cumulative. Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 6.15.
Waiver of Stay or Extension Laws. The Company and each Guarantor covenant (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
stay or 

  

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extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Notes; and
the Company and each Guarantor (to the extent that it may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall
suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE 7 
 TRUSTEE AND PRINCIPAL PAYING AGENT 
 Section 7.01. Duties of Trustee and Principal Paying Agent. (a) If an Event of Default has occurred and is continuing and a Responsible
Officer has actual knowledge thereof, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the
conduct of such Person’s own affairs. 
 (b) Except during the continuance of an Event of Default, (i) the Trustee and Principal
Paying Agent undertake to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee or the Principal Paying Agent; and
(ii) in the absence of bad faith on the part of the Trustee or the Principal Paying Agent, the Trustee or the Principal Paying Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein,
upon certificates or opinions furnished to the Trustee or the Principal Paying Agent and conforming to the requirements of this Indenture. However, in the case of any certificates or opinions which by any provision hereof are specifically required
to be furnished to the Trustee or the Principal Paying Agent, the Trustee and the Principal Paying Agent shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm
or investigate the accuracy of the mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from
liability for its own gross negligence, bad faith or willful misconduct, except that: 
 (i) this Section 7.01(c) does not
limit the effect of Section 7.01(b); 
 (ii) the Trustee and the Principal Paying Agent shall not be liable for any error of
judgment made in good faith by a Responsible Officer unless it is proved that the Trustee or the Principal Paying Agent was grossly negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee and the Principal Paying Agent shall not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 6.07 or exercising any trust or power conferred upon the Trustee or the Principal Paying Agent, under this Indenture. 
  

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 (d) The Trustee and the Principal Paying Agent shall not be liable for interest on any money received by
it except as the Trustee and the Principal Paying Agent may agree in writing with the Company. 
 (e) Money held in trust by the Trustee, the
Principal Paying Agent or any Paying Agent need not be segregated from other funds except to the extent required by law. 
 (f) No provision
of this Indenture shall require the Trustee or the Principal Paying Agent to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or
powers, if it shall have reasonable grounds to believe that repayment of such funds and/or adequate indemnity against such risk or liability is not satisfactorily assured to it. 
 (g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee and the Principal
Paying Agent shall be subject to the provisions of this Section 7.01. 
 Section 7.02. Rights of Trustee. (a) The Trustee
and the Principal Paying Agent may rely upon, and shall be protected in acting or refraining from acting based upon, any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee and the Principal
Paying Agent need not investigate any fact or matter stated in any such document. 
 (b) Before the Trustee acts or refrains from acting, it
may require an Officers’ Certificate, the written advice of a qualified tax expert or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate,
the qualified tax expert’s written advice or Opinion of Counsel. 
 (c) The Trustee may act through agents and shall not be responsible
for the willful misconduct or gross negligence of any agent appointed with due care. 
 (d) Any request, direction, order or demand of the
Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate of the Company (unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors of the Company may be
evidenced to the Trustee or the Principal Paying Agent by copies thereof certified by the Secretary or an Assistant Secretary (or equivalent Officer) of the Company. 
 (e) The Trustee and the Principal Paying Agent shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture at the request, order or direction of any of the Holders pursuant to
the provisions of this Indenture, unless such Holders shall have offered to the Trustee or the Principal Paying Agent security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred thereby.

 (f) The Trustee and the Principal Paying Agent shall not be liable for any action taken or omitted by it in good faith and believed by it
to be authorized or within the discretion, rights or powers conferred upon it by this Indenture. 
  

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 (g) The Trustee and the Principal Paying Agent shall not be liable for any action they take or omit to
take in good faith which they believe to be authorized or within their rights or powers; provided that the conduct of the Trustee or the Principal Paying Agent does not constitute willful misconduct, gross negligence or bad faith. 

(h) The Trustee and the Principal Paying Agent may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating
to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 (i) The Trustee and the Principal Paying Agent shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document unless requested in writing by the Holders of not less than
a majority in aggregate principal amount of the Notes Outstanding; provided that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is,
in the opinion of the Trustee, not satisfactorily assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require from the Holders indemnity satisfactory to the Trustee against such expenses or
liabilities as a condition to proceeding; the reasonable expenses of every such investigation shall be paid by the Company or, if paid by the Trustee, shall be reimbursed by the Company upon demand. 
 (j) Neither the Trustee nor any Paying Agent shall be required to invest, or shall be under any liability for interest, on any moneys at any time
received by it pursuant to any of the provisions of this Indenture or the Notes except as the Trustee or any Paying Agent may otherwise agree with the Company. Such moneys need not be segregated from other funds except to the extent required by
mandatory provisions of law. 
 (k) In no event shall the Trustee be liable for special, indirect or consequential loss or damage of any kind
whatsoever (including, but not limited to, lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 (l) The permissive rights of the Trustee enumerated herein shall not be construed as duties of the Trustee. 
 Section 7.03. Individual Rights of Trustee. The Trustee and any Paying Agent, Registrar or co-registrar or any other agent of the Company or
of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee, Paying Agent, Registrar or such
other agent. 
 Section 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as
to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Company in this Indenture or in any document
issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. 
  

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 Section 7.05. Notice of Defaults and Events of Default. If a Default or Event of Default
occurs and is continuing, and if it is known to the Responsible Officer, the Trustee shall mail to each Holder notice of the Default or Event of Default within 90 days after a Responsible Officer acquires actual knowledge of such Default or Event of
Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Note, the Trustee may withhold the notice and shall be protected from withholding the notice if and so long as a committee of its Responsible
Officers of the Trustee in good faith determines that withholding the notice is in the interests of Holders. For all purposes of this Indenture and the Notes, the Trustee shall not be deemed to have knowledge of a Default or Event of Default unless
a Responsible Officer of the Trustee has actual knowledge thereof. 
 Section 7.06. Compensation and Indemnity. The Company
agrees to pay to the Trustee and the Principal Paying Agent from time to time such compensation as shall be agreed upon in writing for its services. The Trustee’s compensation shall not be limited by any law regarding compensation of a trustee
of an express trust. The Company agrees to reimburse promptly the Trustee and the Principal Paying Agent upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation
for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s and the Principal Paying Agent’s agents, counsel, accountants and experts. Payments of any such expenses by
the Company to the Trustee or the Principal Paying Agent, as the case may be, shall be made free and clear of and without withholding or deduction for or on account of any present or future taxes, duties, assessments, fees or other governmental
charges of whatever nature (and any fines, penalties or interest related thereto) imposed or levied by or on behalf of Brazil or any political subdivision or authority thereof or therein having power to tax, unless such withholding or deduction is
required by law. In that event, the Company shall pay to the Trustee or the Principal Paying Agent, as the case may be, such additional amounts as may be necessary in order that every net payment made by the Company to the Trustee and Principal
Paying Agent, as the case may be, after deducting or withholding for or on account of any present or future tax, penalty, fine, duty, assessment or other governmental charge imposed upon or as a result of such payment by Brazil or any political
subdivision or taxing authority thereof or therein shall not be less than the amount then due and payable to the Trustee or the Principal Paying Agent, as the case may be. The Company shall indemnify each of the Trustee and the Principal Paying
Agent against any and all loss, liability or expense (including reasonable attorneys’ fees and expenses) incurred by it without gross negligence or bad faith on its part arising out of and in connection with the administration of this Indenture
and the performance of its respective duties hereunder, including, without limitation, the costs and expenses of defending itself against any claim or liability and of complying with any process served upon it or any of its officers in connection
with the exercise or performance of any of its powers or duties under this Indenture. The Company undertakes to indemnify each of the Paying Agents and their affiliates against all losses, liabilities, including any and all tax liabilities, which,
for the avoidance of doubt, shall include both Brazilian and Japanese taxes and associated penalties, costs, claims, actions, damages, expenses or demands which any of them may incur or which may be made against any of them as a result of or in
connection with the appointment of or the exercise of the powers and duties by any Paying Agent or its affiliates under this Indenture 

  

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except as may result from its own default, gross negligence or bad faith or that of its directors, officers or employees or any of them, or breach by it of
the terms of this Indenture. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company is
entitled to participate in the Trustee’s defense of the claim and the Trustee may have separate counsel and the Company shall pay the fees and expenses of such counsel. 
 To secure the payment obligations of the Company in this Section 7.06, the Trustee shall have a lien prior to the Notes on all money or property held or
collected by the Trustee or the Principal Paying Agent, except that held in trust to pay principal of and interest on particular Notes. 
 The obligations of the Company pursuant to this Section 7.06 shall survive the satisfaction and discharge of this Indenture. When the Trustee or the Principal Paying Agent incurs expenses after the occurrence of a Default or Event of
Default specified in Section 6.01(h), the expenses are intended to constitute expenses of administration under the Bankruptcy Law. 
 The Company acknowledges that the Principal Paying Agent makes no representations as to the interpretation or characterization of the transactions herein undertaken for tax or any other purpose, in any jurisdiction. The Company represents
that it has fully satisfied itself as to any tax impact of this Indenture before agreeing to the terms herein, and is responsible for any and all federal, state, local, income, franchise, withholding, value added, sales, use, transfer, stamp or
other taxes imposed by any jurisdiction in respect of this Indenture. 
 The Company agrees to pay any and all stamp and other documentary
taxes or duties which may be payable in connection with the execution, delivery, performance and enforcement of this Indenture by the Paying Agents. 
 Section 7.07. Replacement of Trustee. The Trustee may resign at any time by so notifying the Company in writing. The Holders of a majority in principal amount of the Notes may remove the Trustee by so
notifying the Trustee in writing and may appoint a successor Trustee. The Company shall remove the Trustee if: 
 (i) the
Trustee fails to comply with Section 7.09; 
 (ii) the Trustee is adjudged a bankrupt or insolvent; 
 (iii) a receiver or other public officer takes charge of the Trustee or its property; or 
 (iv) the Trustee otherwise becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee) the Company shall promptly appoint a
successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.
Thereupon the resignation or removal of the retiring Trustee shall 

  

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become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall
mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.06. 
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the
Holders of a majority in principal amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee fails to comply with Section 7.09, any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 Notwithstanding the replacement of the Trustee pursuant to this Section 7.07, the Company’s obligation under Section 7.06 shall continue for the
benefit of the retiring Trustee. 
 Section 7.08. Successor Trustee by Merger. If the Trustee consolidates with, merges or
converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee.

 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created
by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at
that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such adopted
certificates shall have the full force of all provisions within the Notes or in this Indenture relating to the certificate of the Trustee. 
 Section 7.09. Eligibility; Disqualification. The Trustee hereunder shall at all times be a corporation, bank or trust company organized and doing business under the laws of the United States or any state thereof (i) which
is authorized under such laws to exercise corporate trust power, (ii) is subject to supervision or examination by governmental authorities, (iii) shall have at all times a combined capital and surplus of at least U.S.$50,000,000 as set
forth in its most recent published annual report of condition and (iv) shall have its Corporate Trust Office in The City of New York. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.09,
it shall resign immediately in the manner and with the effect specified in Section 7.07. 
 ARTICLE 8 
 DISCHARGE OF INDENTURE; DEFEASANCE 
 Section 8.01. Discharge of Liability on Notes. (a) When (i) the Company delivers to the Trustee all Outstanding Notes (other than
Notes replaced pursuant to Section 2.08) for cancellation or (ii) all Outstanding Notes have become due and payable and the Company 

  

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deposits in trust, for the benefit of the Holders, with the Trustee finally collected funds sufficient to pay at Maturity all Outstanding Notes and interest
thereon (other than Notes replaced pursuant to Section 2.08), and if in any such case the Company pays all other sums payable hereunder by the Company, then this Indenture, and the obligations of the Company and the Guarantors pursuant hereto,
shall, subject to Sections 8.01(d) and 8.06, cease to be of further effect. The Trustee shall acknowledge satisfaction and discharge of this Indenture on demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel
(each stating that all conditions precedent herein provided relating to the satisfaction and discharge of this Indenture have been complied with) and at the cost and expense of the Company. 
 (b) Subject to Sections 8.01(d), 8.02 and 8.06, the Company at any time may terminate (i) all its obligations under this Indenture and the Notes
(“legal defeasance option”) or (ii) its obligations under Sections 4.07, 4.08, 4.10, 5.01(iii) and 5.03 and the operation of Sections 6.01(a), 6.01(b), 6.01(d) and 6.01(e) (“covenant defeasance option”). The
legal defeasance option may be exercised notwithstanding any prior exercise of the covenant defeasance option. Upon exercise by the Company of the legal defeasance option or the covenant defeasance option, each Guarantor’s obligations under its
Note Guaranty shall terminate. 
 If the legal defeasance option is exercised, payment of the Notes may not be accelerated because of an
Event of Default with respect thereto. If the covenant defeasance option is exercised, payment of the Notes may not be accelerated because of an Event of Default specified in Section 6.01(a), 6.01(b) or 6.01(d). 
 Upon satisfaction of the conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in writing the discharge of the
obligations of the Company hereunder except those specified in Section 8.01(c). 
 (c) Notwithstanding Sections 8.01(b) and 8.01(c), the
Company’s obligations pursuant to Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 4.06, 7.06, 7.07, 8.04, 8.05 and 8.06 shall survive until the Notes have been paid in full. Thereafter, the obligations of the Company pursuant to Sections 7.06,
7.07, 8.04 and 8.05 shall survive. Furthermore, each Guarantor’s obligations to pay fully and punctually all amounts payable by the Company to the Trustee under this Indenture shall survive. 
 Section 8.02. Conditions to Defeasance. The Company may exercise the legal defeasance option or the covenant defeasance option only if:

 (a) The Company irrevocably deposits or causes to be deposited with the Trustee as trust funds in trust, specifically pledged as security
for, and dedicated solely to, the benefit of the Holders (the “defeasance trust”) pursuant to an irrevocable trust and security agreement in form and substance satisfactory to the Trustee, money or U.S. Government Obligations, or a
combination thereof, sufficient for the payment of principal of and interest on all the Notes to Maturity or redemption; 
 (b) The Company
delivers to the Trustee a certificate from an internationally recognized firm of independent accountants expressing their opinion that the payments of principal of and interest on the Notes when due and without reinvestment on the deposited U.S.

  

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Government Obligations plus any deposited money without investment and after payment of all federal, state and local taxes or other charges or assessments in
respect thereof payable by the Trustee shall provide cash at such times and in such amounts as shall be sufficient to pay principal of and interest on all the Notes when due at Maturity or on redemption, as the case may be; 
 (c) 123 days pass after the deposit is made in accordance with the terms of Section 8.02(a) and during such 123-day period no Default or Event of Default
specified in Section 6.01(h) occurs which is continuing at the end of the period; 
 (d) no Default or Event of Default has occurred and
is continuing on the date of such deposit and after giving effect thereto; 
 (e) the deposit does not constitute a default or event of
default under any other agreement binding on the Company; 
 (f) The Company delivers to the Trustee an Opinion of Counsel to the effect that
the trust resulting from the deposit does not constitute, or is not qualified as, a regulated investment company under the U.S. Investment Company Act of 1940, as amended; 
 (g) The Company delivers to the Trustee Opinions of Counsel stating that, under Brazilian law, Holders (other than Brazilian persons) shall not recognize
gain for Brazilian tax purposes and payments from the defeasance trust to any such Holder shall not be subject to withholding payments under Brazilian law; 
 (h) in the case of the legal defeasance option, the Company delivers to the Trustee an Opinion of Counsel of recognized standing with respect to U.S. federal income tax matters stating that (i) the Company has
received from, or there has been published by, the U.S. Internal Revenue Service a ruling, or (ii) since the date of this Indenture there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and
based thereon such Opinion of Counsel shall confirm that, the Holders shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and shall be subject to U.S. federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; 
 (i) in
the case of the covenant defeasance option, the Company delivers to the Trustee an Opinion of Counsel of recognized standing with respect to U.S. federal income tax matters to the effect that the Holders shall not recognize income, gain or loss for
U.S. federal income tax purposes as a result of such covenant defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not
occurred; 
 (j) the Company delivers to the Trustee an Opinion of Counsel, in form and substance reasonably satisfactory to Trustee, to the
effect that, after the passage of 123 days following the deposit, the trust funds shall not be subject to any applicable bankruptcy, insolvency, reorganization or similar law affecting creditors’ rights generally; and 
  

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 (k) the Company delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent to the defeasance and discharge of the Notes as contemplated by this Article 8 have been complied with. 
 Before or after a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of Notes at a future date in accordance with Article 3. 
 Section 8.03. Application of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to
Section 8.02. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent or Paying Agents and in accordance with this Indenture to the payment of principal of and interest on the Notes. 
 Section 8.04. Repayment to Company. Upon termination of the trust established pursuant to Section 8.02, the Trustee and each Paying Agent
shall promptly pay to the Company upon request, any excess cash or U.S. Government Obligations held by them. 
 Subject to any applicable
abandoned property law, the Trustee and each Paying Agent shall pay to the Company, upon request, any money held by them for the payment of principal of or interest on the Notes that remains unclaimed for two years after the due date for such
payment of principal or interest, and, thereafter, the Trustee and each Paying Agent, as the case may be, shall not be liable for payment of such amounts hereunder and the Holders shall be entitled to such recovery of such amounts only from the
Company. 
 Section 8.05. Indemnity for U.S. Governmental Obligations. The Company shall pay and shall indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 
 Section 8.06. Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or U.S. Government Obligations in accordance
with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company and the Guarantors
under this Indenture, the Notes and the Note Guaranties shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or such Paying Agent is permitted to apply all such money or U.S.
Government Obligations in accordance with this Article 8; provided, however, that, if the Company or any Guarantor has made any payment of principal of or interest on any Notes because of the reinstatement of its obligations, the
Company and the Guarantors shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or such Paying Agent. 
  

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 ARTICLE 9 
 AMENDMENTS 
 Section 9.01. Without Consent of Holders. The Company, when
authorized by a Board Resolution, and the Trustee may amend or supplement this Indenture or the Notes, without notice to or consent or vote of any Holder for the following purposes: 
 (i) to cure any ambiguity, omission, defect or inconsistency; provided that such amendment or supplement does not materially and
adversely affect the rights of any Holder; 
 (ii) to add guarantees or collateral with respect to the Notes 
 (iii) to comply with Section 5.04; 
 (iv) to provide for any Guarantee of the Notes, to secure the Notes or to confirm and evidence the release, termination or discharge of any Guarantee of or Lien securing the Notes when such release, termination or
discharge is permitted by this Indenture; 
 (v) to add to the covenants of the Company for the benefit of the Holders;

 (vi) to surrender any right herein conferred upon the Company; 
 (vii) to evidence and provide for the acceptance of an appointment by a successor Trustee; 
 (viii) to provide for the issuance of additional Notes; or 
 (ix) to make any other change that does not materially and adversely affect the rights of any Holder or to conform this Indenture to the
description of the Notes in the Offering Memorandum; 
 provided that, in the case of clause (i) or (ii) above, the Company has delivered to the
Trustee an Opinion of Counsel and an Officers’ Certificate, each stating that such amendment or supplement complies with the provisions of this Section 9.01. 
 Upon the written request of the Company, accompanied by a Board Resolution authorizing the execution of any supplemental indenture, and upon receipt by the Trustee of the documents described in Section 9.05, the
Trustee shall join with the Company in the execution of any supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations which may be therein contained, but the Trustee
shall not be obligated to enter into any such supplemental indenture which affects its own rights, duties or immunities under this Indenture or otherwise. 
 Each Guarantor must consent to any amendment or supplement hereunder. 
  

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 Section 9.02. With Consent of Holders. Except as specified in Section 9.01, the Company, when
authorized by a Board Resolution, and the Trustee, together, may amend or supplement this Indenture or the Notes with the written consent of the Holders of at least a majority in principal amount of the Outstanding Notes for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or modifying in any manner the rights of the Holders under this Indenture, and the Holders of at least a majority in principal amount of the
Outstanding Notes may, except as set forth below, waive any past Default or compliance with any provision of this Indenture; provided, however, that, without the consent of each Holder affected, an amendment may not: 
 (i) reduce the principal amount of or change the Stated Maturity of any payment on any Note; 
 (ii) reduce the rate of any interest payment on any Note; 
 (iii) reduce the amount payable upon the redemption of any Note or change the time pursuant to Section 3.01 above at which any Note
may be redeemed or, once notice of redemption has been given pursuant to Section 3.01 above, the time at which it must thereupon be redeemed; 
 (iv) change the currency for payment of principal of, or interest or any Additional Amounts on, any Note; 
 (v) impair the right to institute suit for the enforcement of any payment on or with respect to any Note; 
 (vi) waive a Default or Event of Default in payment of principal of and interest on the Notes; 
 (vii) reduce the principal amount of Notes whose Holders must consent to any amendment, supplement or waiver; 
 (viii) make any change in this first paragraph of this Section 9.02; or 
 (ix) modify or change any provision of the
Indenture affecting the ranking of the Notes or any Note Guaranty in a manner adverse to the Holders of the Notes; or 
 (x)
after the time an Offer to Purchase is required to have been made, reduce the purchase amount or purchase price, or extend the latest expiration date or purchase date thereunder; or 
 (xi) make any change in any Note Guaranty that would adversely affect the Noteholders, 
 provided that the provisions of the covenants described in Section 4.12 may, except as provided above,
be amended or waived with the consent of Holders holding not less than 66  2/3% in aggregate principal
amount of the Notes. 
  

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 Upon the written request of the Company, accompanied by a Board Resolution authorizing the execution of
any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of the Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 9.05 hereof, the Trustee shall join with the Company
in the execution of such supplemental indenture but the Trustee shall not be obligated to enter into any such supplemental indenture which affects its own rights, duties or immunities under this Indenture or otherwise. 
 The Company shall mail to Holders prior written notice of any amendment proposed to be adopted under this Section 9.02. 
 It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment, but it shall
be sufficient if such consent approves the substance thereof. 
 After an amendment under this Section 9.02 becomes effective, the Company
shall mail to Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02. 
 Each Guarantor must consent to the amendment, supplement or waiver under this Section 9.02. 
 Section 9.03. Revocation and Effect of Consents and Waivers. (a) A consent to an amendment or a waiver by a Holder of Notes shall bind
the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such Holder or subsequent
Holder may revoke the consent or waiver as to such Holder’s Note or portion of the Note if the Trustee receives the written notice of revocation at least one Business Day prior to the date the amendment or waiver becomes effective. After it
becomes effective, an amendment or waiver shall bind every Holder. 
 (b) The Company may, but shall not be obligated to, fix a record date
for the purpose of determining the Holders entitled to give their consent or take any other action described above. If a record date is fixed, then notwithstanding Section 9.03(a) those Persons who were Holders at such record date (or their duly
designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders after such record date. No such consent
shall be valid or effective for more than 120 days after such record date. 
 Section 9.04. Notation on or Exchange of Notes. If
an amendment changes the terms of a Note, the Company may require the Holder to deliver the Note to the Trustee. If so instructed by the Company, the Trustee may place an appropriate notation on the Note regarding the changed terms and return it to
the Holder. Alternatively, if the Company so determines, the Company in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note
shall not affect the validity of such amendment. 
  

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 Section 9.05. Trustee to Sign Amendments. The Trustee shall sign any amendment authorized
pursuant to this Article 9 if the amendment, waiver or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In signing such amendment, waiver or supplement, the Trustee shall be entitled to receive
indemnity satisfactory to the Trustee and to receive, and, subject to Section 7.01, shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that such amendment, waiver or supplemental
indenture is authorized or permitted by this Indenture, that it is not inconsistent herewith, and that it shall be valid and binding upon the Company in accordance with its terms. 
 Section 9.06. Payment for Consent. Neither the Company nor any of its Affiliates shall, directly or indirectly, pay or cause to be paid any
consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid
or agreed to be paid to all Holders which so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or agreement. 
 ARTICLE 10 
 GUARANTEE 
 Section 10.01. The Note Guaranty. Subject to the provisions of this Article, each Guarantor hereby irrevocably and unconditionally
guarantees, jointly and severally, on an unsecured basis, the full and punctual payment (whether at Stated Maturity, upon redemption, acceleration, or otherwise) of the principal of, premium, if any, and interest on, and all other amounts payable
under, each Note, and the full and punctual payment of all other amounts payable by the Company under the Indenture. Upon failure by the Company to pay punctually any such amount, each Guarantor shall forthwith on demand pay the amount not so paid
at the place and in the manner specified in this Indenture. 
 Section 10.02. Guaranty Unconditional. The obligations of each
Guarantor hereunder are unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 
 (i) any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of the Company under this Indenture or
any Note, by operation of law or otherwise; 
 (ii) any modification or amendment of or supplement to this Indenture or any
Note; 
 (iii) any change in the corporate existence, structure or ownership of the Company, or any insolvency, bankruptcy,
reorganization or other similar proceeding affecting the Company or its assets or any resulting release or discharge of any obligation of the Company contained in this Indenture or any Note; 
  

 55 

 (iv) the existence of any claim, set-off or other rights which the Guarantor may have at
any time against the Company, the Trustee or any other Person, whether in connection with the Indenture or any unrelated transactions; provided that nothing herein prevents the assertion of any such claim by separate suit or compulsory
counterclaim; 
 (v) any invalidity or unenforceability relating to or against the Company for any reason of this Indenture or
any Note, or any provision of applicable law or regulation purporting to prohibit the payment by the Company of the principal of or interest on any Note or any other amount payable by the Company under the Indenture; or 
 (vi) any other act or omission to act or delay of any kind by the Company, the Trustee or any other Person or any other circumstance
whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to such Guarantor’s obligations hereunder. 
 Section 10.03. Discharge; Reinstatement. Each Guarantor’s obligations hereunder shall remain in full force and effect until the principal of, premium, if any, and interest on the Notes and all other
amounts payable by the Company under the Indenture have been paid in full. If at any time any payment of the principal of, premium, if any, or interest on any Note or any other amount payable by the Company under this Indenture is rescinded or must
be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Company or otherwise, each Guarantor’s obligations hereunder with respect to such payment shall be reinstated as though such payment had been due but not
made at such time. 
 Section 10.04. Waiver by the Guarantors. Each Guarantor irrevocably waives acceptance hereof, presentment,
demand, protest and any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against the Company or any other Person. 
 Section 10.05. Subrogation and Contribution. Upon making any payment with respect to any obligation of the Company under this Article, the
Guarantor making such payment shall be subrogated to the rights of the payee against the Company with respect to such obligation; provided that the Guarantor may not enforce either any right of subrogation, or any right to receive payment in
the nature of contribution, or otherwise, from any other Guarantor, with respect to such payment so long as any amount payable by the Company hereunder or under the Notes remains unpaid. 
 Section 10.06. Stay of Acceleration. If acceleration of the time for payment of any amount payable by the Company under this Indenture or the
Notes is stayed upon the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration under the terms of this Indenture are nonetheless payable by the Guarantors hereunder forthwith on demand by the
Trustee or the Holders. 
 Section 10.07. Limitation on Amount of Guaranty. Notwithstanding anything to the contrary in this
Article, each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guaranty of such Guarantor not constitute a fraudulent conveyance under applicable fraudulent conveyance
provisions of the 

  

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laws of Brazil, the United States Bankruptcy Code or any comparable provision of state law. To effectuate that intention, the Trustee, the Holders and the
Guarantors hereby irrevocably agree that the obligations of each Guarantor under its Note Guaranty are limited to the maximum amount that would not render the Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance
provisions of the laws of Brazil, the United States Bankruptcy Code or any comparable provision of state law. 
 Section 10.08.
Execution and Delivery of Guaranty. The execution by each Guarantor of this Indenture (or a supplemental indenture in the form of Exhibit B) evidences the Note Guaranty of such Guarantor, whether or not the Person signing as an officer of
the Guarantor still holds that office at the time of authentication of any Note. The delivery of any Note by the Trustee after authentication constitutes due delivery of the Note Guaranty set forth in this Indenture on behalf of each Guarantor.

 Section 10.09. Release of Guaranty. The Note Guaranty of a Guarantor shall terminate upon: 
 (i) a sale or other disposition (including by way of consolidation or merger) of the Guarantor or the sale or disposition of all or
substantially all the assets of the Guarantor (in each case other than to the Company or a Subsidiary) otherwise permitted by this Indenture; 
 (ii) if the Note Guaranty was required pursuant to the terms of this Indenture, the cessation of the circumstances requiring the Note Guaranty; or 
 (iii) defeasance or discharge of the Notes, as provided in Article 8. 
 Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the foregoing effect, the Trustee shall execute
any documents reasonably requested by the Company in writing in order to evidence the release of the Guarantor from its obligations under its Note Guaranty. 
 ARTICLE 11 
 MEETINGS OF HOLDERS 
 Section 11.01. Purposes for Which Meetings May Be Called. A meeting of Holders may be called at any time and from time to time pursuant to
the provisions of this Article 11 for any of the following purposes: 
 (a) to give any notice to the Company or to the Trustee, or to give
any directions to the Trustee, or to waive or to consent to the waiving of any Default or Event of Default hereunder and its consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article 6;

 (b) to remove the Trustee or appoint a successor Trustee pursuant to the provisions of Article 7; 
  

 57 

 (c) to consent to an amendment, supplement or waiver pursuant to the provisions of Section 9.02; or

 (d) to take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the
Notes under any other provision of this Indenture, or authorized or permitted by law. 
 Section 11.02. Manner of Calling Meetings.
The Trustee may at any time call a meeting of Holders to take any action specified in Section 11.01, to be held at such time and at such place in The City of New York, New York or elsewhere as the Trustee shall determine. Notice of every meeting
of Holders, setting forth the time and place of such meeting and in general terms the action proposed to be taken at such meeting, shall be mailed by the Trustee, first-class postage prepaid, to the Company and to the Holders at their last addresses
as they shall appear on the registration books of the Registrar not less than 10 nor more than 60 days prior to the date fixed for a meeting. 
 Any meeting of Holders shall be valid without notice if the Holders of all Outstanding Notes are present in Person or by proxy, or if notice is waived before or after the meeting by the Holders of all Outstanding Notes, and if the Company
and the Trustee are either present by duly authorized representatives or have, before or after the meeting, waived notice. 
 Section 11.03. Call of Meetings by Company or Holders. In case at any time the Company, pursuant to a Board Resolution, or the Holders of not less than 10% in aggregate principal amount of the Outstanding Notes shall have
requested the Trustee to call a meeting of Holders to take any action specified in Section 11.01, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the notice
of such meeting within 20 days after receipt of such request, then the Company or the Holders of Notes in the amount above specified may determine the time and place in The City of New York, New York or elsewhere for such meeting and may call such
meeting for the purpose of taking such action, by mailing or causing to be mailed notice thereof as provided in Section 11.02, or by causing notice thereof to be published at least once in each of two successive calendar weeks (on any Business Day
during such week) in a newspaper or newspapers printed in the English language, customarily published at least five days a week of a general circulation in The City of New York, New York and in Luxembourg, the first such publication to be not less
than 10 nor more than 60 days prior to the date fixed for the meeting. 
 Section 11.04. Who May Attend and Vote at Meetings. To
be entitled to vote at any meeting of Holders, a Person shall (i) be a registered Holder of one or more Notes, or (ii) be a Person appointed by an instrument in writing as proxy for the registered Holder or Holders of Notes. The only
Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company
and its counsel. 
 Section 11.05. Regulations May Be Made by Trustee; Conduct of the Meeting; Voting Rights; Adjournment.
Notwithstanding any other provision of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any action by or any meeting of 

  

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Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes,
and submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think appropriate. Such regulations may fix a record date and time for
determining the Holders of record of Notes entitled to vote at such meeting, in which case those and only those Persons who are Holders of Notes at the record date and time so fixed, or their proxies, shall be entitled to vote at such meeting
whether or not they shall be such Holders at the time of the meeting. 
 The Trustee shall, by an instrument in writing, appoint a temporary
chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided in Section 11.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary
chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Holders of a majority in principal amount of the Notes represented at the meeting and entitled to vote. 
 At any meeting each Holder or proxy shall, subject to the provisions of Section 11.04, be entitled to one vote for each U.S.$1,000 principal amount of
Notes held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Notes challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The
chairman may adjourn any such meeting if he is unable to determine whether any Holder or proxy shall be entitled to vote at such meeting. The chairman of the meeting shall have no right to vote other than by virtue of Notes held by him or
instruments in writing as aforesaid duly designating him as the proxy to vote on behalf of other Holders. Any meeting of Holders duly called pursuant to the provisions of Section 11.02 or Section 11.03 may be adjourned from time to time by vote of
the Holders of a majority in aggregate principal amount of the Notes represented at the meeting and entitled to vote, and the meeting may be held as so adjourned without further notice. 
 Section 11.06. Voting at the Meeting and Record to Be Kept. The vote upon any resolution submitted to any meeting of Holders shall be by
written ballots on which shall be subscribed the signatures of the Holders of Notes or of their representatives by proxy and the principal amount of the Notes voted by the ballot. The permanent chairman of the meeting shall appoint two inspectors of
votes, who shall count all votes cast at the meeting for or against any resolution and shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the
proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to such record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more
Persons having knowledge of the facts, setting forth a copy of the notice of the meeting and showing that such notice was mailed as provided in Section 11.02. The record shall be signed and verified by the affidavits of the permanent chairman and
the secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. 
 Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
  

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 Section 11.07. Exercise of Rights of Trustee or Holders May Not Be Hindered or Delayed by Call of
Meeting. Nothing contained in this Article 11 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay
in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders under any of the provisions of this Indenture or of the Notes. 
 Section 11.08. Procedures Not Exclusive. The procedures set forth in this Article 11 are not exclusive and the rights and obligations of the Company, the Trustee and the Holders under other Articles of
this Indenture (including, without limitation, Articles 6, 7, 8 and 9) shall in no way be limited by the provisions of this Article 11. 
 ARTICLE 12 
 MISCELLANEOUS 
 Section 12.01. Provisions of Indenture and Notes for the Sole Benefit of Parties and Holders of Notes. Nothing in this Indenture or the Notes, expressed or implied, shall be given to any Person other than
the parties hereto and their successors hereunder and the Holders of the Notes any benefit or any legal or equitable right, remedy or claim under this Indenture or the Notes. 
 Section 12.02. Notices. Any request, demand, authorization, direction, notice, consent, waiver or other communication or document provided or
permitted by this Indenture to be made upon, given, provided or furnished to, or filed with, any party to this Indenture shall, except as otherwise expressly provided herein, be deemed to have been received only upon actual receipt thereof by
prepaid first class mail, courier or telecopier, addressed to the relevant party as follows: 
 To the Company: 
 Cosan Finance Limited 
 Walkers SPV Limited

 Walker House, 87 Mary Street 
 George Town, Grand Cayman KY1-9002 
 Cayman Islands 
 Attention: Paulo Diniz 
 Facsimile: (55 11) 3897-9799 
 With a copy to: 
 White & Case LLP

 Al. Santos, 1940 – 3o andar 
 01418-200 – São Paulo, SP 
 Brasil 
 Attention: Donald Baker 
 Telephone: (55 11) 3147-5600 
 Facsimile: (55 11) 3147-5611 
  

 60 

 To the Trustee: 
 The Bank of New York 
 101 Barclay Street – 4th Floor East 
 New York, New York 10286 
 Attention:
Corporate Trust Services – Global Americas 
 Telephone: 1-212-815-5616 Telecopy: 1-212-815-5603 
 To the Principal Paying Agent: 
 The
Bank of Tokyo-Mitsubishi UFJ, Ltd. 
 12-15 Finsbury Circus 
 London EC2M 7BT 
 Attention: Securities Services 
 Telephone: +44 20 7577 1593 
 Telecopy: +44 20
7577 1609 
 To the Paying Agent and Transfer Agent in Luxembourg: 
 The Bank of New York (Luxembourg) S.A. 
 Aerogolf Center – 1A, Hoehenhof 
 L-1736 Senningerberg 
 Luxembourg 
 Attention: Corporate Trust
Services 
 Telecopy: +352 34 20 90 6035 
 Notices or communications to a Guarantor shall be deemed given if given to the Company. 
 Any party by notice to the other parties
may designate additional or different addresses for subsequent notices or communications. 
 Where this Indenture provides for the giving of
notice to Holders, such notice shall be deemed to have been given upon (i) the mailing of first class mail, postage prepaid, of such notice to Holders of the Notes at their registered addresses as recorded in the Register; and (ii) for so
long as the Notes are listed on the Luxembourg Stock Exchange, Euro MTF and it is required by the rules of the Luxembourg Stock Exchange, publication of such notice to the Holders of the Notes in English in a leading newspaper having general
circulation in Luxembourg or, if such publication is not practicable, in one other leading English language daily newspaper with general circulation in Europe, such newspaper being published on each Business Day in morning editions, whether or not
it shall be published in Saturday, Sunday or holiday editions. 
 The Company shall also cause all other such publications of such notices as
may be required from time to time by applicable Brazilian law, including, without limitation, those required under the applicable regulations issued by the CVM. 
  

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 Failure to mail a notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. If a notice or communication is mailed to a Holder in the manner provided above, it is duly given, whether or not the addressee receives it. 
 All notices or communications to be given pursuant to any clause of this Indenture must be given in English or, where not given in English, must be
accompanied by a certified English translation. 
 Section 12.03. Officers’ Certificate and Opinion of Counsel as to Conditions
Precedent. Upon any request or application by the Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 
 (i) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set
forth in Section 12.04) stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
 (ii) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in
Section 12.04) stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 Section 12.04.
Statements Required in Officers’ Certificate or Opinion of Counsel. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include: 
 (i) a statement that each Person making or rendering such Officers’ Certificate or Opinion of Counsel has read such covenant or
condition and the related definitions; 
 (ii) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such Officers’ Certificate or Opinion of Counsel are based; 
 (iii) a statement that, in the opinion of each such Person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with;
and 
 (iv) a statement as to whether or not, in the opinion of each such Person, such covenant or condition has been complied
with. 
 Section 12.05. Rules by Trustee, Registrar Paying Agent and Transfer Agents. The Trustee may make reasonable rules for
action by or a meeting of Holders. The Registrar, the Paying Agents and the Transfer Agents may make reasonable rules for their functions. 
 Section 12.06. Currency Indemnity. U.S. Dollars are the sole currency of account and payment for all sums payable by Cosan or the Guarantors under or in connection with the Notes and the Note Guaranties, including damages. Any
amount received or recovered in a currency other than U.S. Dollars (whether as a result of, or of the enforcement of, a judgment or order of a 

  

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court of any jurisdiction, in the winding-up or dissolution of Cosan or otherwise) by any Holder of a Note in respect of any sum expressed to be due to it
from Cosan or any Guarantor shall only constitute a discharge to Cosan or the Guarantors, as the case may be, to the extent of the U.S. Dollar amount which the recipient is able to purchase with the amount so received or recovered in that other
currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so). If that U.S. Dollar amount is less than the U.S. Dollar amount
expressed to be due to the recipient under any Note, Cosan shall indemnify such Holder against any loss sustained by it as a result, and if the amount of U.S. Dollars so purchased is greater that the sum originally due to such Holder, such Holder
shall, by accepting a Note, be deemed to have agreed to repay such excess. In any event, Cosan shall indemnify the recipient against the cost of making any such purchase. For the purposes of this Section 12.06, it shall be sufficient for the Holder
of a Note to certify in a satisfactory manner (indicating the sources of information used) that it would have suffered a loss had an actual purchase of U.S. Dollars been made with the amount so received in that other currency on the date of receipt
or recovery (or, if a purchase of U.S. Dollars on such date had not been practicable, on the first date on which it would have been practicable, it being required that the need for a change of date be certified in the manner mentioned above). These
indemnities constitute a separate and independent obligation from the other obligations of Cosan and the Guarantors, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by any Holder of a
Note and shall continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount in respect of any sum due under any Note. 
 Section 12.07. No Recourse Against Others. No director, officer, employee or shareholder, as such, of the Company or the Trustee shall have any liability for any obligations of the Company or the Trustee,
respectively, under this Indenture or the Notes or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder shall waive and release all such liability. The waiver and release shall be
part of the consideration for the issue of the Notes. 
 Section 12.08. Legal Holidays. In any case where any Interest Payment
Date or Redemption Date or date of Maturity of any Note shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Notes) payment of interest or principal need not be made on such date, but may be made on the
next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or Redemption Date or date of Maturity; provided that no interest shall accrue for the period from and after such Interest Payment Date or
Redemption Date or date of Maturity, as the case may be. 
 Section 12.09. Governing Law. THIS INDENTURE, THE NOTES AND THE
GUARANTEES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 Section 12.10. Consent to Jurisdiction; Waiver of Immunities.
(a) Each of the parties hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York state or U.S. federal court sitting in the Borough of Manhattan in The City of New York with respect to actions brought against it
as a defendant in respect of any suit, action or proceeding or arbitral award arising out of or relating to this Indenture or the Notes or any transaction contemplated hereby or thereby (a “Proceeding”), and irrevocably accepts for
itself and in respect of its 

  

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property, generally and unconditionally, the jurisdiction of the aforesaid courts. Each of the parties hereto irrevocably waives, to the fullest extent it
may do so under applicable law, trial by jury and any objection which it may now or hereafter have to the laying of the venue of any such Proceeding brought in any such court and any claim that any such Proceeding brought in any such court has been
brought in an inconvenient forum. Each of the Company and the Guarantors irrevocably appoints National Corporation Research, Ltd., (the “Process Agent”), with offices at 225 West 34th Street, Suite 910, New York, New York 10122, as
its authorized agent to receive on behalf of it and its property service of copies of the summons and complaint and any other process which may be served in any Proceeding. If for any reason such Person shall cease to be such agent for service of
process, each the Company and the Guarantors shall forthwith appoint a new agent of recognized standing for service of process in the State of New York and deliver to the Trustee a copy of the new agent’s acceptance of that appointment within
30 days. Nothing herein shall affect the right of the Trustee, the Paying Agent or any Holder to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Company and the Guarantors in any
other court of competent jurisdiction. 
 (b) Each of the Company and the Guarantors hereby irrevocably appoints the Process Agent as its
agent to receive, on behalf of itself and its property, service of copies of the summons and complaint and any other process which may be served in any such suit, action or proceeding brought in such New York state or U.S. federal court sitting in
the Borough of Manhattan in The City of New York. Such service shall be made by delivering by hand a copy of such process to the Company or any Guarantor, as the case may be, in care of the Process Agent at the address specified above. Each of the
Company and the Guarantors hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. Failure of the Process Agent to give notice to the Company or any Guarantor, as the case may be, or failure of the Company
or any Guarantor, as the case may be, to receive notice of such service of process shall not affect in any way the validity of such service on the Process Agent, the Company or the Guarantors. As an alternative method of service, each of the Company
and the Guarantors also irrevocably consents to the service of any and all process in any such Proceeding by the delivery by hand of copies of such process to the Company or Guarantor, as the case may be, at its address specified in Section 12.02 or
at any other address previously furnished in writing by the Company or the Guarantors to the Trustee. Each of the Company and the Guarantors covenants and agrees that it shall take any and all reasonable action, including the execution and filing of
any and all documents, that may be necessary to continue the designation of the Process Agent above in full force and effect during the term of the Notes, and to cause the Process Agent to continue to act as such. 
 (c) Nothing in this Section 12.10 shall affect the right of any party, including the Trustee, the Principal Paying Agent or any Holder, to serve legal
process in any other manner permitted by law or affect the right of any party to bring any action or proceeding against any other party or its property in the courts of other competent jurisdictions. 
 (d) Each of the Company and the Guarantors irrevocably agrees that, in any proceedings anywhere (whether for an injunction, specific performance or
otherwise), no immunity (to the extent that it may at any time exist, whether on the grounds of sovereignty or otherwise) from such proceedings, from attachment (whether in aid of execution, before judgment or otherwise) of its assets or from
execution of judgment shall be claimed by it or on 

  

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its behalf or with respect to its assets, except to the extent required by applicable law, any such immunity being irrevocably waived, to the fullest extent
permitted by applicable law. Each of the Company and the Guarantors irrevocably agrees that, where permitted by applicable law, it and its assets are, and shall be, subject to such proceedings, attachment or execution in respect of its obligations
under this Indenture or the Notes. 
 Section 12.11. Successors and Assigns. All covenants and agreements of the Company and the
Guarantors in this Indenture, the Notes and the Note Guarantees shall bind their respective successors and assigns, whether so expressed or not. All agreements of the Trustee in this Indenture shall bind its successors. 
 Section 12.12. Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 
 Section 12.13. Severability
Clause. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. To the extent
permitted by applicable law, the parties hereby waive any provision of law which renders any term or provision hereof invalid or unenforceable in any respect. 
 Section 12.14. Force Majeure. In no event shall any of the Trustee, Paying Agents, Transfer Agents or Registrar be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that each of the Trustee, Paying Agents, Transfer Agents or Registrar shall use reasonable efforts
which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
  

 65 

 IN WITNESS WHEREOF, the parties hereto have caused the Indenture to be duly executed as of the date first
written above. 
  

			
	COSAN FINANCE LIMITED
as Issuer
		
	By:	 	 /s/ Rubens Ometto Silveira Mello

	Name:	 	Rubens Ometto Silveira Mello
	Title:	 	
		
	By:	 	 /s/ Paulo Sergio de Oliveira Diniz

	Name:
	 	Paulo Sergio de Oliveira Diniz
	Title:	 	
	
	COSAN S.A. INDÚSTRIA E COMÉRCIO
as Guarantor
		
	By:	 	 /s/ Rubens Ometto Silveira Mello

	Name:	 	Rubens Ometto Silveira Mello
	Title:	 	
		
	By:	 	 /s/ Paulo Sergio de Oliveira Diniz

	Name:	 	Paulo Sergio de Oliveira Diniz
	Title:	 	
	
	USINA DA BARRA S/A – AÇÚCAR E ÁLCOOL
as Guarantor
		
	By:	 	 /s/ Rubens Ometto Silveira Mello

	Name:	 	Rubens Ometto Silveira Mello
	 Title:
	 	
		
	By:	 	 /s/ Paulo Sergio de Oliveira Diniz

	Name:	 	Paulo Sergio de Oliveira Diniz
	Title:	 	

			
	 THE BANK OF NEW YORK
 as Trustee, Registrar and Transfer Agent

		
	By:	 	 /s/ John T. Needham, Jr.

	Name:	 	John T. Needham, Jr.
	Title:	 	Vice President
	
	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
 as Principal Paying Agent

		
	 By:
	 	 /s/ David Thomas

	 Name:
	 	 David Thomas

	 Title:
	 	 Deputy Head Financial Institutions

	
	 THE BANK OF NEW YORK (LUXEMBOURG) S.A.,
 as Paying Agent and Transfer Agent

		
	 By:
	 	 /s/ John T. Needham, Jr.

	 Name:
	 	 John T. Needham, Jr.

	 Title:
	 	 Attorney-in-Fact

			
	
	Witnesses:
		
	 By:
	 	 /s/ Kevin F. Binnie

	 Name:
	 	 Kevin F. Binnie

		
	 By:
	 	 /s/ William Potes

	 Name:
	 	 William Potes

  

 67 

					
	STATE OF NEW YORK	  	)	 	 
		  	)	 	ss:
	COUNTY OF NEW YORK	  	)	 	

 On the 26th day of January, 2007, before me personally came Kevin F. Binnie, to me known, who,
being by me duly sworn, did depose and say that John T. Needham, Jr. is a Vice-President of THE BANK OF NEW YORK, one of the corporations described in and which executed the foregoing instrument; that he knows the seal of said corporation; that the
seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation; and that he signed his name thereto by like authority. 
 [Notarial Seal] 
  

			
	 /s/ Emily Joy
	 	 
	Notary Public	 	 
	COMMISSION EXPIRES	 	

  

					
	STATE OF NEW YORK	  	)	 	 
		  	)	 	ss:
	COUNTY OF NEW YORK	  	)	 	

 On the 26th day of January, 2007, before me personally came
                    , to me known, who, being by me duly sworn, did depose and say that
                             is a
                             of The Bank of Tokyo-Mitsubishi UFJ, Ltd., one of the corporations
described in and which executed the foregoing instrument; that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation;
and that he signed his name thereto by like authority. 
 [Notarial Seal] 
  

			
	  
	 	 
	Notary Public	 	 
	COMMISSION EXPIRES	 	

					
	STATE OF NEW YORK	  	)	 	 
		  	)	 	ss:
	COUNTY OF NEW YORK	  	)	 	

 On the 26th day of January, 2007, before me personally came Kevin F. Binnie, to me known, who,
being by me duly sworn, did depose and say John T. Needham, Jr. that is a Attorney-in-fact of The Bank of New York (Luxembourg) S.A., one of the corporations described in and which executed the foregoing instrument; that he knows the seal of said
corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation; and that he signed his name thereto by like authority. 
 [Notarial Seal] 
  

			
	 /s/ Emily Joy
	 	 
	Notary Public	 	 
	 COMMISSION EXPIRES
	 	

 TO ALL TO WHOM THESE PRESENTS SHALL COME, I EDWARD GARDINER of the City of London NOTARY
PUBLIC by royal authority duly admitted and sworn DO HEREBY CERTIFY the genuineness of the signature of DAVID ROWLAND THOMAS subscribed to the document hereunto annexed, such signature being in the own, true and proper handwriting of the said David
Rowland Thomas, authorised signatory of the company styled THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. incorporated in Japan and having a branch in London, England. 
 IN FAITH AND TESTIMONY WHEREOF I the said notary have subscribed my name and set and affixed my seal of office at London aforesaid this twenty ninth day of January in the year two thousand and seven. 
 /s/ Edward Gardiner 

 EXHIBIT A 
 FORM OF NOTE 
 [FACE OF NOTE] 
 UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK LIMITED PURPOSE TRUST COMPANY (“DTC”), TO THE ISSUER NAMED HEREIN (THE
“COMPANY”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE IN WHOLE SHALL BE LIMITED TO TRANSFERS TO A
NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY AND TRANSFERS OF THIS GLOBAL NOTE IN PART SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE AND REFERRED TO ON THE REVERSE HEREOF. 
 [Include if Note is a Restricted
Global Note, or a Note issued in exchange therefor, as required under this Indenture: THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER SECURITIES LAWS.
THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) TO COSAN FINANCE LIMITED, (II) SO LONG AS THIS NOTE IS ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A) IN ACCORDANCE WITH RULE 144A, (III) TO AN INSTITUTIONAL
“ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE NOTE FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL
ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE NOTES OF U.S.$100,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (IV) IN AN
OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (V) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AFFORDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (VI)

  

 A-1 

 
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, REPRESENTS AND AGREES THAT IT SHALL NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE. 
 THE FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE ON SATISFACTION OF THE CONDITIONS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN. ] 
 [Include if Note is Regulation S Global Note, or a Note issued in exchange therefor, in accordance with this Indenture: “THIS NOTE HAS
NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION
HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 
 THE FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE AFTER 40 DAYS BEGINNING ON AND INCLUDING THE LATER OF (A) THE DATE ON WHICH THE NOTES ARE OFFERED
TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AND (B) THE ORIGINAL ISSUE DATE OF THIS NOTE.”] 
  

 A-2 

 COSAN FINANCE LIMITED 
 [RESTRICTED GLOBAL NOTE] 
 [REGULATION S GLOBAL NOTE] 
 [CERTIFICATED NOTE] 
 Representing 
 7% Senior Notes Due 2017 
 No. [R-1][S-1] 
  

			
	CUSIP No. [22112AAA4] [G24419AA4]	  	Principal Amount
	ISIN No. [US22112AAA43] [USG24419AA47]	  	
	COMMON CODE. [028446349] [028446446]	  	U.S.$[200,807,000][199,193,000]

 COSAN FINANCE LIMITED, an exempted company incorporated under the laws of the Cayman Islands (the
“Company”, which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or registered assigns, U.S.$
[200,807,000][199,193,000], upon presentment and surrender of this Note on February 1, 2017 or on such date or dates as the then relevant principal sum may become payable in accordance with the provisions hereof and in the Indenture.

 Interest on the outstanding principal amount shall be borne at the rate of 7% per annum payable semi-annually in arrears on each
February 1 and August 1 (each such date an “Interest Payment Date”), commencing on August 1, 2007, all subject to and in accordance with the terms and conditions set forth herein and in the Indenture; provided,
however, that in the event that the Company shall at any time default on the payment of interest or such other amounts as any may be payable in respect of the Notes, the Company shall pay interest on overdue principal or installments of
interest, to the extent lawful, at the rate borne by the Notes plus 1% per annum. 
 Reference is hereby made to the further provisions
of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  

 A-3 

 Unless the certificate of authentication herein has been executed by the Trustee or Authenticating Agent
by the manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 
  

					
			
	Dated:	 	  
	 	

  

			
	COSAN FINANCE LIMITED
		
	By:	 	  

	Name:	 	
	 Title:
	 	
		
	By:	 	  

	 Name:
	 	
	 Title:
	 	

 Witnesses: 
  

					
	By:	 	  
	 	 
	 Name:
	 		 	
			
	 By:
	 	  
	 	
	 Name:
	 		 	

  

 A-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes referred to in the within mentioned Indenture. 
  

					
	 THE BANK OF NEW YORK,
 as Trustee
	 	
			
	 By:
	 	  
	 	
		 	Authorized Officer	 	

  

 A-5 

 [FORM OF REVERSE SIDE OF NOTE] 
 7% Senior Notes Due 2017 
 TERMS AND CONDITIONS OF THE NOTES 
 This Note is one of a duly authorized issue of 7% Senior Notes Due 2017 of the Company. The Notes constitute senior unsecured obligations of the Company,
initially in an aggregate principal amount of U.S.$400,000,000. 
  

	 	1.	Indenture; Note Guaranty. 

 The Notes are, and shall
be, issued under an Indenture, dated as of January 26, 2007 (the “Indenture”), among the Company, the Guarantors party thereto, The Bank of New York, as trustee (the “Trustee”), The Bank of Tokyo-Mitsubishi
UFJ, Ltd., as principal paying agent (the “Principal Paying Agent”) and The Bank of New York (Luxembourg) S.A., as Luxembourg Paying Agent and Transfer Agent. The terms of the Notes include those stated in the Indenture. The Holders
of the Notes shall be entitled to the benefit of, be bound by and be deemed to have notice of, all provisions of the Indenture. Reference is hereby made to the Indenture and all supplemental indentures thereto for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, the Principal Paying Agent and the Holders of the Notes and the terms upon which the Notes, are, and are to be, authenticated and delivered. All terms used
in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. Copies of the Indenture and each Global Note shall be available for inspection at the offices of the Trustee and each Paying Agent. 

The Company may from time to time, without the consent of the Holders of the Notes, create and issue additional Notes having the same terms and
conditions as the Notes in all respects, except for issue date, issue price and the first payment of interest thereon. Additional Notes issued in this manner shall be consolidated with and shall form a single series with the previously outstanding
Notes. 
 The Indenture imposes certain limitations on the creation of Liens by Cosan or its Subsidiaries, and consolidation, merger and
certain other transactions involving Cosan. In addition, the Indenture requires the maintenance of insurance for Cosan and its Subsidiaries, the maintenance of the existence of Cosan and its Subsidiaries, the payment of certain taxes and claims and
reporting requirements applicable to Cosan. 
  

	 	2.	Interest. 

 The Notes bear interest at the rate per
annum shown above from January 26, 2007, or from the most recent Interest Payment Date (as defined below) to which interest has been paid or provided for, payable semi-annually in arrears on February 1 and August 1 of each year (each
such date, an “Interest Payment Date”), commencing on August 1, 2007. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal or
installments of interest, to the extent lawful, at the rate borne by the Notes plus 1% per annum. 
  

 A-6 

	 	3.	Method of Payment. 

 Payments of interest in respect
of each Note shall be made on each Interest Payment Date by the Paying Agents to the Persons shown on the Register at the close of business on January 15 and July 15, as the case may be (each, a “Record Date”), next
preceding such Interest Payment Date. 
 Payments in respect of each Note shall be made by U.S. Dollar check drawn on a bank in The City
of New York and may be mailed to the Holder of such Note at its address appearing in the Register. Upon written application by the Holder to the specified office of any Paying Agent not less than 17 days before the due date for any payment in
respect of a Note, such payment may be made by wire transfer to a U.S. Dollar account maintained by the payee with a bank in The City of New York. Payment of principal in respect of each Note shall be made on any Payment Date for such principal
to the Person shown on the Register at the close of business on the seventeenth day immediately preceding such Payment Date. 
 All payments
on this Note are subject in all cases to any applicable tax or other laws and regulations, but without prejudice to the provisions of Paragraph 5 hereof. Except as provided in Section 2.08 of the Indenture, no fees or expenses shall be charged to
the Holders in respect of such payments. 
 If the Payment Date in respect of any Note is not a Business Day at the place in which it is
presented for payment, the Holder thereof shall not be entitled to payment of the amount due until the next succeeding Business Day at such place and shall not be entitled to any further interest or other payment in respect of any such delay.

 If the amount of principal or interest which is due on the Notes is not paid in full, the Registrar shall annotate the Register with a
record of the amount of interest, if any, in fact paid. 
  

	 	4.	Registrar, Paying Agent and Transfer Agent. 

 The
Trustee shall act as Registrar and Transfer Agent. The Bank of Tokyo-Mitsubishi UFJ, Ltd., shall act as Principal Paying Agent of the Notes. The Company may appoint and change any Registrar, Paying Agent or Transfer Agent without notice. For so long
as the Notes are listed on the Luxembourg Stock Exchange, Euro MTF and such stock exchange shall so require, the Company shall maintain a Paying Agent and a Transfer Agent in Luxembourg. The Bank of New York (Luxembourg) S.A. shall initially act as
Paying Agent and Transfer Agent in Luxembourg. 
  

	 	5.	Additional Amounts. 

 All payments by the Company in
respect of the Notes or the Guarantors in respect of the Guarantees shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments, or other governmental charges of whatever nature imposed or
levied by or on behalf of Brazil, or any authority therein or thereof in the case of payments under the Notes or any other jurisdiction in which any Guarantor is organized having power to tax in the case of payments under the Note Guaranty, unless
the Company or the Guarantors are compelled by law to deduct or withhold such taxes, duties, assessments, or governmental charges. 

  

 A-7 

 
In such event, the Company or the Guarantors shall make such deduction or withholding, make payment of the amount so withheld to the appropriate governmental
authority and pay such Additional Amounts as may be necessary to ensure that the net amounts receivable by Holders of Notes after such withholding or deduction shall equal the respective amounts of principal and interest which would have been
receivable in respect of the Notes in the absence of such withholding or deduction (“Additional Amounts”). No such Additional Amounts shall be payable: 
 (i) to, or to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or governmental charges in respect of
such note by reason of the existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of such Holder, if such Holder is an estate, a trust, a partnership, or a corporation)
and Brazil, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member or shareholder) being or having been a citizen or resident thereof or being or having been engaged in a trade or business or present therein or
having, or having had, a permanent establishment therein, other than the mere holding of the Note or enforcement of rights and the receipt of payments with respect to the Note; 
 (ii) in respect of Notes surrendered (if surrender is required) more than 30 days after the Relevant Date except to the extent that
payments under such Note would have been subject to withholdings and the Holder of such Note would have been entitled to such Additional Amounts, on surrender of such Note for payment on the last day of such period of 30 days; 
 (iii) where such Additional Amount is imposed on a payment to an individual and is required to be made pursuant to any law implementing or
complying with, or introduced in order to conform to, any European Union Directive on the taxation of savings; 
 (iv) with
respect to any taxes withheld, deducted or imposed on a payment to an individual and which are required to be made pursuant to European Council Directive 2003/48/EC or any other directive implementing the conclusions of the ECOFIN Council meeting of
26 and 27 November 2000 on the taxation of savings income or any law implementing or complying with or introduced in order to conform to, such Directive; 
 (v) to, or to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or other governmental charges by
reason of such Holder’s failure to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the Cayman Islands or Brazil, or a successor jurisdiction or
applicable political subdivision or authority thereof or therein having power to tax, of such Holder, if (1) compliance is required by such jurisdiction, or any political subdivision or authority thereof or therein having power to tax, as a
precondition to, exemption from, or reduction in the rate of, the tax, assessment or other governmental 

  

 A-8 

 
charge and (2) the Company has given the Holders at least 30 days’ notice that Holders shall be required to provide such certification,
identification or other requirement; 
 (vi) in respect of any estate, inheritance, gift, sales, transfer, capital gains,
excise or personal property or similar tax, assessment or governmental charge; 
 (vii) in respect of any tax, assessment or
other governmental charge which is payable other than by deduction or withholding from payments of principal of or interest on the Note or by direct payment by the Company or the Guarantors in respect of claims made against the Company or the
Guarantors; or 
 (viii) in respect of any combination of the above. 
 No Additional Amounts shall be paid with respect to any payment on a Note to a Holder who is a fiduciary, a partnership, a limited liability company or
other than the sole beneficial owner of that payment to the extent that payment would be required by the laws of Brazil or any political subdivision thereof to be included in the income, for tax purposes, of a beneficiary or settlor with respect to
the fiduciary, a member of that partnership, an interestholder in a limited liability company or a beneficial owner who would not have been entitled to the Additional Amounts had that beneficiary, settlor, member or beneficial owner been the Holder.

 The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation. Except as
specifically provided above, neither the Company nor the Guarantors shall be required to make a payment with respect to any tax, assessment or governmental charge imposed by any government or a political subdivision or taxing authority thereof or
therein. 
 In the event that Additional Amounts actually paid with respect to the Notes are based on rates of deduction or withholding of
withholding taxes in excess of the appropriate rate applicable to the Holder of such Notes, and, as a result thereof such Holder is entitled to make claim for a refund or credit of such excess from the authority imposing such withholding tax, then
such Holder shall, by accepting such Notes, be deemed to have assigned and transferred all right, title, and interest to any such claim for a refund or credit of such excess to the Company. 
 Any reference in the Indenture or the Notes to principal, interest or any other amount payable in respect of the Notes by the Company or the Note
Guaranty by the Guarantors shall be deemed also to refer to any Additional Amount, unless the context requires otherwise, that may be payable with respect to that amount under the obligations referred to in this Paragraph 5. 
  

	 	6.	Open Market Purchases. 

 The Company or any of its
Affiliates may at any time purchase Notes in the open market or otherwise at any agreed upon price. All Notes so purchased may not be reissued or resold, except in accordance with applicable securities and other laws. 
  

 A-9 

	 	7.	Redemption. 

 Except as described in Section 3.01 of
the Indenture and this Paragraph 7, the Notes may not be redeemed. 
 The Notes shall be redeemable, at the option of the Company, in whole,
but not in part, on any Interest Payment Date prior to February 1, 2017, upon giving not less than 30 nor more than 60 days’ notice to the Holders (which notice shall be irrevocable), at a Redemption Price equal to the greater of:

 (1) 100% of the principal amount thereof to be redeemed, plus accrued interest and any Additional Amounts payable with
respect thereto; and 
 (2) the sum of the present values of (A) the Redemption Price of the Notes at February 1,
2017 (as set forth below) and (B) the remaining scheduled payments of interest from the Redemption Date to February 1, 2017 but excluding accrued and unpaid interest, if any, to the Redemption Date, discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at the Treasury Rate (determined on the second Business Day immediately preceding the Redemption Date) plus 50 basis points; 
 plus, in either case, accrued and unpaid interest, if any, and any Additional Amounts to the Redemption Price (subject to the right of Holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date). 
 Any notice to Holders of the Notes of a redemption shall
include the appropriate calculation of the Redemption Price, but need not include the Redemption Price itself. In the event of such a redemption, the actual Redemption Price, calculated as described above, shall be set forth in an Officer’s
Certificate delivered to the Trustee no later than two Business Days prior to the Redemption Date. 
 If as a result of any change in or
amendment to the laws (or any rules or regulations thereunder) of the Cayman Islands, Brazil or any political subdivision or taxing authority thereof or therein affecting taxation, or any amendment to or change in an official interpretation,
administration or application of such laws, treaties, rules, or regulations (including a holding by a court of competent jurisdiction), which change or amendment becomes effective or, in the case of a change in official position, is announced on or
after the issue date of the Notes or on or after the date a successor assumes the obligations under the Notes, (i) the Company has or shall become obligated to pay any Additional Amounts as described in Section 4.06 of the Indenture or
(ii) the Guarantors has or shall become obligated to pay Additional Amounts (as defined above) in excess of the Additional Amounts the Guarantors would be obligated to pay if payments were subject to withholding or deduction at a rate of 15% or
at a rate of 25% in case the Holder of the Notes is resident in a tax haven jurisdiction (i.e., countries that do not impose any income tax or that impose it at a maximum rate lower than 20% or where the laws impose restrictions on the disclosure of
ownership composition or securities ownership) as a result of the taxes, duties, assessments and other governmental charges described above (the “Minimum Withholding Level”), the Company or the Guarantors may, at their option,
redeem all, but not 

  

 A-10 

 
less than all, of the Notes, on any Business Day at a redemption price equal to 100% of their principal amount, together with interest accrued to the date
fixed for redemption, upon publication of irrevocable notice to Holders not less than 30 days nor more than 90 days prior to the date fixed for redemption. No notice of such redemption may be given earlier than 90 days prior to the earliest date on
which the Company, the Guarantors would, but for such redemption, be obligated to pay the Additional Amounts above the Minimum Withholding Level. The Company shall not have the right to so redeem the Notes in the event it becomes obliged to pay
Additional Amounts that are less than the Additional Amounts payable at the Minimum Withholding Level. Notwithstanding the foregoing, the Company shall not have the right to so redeem the Notes unless: (i) it has taken reasonable measures to
avoid the obligation to pay Additional Amounts (provided, however, that for this purpose reasonable measures shall not include the Company moving or changing jurisdictions); and (ii) it has complied with all necessary regulations of the
Central Bank of Brazil to legally effect such redemption. 
 In the event that the Company elects to so redeem the Notes pursuant to
Section 3.01(c), it shall deliver to the Trustee: (i) a certificate, signed in the name of the Company by any two of its executive officers or by its attorney-in-fact in accordance with its bylaws, stating that the Company is entitled to
redeem the Notes pursuant to their terms and setting forth a statement of facts showing that the condition or conditions precedent to the right of the Company to so redeem have occurred or been satisfied; and (ii) an Opinion of Counsel to the
effect that the Company has or shall become obligated to pay Additional Amounts in excess of the Additional Amounts payable at the Minimum Withholding Level as a result of the change or amendment, that the Company has taken all reasonable measures
to avoid the payment of such Additional Amounts and that all governmental requirements necessary for the Company to effect the redemption have been complied with. 
  

	 	8.	Denominations; Transfer; Exchange. 

 The Notes are
in registered form without coupons in minimum denominations of U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof. 
 A
Holder may transfer or exchange Notes in accordance with the Indenture. The Trustee or Transfer Agent, as the case may be, may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and
fees required by law or permitted by the Indenture. 
 The Trustee or Transfer Agent, as the case may be, need not register the transfer or
exchange of any Notes selected for redemption or any Notes for a period of 17 days before a selection of Notes to be redeemed or before an Interest Payment Date. 
  

	 	9.	Persons Deemed Owners. 

 The registered Holder of
this Note may be treated as the owner thereof for all purposes. 
  

	 	10.	Unclaimed Money. 

 Subject to applicable law, the
Trustee and the Paying Agents shall pay to the Company upon request any monies held by them for the payment of principal or interest that remains unclaimed for two years, and thereafter, Holders entitled to such monies must look to the Company for
payment as general creditors. 
  

 A-11 

	 	11.	Defeasance. 

 Subject to the terms of the Indenture,
the Company at any time may terminate some or all of its obligations under the Notes and the Indenture if the Company irrevocably deposits in trust with the Trustee money or U.S. Government Obligations sufficient for the payment of principal of and
interest on all the Notes to Maturity or redemption. At such time, each Guarantor’s obligations under its Note Guaranty shall terminate. 
  

	 	12.	Amendment; Waiver. 

 Subject to certain exceptions
set forth in the Indenture, the Indenture or the Notes may be amended or supplemented without notice to any Holder but with the written consent of the Holders of at least a majority in principal amount of the Notes then outstanding, and any past
-Default or compliance with any provision may be waived with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding. However, subject to certain exceptions set forth in the Indenture, without the consent
of each Holder of an outstanding Note affected thereby, no amendment may, among other things: 
 (i) reduce the principal
amount of or change the Stated Maturity of any payment on any Note; 
 (ii) reduce the rate of any interest payment on any
Note; 
 (iii) reduce the amount payable upon the redemption of any note or change the time of any redemption pursuant to
Section 3.01 of the Indenture at which any Note may be redeemed or, once notice of redemption has been given pursuant to Section 3.01 of the Indenture, the time at which it must thereupon be redeemed; 
 (iv) change the currency for payment of principal of, or interest or any Additional Amounts on, any Note; 
 (v) impair the right to institute suit for the enforcement of any payment on or with respect to any Note; 
 (vi) waive a Default or Event of Default in payment of principal of and interest on the Notes; 
 (vii) reduce the principal amount of Notes whose Holders must consent to any amendment, supplement or waiver; 
 (viii) make any change in this first paragraph of this Section; or 
 (ix) modify or change any provision of the Indenture affecting the ranking of the Notes or any Note Guaranty in a manner adverse to the
Holders of the Notes; or 
  

 A-12 

 (x) after the time an Offer to Purchase is required to have been made, reduce the
purchase amount or purchase price, or extend the latest expiration date or purchase date thereunder; or 
 (xi) make any
change in any Note Guaranty that would adversely affect the Noteholders, 
 provided that the
provisions of the covenants described in Section 4.12 of the Indenture may, except as provided above, be amended or waived with the consent of Holders holding not less than 66  2/3% in aggregate principal amount of the Notes. 
 The Company and the Trustee may, without the consent of any Holder of the Notes, amend the Indenture or the Notes to: 
 (i) to cure any ambiguity, omission, defect or inconsistency; provided that such amendment or supplement does not materially and adversely affect the rights of any Holder; 
 (ii) to add guarantees or collateral with respect to the Notes 
 (iii) to comply with Section 5.04; 
 (iv) to provide for any Guarantee of the Notes, to secure the Notes or to confirm and evidence the release, termination or discharge of any Guarantee of or Lien securing the Notes when such release, termination or
discharge is permitted by this Indenture; 
 (v) to add to the covenants of Cosan for the benefit of the Holders; 

(vi) to surrender any right herein conferred upon Cosan; 
 (vii) to evidence and provide for the acceptance of an appointment by a successor Trustee; 
 (viii) to provide for the issuance of additional Notes; or 
 (ix) to make any other change that does not materially and adversely affect the rights of any Holder or to conform this Indenture to the
description of the Notes in the Offering Memorandum; 
 provided that, in such case, the Company has delivered to the Trustee an
Opinion of Counsel and an Officers’ Certificate, each stating that such amendment or supplement complies with the provisions of Section 9.01 of the Indenture. 
 Each Guarantor must consent to any amendment, supplement or waiver. 
  

	 	13.	Defaults and Remedies. 

 An “Event of
Default” occurs if: 
 (i) the Company defaults in any payment of interest (including any Additional Amounts) on any
Note when the same becomes due and payable, and such Default continues for a period of 30 days; 
  

 A-13 

 (ii) the Company defaults in the payment of the principal (including any Additional
Amounts) of any Note when the same becomes due and payable upon redemption, upon declaration or otherwise; 
 (iii) the
Company fails to make an Offer to Purchase and thereafter to accept and pay for Notes tendered when and as required pursuant to the covenants described under Section 4.12 of the Indenture; 
 (iv) the Company fails to comply with any of its covenants or agreements in the Notes or the Indenture (other than those referred to in
(i) and (ii) above), and such failure continues for 60 days after the notice specified below; 
 (v) the Company, any
Guarantor or any Significant Subsidiary defaults under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Debt for money borrowed by the Company, any such Guarantor or any such
Significant Subsidiary (or the payment of which is guaranteed by the Company, any such Guarantor or any such Significant Subsidiary) whether such Debt or guarantee now exists, or is created after the date of the Indenture, which default (a) is
caused by failure to pay principal of or premium, if any, or interest on such Debt after giving effect to any grace period provided in such Debt on the date of such default (“Payment Default”) or (b) results in the acceleration
of such Debt prior to its express maturity and, in each case, the principal amount of any such Debt, together with the principal amount of any other such Debt under which there has been a Payment Default or the maturity of which has been so
accelerated, aggregates U.S.$20,000,000 (or the equivalent thereof at the time of determination) or more; 
 (vi) one or more
final judgments or decrees for the payment of money in excess of U.S.$20,000,000 (or the equivalent thereof at the time of determination) in the aggregate are rendered against the Company, any Guarantor or any Significant Subsidiary and are not paid
(whether in full or in installments in accordance with the terms of the judgment) or otherwise discharged and, in the case of each such judgment or decree, either (a) an enforcement proceeding has been commenced by any creditor upon such
judgment or decree and is not dismissed within 30 days following commencement of such enforcement proceedings or (b) there is a period of 60 days following such judgment during which such judgment or decree is not discharged, waived or the
execution thereof stayed; 
 (vii) an involuntary case or other proceeding is commenced against the Company, any Guarantor or
any Significant Subsidiary with respect to it or 

  

 A-14 

 
its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect seeking the appointment of a trustee, receiver,
síndico, liquidator, custodian or other similar official of it or any substantial part of its Property, and such involuntary case or other proceeding remains undismissed and unstayed for a period of 60 days; or an order for relief is
entered or a winding up petition is presented against the Company, any Guarantor or any Significant Subsidiary under the bankruptcy laws now or hereafter in effect, and such order or petition is not being contested by the Company, any Guarantor or
any Significant Subsidiary, as the case may be, in good faith, or has not been dismissed, discharged or otherwise stayed, in each case within 60 days of being made; 
 (viii) the Company, any Guarantor or any Significant Subsidiary (i) commences a voluntary case or other proceeding seeking
liquidation, reorganization, concordata or other relief with respect to itself or its Debts under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an
involuntary case under any such law or a resolution is passed by its members for the winding up of the Company, (ii) consents to the appointment of or taking possession by a receiver, síndico, liquidator, assignee, custodian,
trustee, sequestrator or similar official of the Company, any Guarantor or any Significant Subsidiary or for all or substantially all of the Property of the Company, any Guarantor or any Significant Subsidiary or (iii) effects any general
assignment for the benefit of creditors; 
 (ix) any event occurs that under the laws of Brazil or any political subdivision
thereof or any other country has substantially the same effect as any of the events referred to in any of clause (vi) or (vii); or 
 (x) any Note Guaranty ceases to be in full force and effect, other than in accordance the terms of the Indenture, or a Guarantor denies or disaffirms its obligations under its Note Guaranty. 
 A Default under clause (iv) above shall not constitute an Event of Default until the Trustee or the Holders of at least 25% in principal amount of
the Outstanding Notes notify the Company of the Default and the Company does not cure such Default within the time specified after receipt of such notice. 
 The Trustee is not to be charged with knowledge of any Default or Event of Default or knowledge of any cure of any Default or Event of Default unless either (i) an attorney, authorized officer or agent of the
Trustee with direct responsibility for the Indenture has actual knowledge of such Default or Event of Default or (ii) written notice of such Default or Event of Default has been given to the Trustee by Cosan or any Holder. 
 If an Event of Default (other than an Event of Default specified in clauses (vii), (viii) and (ix) above) occurs and is continuing, the Trustee
or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare all unpaid principal of and accrued interest on all Notes to be due and payable immediately, by a notice in writing to Cosan, and upon any such 

  

 A-15 

 
declaration such amounts shall become due and payable immediately. If an Event of Default specified in clause (vii), (viii) or (ix) above occurs
and is continuing, then the principal of, and accrued interest on, all Notes shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 
 Subject to the provisions of the Indenture relating to the duties of the Trustee in case an Event of Default shall occur and be continuing, the Trustee
shall be under no obligation to exercise any of its rights or powers under the Indenture at the request or direction of any of the Holders, unless such Holders shall have offered to the Trustee indemnity reasonably satisfactory to it. Subject to
such provision for the indemnification of the Trustee, the Holders of a majority in aggregate principal amount of the outstanding Notes shall have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the Trustee or exercising any trust or power conferred on the Trustee. 
 At any time after a declaration of acceleration has been made
and before a judgment or decree for payment of the money due has been obtained by the Trustee as provided in the Indenture, the Holders of a majority in principal amount of the Notes by written notice to the Company and the Trustee may rescind or
annul a declaration of acceleration if (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all overdue interest (including any Additional Amounts) on Outstanding Notes, all unpaid principal of the Notes that has
become due otherwise than by such declaration of acceleration, interest on such overdue interest (including any Additional Amounts) as provided in the Indenture and all sums paid or advanced by the Trustee under the Indenture and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and (ii) all Events of Default have been cured or waived except nonpayment of principal that has become due solely because of acceleration. 
 No such rescission shall affect any subsequent Default or Event of Default or impair any right consequent thereto. 
  

	 	14.	Trustee Dealings with the Company. 

 Subject to
certain limitations imposed by the Indenture, the Trustee in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may
otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
  

	 	15.	Governing Law. 

 THE INDENTURE AND THIS NOTE SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
  

	 	16.	No Recourse Against Others. 

 No director, officer,
employee or shareholder, as such, of the Company or the Trustee shall have any liability for any obligations of the Company under the Notes or any obligations of the Company or the Trustee under the Indenture or for any claim based on, in respect of
or by reason of such obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 
  

 A-16 

	 	17.	CUSIP and ISIN Numbers. 

 Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP or ISIN numbers, as applicable, to be printed on the Notes and has directed the Trustee to use CUSIP or ISIN numbers, as
applicable, in notices of redemption as a convenience to Holders. No representation is made by the Company, the Trustee, the Paying Agents, the Transfer Agents or the Registrar as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Company
shall furnish to any Holder upon written request and without charge a copy of the Indenture, which includes the form of this Note. Requests may be made to: 
 Cosan Finance Limited 
 Walkers SPV Limited Walker House, 87 Mary Street 
 George Town, Grand Cayman KY1-9002 
 Cayman Islands 
 Attention: Paulo Diniz 
 Facsimile: (55 11) 3897-9799 
  

 A-17 

 EXHIBIT B 
 SUPPLEMENTAL INDENTURE 
 dated as of
                     ,      
 among 
 COSAN FINANCE LIMITED, 
 the [ADDITIONAL GUARANTOR(S)] Party Hereto 
 THE BANK OF NEW YORK, 
 as Trustee 
 THE BANK OF TOKYO-MITSUBISHI UFJ,
LTD., 
 as Principal Paying Agent 
 and 
 THE BANK OF NEW YORK (LUXEMBOURG) S.A., 
 as Luxembourg Paying Agent and Transfer Agent 
  

 7% Senior Notes Due 2017 

 THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into as of
                    ,     , among Cosan Finance Limited, an exempted company incorporated under the laws of the
Cayman Islands (the “Company”), [Additional Guarantor(s)] (each an “Undersigned”), The Bank of New York, as trustee (the “Trustee”), The Bank of Tokyo-Mitsubishi UFJ, Ltd., as principal paying agent
(the “Principal Paying Agent”) and The Bank of New York (Luxembourg) S.A., as Luxembourg Paying Agent and Transfer Agent (the “Luxembourg Paying Agent and Transfer Agent”). 
 RECITALS 
 WHEREAS, the Company, the
Guarantors party thereto, The Bank of New York, as Trustee, The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Principal Paying Agent, and The Bank of New York (Luxembourg) S.A., as Luxembourg Paying Agent and Transfer Agent, entered into the Indenture,
dated as of January 26, 2007 (the “Indenture”), relating to the Company’s 7% Senior Notes Due 2017 (the “Notes”); 
 WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the Notes by the Holders, the Company agreed pursuant to the Indenture to cause any newly acquired or created Subsidiaries to
provide Guarantees in certain circumstances. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this
Supplemental Indenture hereby agree as follows: 
 Section 1. Capitalized terms used herein and not otherwise defined herein are used as
defined in the Indenture. 
 Section 2. Each Undersigned, by its execution of this Supplemental Indenture, agrees to be a Guarantor
under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article 10 thereof. [Specify % to be guaranteed, if less than 100%.] 
 Section 3. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 
 Section 4. This Supplemental Indenture may be signed in various counterparts which together shall constitute one and the same instrument.

 Section 5. This Supplemental Indenture is an amendment supplemental to the Indenture, and the Indenture and this Supplemental
Indenture shall henceforth be read together. 
  

 B-1 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of
the date first above written. 
  

			
	COSAN FINANCE LIMITED
as Issuer
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	 Name:
	 	
	 Title:
	 	
	
	[ADDITIONAL GUARANTOR]
as Guarantor
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
		
	By:	 	  

	 Name:
	 	
	 Title:
	 	
	
	 THE BANK OF NEW YORK, N.A.
 as Trustee, Registrar and Transfer Agent

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
 as Principal Paying Agent

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 B-2 

			
	 THE BANK OF NEW YORK (LUXEMBOURG) S.A.
 as Luxembourg Paying Agent and Transfer Agent

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 B-3 

 EXHIBIT C 
 FORM OF 
 TRANSFER NOTICE 
 FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto 
 Insert Taxpayer
Identification No. 
  

 Please print
or typewrite name and address, including postal zip code, of assignee 
  

 this Note and all rights hereunder, hereby irrevocably constituting and appointing 
  

					
	  
	 	attorney to transfer said Note on the books of Cosan Indústria e Comércio with full

 power of substitution in the premises. 
  

 In connection with any transfer of this Note occurring prior to the date [which is two years after the original issue date of the Notes,]* [which is on or prior to the 40th day after the Closing Date (as defined in the Indenture governing the Notes),]† the undersigned confirms that: 
 [Check one] 
  

					
	 ̈	  	(a)	 	This Note is being transferred to a person whom the Holder reasonably believes is a qualified institutional buyer (as defined in Rule 144A under the U.S. Securities Act of 1933, as amended
(the “Securities Act”), in a transaction meeting the requirement of Rule 144A;
			
	 ̈	  	(b)	 	This Note is being transferred in an offshore transaction in accordance with Rule 904 under the Securities Act;
			
	 ̈	  	(c)	 	This Note is being transferred pursuant to an exemption from registration under the Securities Act provided by Rule 144 thereunder (if available);
			
	 ̈	  	(d)	 	This Note is being transferred pursuant to an effective registration statement under the Securities Act; or
			
	 ̈	  	(e)	 	This Note is being transferred to Cosan Finance Limited or one of its Subsidiaries, in each of cases (a) through (e) above, in accordance with any applicable securities laws of any
State of the United States.

	 	 *
	 Include in Restricted Note.

	 	 †
	 Include in Regulation S
Note. 

  

 C-1 

 If none of the foregoing boxes is checked, the Transfer Agent shall not be obligated to register this
Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.07 of the Indenture shall have been satisfied. 
  

					
			
	Date:	 	  
	 	

  

	
	  

	NOTICE: The signature to this assignment must
correspond with the name as written upon the face of
this instrument in every particular, without alteration,
enlargement or any other
change whatever.

  

 C-2 

 EXHIBIT D 
 FORM OF CERTIFICATE 
 FOR TRANSFER FROM RESTRICTED GLOBAL 
 NOTE OR CERTIFICATED NOTE BEARING 
 A SECURITIES
ACT LEGEND TO REGULATION S 
 GLOBAL NOTE OR CERTIFICATED NOTE 
 NOT BEARING A SECURITIES ACT LEGEND 
 The Bank of New York 
 101 Barclay Street – 4th Floor East 
 New York, New York 10286 
 Attn: Corporate Trust Department 
  

	 	Re:	7% Senior Notes Due 2017 (the “Notes”) 

 Reference is hereby made to the Indenture, dated January 26, 2007 (the “Indenture”), among Cosan Finance Limited, the Guarantors party thereto, The Bank of New York, as Trustee, and The Bank of Tokyo-Mitsubishi UFJ,
Ltd., as Principal Paying Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 This letter relates to U.S.$                     principal amount of Notes which are held in the form of [a beneficial interest in
the Restricted Global Note with the Depositary in the name of the undersigned] [a Certificated Note bearing a Securities Act Legend]. 
 The undersigned has requested a transfer of such [beneficial interest] [Certificated Note] to a
Person who shall take delivery thereof in the form of [a beneficial interest of equal principal amount in the Regulation S Global Note (ISIN No. USG24419AA47) to be held with [Euroclear]* [Clearstream Banking]* (Common Code No. 028446446) through the Depositary] [a Certificated Note of equal principal amount not bearing a Securities Act Legend]. In connection with such transfer, the undersigned does hereby certify that such transfer
has been effected in accordance with the transfer restrictions set forth in the Indenture and the Notes and pursuant to and in accordance with Rule 903 or 904 of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), and, accordingly, the undersigned further certifies that: 
 (1) the offer of the Notes was not made to a U.S. Person (as
defined under Regulation S); 
 [(2) at the time the buy order was originated, the
transferee was outside the United States or the undersigned and any Person acting on behalf of the undersigned reasonably believed that the transferee was outside the United States;]† 
  

	 	 *
	 Indicate appropriate clearing system. 

	 	 †
	 Insert one of the two provisions. 

  

 D-1 

 [(2) the transaction was executed in, on or
through the facilities of a designated offshore securities market and neither the undersigned nor any Person acting on behalf of the undersigned knows that the transaction was prearranged with a buyer in the United States;]‡ 
 (3) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; 
 (4) the undersigned is not the Company, a distributor, an affiliate of either the Company or a distributor, or a Person acting on behalf of any of the foregoing; and 
 (5) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. 
 This certificate and the statements contained herein are made for your benefit and for the benefit of Cosan Finance Limited. Terms used in this
certificate and not otherwise defined in this Indenture have the meanings set forth in Regulation S. 
  

			
	[INSERT NAME OF TRANSFEROR]
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Dated:
                    ,          
 cc: Cosan Finance Limited 
  

	 	 ‡
	 Insert one of the two provisions. 

  

 D-2 

 EXHIBIT E 
 FORM OF TRANSFER CERTIFICATE 
 FOR TRANSFER FROM REGULATION S GLOBAL 
 NOTE OR CERTIFICATED NOTE NOT BEARING 
 A
SECURITIES ACT LEGEND TO RESTRICTED GLOBAL 
 NOTE OR CERTIFICATED NOTE BEARING 
 A SECURITIES ACT LEGEND 
 (PRIOR TO 40TH DAY AFTER CLOSING DATE) 
 The Bank of New York 
 101 Barclay Street – 4th Floor East 

New York, New York 10286 
 Attn: Corporate Trust Department 
  

	 	Re:	7% Senior Notes Due 2017(the “Notes”) 

 Reference is hereby made to the Indenture, dated January 26, 2007 (the “Indenture”), among Cosan Finance Limited, the Guarantors party thereto, The Bank of New York, as Trustee, and The Bank of Tokyo-Mitsubishi UFJ,
Ltd., as Principal Paying Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 This letter relates to U.S.$                     principal amount of Notes which are held in the form of [a beneficial interest in
the Regulation S Global Note (ISIN No. USG24419AA47) with the Depositary in the name of the undersigned] [a Certificated Note not bearing the Securities Act Legend]. 
 The undersigned has requested a transfer of such [beneficial interest] [Certificated Note] to a Person who shall take delivery thereof in the form of [a beneficial interest in the Restricted Global Note (CUSIP
No. 22112AAA4) to be held through the Depositary] [a Certificated Note bearing the Securities Act Legend]. In connection with such transfer, the undersigned does hereby confirm that such transfer has been effected in accordance with the
transfer restrictions set forth in the Indenture and the Notes and pursuant to and in accordance with Rule 144A under the U.S. Securities Act of 1933, as amended, and accordingly, the undersigned represents that: 
 (1) the Notes are being transferred to a transferee that the undersigned reasonably believes is purchasing the Notes for its own account or one or more
accounts with respect to which the transferee exercises sole investment discretion; and 
 (2) the transferee and any such account is a
“qualified institutional buyer” within the meaning of Rule 144A, in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction.

 This certificate and the statements contained herein are made for your benefit and for the benefit of Cosan Finance Limited. 

 

 E-1 

			
	[INSERT NAME OF TRANSFEROR]
		
	By:	 	  

	 Name:
	 	
	 Title:
	 	

 Dated:
                    ,          
 cc: Cosan Finance Limited 
  

 E-2 

 EXHIBIT F 
 FORM OF CERTIFICATE FOR REMOVAL 
 OF THE SECURITIES ACT LEGEND ON A CERTIFICATED NOTE 
 The Bank of New York 
 101 Barclay Street – 4th Floor East 

New York, New York 10286 
 Attn: Corporate Trust Department 
  

	 	Re:	7% Senior Notes Due 2017 (the “Notes”) 

 Reference is hereby made to the Indenture, dated January 26, 2007 (the “Indenture”), among Cosan Finance Limited, the Guarantors party thereto, The Bank of New York, as Trustee, and The Bank of Tokyo-Mitsubishi UFJ,
Ltd., as Principal Paying Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 This letter relates to
U.S.$                     principal amount of Notes which are held in the form of [a beneficial interest in the Restricted Global Note (CUSIP
No. 22112AAA4) with the Depositary] [[a] Certificated Note(s) in the name of the undersigned.]*

 The undersigned has requested for the restrictive Legend on the Certificated Note(s) to be removed. 
 In connection with such transfer, the undersigned does hereby certify that such transfer has been effected only (i) in an offshore transaction in
accordance with Rule 904 under the Securities Act, (ii) pursuant to an exemption from registration under the Securities Act provided by Rule 144 thereunder (if available) or (iii) pursuant to an effective registration statement under the
Securities Act, in each of cases (i) through (iii) in accordance with any applicable securities laws of any State of the United States. 
  

	 	 *
	 Indicate form in which Notes are held. 

  

 F-1 

 This certificate and the statements contained herein are made for your benefit and for the benefit of and
Cosan Finance Limited. 
  

			
	[NAME OF UNDERSIGNED]
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Dated:
                    ,          
 cc: Cosan Finance Limited 
  

 F-2Loan Agreement dated as of June 28, 2005

 Exhibit 10.4 
 EXECUTION COPY 
 INVESTMENT NUMBER 22819 
 Loan Agreement 
 between

 COSAN S.A. - INDÚSTRIA E COMÉRCIO 
 and 
 INTERNATIONAL FINANCE CORPORATION 
 Dated June 28, 2005 

 TABLE OF CONTENTS 
  

					
	 Article/Section
	  	 Item
	  	 Page No.

					
	 ARTICLE I
	  	1
		
	 Definitions and Interpretation
	  	1
			
	     Section 1.01.
	 	 General Definitions
	  	1
	     Section 1.02.
	 	 Financial Definitions
	  	13
	     Section 1.03.
	 	 Financial Calculations
	  	19
	     Section 1.04.
	 	 Interpretation
	  	19
	     Section 1.05.
	 	 Business Day Adjustment
	  	19
		
	 ARTICLE II
	  	20
		
	 The Project, Project Cost and Financial Plan
	  	20
			
	     Section 2.01.
	 	 The Project
	  	20
	     Section 2.02.
	 	 Project Cost and Financial Plan
	  	20
		
	 ARTICLE III
	  	21
		
	 The Loan
	  	21
			
	     Section 3.01.
	 	 The Loan
	  	21
	     Section 3.02.
	 	 A Loan Disbursement Procedure
	  	21
	     Section 3.03.
	 	 A Loan Interest Rate
	  	21
	     Section 3.04.
	 	 Repayment
	  	22
	     Section 3.05.
	 	 Prepayment of the A Loan
	  	23
	     Section 3.06.
	 	 Mandatory Prepayment
	  	24
	     Section 3.07.
	 	 The C Loan
	  	24
	     Section 3.08.
	 	 C Loan Disbursement Procedure
	  	24
	     Section 3.09.
	 	 C Loan Interest Rate.
	  	25
	     Section 3.10.
	 	 C Loan Additional Interest
	  	25
	     Section 3.11.
	 	 Grant of Conversion Option
	  	26
	     Section 3.12.
	 	 Exercise of Conversion Option
	  	26
	     Section 3.13.
	 	 Borrower Obligations relating to Exercise of Conversion Option
	  	26
	     Section 3.14.
	 	 Conversion of the C Loan
	  	27
	     Section 3.15.
	 	 Continuing Interest; Dividends
	  	27
	     Section 3.16.
	 	 Repayment.
	  	28
	     Section 3.17.
	 	 Prepayment of the C Loan
	  	28
	     Section 3.18.
	 	 Default Rate Interest
	  	29
	     Section 3.19.
	 	 Fees
	  	29
	     Section 3.20.
	 	 Currency and Place of Payments
	  	30
	     Section 3.21.
	 	 Allocation of Partial Payments
	  	31
	     Section 3.22.
	 	 Increased Costs
	  	31
	     Section 3.23.
	 	 Unwinding Costs
	  	31

					
	     Section 3.24.
	 	 Suspension or Cancellation by IFC
	  	31
	     Section 3.25.
	 	 Cancellation by the Borrower
	  	32
	     Section 3.26.
	 	 Taxes
	  	32
	     Section 3.27.
	 	 Expenses
	  	33
	     Section 3.28.
	 	 Promissory Notes
	  	34
		
	 ARTICLE IV
	  	36
		
	 Representations and Warranties
	  	36
			
	     Section 4.01.
	 	 Representations and Warranties
	  	36
	     Section 4.02.
	 	 IFC Reliance
	  	38
		
	 ARTICLE V
	  	39
		
	 Conditions of Disbursement
	  	39
			
	     Section 5.01.
	 	 Conditions of First Disbursement
	  	39
	     Section 5.02.
	 	 Conditions of All Disbursements
	  	41
	     Section 5.03.
	 	 Borrower’s Certification
	  	42
	     Section 5.04.
	 	 Conditions for IFC Benefit
	  	43
		
	 ARTICLE VI
	  	43
		
	 Particular Covenants
	  	43
			
	     Section 6.01.
	 	 Affirmative Covenants
	  	43
	     Section 6.02.
	 	 Negative Covenants
	  	46
	     Section 6.03.
	 	 Reporting Requirements
	  	48
	     Section 6.04.
	 	 Insurance
	  	51
		
	 ARTICLE VII
	  	54
		
	 Events of Default
	  	54
			
	     Section 7.01.
	 	 Acceleration after Default
	  	54
	     Section 7.02.
	 	 Events of Default
	  	54
	     Section 7.03.
	 	 Bankruptcy
	  	57
		
	 ARTICLE VIII
	  	57
			
	 Miscellaneous
	 		  	57
			
	     Section 8.01.
	 	 Saving of Rights
	  	57
	     Section 8.02.
	 	 Notices
	  	58
	     Section 8.03.
	 	 English Language
	  	59
	     Section 8.04.
	 	 Term of Agreement
	  	59
	     Section 8.05.
	 	 Applicable Law and Jurisdiction.
	  	59
	     Section 8.06.
	 	 Disclosure of Information
	  	61
	     Section 8.07.
	 	 Successors and Assignees
	  	62
	     Section 8.08.
	 	 Amendments, Waivers and Consents
	  	62
	     Section 8.09.
	 	 Counterparts
	  	62

  

 ii 

 LOAN AGREEMENT 
 AGREEMENT, dated June 28, 2005, between: 
  

	 	(1)	COSAN S.A. – INDÚSTRIA E COMÉRCIO, a sociedade anônima organized and existing under the laws of the Federative Republic of Brazil, registered
with the CNPJ/MF under Number 50.746.577/0001-15 (the “Borrower”); and 

  

	 	(2)	INTERNATIONAL FINANCE CORPORATION, an international organization established by Articles of Agreement among its member countries including the Federative Republic of Brazil
(“IFC”). 

 ARTICLE I 
 Definitions and Interpretation 
 Section 1.01. General Definitions. Wherever used
in this Agreement, unless the context otherwise requires, the following terms have the meanings opposite them: 
  

			
	“A Loan”	  	the loan specified in Section 3.01 (The A Loan) or, as the context requires, the aggregate principal amount thereof from time to time outstanding;
		
	“A Loan Disbursement”	  	any disbursement of the A Loan;
		
	“A Loan Interest Rate”	  	for any Interest Period, the rate of interest payable on the A Loan during that Interest Period determined in accordance with Section 3.03 (A Loan Interest Rate);
		
	“A Loan Spread”	  	three and three quarters of one per cent (3.75%) per annum;
		
	“A Note”	  	the meaning provided in Section 3.28 (a) (Promissory Notes);
		
	“Accounting Principles”	  	(i) until the end of the third quarter of the Borrower’s Fiscal Year 2007, and in respect of all matters pertaining to the Borrower’s Fiscal Year 2006 and all prior Fiscal Years,
Brazilian GAAP; and (ii) at all times thereafter, and in respect of all matters pertaining to the Borrower’s full Fiscal Year 2007 and all subsequent Fiscal Years, USGAAP or IFRS;

			
	 “Additional Interest”
	  	the amount payable by the Borrower to IFC as additional compensation on the C Loan, as provided under Section 3.10 (C Loan Additional Interest);
		
	“Affiliate”	  	any Person directly or indirectly controlling, controlled by or under common control with, the Borrower (for purposes of this definition, “control” means the power to direct the
management or policies of a Person, directly or indirectly, whether through the ownership of shares or other securities, by contract or otherwise, provided that the direct or indirect ownership of twenty per cent (20%) or more of the voting
share capital of a Person is deemed to constitute control of that Person, and “controlling” and “controlled” have corresponding meanings);
		
	“Aguassanta”	  	Aguassanta Participações S.A., a sociedade anônima existing under the laws of the Country and a shareholder of the Borrower;
		
	“Annual Monitoring Report”	  	the annual environmental report to be submitted to IFC by the Borrower, as provided under Section 6.03 (d) (Reporting Requirements), in the form of Schedule 9, confirming
compliance during the previous Fiscal Year, with the applicable requirements and standards of the World Bank Environmental Policies and applicable environmental and occupational health and safety requirements of the Government of the Country and the
local authorities, including a description of all measures implemented and/or action taken to comply with the environmental and social undertakings listed in Section 6.01(p) (Affirmative Covenants);
		
	“Auditors”	  	Ernst & Young Assessoria Contábil e Empresarial, or such other firm that the Borrower appoints from time to time as its auditors pursuant to Section 6.01(d)
(Affirmative Covenants);
		
	“Authority”	  	any national, supranational, regional or local government or governmental, administrative, fiscal, judicial, or government-owned body, department, commission (including the CVM), authority,
tribunal, agency or entity, or central bank, including Banco Central (or any Person, whether or not government owned and howsoever constituted or called, that exercises the functions of a central bank);

  

 -2- 

			
		
	 “Authorization”
	  	any consent, registration, filing, agreement, notarization, certificate, license, approval, permit, authority or exemption from, by or with any Authority, whether given by express action or
deemed given by failure to act within any specified time period and all corporate, creditors’ and shareholders’ approvals or consents;
		
	“Authorized Representative”	  	any natural person who is duly authorized by the Borrower to act on its behalf for the purposes specified in, and whose name and a specimen of whose signature appear on, the Certificate of
Incumbency and Authority most recently delivered by the Borrower to IFC;
		
	“Banco Central”	  	Banco Central do Brasil, and/or any other governmental authority or authorities which may succeed to any of the functions, duties or authority of Banco Central do Brasil;
		
	“BOVESPA”	  	the São Paulo stock exchange (Bolsa de Valores do Estado de São Paulo);
		
	“Brazilian GAAP”	  	generally accepted accounting principles of the Country promulgated by the Financial and Accounting Standards Board and the CVM;
		
	“Business Day”	  	a day when banks are open for business in New York, New York and, solely for the purpose of determining the applicable Interest Rate other than pursuant to Section 3.03(d)(ii) (A Loan
Interest Rate), London, England;
		
	“C Loan”	  	the loan specified in Section 3.07 (The C Loan) or, as the context requires, the aggregate principal amount thereof from time to time outstanding;
		
	“C Loan Disbursement”	  	any disbursement of the C Loan;
		
	“C Loan Interest Rate”	  	for any Interest Period, the rate of interest payable on the C Loan during that Interest Period determined in accordance with Section 3.09 (C Loan Interest Rate);
		
	“C Loan Spread”	  	three and three quarters of one per cent (3.75%) per annum;
		
	“C Note”	  	the meaning provided in Section 3.28(a) (Promissory Notes);

  

 -3- 

			
		
	 “Certificate of Incumbency
 and Authority”
	  	a certificate provided to IFC by the Borrower in the form of Schedule 1;
		
	 “Charter”
	  	with respect to the Borrower, its Estatuto Social;
		
	 “Controlling Shareholders”
	  	collectively, Aguassanta, Costa Pinto and Santa Bárbara;
		
	 “Conversion Equivalent”
	  	with respect to any Loan Currency amount, the amount of Reais that can be purchased with that Loan Currency amount at the Conversion Exchange Rate;
		
	 “Conversion Exchange Rate”
	  	the rate of exchange for the purchase of Reais with Dollars quoted by the Quoting Bank on the date of IFC’s payment for Conversion Shares or, if that is not a date on which such rate is
quoted, on the immediately preceding date on which such rate was quoted;
		
	 “Conversion Option”
	  	the option granted to IFC in Section 3.11 (Grant of Conversion Option) to subscribe for, and to apply the amount of the C Loan then outstanding as the subscription price for, the
Conversion Shares;
		
	“Conversion Shares”	  	the shares of the Borrower to be acquired by IFC pursuant to an exercise of the Conversion Option;
		
	“Corporate Guarantors”	  	collectively, Da Barra, Amaralina Agrícola Ltda, Cosan Portuária, Cosan S.A. Refinadora de Açúcar and Agricola Ponte Alta S.A.;
		
	“Costa Pinto”	  	Usina Costa Pinto S.A., a sociedade anônima existing under the laws of the Country and a shareholder of the Borrower;
		
	“CAP”	  	the Corrective Action Plan attached as Schedule 5 hereto;
		
	“Cosan Portuária”	  	Cosan Operadora Portuária S.A., a sociedade anônima existing under the laws of the Country and a Subsidiary of the Borrower;
		
	“Country”	  	Federative Republic of Brazil;
		
	“CVM”	  	the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários);

  

 -4- 

			
	 “Da Barra”
	  	Usina da Barra S.A. Açúcar e Álcool, a sociedade anônima existing under the laws of the Country and a Subsidiary of the Borrower;
		
	“Derivative Transaction”	  	any swap agreement, cap agreement, collar agreement, futures contract, forward contract or similar arrangement with respect to interest rates, currencies or commodity prices;
		
	“Disbursement”	  	any A Loan Disbursement or C Loan Disbursement;
		
	“Dollars” and the sign “$”	  	the lawful currency of the United States of America;
		
	 “Environmental, Health
 and Safety
Guidelines”
	  	(i) the following guidelines as in effect from time to time: Plantations Guidelines (July 1998); Sugar Manufacturing Guidelines (July 1998); General Environmental Guidelines (July 1998);
Occupational Health and Safety Guidelines (June 2003); Ports and Harbors Guidelines (July 1998); Hazardous Material Management Guidelines (December 2001), and Pesticides Handling and Application Guidelines (July 1998); copies of which have been
delivered to, and receipt of which has been acknowledged by, the Borrower by a facsimile, dated March 01, 2005; and (ii) such other environmental, health and safety guidelines as may be adopted by IFC from time to time and in such case,
upon communication by IFC to the Borrower, the parties shall agree on a satisfactory course of action for the Borrower’s full adherence to any such new guidelines, if necessary; copies of all of which may be accessed through the IFC internet
website at www.ifc.org/enviro or such other website as IFC notifies to the Borrower from time to time;
		
	 “Environmental
 Review Summary” or

“ERS”
	  	the Environmental Review Summary with attachments, prepared by IFC, and disclosed on March 3, 2005;
		
	 “Environmental
 and
Social Policies”
	  	the applicable policies set out in the following policy statements, summaries of which have been delivered to, and receipt of which has been acknowledged by, the Borrower by letter dated
March 3, 2005, and whose full versions are at http:/www.ifc.org and are incorporated herein by reference: Policy Statement on Forced Labor and Harmful Child Labor (March 1998); Policy on Disclosure

  

 -5- 

			
		  	of Information (September 1998); OP 4.01 Policy on Environmental Assessment (October 1998); OP 4.04 Policy on Natural Habitats (November 1988); and OP 4.09 Policy on Pest Management (November
1998);
		
	“Equity Rights Agreement”	  	the agreement of even date herewith entered into among IFC, the Borrower, the Guarantors and the Controlling Shareholders providing inter alia for certain obligations of the
Guarantors, the Borrower and the Controlling Shareholders all in accordance with the terms and conditions provided for therein;
		
	“Event of Default”	  	any one of the events specified in Section 7.02 (Events of Default);
		
	“FBA”	  	FBA Franco Brasileira de Açúcar e Álcool S.A., a sociedade anônima existing under the laws of the Country and a Subsidiary of the Borrower;
		
	“Financial Plan”	  	the proposed sources of financing for the Project set out in Section 2.02 (Project Cost and Financial Plan);
		
	“Fiscal Year”	  	the accounting year of the Borrower commencing each year on May 1st and ending on the following April 30th or such other period as the Borrower, with IFC’s
consent, from time to time designates as its accounting year;
		
	“Guarantee Agreement”	  	the agreement of even date herewith entered into among the Guarantors and IFC providing inter alia for the unconditional joint and several guarantee (fiança) of the
Guarantors to the Loan;
		
	“Guarantors”	  	collectively, the Corporate Guarantors and Mr. Silveira Mello;
		
	“IFC Security”	  	first ranking mortgage over Da Barra’s sugar mill plant and first ranking pledges of Da Barra’s movable assets, all acceptable to IFC;
		
	“IFC Security Documents”	  	the agreements evidencing the creation of the IFC Security;
		
	“IFRS”	  	the International Financial Reporting Standards promulgated by the International Accounting Standards Committee;

  

 -6- 

					
		
	“Increased Costs”	  	 the net incremental costs of, or reduction in return to, IFC in connection with the making or maintaining of the Loan that result from
any change in any applicable law or regulation or directive (whether or not having force of law) or in its interpretation or application by any Authority charged with its administration that, after the date of this Agreement, imposes on IFC any
condition regarding the making or maintaining of the Loan;

		
	“Increased Costs Certificate”	  	 a certificate provided from time to time by IFC certifying the amount of, and circumstances giving rise to, the Increased
Costs;

		
	“Interest Determination Date”	  	 the second Business Day before the beginning of each Interest Period;

		
	 “Interest Payment Date”
	  	 January 15 or July 15 in any year;

		
	 “Interest Period”
	  	 each period of six (6) months in each case beginning on an Interest Payment Date and ending on the day immediately before the
next following Interest Payment Date, except in the case of: (i) the first period applicable to each Disbursement when it means the period beginning on the date on which that Disbursement is made and ending on the day immediately before the
next following Interest Payment Date; and (ii) an exercise of the Conversion Option and with respect to the C Loan only, when it means (A) the period beginning on the last Interest Payment Date prior to the relevant issuance of a Notice of
Conversion Option Exercise and ending on the day immediately before the date of the IPO and (B) if any part of the C Loan remains outstanding after the IPO, the period beginning on the date of the IPO and ending on the day immediately before
the next following Interest Payment Date (after which period, the exception described in this clause (ii) shall no longer apply);

		
	 “Interest Rate”
	  	 the rate at which interest is payable on the Loan during that Interest Period, determined in accordance with Section 3.03 (A
Loan Interest Rate), in the case of the A Loan, and Section 3.09 (C Loan Interest Rate), in the case of the C Loan;

  

 -7- 

					
		
	“IPO”	  	an initial offering of ordinary shares on the BOVESPA, NASDAQ, the New York Stock Exchange, the American Stock Exchange or such other stock exchange upon which the Borrower and
IFC may agree;
		
	“IPO Price per Share”	  	the price per share at which shares of the Borrower are offered in an IPO, as determined by the Borrower’s Board of Directors;
		
	“LIBOR”	  	the British Bankers’ Association (“BBA”) interbank offered rates for deposits in Dollars which appear on the relevant page of the Telerate Service (currently page
3750) or, if not available, on the relevant pages of any other service (such as Reuters Service or Bloomberg Financial Markets Service) that displays such BBA rates; provided, that if BBA for any reason ceases (whether permanently or
temporarily) to publish interbank offered rates for deposits in Dollars, “LIBOR” shall mean the rate determined pursuant to Section 3.03 (d) (A Loan Interest Rate);
		
	“Lien”	  	any mortgage, pledge, charge, assignment, hypothecation, security interest, title retention, preferential right, trust arrangement, right of set-off, counterclaim or banker’s
lien (alienação fiduciária), privilege or priority of any kind having the effect of security, any designation of loss payees or beneficiaries or any similar arrangement under or with respect to any insurance policy
or any preference of one creditor over another arising by operation of law;
		
	“Loan”	  	collectively, the A Loan and the C Loan or, as the context requires, the aggregate principal amount of the A Loan and the C Loan outstanding from time to time;
		
	“Loan Currency”	  	Dollars;
		
	“Management Letter”	  	a letter or any other communication sent by the Auditors to the Borrower in relation to the Borrower’s financial, accounting and other internal control systems, management
and accounts;
		
	“Material Adverse Effect”	  	a material adverse effect on:
			
		  	(i)	  	the Borrower, the Guarantors, or the assets or properties of either of them;

  

 -8- 

					
			
		  	(ii)	  	the Borrower’s or Corporate Guarantors’ business prospects or financial condition;
			
		  	(iii)	  	the implementation of the Project or the Financial Plan or the carrying on of the Borrower’s or Corporate Guarantors’ business or operations; or
			
		  	(iv)	  	the ability of the Borrower and/or Guarantors to comply with its or their obligations under this Agreement or any other Transaction Document;
		
	“Mr. Silveira Mello”	  	Rubens Ometto Silveira Mello, a Brazilian citizen, married under separação total de bens, and bearer of the Brazilian personal identification number
RG: 4170972 and taxpayer’s registration number CPF: 412.321.788-53;
		
	“Notes Agreement”	  	the indenture among the Borrower, JPMorgan Chase Bank, J.P. Morgan Trust Bank Ltd. And J.P. Morgan Bank Luxembourg S.A. dated as of October 25, 2004 providing for the
issuance of senior notes in the aggregate amount of two hundred million Dollars ($200,000,000), with final maturity due on November 01, 2009; provided that solely for the purposes of Sections 6.02 (n) and (o) (Negative
Covenants), the references to the Notes Agreement in such Sections are to the relevant provisions of the Notes Agreement in effect as of the date of this Agreement and, except for the Waiver Solicitation such provisions shall not be modified or
otherwise affected by (i) the expiration or termination of the Notes Agreement or (ii) any amendment or variation thereof to which IFC has not consented in accordance with Section 6.03 (m) (Reporting
Requirements);
		
	 “Notice of Conversion
 Option
Exercise”
	  	a notice in writing issued by IFC stating that IFC is exercising the Conversion Option and specifying the outstanding principal amount of the C Loan which is the subject of such
exercise;
		
	“Notice of IPO”	  	a notice in writing issued by the Borrower to IFC under Section 6.03(k) (Reporting Requirements) stating: (a) that an IPO is expected to occur within the period
specified therein, which shall be a period commencing not earlier than thirty (30) days, and ending not later than ninety (90) days, after the date on which such notice was delivered to IFC; (b) the stock exchange or stock exchanges
on which

  

 -9- 

					
		
		  	such IPO is expected to occur, which shall be a stock exchange referred to in the definition of IPO in this Section 1.01; (c) if made public such information at the time
such notice is issued, the date on which formal disclosure documentation in connection with the proposed IPO, including, without limitation, adequate disclosure regarding IFC’s rights pursuant to the Conversion Option, will be filed with the
appropriate securities regulatory body; (d) if made public such information at the time such notice is issued, the number of shares intended to be offered in such IPO; (e) if made public such information at the time such notice is issued,
the number of shares that will be issued and outstanding immediately after such IPO if all shares intended to be offered pursuant to such IPO, including all shares that IFC is entitled to acquire upon exercise of the Conversion Option, are
subscribed, paid for and issued; (f) if made public such information at the time such notice is issued, the price per share at which shares are intended to be offered in such IPO; and (g) if made public such information at the time such
notice is issued, the date on which the offering documents relating to such IPO, including, without limitation, adequate disclosure regarding IFC’s rights pursuant to the Conversion Option, will be made available to potential
investors;
		
	 “Notice of IPO
 Cancellation/Deferment”
	  	a notice referred to in Section 6.03 (k) (iv) and (v) (Reporting Requirements);
		
	“Notice of IPO Update”	  	a notice, required under Section 6.03 (k) (iii) (Reporting Requirements), and issued by the Borrower to IFC to supplement or update the information included
in a Notice of IPO;
		
	“Novo Mercado”	  	the Regulamento do Novo Mercado, a set of rules and procedures for a certain class of companies listed on BOVESPA;
		
	“Official”	  	any officer of a political party or candidate for political office in the Country or any officer or employee (i) of the government of the Country (including any legislative,
judicial, executive or administrative department, agency or instrumentality thereof) or (ii) of a public international organization;

  

 -10- 

					
		
	“Ordinary Course of Business”	  	any transaction contemplated in the Borrower’s Charter that complies with any applicable laws and/or regulations of the Country and is on the basis of arms’-length
arrangements;
		
	“Person”	  	the Borrower and any natural person, corporation, partnership, firm, voluntary association, joint venture, trust, unincorporated organization, Authority or any other entity
whether acting in an individual, fiduciary or other capacity;
		
	“Potential Event of Default”	  	any event or circumstance which would, with notice, lapse of time, the making of a determination or any combination thereof, become an Event of Default;
		
	“Prohibited Payments”	  	any offer, gift, payment, promise to pay or authorization of the payment of any money or anything of value, directly or indirectly, to or for the use or benefit of any Official
(including to or for the use or benefit of any other Person if the Borrower knows, or has reasonable grounds for believing, that the other Person would use such offer, gift, payment, promise or authorization of payment for the benefit of any such
Official), for the purpose of influencing any act or decision or omission of any Official in order to obtain, retain or direct business to, or to secure any improper benefit or advantage for, the Borrower, its Affiliates or any other Person;
provided that any such offer, gift, payment, promise or authorization of payment shall not be considered a Prohibited Payment if, in IFC’s reasonable opinion, it (i) is lawful under applicable written laws and regulations or (ii) is
made for the purpose of expediting or securing the performance of a routine governmental action (as such term is construed under applicable law);
		
	“Project”	  	the project described in Section 2.01 (The Project);
		
	“Promissory Notes”	  	the promissory notes evidencing the Loan and bearing the guarantee (aval) of Mr. Silveira Mello for all payments of principal of the Loan by the Borrower,
substantially in the form of Schedule 10;
		
	“Quoting Bank”	  	at any relevant time, a commercial bank in the Country duly accredited by Banco Central to carry out foreign exchange transactions and designated by IFC;

  

 -11- 

							
	“Reais” and the sign “R$”	 	the lawful currency of the Country, including any currency which from time to time may replace Reais as the lawful currency of the Country;
		
	“ROF”	 	the registration of the financial terms and conditions of the Loan with Banco Central under the Module Registry of Financial Transaction (Módulo Registro de
Operação Financeira) which shall provide for payment of amounts due and at all times specified therein;
		
	 “Santa Bárbara”
	 	Santa Bárbara Agrícola S.A., a sociedade anônima existing under the laws of the Country and a shareholder of the Borrower;
		
	“Share Subscription Agreement”	 	the agreement entitled “Share Subscription Agreement” dated May 31, 2005 entered into among the Controlling Shareholders, Mr. Silveira Mello, Tereos, and
Sucden providing, inter alia for the conditional subscription of common shares of the Borrower by Tereos and Sucden upon the occurrence of an IPO; provided that solely for the purposes of item (xi) of the financial definition of
“Debt”, the references to the Share Subscription Agreement in such financial definition is to the relevant provisions of the Share Subscription Agreement in effect as of the date of this Agreement and such provisions shall not be modified
or otherwise affected by any amendment or variation thereof to which IFC has not consented in accordance with Section 6.03 (m) (Reporting Requirements);
		
	“Subsidiary”	 	with respect to any Person, any entity:
			
		 	(i)	 	over fifty (50%) of whose capital is owned, directly or indirectly, by that Person;
			
		 	(ii)	 	for which that Person may nominate or appoint a majority of the members of the board of directors or persons performing similar functions; or
			
		 	(iii)	 	which is otherwise effectively controlled by that Person;
		
	“Sucden”	 	Sucrés et Denrées, a company organized and existing under the laws of France and a shareholder of FBA;

  

 -12- 

					
	“Tereos”	  	Tereos, a company organized and existing under the laws of France and a shareholder of FBA;
		
	“Taxes”	  	any present or future taxes, withholding obligations, duties and other charges of whatever nature levied by any Authority;
			
	“Transaction Documents”	  	(i)	  	this Agreement;
			
		  	(ii)	  	the Equity Rights Agreement;
			
		  	(iii)	  	the Promissory Notes;
			
		  	(iv)	  	the IFC Security Documents; and
			
		  	(vi)	  	the Guarantee Agreement;
		
	“USGAAP”	  	United States Generally Accepted Accounting Principles (US-GAAP) promulgated by the Financial Accounting Standards Board; and
		
	“Waiver Solicitation”	  	a one-time waiver solicitation statement dated June 14, 2005, made by the Borrower to the holders of the senior notes in connection with the Notes Agreement providing,
inter alia, for the spin-off of Amaralina Agrícola Ltda., a Subsidiary of the Borrower;
		
	“World Bank”	  	the International Bank for Reconstruction and Development, an international organization established by Articles of Agreement among its member countries.

 Section 1.02. Financial Definitions. (a) Wherever used in this Agreement,
unless the context otherwise requires, the following terms have the meanings opposite them: 
  

					
		
	 “Consolidated” or
 “Consolidated
Basis”
	  	with respect to any financial statements to be provided, or any financial calculation to be made, the consolidation method determined in accordance with the Accounting Principles;
and the entities whose accounts are to be consolidated with the accounts of the Borrower are all Subsidiaries of the Borrower or companies in which the Borrower has a shareholding or a quota holding interest;

  

 -13- 

					
	“Current Assets”	  	the aggregate (as of the relevant date of calculation) of the Borrower’s cash, marketable securities, trade and other receivables realizable within one year, prepaid expenses
which are to be charged to income within one year and inventories of the Borrower;
		
	“Current Liabilities”	  	the aggregate (as of the relevant date of calculation) of all liabilities of the Borrower falling due on demand or within one year (including the portion of Long-term Debt falling
due within one year),
		
	“Current Ratio”	  	the result (as of the relevant date of calculation) obtained by dividing Current Assets by Current Liabilities;
		
	“Debt”	  	all obligations of the Borrower to repay money including, without limitation, with respect to:
			
		  	(i)	  	borrowed money;
			
		  	(ii)	  	the outstanding principal amount of any bonds, debentures, notes, loan stock, commercial paper, acceptance credits, bills or promissory notes drawn, accepted, endorsed or issued by the
Borrower;
			
		  	(iii)	  	any credit to the Borrower from a supplier of goods or services under any installment purchase or other similar arrangement with respect to goods or services (except trade accounts that are
payable in the Ordinary Course of Business and included in Current Liabilities);
			
		  	(iv)	  	non-contingent obligations of the Borrower to reimburse any other Person with respect to amounts paid by that Person under a letter of credit or similar instrument (excluding any letter of
credit or similar instrument issued for the benefit of the Borrower with respect to trade accounts that are payable in the Ordinary Course of Business and included in Current Liabilities);
			
		  	(v)	  	amounts raised under any other transaction having the financial effect of a borrowing and which would be classified as a borrowing (and not as an off-balance sheet financing) under the
Accounting Principles including, without limitation, under leases or similar arrangements entered into primarily as a means of financing the acquisition of the asset leased;

  

 -14- 

					
			
		  	(vi)	  	the amount of the Borrower’s obligations pursuant to Derivative Transactions which consist of swap, collar and cap agreements entered into in connection with other Debt of the Borrower;
provided, that for the avoidance of double counting and for so long as any such swap, collar or cap agreement is in effect, that Debt will be included in the Debt pursuant to the terms of the relevant Derivative Transaction and not the terms
of the agreement providing for that Debt when it was incurred;
			
		  	(vii)	  	any lease or hire purchase contract which would, under the Accounting Principles, be treated as a finance or capital lease. For the avoidance of doubt, such leases do not include land lease
arrangements for agricultural cultivation entered into in the Ordinary Course of Business;
			
		  	(viii)	  	any premium payable on a redemption or replacement of any of the foregoing obligations;
			
		  	(ix)	  	the aggregate amount then outstanding of all liabilities of any party to the extent the Borrower guarantees them or otherwise directly or indirectly obligates itself to pay
them;
			
		  	(x)	  	all liabilities of the Borrower (actual or contingent) under any conditional sale or a transfer with recourse or obligation to repurchase, including, without limitation, by way of discount or
factoring of book debts or receivables; and
			
		  	(xi)	  	except as provided for in the Share Subscription Agreement, all liabilities of the Borrower (actual or contingent) under its Charter, any resolution of its shareholders, or any agreement or
other document binding on the Borrower to redeem any of its shares;

  

 -15- 

					
		
	 “Depreciation and Amortization”
	  	for any period, the aggregate amount of the depreciation and amortization of the fixed and intangible assets as shown on the Borrower’s financial statements;
		
	“EBITDA”	  	the Borrower’s earnings before interest, tax, depreciation and amortization calculated, for any period, as the Borrower’s: (i) consolidated net operating revenues;
minus (ii) consolidated cost of goods sold and services rendered; minus (iii) consolidated selling, general, administrative and other expenses; plus (iv) any depreciation or amortization included in consolidated
cost of goods sold and services rendered, selling expenses or general and administrative expenses;
		
	“Internal Cash Generation”	  	 for    any period the aggregate of:

			
		  	(i)	  	Net Earnings, during the relevant period; plus
			
		  	(ii)	  	all amounts deducted in determining such earnings on account of Depreciation and Amortization during the relevant period; plus 
			
		  	(iii)	  	Non-cash Items charged against the earnings during the relevant period; minus
			
		  	(v)	  	Non-cash Items credited to earnings during the relevant period;
		
	“Long-term Debt”	  	that part (as of the relevant date of calculation) of Debt the final maturity of which, by its terms or the terms of any agreement relating to it, falls due more than one year
after the date of its incurrence;
		
	“Long-term Debt to Equity Ratio”	  	the ratio obtained by dividing Long-term Debt by Shareholders’ Equity;
		
	“Net Debt”	  	for any period, the aggregate amount of Debt for that period, minus the aggregate amount of cash, marketable securities freely available to the Borrower during that
same

  

 -16- 

					
		  	period, and advance to suppliers of the Borrower, such advance to suppliers to be in an amount not to exceed thirty million Dollars ($ 30,000,000) for the purposes of this
calculation;
		
	“Net Debt to EBITDA Ratio”	  	the ratio obtained by dividing Net Debt by EBITDA;
		
	“Net Earnings”	  	earnings from operations generated by the Borrower during the relevant calculation period less all operating costs, Non-cash Items and expenses (including, without limitation,
debt service and Taxes) which are due and payable during the relevant calculation period;
		
	“Net Income”	  	for any Fiscal Year, the excess (if any) of the Borrower’s gross income over total expenses (provided that income taxes shall be treated as part of total expenses) appearing
in the audited financial statements for such Fiscal Year;
		
	“Non-cash Items”	  	for any period, the net aggregate amount (which may be a positive or negative number) of all non-cash expenses and non-cash credits which have been subtracted or, as the case may
be, added in calculating Net Income during that period, including, without limitation, Depreciation and Amortization, deferred taxes, provisions for severance pay of staff and workers, and credits resulting from revaluation of the assets’ book
value;
		
	“Prospective Long-term Debt Service Coverage Ratio”	  	the ratio obtained by dividing:
			
		  	(i)	  	the aggregate, for the Fiscal Year most recently ended prior to the relevant date of calculation for which audited financial statements are available, of (A) Net Income,
(B) Non-cash Items and (C) the amount of all payments that were due during that Fiscal Year on account of interest and other charges on Debt (to the extent deducted from Net Income); by
			
		  	(ii)	  	the aggregate of (A) all scheduled payments (including balloon payments) that fall due during the Fiscal Year in which the relevant date of calculation falls on account of principal of
Long-term Debt and interest and other charges on all Debt and (B) without double counting any payment

  

 -17- 

					
		  		  	already counted in the preceding sub-clause (A), any payment made or required to be made during such Fiscal Year to any debt service account under the terms of any agreement providing for
Debt but excluding voluntary prepayments;
		
		  	where, for the purposes of clause (ii) above:
			
		  	(x)	  	subject to sub-clause (y) below, for the computation of interest payable during any period for which the applicable rate is not yet determined, that interest shall be computed at the
rate in effect at the time of the relevant date of calculation; and
			
		  	(y)	  	interest on Short-term Debt payable in the Fiscal Year in which the relevant date of calculation falls shall be computed by reference to the aggregate amount of interest thereon paid during
that Fiscal Year up to the end of the period covered by the latest quarterly financial statements prepared by the Borrower multiplied by a factor of 4, 2 or 4/3 depending on whether the computation is made by reference to the financial statements
for the first quarter, the first two quarters or the first three quarters, respectively;
		
	“Shareholders’ Equity”	  	the aggregate of:
			
		  	(i)	  	the amount paid up or credited as paid up on the share capital of the Borrower; and
			
		  	(i)	  	the amount standing to the credit of the reserves of the Borrower (including, without limitation, any share premium account, capital redemption reserve funds and any credit balance on the
accumulated profit and loss account);
		
		  	minus the aggregate of (A) any debit balance on the profit and loss account or impairment of the issued share capital of the Borrower (except to the extent that
deduction with respect to that debit balance or impairment has already been made), (B) amounts set aside for dividends or taxation (including deferred taxation), and (C) amounts attributable to capitalized items such as goodwill,
trademarks, deferred charges, licenses, patents and other intangible assets; and
		
	“Short-term Debt”	  	the part (as of the relevant date of calculation) of Debt other than the Long-term Debt.

  

 -18- 

 Section 1.03. Financial Calculations. (a) All financial calculations to be made
under, or for the purposes of, this Agreement and any other Transaction Document shall be determined in accordance with the Accounting Principles on a Consolidated Basis and, except as otherwise required to conform to any provision of this
Agreement, shall be calculated from the then most recently issued quarterly financial statements which the Borrower is obligated to furnish to IFC under Section 6.03 (a) (Reporting Requirements). 
 (b) Where quarterly financial statements are used for the purpose of making certain financial calculations and those statements are with respect to the
last quarter of a Fiscal Year then, at IFC’s option, those calculations may instead be made from the audited financial statements for the relevant Fiscal Year. 
 (c) If any material adverse change in the financial condition of the Borrower has occurred after the end of the period covered by the financial statements used to make the relevant financial calculations, that
material adverse change shall also be taken into account in calculating the relevant figures. 
 (d) All financial calculation to be made
under or for the purposes of this Agreement or any other Transaction Document shall be on a Consolidated Basis and in accordance with the Accounting Principles. 
 Section 1.04. Interpretation. In this Agreement, unless the context otherwise requires: 
 (a) headings are for convenience only and do not affect the interpretation of this Agreement; 
 (b) words importing the singular
include the plural and vice versa; 
 (c) a reference to an Annex, Article, party, Schedule or Section is a reference to that Article or
Section of, or that Annex, party or Schedule to, this Agreement; 
 (d) a reference to a document includes an amendment or supplement to, or
replacement or novation of, that document but disregarding any amendment, supplement, replacement or novation made in breach of this Agreement; and 
 (e) a reference to a party to any document includes that party’s successors and permitted assigns. 
 Section 1.05.
Business Day Adjustment. When the day on or by which a payment is due to be made is not a Business Day, that payment shall be made on or by the next succeeding Business Day unless, in the case of payments of principal or interest, that
next succeeding Business Day falls in a different calendar month, in which case that 

  

 -19- 

 
payment shall be made on the immediately preceding Business Day. Interest, fees and charges (if any) shall continue to accrue for the period from the due
date that is not a Business Day to that next succeeding Business Day. 
 ARTICLE II 
 The Project, Project Cost and Financial Plan 
 Section 2.01. The Project. The project to be financed consists of the expansion and modernization of the Borrower’s facilities. 
 Section 2.02. Project Cost and Financial Plan. (a) The total estimated cost of the Project is the equivalent of three hundred forty-five million Dollars ($345,000,000), as follows: 

 

						
	 Cost Category
	  	USD Million	  	% of Total	 
	 Milling Capacity Increase
	  	125.0	  	36	%
	 Capex for existing operations
	  	199.0	  	58	%
	 Additional working capital
	  	21.0	  	6	%
	 Total Project Cost
	  	345.0	  	100	%

 (b) The proposed sources of financing for the Project are as follows: 
  

						
	 Source
	  	USD Million	  	% of Total	 
	 Debt
	  		  		
	 A Loan
	  	50.0	  	14	%
	 C Loan
	  	20.0	  	6	%
	 Total Debt
	  	70.0	  	20	%
	 Internal Cash Generation
	  	275.0	  	80	%
			
	 Total Project Funding
	  	345.0	  	100	%

  

 -20- 

 ARTICLE III 
 The Loan 
 Part I – Provisions for the A Loan 
 Section 3.01. The A Loan. Subject to the provisions of this Agreement, IFC agrees to lend, and the Borrower agrees to borrow, the A
Loan being of up to fifty million Dollars ($50,000,000). 
 Section 3.02. A Loan Disbursement Procedure. (a) The
Borrower may request an A Loan Disbursement by delivering to IFC, at least ten (10) Business Days prior to the proposed date of that A Loan Disbursement, an A Loan Disbursement request substantially in the form of Schedule 2 and a receipt
substantially in the form of Schedule 3. 
 (b) Each A Loan Disbursement shall be made by IFC at a bank in New York, New York for further
credit to the Borrower’s account at a bank account in the Country, all as specified by the Borrower in the relevant A Loan Disbursement request. 
 (c) Each A Loan Disbursement shall be made in an amount of not less than twenty-five million Dollars ($25,000,000). 
 Section 3.03. A Loan Interest Rate. The Borrower shall pay interest on the A Loan in accordance with this Section 3.03. 
 (a) During each Interest Period, the A Loan (or, with respect to the first Interest Period for each A Loan Disbursement, the amount of that A Loan Disbursement) shall bear interest at the applicable A Loan Interest
Rate for that Interest Period. 
 (b) Interest on the A Loan shall accrue from day to day, be prorated on the basis of a 360-day year for the
actual number of days in the relevant Interest Period and be payable in arrears on the Interest Payment Date immediately following the end of that Interest Period; provided, that with respect to any A Loan Disbursement made less than fifteen
(15) days before an Interest Payment Date, interest on that A Loan Disbursement shall be payable commencing on the second Interest Payment Date following the date of that A Loan Disbursement. 
 (c) The A Loan Interest Rate for any Interest Period shall be the rate which is the sum of: 
  

	 	(i)	the A Loan Spread; and 

  

 -21- 

	 	(ii)	LIBOR on the Interest Determination Date for that Interest Period for six (6) months (or, in the case of the first Interest Period for any A Loan Disbursement, for one
(1) month, two (2) months, three (3) months or six (6) months, whichever period is closest to the duration of the relevant Interest Period (or, if two periods are equally close, the longer one)) rounded upward to the nearest
three decimal places. 

 (d) If, for any Interest Period IFC cannot determine LIBOR by reference to the Telerate Service or any
other service that displays BBA rates, IFC shall notify the Borrower and shall instead determine LIBOR: 
  

	 	(i)	on the second Business Day before the beginning of the relevant Interest Period by calculating the arithmetic mean (rounded upward to the nearest three decimal places) of the
offered rates advised to IFC on or around 11:00 a.m., London time, for deposits in the Loan Currency and otherwise in accordance with Section 3.03 (c) (ii), by any four (4) major banks active in the Loan Currency in the London
interbank market, selected by IFC; provided, that if less than four quotations are received, IFC may rely on the quotations so received if not less than two (2); or 

  

	 	(ii)	if less than two (2) quotations are received from the banks in London in accordance with subsection (i) above, on the first day of the relevant Interest Period, by
calculating the arithmetic mean (rounded upward to the nearest three decimal places) of the offered rates advised to IFC on or around 11:00 a.m. New York time, for loans in the Loan Currency and otherwise in accordance with Section 3.03
(c) (ii), by a major bank or banks in New York, New York, selected by IFC. 

 (e) On each Interest Determination Date for
any Interest Period, IFC shall determine the A Loan Interest Rate applicable to that Interest Period and promptly notify the Borrower of that rate. 
 (f) The determination by IFC, from time to time, of the A Loan Interest Rate shall be final and conclusive and bind the Borrower (unless the Borrower shows to IFC’s satisfaction that the determination involves manifest error).

 Section 3.04. Repayment. (a) The Borrower shall repay the A Loan on the following dates and in the following
amounts: 
  

			
	 Date Payment Due
	  	Principal Amount Due
	 July 15, 2007
	  	4,166,666
	 January 15, 2008
	  	4,166,666
	 July 15, 2008
	  	4,166,666

  

 -22- 

			
	 January 15, 2009
	  	4,166,666
	 July 15, 2009
	  	4,166,666
	 January 15, 2010
	  	4,166,666
	 July 15, 2010
	  	4,166,666
	 January 15, 2011
	  	4,166,666
	 July 15, 2011
	  	4,166,666
	 January 15, 2012
	  	4,166,666
	 July 15, 2012
	  	4,166,666
	 January 15, 2013
	  	4,166,674

 (b) The dates for repayment of principal of the A Loan are intended to coincide with the Interest
Payment Dates. 
 (c) Upon each A Loan Disbursement, the amount disbursed shall be allocated for repayment on each of the respective dates
for repayment of principal set out in the table in Section 3.04 (a) in amounts which are pro rata to the amounts of the respective installments shown opposite those dates in that table (with IFC adjusting those allocations as
necessary so as to achieve whole numbers in each case). 
 Section 3.05. Prepayment of the A Loan. (a) Subject to
Section 6.02 (q) (Negative Covenants) and Section 6.04 (c) (Insurance), the Borrower may prepay on any Interest Payment Date all or any part of the A Loan, on not less than thirty (30) days’ prior notice
to IFC, but only if: 
  

	 	(i)	the Borrower simultaneously pays all accrued interest and Increased Costs (if any) on the amount of the A Loan to be prepaid, together with the prepayment premium specified in
Section 3.05 (b) and all other amounts then due and payable under this Agreement, including the amount payable under Section 3.23 (Unwinding Costs), if the prepayment is not made on an Interest Payment Date;

  

	 	(ii)	for a partial prepayment, that prepayment is an amount not less than ten million Dollars ($10,000,000); and 

  

	 	(iii)	if requested by IFC, the Borrower delivers to IFC, prior to the date of prepayment, evidence satisfactory to IFC that all necessary Authorizations with respect to the prepayment
have been obtained. 

 (b) Amounts of principal prepaid under this Section shall be: 
  

	 	(i)	 subject to a prepayment premium which shall be the sum of (A) the amount equal to two percent (2%) on each of the remaining installments of the A Loan,
multiplied by the number of years remaining as of the date of the relevant prepayment until the original maturity date of each installment of the A Loan being 

  

 -23- 

	 	 
prepaid plus (B) in the case of an incomplete year, the number of days in such incomplete year divided by three hundred sixty (360); and

  

	 	(ii)	applied by IFC to all the respective outstanding installments of principal of the A Loan in inverse order of maturity. 

 (c) Upon delivery of a notice in accordance with Section 3.05 (a), the Borrower shall make the prepayment in accordance with the terms of that
notice. 
 (d) Any principal amount of the A Loan prepaid under this Agreement may not be re-borrowed. 
 Section 3.06. Mandatory Prepayment. (a) If the Borrower prepays (whether voluntarily or involuntarily) any of its Long-term Debt
(other than the Loan or any Long-term Debt refinanced as permitted under Section 6.02 (q) (Negative Covenants)), and if IFC so requires, the Borrower shall prepay the A Loan in accordance with Section 3.06. 
 (b) The Borrower shall make the mandatory prepayment on the first Interest Payment Date that is at least thirty (30) days after IFC gives notice to
the Borrower that IFC requires such mandatory prepayment. 
 (c) Any prepayment pursuant to this Section 3.06 shall be: 
  

	 	(i)	made contemporaneously with, and equivalent to the proportion of, the part of the Long-term Debt being prepaid, such prepayment to be made in accordance with the provisions of
Section 3.05 (Prepayment of the A Loan) except that there shall be no minimum amount or advance notice period for that prepayment; and 

  

	 	(ii)	applied in reverse order of maturity of all remaining installments of the A Loan. 

 Part II – C Loan Provisions 
 Section 3.07. The C Loan. Subject to the provisions of this Agreement,
IFC agrees to lend, and the Borrower agrees to borrow, the C Loan, being twenty million Dollars ($20,000,000). 
 Section 3.08. C
Loan Disbursement Procedure. (a) Notwithstanding anything to the contrary in this Agreement, the C Loan shall be disbursed in a single C Loan Disbursement of twenty million Dollars ($20,000,000). The Borrower may request the C Loan
Disbursement by delivering to IFC, at least ten (10) Business Days prior to the proposed date of the C Loan Disbursement, a C Loan Disbursement request substantially in the form of Schedule 2 and a receipt substantially in the form of Schedule
3. 
  

 -24- 

 (b) The C Loan Disbursement shall be made prior to or simultaneously with the first Disbursement of the A
Loan, to the credit of the Borrower’s account at such bank in New York, New York for further credit to the Borrower’s account at a bank in the Country, all as specified by the Borrower in the C Loan Disbursement request. 
 Section 3.09. C Loan Interest Rate. The Borrower shall pay interest on the C Loan in accordance with this Section 3.09.

 (a) During each Interest Period, the C Loan shall bear interest at the C Loan Interest Rate (as determined under subsection
(c) below) for that Interest Period. 
 (b) Interest on the C Loan shall accrue from day to day and be prorated on the basis of a
360-day year for the actual number of days in the relevant Interest Period and payable in arrears on the Interest Payment Date immediately following the end of that Interest Period; provided, that if the C Loan Disbursement is made less than
fifteen (15) days before an Interest Payment Date, interest on the C Loan shall be payable commencing on the second Interest Payment Date following the C Loan Disbursement. 
 (c) The C Loan Interest Rate for any Interest Period shall be the rate which is the sum of: 
  

	 	(i)	the C Loan Spread; and 

  

	 	(ii)	LIBOR, calculated pursuant to Section 3.03(c) (ii) and 3.03(d) (A Loan Interest Rate) above. 

 (d) On Each Interest Determination Date for any Interest Period, IFC shall determine the C Loan Interest Rate applicable to that Interest Period and
promptly notify the Borrower of that rate. 
 (e) The determination by IFC, from time to time, of the C Loan Interest Rate shall be final and
conclusive and shall bind the Borrower (unless the Borrower shows to IFC’s satisfaction that the determination involves manifest error). 
 Section 3.10. C Loan Additional Interest. (a) On
January 15th of 2006, and on each January 15th thereafter, the Borrower shall pay to IFC in respect of the C Loan and each Fiscal Year during which any portion of the C Loan is outstanding, in addition to
the C Loan Interest Rate, Additional Interest in respect of the immediately preceding Fiscal Year, in Dollars, in the amount calculated in accordance with the table below; provided however that for the first payment of Additional Interest, on
January 15th of 2006, the Additional Interest shall be calculated on the basis of the audited financial
statements for Fiscal Year 2005 on a pro rata temporis basis in respect of the period between the C Loan Disbursement and such first payment of Additional Interest. The amount of Additional Interest shall be calculated based on the
Borrower’s audited financial statements for the relevant Fiscal Year. 
  

 -25- 

					
	If EBITDA is:	  	Additional Interest shall
equal:
	 Equal to or more than
	  	 But less than
	  
	$1	  	$200,000,000	  	1.5% of EBITDA
	$200,000,001	  	No limit	  	$3,000,000 plus 1% of the amount by which EBITDA exceeds $200,000,000; provided, however, that Additional Interest shall not exceed, in the aggregate, $4,000,000

 (b) At least three (3) Business Days prior to the date upon which the Additional Interest
payment is due under subsection (a), IFC shall calculate the amount of the Additional Interest due and shall provide notice thereof to the Borrower. 
 (c) The determination by IFC, from time to time, of the Additional Interest Rate shall be final and conclusive and shall bind the Borrower (unless the Borrower shows to IFC’s satisfaction that the determination
involves manifest error). 
 Section 3.11. Grant of Conversion Option. (a) Subject to the provisions contained
herein, the Borrower hereby grants to IFC the Conversion Option. 
 (b) The maximum number of shares offered in an IPO which IFC shall be
entitled to apply and subscribe for pursuant to an exercise of the Conversion Option shall be equal to the quotient obtained by: (i) dividing the Conversion Equivalent of the C Loan by the IPO Price per Share, if such price is denominated in
Reais; or (ii) the C Loan by the IPO Price per share, if such price is denominated in Dollars. 
 Section 3.12. Exercise of
Conversion Option. The Conversion Option shall be exercisable by IFC by the issuance of a Notice of Conversion Option Exercise at any time following issuance of a Notice of IPO and simultaneously with the occurrence of the IPO or, as
applicable, prior to the issuance of a Notice of IPO Cancellation/Deferment in respect thereof. 
 Section 3.13. Borrower
Obligations relating to Exercise of the Conversion Option. As soon as possible after issuance of a Notice of Conversion Option Exercise, the Borrower shall take all actions and steps within its power necessary or desirable to ensure that:
(i) all Authorizations for the exercise of the Conversion Option and the resulting conversion of the relevant part of the C Loan into Conversion Shares, including, without limitation, any required Authorizations from Banco Central and CVM, are
obtained prior to the IPO; and (ii) that all such Authorizations are or remain in full force and effect through the conclusion of the IPO and the issuance of the Conversion Shares; and shall provide to IFC evidence thereof satisfactory to IFC.
The Borrower shall also ensure that adequate disclosures concerning IFC’s rights in respect of the C Loan are duly made for the purposes of the IPO and shall provide to IFC evidence thereof satisfactory to IFC. 
  

 -26- 

 Section 3.14. Conversion of the C Loan. (a) The subscription price for the
Conversion Shares shall be the IPO Price per Share, payable on the date of the IPO by the conversion into subscription monies for the Conversion Shares of the relevant amount of the C Loan (as indicated in the relevant Notice of Conversion Option
Exercise). 
 (b) On the date of the IPO, the Borrower shall: 
  

	 	(i)	issue and deliver to IFC (or to such Person as IFC may direct) share certificates evidencing the number of Conversion Shares equal to: (A) the Conversion Equivalent of the
relevant amount of the C Loan in respect of which the Conversion Option is being exercised divided by the IPO Price per Share, if such price is denominated in Reais; or (B) the relevant amount of the C Loan in respect of which the
Conversion Option is being exercised divided by the IPO Price per Share, if such price is denominated in Dollars; and 

  

	 	(ii)	if requested by IFC in the relevant Notice of Conversion Option Exercise, prepay, to IFC, in Dollars, any residual amount of the C Loan in respect of which the Conversion Option is
not being exercised and Increased Costs (if any) and all other amounts then payable under this Agreement in respect of the C Loan accrued or incurred up to the date of the IPO and then remaining unpaid including Additional Interest, if any;
provided that no prepayment premium shall apply with respect to any such prepayment. 

 (c) The Conversion Shares issued
to IFC hereunder shall be: 
  

	 	(i)	issued without charge to IFC (or to such Person as IFC may direct) for any issuance tax in respect thereof or other cost incurred by the Borrower in connection with the exercise of
the Conversion Option and the related issuance of the Conversion Shares, and all such charges and costs shall be payable by the Borrower; and 

  

	 	(ii)	duly authorized, validly issued, fully paid and nonassessable and registered in the share registry of the Borrower (and with any relevant governmental Authority, if applicable) as
shares owned by IFC, and the Borrower shall deliver to IFC, at the time of delivery of the Conversion Shares, a certification to that effect executed by an Authorized Representative. 

 Section 3.15. Continuing Interest; Dividends. (a) Interest on any portion of the C Loan converted into Conversion Shares shall
continue to accrue and be payable to IFC until the day immediately preceding the day on which the relevant Conversion Shares are delivered to IFC or to whom IFC may direct. 
  

 -27- 

 (b) IFC shall be entitled to dividends, interest on capital or any other form of distributions to
shareholders of the Borrower with respect to any Conversion Shares only to the extent such dividends, interest on capital or any other form of distribution to shareholders of the Borrower are declared after the delivery of such Conversion Shares to
IFC and pro rata temporis. For these purposes, dividends, interest on capital or any other form of distributions to the shareholders of the Borrower shall be deemed to accrue (i) in the Fiscal Year in respect of which such dividends were
declared, and (ii) uniformly throughout such Fiscal Year. 
 Section 3.16. Repayment. (a) If the Conversion
Option is not exercised by IFC, or if a portion of the C Loan remains outstanding after IFC’s exercise of the Conversion Option, the Borrower shall repay the full amount of the C Loan, or the portion thereof still outstanding, in one lump-sum
on January 15, 2013. 
 (b) The exercise of the Conversion Option by IFC and the issuance of Conversion Shares to IFC in respect thereof
in accordance with this Agreement shall be deemed to result in a repayment of the amount of the C Loan so converted on the date of the IPO. 
 Section 3.17. Prepayment of the C Loan. (a) In addition to IFC’s
right to request prepayment as set forth in Section 3.14 (b) (ii) (Conversion of the C Loan) and subject to Section 6.02 (q) (Negative Covenants) and Section 6.04 (c) (Insurance), from Fiscal
Year 2008 on, the Borrower may prepay, on any Interest Payment Date starting on January 15th 2009, the full
amount the C Loan, on not less than thirty (30) days’ prior notice to IFC, but only if: 
  

	 	(i)	the Conversion Option has not occurred; 

  

	 	(ii)	the Borrower simultaneously pays all accrued interest, Additional Interest and Increased Costs (if any) on the C Loan to be prepaid, together with the prepayment premium specified
in Section 3.17 (b) and all other amounts then due and payable under this Agreement, including the amount payable under Section 3.23 (Unwinding Costs), if the prepayment is not made on an Interest Payment Date; and

  

	 	(iii)	if requested by IFC, the Borrower delivers to IFC, prior to the date of prepayment, evidence satisfactory to IFC that all necessary Authorizations with respect to the prepayment
have been obtained. 

 (b) Amounts of principal prepaid under this Section shall be subject to a prepayment premium of two
percent (2%) of the C Loan multiplied by the sum of (A) the number of years remaining from the prepayment date to the scheduled final maturity date 

  

 -28- 

 
of the C Loan as provided in Section 3.16 (a) (Repayment) plus (B) in the case of an incomplete year, the number of days in such
incomplete year divided by three hundred sixty (360). 
 (c) Upon delivery of a notice in accordance with Section 3.17 (a), the Borrower
shall make the prepayment in accordance with the terms of that notice. 
 (d) If prepaid, the C Loan may not be re-borrowed. 
 Part III – Provisions for the Loan 
 Section 3.18. Default Rate Interest. (a) Without limiting the remedies available to IFC under this Agreement or otherwise (and to the maximum extent permitted by applicable law), if the Borrower fails to make any
payment of: 
  

	 	(i)	principal when due as specified in this Agreement (whether at stated maturity or upon acceleration), the Borrower shall pay (in addition to interest on the principal amounts of the
A Loan and the C Loan outstanding payable under Sections 3.03 (A Loan Interest Rate) and 3.09 (C Loan Interest Rate), interest on the amount of that payment due and unpaid at the rate of two per cent (2%) per annum; or

  

	 	(ii)	interest (including interest payable pursuant to this Section), Additional Interest or any amount provided for in Section 3.19 (Fees) when due as specified in this
Agreement (whether at stated maturity or upon acceleration), the Borrower shall pay interest on the amount of that payment due and unpaid at the rate which shall be the sum of two per cent (2%) per annum and (A) the A Loan Interest Rate in
effect from time to time, with respect to amounts relating to the A Loan, or (B) the C Loan Interest Rate in effect from time to time, with respect to amounts relating to the C Loan. 

 (b) Interest at the rate referred to in Section 3.18 (a) shall accrue from the date on which payment of the relevant overdue amount became due
until the date of actual payment of that amount (as well after as before judgment), and shall be payable on demand or, if not demanded, on each Interest Payment Date falling after any such overdue amount became due. 
 Section 3.19. Fees. (a) The Borrower shall pay to IFC a commitment fee at
the rate of one-half of one per cent ( 1/2%) per annum on that part of the Loan which from time to time has
not been disbursed or canceled. The commitment fee shall: 
  

	 	(i)	begin to accrue on the date of this Agreement; 

  

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	 	(ii)	be pro rated on the basis of a 360-day year for the actual number of days elapsed; and 

  

	 	(iii)	be payable semi-annually, in arrears, on the Interest Payment Dates in each year, the first such payment to be due on January 15, 2006. 

 (b) The Borrower shall also pay to IFC: 
  

	 	(i)	a front-end fee of one per cent (1%) of the amount of the Loan, to be paid upon the earlier of (x) the date which is thirty (30) days after the date of this Agreement
and (y) the date immediately preceding the date of the first Disbursement; 

  

	 	(ii)	a Loan supervision fee of twenty thousand Dollars ($20,000) payable on January 15 of each year during the life of the Loan; and 

  

	 	(iii)	a waiver fee of no less than five thousand Dollars ($5,000) per waiver granted, depending on the complexity involved in processing the waiver, as determined by IFC.

 Section 3.20. Currency and Place of Payments. (a) The Borrower shall make all payments of principal,
interest, Additional Interest, fees, and any other amount due to IFC under this Agreement in the Loan Currency, in same day funds, to Citibank, N.A., 111 Wall Street, New York, New York, U.S.A., ABA#021000089, Reference: Brazil – Cosan (Project
ID # 22819) for credit to IFC’s account number 36085579, or at such other bank or account in New York as IFC from time to time designates by means of a prior notice of at least ten (10) Business Days. Payments must be received in
IFC’s designated account no later than 1:00 p.m. New York time. 
 (b) The tender or payment of any amount payable under this Agreement
(whether or not by recovery under a judgment) in any currency other than the Loan Currency shall not novate, discharge or satisfy the obligation of the Borrower to pay in the Loan Currency all amounts payable under this Agreement except to the
extent that (and as of the date when) IFC actually receives funds in the Loan Currency in the account specified in, or pursuant to, Section 3.20 (a). 
 (c) The Borrower shall indemnify IFC against any losses resulting from a payment being received or an order or judgment being given under this Agreement in any currency other than the Loan Currency or any place other
than the account specified in, or pursuant to, Section 3.20 (a). The Borrower shall, as a separate obligation, pay such additional amount as is necessary to enable IFC to receive, after conversion to the Loan Currency at a market rate and
transfer to that account, the full amount due to IFC under this Agreement in the Loan Currency and in the account specified in, or pursuant to, Section 3.20 (a). 
  

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 (d) Notwithstanding the provisions of Section 3.20 (a) and Section 3.20 (b), IFC may
require the Borrower to pay (or reimburse IFC) for any Taxes, fees, costs, expenses and other amounts payable under Section 3.26 (a) (Taxes) and Section 3.27 (Expenses) in the currency in which they are payable, if other
than the Loan Currency. 
 Section 3.21. Allocation of Partial Payments. If at any time IFC receives less than the full
amount then due and payable to it under this Agreement, IFC may allocate and apply the amount received in any way or manner and for such purpose or purposes under this Agreement as IFC in its sole discretion determines, notwithstanding any
instruction that the Borrower may give to the contrary. 
 Section 3.22. Increased Costs. On each Interest Payment Date,
the Borrower shall pay, in addition to interest, the amount which IFC from time to time notifies to the Borrower in an Increased Costs Certificate as being the aggregate Increased Costs of IFC accrued and unpaid prior to that Interest Payment Date.

 Section 3.23. Unwinding Costs. (a) If IFC incurs any cost, expense or loss as a result of the Borrower:

  

	 	(i)	failing to borrow in accordance with a request for Disbursement made pursuant to Section 3.02 (A Loan Disbursement Procedure) or Section 3.08 (C Loan
Disbursement Procedure), or to prepay in accordance with a notice of prepayment; or 

  

	 	(ii)	prepaying all or any portion of the Loan on a date other than an Interest Payment Date; 

 then the Borrower shall immediately pay to IFC the amount which IFC from time to time notifies to the Borrower (in writing and in reasonable detail) as being the amount of those costs, expenses and losses incurred.

 (b) For the purposes of this Section, “costs, expenses or losses” include any premium, penalty or expense incurred to liquidate
or obtain third party deposits or borrowings in order to make, maintain or fund all or any part of the Loan. 
 Section 3.24.
Suspension or Cancellation by IFC. (a) IFC may, by notice to the Borrower, suspend the right of the Borrower to Disbursements or cancel the undisbursed portion of the Loan in whole or in part: 
  

	 	(i)	if the C Loan has not been disbursed in full by August 30, 2005, or such other date as the parties agree; 

  

	 	(iii)	if any Event of Default has occurred and is continuing or if the Event of Default specified in Section 7.02 (f) (Events of Default) is, in the reasonable opinion of
IFC, imminent; 

  

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	 	(iii)	if any event or condition has occurred which has or can reasonably be expected to have a Material Adverse Effect; or 

  

	 	(iv)	on or after November 15, 2005. 

 (b) Upon the giving
of any such notice, the right of the Borrower to any further Disbursement shall be suspended or canceled, as the case may be. The exercise by IFC of its right of suspension shall not preclude IFC from exercising its right of cancellation, either for
the same or any other reason specified in Section 3.24 (a). Upon any cancellation the Borrower shall, subject to paragraph (d) of this Section 3.24, pay to IFC all fees and other amounts accrued (whether or not then due and payable)
under this Agreement up to the date of that cancellation. A suspension shall not limit any other provision of this Agreement. 
 (c) Any
portion of the Loan that is canceled under this Section 3.24 may not be reborrowed. 
 (d) In the case of a partial cancellation of the
Loan pursuant to paragraph (a) of this Section 3.24, or Section 3.25 (a) (Cancellation by the Borrower) below, interest on the amount then outstanding of the Loan remains payable as provided in Section 3.03 (A Loan
Interest Rate) in the case of the A Loan, and Sections 3.09 (C Loan Interest Rate) and 3.10 (C Loan Additional Interest) in the case of the C Loan. 
 Section 3.25. Cancellation by the Borrower. (a) The Borrower may, by notice to IFC, irrevocably request IFC to cancel the undisbursed portion of the Loan on the date specified in that notice
(which shall be a date not earlier than thirty (30) days after the date of that notice). 
 (b) IFC shall, by notice to the Borrower,
cancel the undisbursed portion of the Loan effective as of that specified date if, subject to Section 3.24 (d) above, IFC has received all fees and other amounts accrued (whether or not then due and payable) under this Agreement up to such
specified date. 
 (c) Any portion of the Loan that is canceled under this Section 3.25 may not be reborrowed. 
 Section 3.26. Taxes. (a) The Borrower shall pay or cause to be paid all Taxes other than taxes, if any, payable on the overall
income of IFC on or in connection with the payment of any and all amounts due under this Agreement that are now or in the future levied or imposed by any Authority of the Country or by any organization of which the Country is a member or any
jurisdiction through or out of which a payment is made. 
 (b) All payments of principal, interest, fees and other amounts due under this
Agreement shall be made without deduction for or on account of any Taxes. 
  

 -32- 

 (c) If the Borrower is prevented by operation of law or otherwise from making or causing to be made those
payments without deduction, the principal or (as the case may be) interest, fees or other amounts due under this Agreement shall be increased to such amount as may be necessary so that IFC receives the full amount it would have received (taking into
account any Taxes payable on amounts payable by the Borrower under this subsection) had those payments been made without that deduction. 
 (d) If Section 3.26 (c) applies and IFC so requests, the Borrower shall deliver to IFC copies of official tax receipts evidencing payment within thirty (30) days of the date of that request. 
 (e) Nothing contained in this Section 3.26 shall be construed as a waiver by IFC of its privileges and immunities in the Country, including without
limitation, of its tax immunities as set forth in IFC’s Articles of Agreement, as approved by Brazilian Legislative Decree No. 68 of December 19, 1956, and promulgated by Brazilian Decree No. 41,724 of June 25, 1957.

 Section 3.27. Expenses. (a) The Borrower shall pay or, as the case may be, reimburse IFC or its assignees any
amount paid by them on account of, all taxes (including stamp taxes), duties, reasonable fees or other charges payable on or in connection with the execution, issue, delivery, registration or notarization of the Transaction Documents, the Conversion
Shares and any other documents related to this Agreement, the Conversion Shares or any other Transaction Document. 
 (b) The Borrower shall
pay to IFC or as IFC may direct: 
  

	 	(i)	the reasonable fees and expenses of IFC’s technical consultants incurred in connection with the investment by IFC provided for under this Agreement; 

 

	 	(ii)	the reasonable fees and expenses of IFC’s counsel in the Country and in New York, New York incurred in connection with: 

  

	 	(A)	the preparation of the investment by IFC provided for under this Agreement and any other Transaction Document; 

  

	 	(B)	the preparation and/or review, execution and, where appropriate, translation and registration of the Transaction Documents, the Conversion Shares and any other documents related to
them; 

  

	 	(C)	the giving of any legal opinions required by IFC under this Agreement and any other Transaction Document; 

  

 -33- 

	 	(D)	the administration by IFC of the investment provided for in this Agreement or otherwise in connection with any amendment, supplement or modification to, or waiver under, any of the
Transaction Documents; 

  

	 	(E)	the registration (where appropriate) and the delivery of the: (i) evidences of indebtedness relating to the Loan and its disbursement; and (ii) C Loan Conversion in
relation to an exercise of the Conversion Option and the issuance to IFC of the Conversion Shares; 

  

	 	(F)	the occurrence of any Event of Default or Potential Event of Default; and 

  

	 	(G)	any other matters relating to conversion of the C Loan to Conversion Shares; and 

  

	 	(iii)	the costs and expenses incurred by IFC in relation to efforts to enforce or protect its rights under any Transaction Document, or the exercise of its rights or powers consequent
upon or arising out of the occurrence of any Event of Default or Potential Event of Default, including legal and other professional consultants’ fees on a full indemnity basis. 

 (c) In the event the Borrower requests, and IFC at its sole discretion agrees to restructure all or part of the Loan, the Borrower and IFC shall
negotiate in good faith an appropriate amount to compensate IFC for the additional work required of IFC’s staff, consultants and counsel in connection with such restructuring. 
 Section 3.28. Promissory Notes. (a) On the date of the first Disbursement under this Agreement, the Borrower shall execute and
deliver to or on the order of IFC, thirteen (13) Promissory Notes in respect of the Loan bearing the guarantee (aval) of Mr. Silveira Mello: (i) twelve (12) of which shall correspond to and be in the principal amount of,
the respective repayment installments of the A Loan (the “A Notes”); and (ii) one of which shall correspond to, and be in the principal amount of, the C Loan (the “C Note”). 
 (b) The A Notes shall be payable in sequence on the dates appearing in the repayment table of Section 3.04 (Repayment) starting with the
first such date. The C Note shall be payable on January 15, 2013. 
 (c) Each Promissory Note shall be in the form attached as Schedule
10. 
 (d) After repayment by the Borrower of an installment of principal of the A Loan, IFC will promptly surrender to the Borrower the
relevant A Note(s) corresponding to such repayment. 
  

 -34- 

 (e) If IFC shall exercise the Conversion Option, upon delivery of the Conversion Shares and prepayment of
any remaining portion of the C Loan under Section 3.14(b) (Conversion of the C Loan) or all of the C Loan under Section 3.17 (Prepayment of the C Loan), IFC shall promptly surrender to the Borrower the C Note;
provided, however that in the event of a partial conversion of the C Loan in respect of which IFC does not require prepayment of the remaining principal outstanding under the C Loan, the Borrower shall issue a new C Note to IFC to reflect the
amount not converted pursuant to the exercise of the Conversion Option. 
 (f) The issuance of Promissory Notes pursuant to this Agreement
shall not entail a novation with respect to this Agreement or the Loan. Notwithstanding the foregoing, payment of the principal of any Promissory Note shall pro tanto discharge the obligation of the Borrower to repay that portion of the Loan
to which such Promissory Note relates; and the payment of interest on any Promissory Note shall pro tanto discharge the obligation of the Borrower to pay interest on that portion of the Loan to which such Promissory Note relates. 

(g) The Borrower hereby represents and warrants that each Promissory Note when executed and delivered to IFC will be a promissory note duly executed
and delivered by or on behalf of the Borrower and will (i) constitute an irrevocable acknowledgment of debt on its part to IFC and a binding and enforceable obligation of the Borrower in accordance with its terms and (ii) entitle IFC to
all rights attached to the enforcement of promissory notes by law in addition to any rights and remedies of IFC under this Agreement. 
 (h)
Upon receipt by the Borrower of reasonable evidence of the loss, theft or destruction of any Promissory Note and of reasonable evidence of ownership and indemnity reasonably satisfactory to the Borrower, or upon surrender to the Borrower and
cancellation of any Promissory Note if mutilated, the Borrower shall execute and deliver to IFC a new Promissory Note or Promissory Notes in substitution therefor. 
 (i) The Borrower hereby agrees to indemnify IFC for all legal and out of pockets costs and expenses associated with the enforcement of the Promissory Notes pursuant to an Event of Default. 
 Section 3.29. Acceleration of Promissory Notes. (a) To the extent permitted by law, in the event that repayment of the Loan shall
have been accelerated for any reason pursuant to the provisions of Section 7.01 (Acceleration After Default) or Section 7.03 (Bankruptcy) of this Agreement, all Promissory Notes executed and delivered to IFC due and payable
pursuant to this Agreement may be declared by IFC to be immediately due and payable notwithstanding any provision herein or therein to the contrary, and the same shall thereupon become immediately due and payable without any requirement of further
notice and without any requirement of presentment, demand or protest of any kind, all of which are hereby expressly waived by the Borrower. 
  

 -35- 

 (b) Without prejudice to the generality of the foregoing provisions, the non-payment by the Borrower
under any Note when due after any applicable grace period, shall render all other Notes immediately due and payable at the election of IFC (in the exercise of its sole discretion), notwithstanding anything herein or therein to the contrary without
any requirement of notice, demand, presentment or protest of any kind, all of which are hereby expressly waived by the Borrower. 
 ARTICLE
IV 
 Representations and Warranties 
 Section 4.01. Representations and Warranties. The Borrower represents and warrants that: 
 (a) the Borrower is a duly incorporated and validly existing sociedade anônima under the laws of the Country and has the corporate power – and has obtained all required Authorizations—to own its assets, conduct its
business as presently conducted; 
 (b) each Transaction Document to which the Borrower is a party and the Notes Agreement have been, or will
be, duly authorized and executed by the Borrower and constitute, or will, when executed constitute, valid and legally binding obligations of the Borrower, enforceable in accordance with their terms; 
 (c) neither the making of any Transaction Document to which the Borrower is a party nor (when all the Authorizations referred to in Section 5.01
(c) (Conditions of Disbursement) have been obtained) the compliance with its terms will conflict with or result in a breach of any of the terms, conditions or provisions of, or constitute a default or require any consent under, any
indenture, mortgage, agreement or other instrument or arrangement to which the Borrower is a party or by which it is bound, or violate any of the terms or provisions of the Borrower’s Charter or any Authorization, judgment, decree or order or
any statute, rule or regulation applicable to the Borrower; 
 (d) all Authorizations (other than Authorizations that are of a routine nature
and are obtained in the Ordinary Course of Business) needed by the Borrower to conduct its business, carry out the Project and execute, and comply with its obligations under, this Agreement and each of the other Transaction Documents to which it is
a party have been obtained and are in full force and effect; 
 (e) the Borrower’s Charter has not been amended since May 31, 2005;

 (f) neither the Borrower nor any of its property enjoys any right of immunity from set-off, suit or execution with respect to its assets
or its obligations under any Transaction Document; 
  

 -36- 

 (g) since April 30, 2005, the Borrower has not: 
  

	 	(i)	suffered any change that has had a Material Adverse Effect or incurred any substantial loss or liability; or 

  

	 	(ii)	undertaken or agreed to undertake any substantial obligation, except for the Notes Agreement; 

 (h) the financial statements of the Borrower for the period ending on April 30, 2005: 
  

	 	(i)	have been prepared in accordance with the Accounting Principles, and give a true and fair view of the financial condition of the Borrower as of the date as of which they were
prepared and the results of the Borrower’s operations during the period then ended; 

  

	 	(ii)	disclose all liabilities (contingent or otherwise) of the Borrower, and the reserves, if any, for such liabilities and all unrealized or anticipated liabilities and losses arising
from commitments entered into by the Borrower (whether or not such commitments have been disclosed in such financial statements); 

 (i) the Borrower is not a party to, or committed to enter into, any contract which would or might affect the judgment of a prospective investor; 
 (j) the Borrower has no outstanding Lien on any of its assets other than Liens arising by operation of law, and no contracts or arrangements, conditional or unconditional, exist for the creation by the Borrower of any
Lien, except for the IFC Security and the existing Liens as of the date hereof; 
 (k) all tax returns and reports of the Borrower required
by law to be filed have been duly filed and all Taxes, obligations, fees and other governmental charges upon the Borrower, or its properties, or its income or assets, which are due and payable or to be withheld, have been paid or withheld, other
than those presently payable without penalty or interest; 
 (l) the Borrower is not engaged in nor, to its knowledge after due inquiry,
threatened by, any litigation, arbitration, strikes, labor disputes or administrative proceedings, the outcome of which could reasonably be expected to have a Material Adverse Effect; 
 (m) the Borrower is not in violation of any statute or regulation of any Authority; 
  

 -37- 

 (n) no judgment or order has been issued which has or may reasonably be expected to have a Material
Adverse Effect; 
  

					
	 (o)
	  	  (i)	    	the Borrower and each of its Subsidiaries is not in violation of any of the Environmental, Health and Safety Guidelines or of the Environmental and Social Policies; and

  

	 	(ii)	the Borrower and each of its Subsidiaries has not received nor is aware of any complaint, order, directive, claim, citation or notice from any Authority with respect to any matter
of the Borrower’s (or a Subsidiary’s) compliance with the relevant environmental, health and safety laws and regulations in effect in the Country such as, without limitation, air emissions, discharges to surface water or ground water,
noise emissions, solid or liquid waste disposal, or the use, generation, storage, transportation or disposal of toxic or hazardous substances or wastes; 

 (p) the execution copy of the Notes Agreement provided to IFC via electronic mail on May 11, 2005 is true and accurate in all aspects and represents the totality of the obligations assumed by the Borrower in
connection with the Notes Agreement; 
 (q) the Borrower has the corporate power and
has obtained all required Authorizations to enter into, and comply with its obligations under, the Transaction Documents to which it is a party or will, in the case of any Transaction Document not executed as at the date of this Agreement, when that
Transaction Document is executed, have the corporate power to enter into, and comply with its obligations under, that Transaction Document, except for any further authorization from Banco Central, which will enable the Borrower to make remittances
from the Country in foreign currency to make payments contemplated in the Transaction Documents not specifically covered by the ROF or to make payments on a date which is after the 120th day from the original due date of such payment 
 (r) none of the representations and warranties in this Section 4.01 omits any matter the omission of which makes any of such representations and warranties misleading; and 
 (s) neither the Borrower, any Affiliates, nor any Person acting on its or their behalf, has made, with respect to the Project or any transaction
contemplated by this Agreement, any Prohibited Payment. 
 Section 4.02. IFC Reliance. The Borrower acknowledges that it
makes the representations and warranties in Section 4.01 (Representations and Warranties) with the intention of inducing IFC to enter into this Agreement and that IFC enters into this Agreement on the basis of, and in full reliance on,
each of such representations and warranties. 
  

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 ARTICLE V 
 Conditions of Disbursement 
 Section 5.01. Conditions of First Disbursement. The
obligation of IFC to make the first Disbursement is subject to the fulfillment prior to or concurrently with the making of that first Disbursement of the following conditions: 
 (a) the Transaction Documents, each in form and substance satisfactory to IFC, have been entered into by all parties to them and have become (or, as the
case may be, remain) unconditional and fully effective in accordance with their respective terms (except for this Agreement having become unconditional and fully effective, if that is a condition of any of those agreements), and IFC has received a
copy of each of those agreements; 
 (b) the Borrower has certified to IFC that no amendment has been made to the Borrower’s Charter
since May 31, 2005, or if any such amendment was made, IFC has received a copy of the Borrower’s amended Charter and determined, in its reasonable judgment, that it is not inconsistent with the provisions of any Transaction Document and
does not have and may not reasonably be expected to have a Material Adverse Effect; 
 (c) the Borrower has obtained, and provided to IFC
copies of, all Authorizations (including, but not limited to the ROF) that may become necessary for: 
  

	 	(i)	the Loan; 

  

	 	(iii)	the business of the Borrower as it is presently carried on and is contemplated to be carried on; 

  

	 	(iii)	the due execution, delivery, validity and enforceability of, and performance by the Borrower of its obligations under, this Agreement and the other Transaction Documents, and any
other documents necessary or desirable to the implementation of any of those agreements or documents, including to any exercise of the Conversion Option; and 

  

	 	(iv)	the remittance to IFC or its assigns in Dollars of all monies payable with respect to the Transaction Documents; 

 and all those Authorizations are in full force and effect; 
 (d) IFC has received a legal opinion from IFC’s counsel in the Country and New York, and covering such other matters relating to the transactions contemplated by this Agreement as IFC may reasonably request; 
  

 -39- 

 (e) IFC has received a certification from the Auditors confirming that, as at a date not earlier than
sixty (60) days prior to the date of first Disbursement, the Borrower is in compliance with the provisions of Section 6.01 (c) (Affirmative Covenants); 
 (f) IFC has received copies of all insurance policies required to be obtained pursuant to Section 6.04 (Insurance) and Annex A prior to the
date of first Disbursement and a certification of the Borrower’s insurers or insurance agents confirming that such policies are in full force and effect and all premiums then due and payable under those policies have been paid; 
 (g) IFC has received the fees specified in Section 3.19 (Fees) required to be paid before the date of the first Disbursement; 
 (h) if IFC so requires, IFC has received the reimbursement of all invoiced fees and expenses of IFC’s counsel as provided in Section 3.27
(b) (ii) (Expenses) or confirmation that those fees and expenses have been paid directly to that counsel; 
 (i) IFC has
received a copy of the authorization to the Auditors referred to in Section 6.01(e) (Affirmative Covenants) substantially in the form of Schedule 6; 
 (j) IFC has received a Certificate of Incumbency and Authority substantially in the form of Schedule 1; 
 (k) the Borrower has delivered to IFC evidence, substantially in the form of Schedule 4, of appointment of an agent for service of process pursuant to Section 8.05 (d) (Applicable Law and Jurisdiction); 
 (l) the Borrower shall have completed the tasks according to the timetable included in the CAP that are required to be completed on or before the date of
the first Disbursement and in accordance with the forms of the Annual Monitoring Report, and the Status Report for the CAP, attached respectively as Schedules 9 and 5 hereto; 
 (m) the Borrower has supplied IFC with minutes of the meeting (as provided in its Charter) approving all terms and conditions of the Conversion Option
provided for herein; 
 (n) the Borrower has made arrangements satisfactory to IFC for compliance with the Environmental, Health and Safety
Guidelines and the Environmental and Social Policies and with local regulations, including regulations from relevant governmental authorities in the Country relevant to the Project; 
 (o) the Borrower has (i) registered each Transaction Document, together with its sworn translation into the Portuguese language, in the competent
Registry of Titles and Deeds (Cartório de Registro de Títulos e Documentos) in the Country within twenty (20) days of their execution dates; (ii) pursuant to Law No. 6,404/76 (the Brazilian Lei das S.A.),
duly recorded the execution of the Equity Rights Agreement in (A) its 

  

 -40- 

 
registered share registry book in the event such shares are registered shares, or (B) in the books of the relevant financial institution, with notation
on the deposit account statement furnished to the Borrower’s shareholders, in the event such shares are book-entry shares; (iii) filed a copy of the Equity Rights Agreement at the headquarters of the Borrower; and (iv) delivered to
IFC evidence of such registration in form and substance reasonably satisfactory to IFC; 
 (p) the IFC Security has been duly created and
perfected as a first priority security interest in all assets subject to the IFC Security Documents, and all amounts owed to IFC under this Agreement are secured thereby; and IFC shall have received evidence, in form and substance satisfactory to
IFC, that all filings needed to create any security interest under the IFC Security have been filed with the appropriate Authorities; 
 (q)
in the case of the first A Loan Disbursement only, either: (i) the C Loan has been disbursed in its entirety; or (ii) the C Loan will be disbursed in its entirety at the same time as such first A Loan Disbursement; and 
 (r) the Borrower has provided IFC with a list of existing Liens incurred prior to the first A Loan Disbursement, in form and substance satisfactory to
IFC, except for Liens that, in the aggregate, represent not more than five million Dollars ($5,000,000). 
 Section 5.02.
Conditions of All Disbursements. The obligation of IFC to make any Disbursement, including the first Disbursement, is also subject to the conditions that: 
 (a) no Event of Default and no Potential Event of Default has occurred and is continuing; 
 (b) the proceeds
of that Disbursement are, at the date of the relevant request, needed by the Borrower for the purpose of the Project, or will be needed for that purpose within six (6) months of that date; 
 (c) since the date of this Agreement nothing has occurred which has or can reasonably be expected to have a Material Adverse Effect; 
 (d) since April 30, 2005 the Borrower has not incurred any material loss or liability (except such liabilities as may be incurred in accordance with
Section 6.02 (Negative Covenants )); 
 (e) the representations and warranties made in Article IV are true and correct in all
material respects on and as of the date of that Disbursement with the same effect as if those representations and warranties had been made on and as of the date of that Disbursement (but in the case of Section 4.01 (c) (Representations
and Warranties), without the words in parentheses); 
  

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 (f) the proceeds of that Disbursement are not in reimbursement of, or to be used for, expenditures in the
territories of any country which is not a member of the World Bank or for goods produced in or services supplied from any such country; 
 (g) IFC has received (if it so requires) a legal opinion or opinions in form and substance satisfactory to IFC, of IFC’s counsel in the Country and in New York, and concurred in by counsel for the Borrower, with respect to any matters
relating to that Disbursement; 
 (h) after giving effect to that Disbursement, the Borrower would not be in violation of: 
  

	 	(i)	its Charter; 

  

	 	(ii)	any provision contained in any document to which the Borrower is a party (including this Agreement) or by which the Borrower is bound that can reasonably be expected to have a
Material Adverse Effect; or 

  

	 	(iii)	any law, rule, regulation, Authorization or agreement or other document binding on the Borrower directly or indirectly limiting or otherwise restricting the Borrower’s
borrowing power or authority or its ability to borrow; 

 (i) IFC has received, on a Consolidated Basis (i) the financial
statements audited according to the Accounting Principles, for the Borrower’s Fiscal Year 2005; (ii) the audited financial statements for Cosan Portuária, Da Barra and FBA for the Fiscal Year 2005; and (iii) the unaudited
financial statements for each of the Borrower, Cosan Portuária, Da Barra and FBA for the latest quarter prior to the relevant Disbursement; 
 (j) payment of all fees and expenses due to IFC at that time shall have been received (or, in the case of expenses, evidence satisfactory to IFC of the direct payment thereof shall have been received); and 
 (k) the Borrower shall have completed the tasks according to the timetable included in the CAP that are required to be completed on or before the date of
the relevant Disbursement. 
 Section 5.03. Borrower’s Certification. The Borrower shall deliver to IFC with respect
to each request for Disbursement: 
 (a) certifications, in the form included in Schedule 2, relating to the conditions specified in
Section 5.02 (Conditions of All Disbursements) (other than the condition in Section 5.02 (g)) expressed to be effective as of the date of that relevant Disbursement, and in the case of Section 5.02 (d), also certified by the
Auditors if IFC so requires; and 
  

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 (b) such evidence as IFC may reasonably request of the proposed utilization of the proceeds of that
Disbursement or the utilization of the proceeds of any prior Disbursement. 
 Section 5.04. Conditions for IFC Benefit.
The conditions in Section 5.01 through Section 5.03 are for the benefit of IFC and may be waived only by IFC in its sole discretion. 
 ARTICLE VI 
 Particular Covenants 
 Section 6.01. Affirmative Covenants. Unless IFC otherwise agrees, the Borrower shall: 
 (a) carry out the Project and conduct its business with due diligence and efficiency and in accordance with sound engineering, financial and business practices; 
 (b) cause the financing specified in the Financial Plan to be applied exclusively to the Project; 
 (c)
maintain an accounting and control system, management information system and books of account and other records, which together adequately reflect truly and fairly the financial condition of the Borrower and its Subsidiaries and the results of their
operations in conformity with the Accounting Principles; 
 (d) maintain at all times a firm of internationally recognized independent public
accountants acceptable to IFC as auditors of the Borrower; 
 (e) irrevocably authorize, in the form of Schedule 6, the Auditors (whose fees
and expenses shall be for the account of the Borrower) to communicate directly with IFC at any time regarding the Borrower’s accounts and operations, and provide to IFC a copy of that authorization, and, no later than thirty (30) days
after any change in Auditors, issue a similar authorization to the new Auditors and provide a copy thereof to IFC; 
 (f) upon IFC’s
request, such request to be made with a two (2) day prior notice to the Borrower, and provided that in case of access to the books of account of the Borrower, as long as such access is not prohibited by the laws of the Country except if an
Event of Default or Potential Event of Default is continuing or if special circumstances so require, permit representatives of IFC, during normal office hours, to: 
  

	 	(i)	visit any of the premises where the business of the Borrower is conducted; 

  

 -43- 

	 	(ii)	inspect all facilities comprised in the Project; 

  

	 	(iii)	have access to the Borrower’s books of account and records, so long as such access is not prohibited by the laws of the Country; and 

  

	 	(iv)	have access to those employees, contractors, subcontractors and agents of the Borrower who have or may have knowledge of matters with respect to which IFC seeks information;

 (g) ensure compliance through its Subsidiaries, employees, agents, contractors and subcontractors with the Environmental and
Social Policies, the Environmental, Health and Safety Guidelines, the ERS, host country laws and the CAP; 
  

					
	 (h)
	  	(i)	    	obtain and maintain in force (and where appropriate, renew in a timely manner) all Authorizations which are necessary for the implementation of the Project, the carrying out of the
Borrower’s business and operations generally and the compliance by the Borrower with all its obligations under the Transaction Documents;

  

	 	(ii)	obtain, promptly upon the issuance of a Notice of Conversion Option Exercise by IFC, and provide to IFC a copy of: (A) the approval by Banco Central, CVM or any other
Authority in connection with the conversion of the C Loan (or the relevant part thereof) into Conversion Shares and the remittance to IFC or its assigns, in Loan Currency, of all monies payable (I) with respect to any Conversion Shares
(including, without limitation, dividends on, proceeds of sale of, and amounts receivable in a liquidation, winding up or analogous proceeding of the Borrower with respect to, the Conversion Shares and any other shares received by IFC by exercise of
any applicable pre-emptive rights or rights of first refusal or options or warrants, or by way of share dividends, share splits or replacement shares on or in respect of any such shares; and (II) with respect to prepayment of the C Loan, if any,
required under Section 3.13 (b) (ii) (Conversion of the C Loan); (B) all corporate authorizations necessary to ensure that upon issuance of the Conversion Shares to IFC, and for so long as IFC remains a shareholder of the
Borrower, IFC shall have the right to appoint an observer to the Borrower’s board of directors; and (C) any other Authorizations that may be necessary for the performance by the Borrower of its obligations in respect of the exercise of the
Conversion Option; 

  

	 	(iii)	comply with all the conditions and restrictions contained in, or imposed on the Borrower by, those Authorizations; and 

  

 -44- 

	 	(iv)	maintain in effect at all times all corporate authorizations necessary to ensure that upon issuance of the Conversion Shares to IFC, and for so long as IFC remains a shareholder of
the Borrower, IFC shall have the right to appoint an observer to the Borrower’s board of directors; 

 (i) from time to
time, execute, acknowledge and deliver or cause to be executed, acknowledged and delivered such further instruments as may reasonably be requested by IFC for perfecting or maintaining in full force and effect the IFC Security, for re-registering the
IFC Security or otherwise to enable the Borrower to comply with its obligations under the Transaction Documents; 
 (j) maintain insurance
coverage for the Borrower’s business and assets, as specified in Annex A; 
 (k) maintain at all times on a Consolidated Basis:

  

	 	(i)	a Current Ratio of not less than 1.3; 

  

	 	(ii)	except for Fiscal Year 2006, a Long-term Debt to Equity Ratio of not more than 1.3; and 

  

	 	(iii)	a Net Debt to EBITDA Ratio of not more than 3.5; 

 (l)
ensure that each of its Subsidiaries complies with the obligations set forth in Sections 6.01 (c), and (g) and 6.02 (d), (e), (f), (g), (h), (k), (l), (n), (o), (q), and (s) and 6.04, as if they were direct obligations of each such
Subsidiary (and for this purpose, if applicable, all references to the Borrower in each such provision, including in the defined terms used therein, shall be deemed to be references to the relevant Subsidiary); 
 (m) ensure that all Taxes due have been duly and punctually paid; 
 (n) starting on December 01, 2005, comply at all times with the corporate governance and disclosure requirements contained in Sections IV, V and VI of Novo Mercado, even if the Borrower’s shares are not
listed on the BOVESPA; and 
 (o) design, construct, operate, maintain and monitor the Project and all of its facilities: 
  

	 	(i)	in accordance with the Environmental and Social Policies and the Environmental, Health and Safety Guidelines; 

  

	 	(ii)	 in compliance with the CAP and environmental mitigation and management measures, as well as applicable environmental, occupational health and safety requirements,
and any child labor 

  

 -45- 

	 	 
and forced labor laws, rules and regulations (including any international treaty obligations, if any) of the Government of the Country and any provincial or
local Authorities; 

  

	 	(iii)	in compliance with the ERS ameliorative statements and commitments; and 

  

	 	(iv)	complete the technical activities described in the CAP to IFC’s satisfaction on or before the required dates for completion set forth therein. 

 Section 6.02. Negative Covenants. Unless IFC otherwise agrees, the Borrower shall not: 
 (a) declare or pay any dividend, interest on capital or any shareholders’ loans unless: 
  

	 	(i)	in the case of dividends or interest on capital or any shareholders’ loans, such payment would be made out of Retained Earnings and the Borrower, no earlier than sixty
(60) days nor later than thirty (30) days prior to doing so, certifies to IFC in writing, in the form attached as Schedule 7; and 

  

	 	(ii)	after giving effect to such payment: 

  

	 	(A)	no Event of Default or Potential Event of Default exists or is continuing; 

  

	 	(B)	the aggregate amount of the dividends or interest on capital paid during a Fiscal Year would not exceed fifty percent (50%) of the Net Income, on a Consolidated Basis, of the
previous Fiscal Year; and 

  

	 	(C)	the Prospective Long-term Debt Service Coverage Ratio is not less than 1.5; 

 (b) incur expenditures or commitments for expenditures for fixed or other non-current assets, other than those required for carrying out the Project or necessary for repairs, replacements and maintenance of
satisfactory operating conditions that are essential to the Borrower’s business or operations; 
 (c) incur or maintain any Debt, other
than Debt (i) existing on the date of this Agreement and the Loan and (ii) any other Debt, if after the incurrence thereof the Borrower, on a Consolidated Basis would have a: (A) Current Ratio of no less than 1.3; (B) Long Term Debt
to Equity Ratio of not more than 1.3, except for Fiscal Year 2006; and (C) Net Debt to EBITDA Ratio of not more than 3.5; 
  

 -46- 

 (d) change its capital stock or structure or reorganize the corporate structure of the Borrower, its
Subsidiaries or Affiliates in any form or way that may negatively affect the Loan and/or the Borrower’s obligations under or in connection with the Loan Agreement and/or the Notes Agreement; 
 (e) enter into any Derivative Transaction or assume the obligations of any party to any Derivative Transaction except with respect to non-speculative
derivative transactions designed to protect either the Borrower or its Subsidiaries from: (i) fluctuation in the Reais/foreign currency exchange rate, in the case of debt denominated in a currency other than Reais; and (ii) fluctuations in
interest rates, in the case of local debt; 
 (f) enter into any agreement or arrangement to guarantee or, in any way or under any condition,
assume or become obligated for all or any part of any financial or other obligation of another Person (except, in the case of the Subsidiaries, pursuant to the Guarantee Agreement); 
 (g) enter into any transaction except in the Ordinary Course of Business (including, without limitation, transactions whereby the Borrower, or any of its
Subsidiaries, as the case may be, might pay more than the ordinary commercial price for any purchase or might receive less than the full ex-works commercial price (subject to normal trade discounts) for its products); 
 (h) establish any sole and exclusive purchasing or sales agency; 
 (i) enter into any partnership, profit-sharing or royalty agreement or other similar arrangement whereby the Borrower’s income or profits are, or might be, shared with any other Person except for those
(i) relating to the Borrower’s stock option and compensation plan for directors and employees or (ii) made in the Ordinary Course of Business; 
 (j) form or have any Subsidiary except those listed in Annex B and any Subsidiary created after the date hereof which: (i) is part of the Borrower’s core business; (ii) is one hundred per cent
(100%) owned or controlled by the Borrower; and (iii) shall become a party to the Guarantee Agreement; 
 (k) change its Charter in
any manner which would be inconsistent with the provisions of any Transaction Document or the Notes Agreement; 
 (l) change its Fiscal Year;

 (m) change the nature or scope of the Project or change the nature of its present or contemplated business or operations; 
  

 -47- 

 (n) sell, transfer, lease or otherwise dispose of all or a substantial part of its assets, other than
inventory, whether in a single transaction or in a series of transactions, related or otherwise, except leases otherwise (and to the extent) permitted pursuant to Section 4.14, Section 5.01 (a), and Section 5.01 (b) of the Notes
Agreement (No Lease of All or Substantially All Assets), which are herein incorporated by reference; 
 (o) undertake or permit any
merger, spin-off, consolidation or reorganization, except (i) mergers otherwise (and to the extent) permitted pursuant to Section 5.01 (a) (iii) of the Notes Agreement (Consolidation, Merger or Sale of Assets by the
Company), which is herein incorporated by reference, or (ii) the spin-off provided in the Waiver Solicitation; provided, however, that upon the consummation of any transaction effected in accordance with this Section 6.02 (o),
if the Borrower is not the surviving Person, the surviving Person shall execute an assignment and assumption agreement, in a form satisfactory to IFC, in order to expressly assume all of the Borrower’s obligations to IFC under this Agreement
and the other Transaction Documents to which the Borrower is a party and will succeed to, and be substituted for, and may exercise every right and power of, the Borrower under this Agreement with the same effect as if such successor Person had been
named as the Borrower in this Agreement; 
 (p) terminate, amend or grant any waiver with respect to any provision of any of the Transaction
Documents; 
 (q) subject to Section 3.06 (Mandatory Prepayment), prepay (whether voluntarily or involuntarily) or repurchase any
Long-term Debt (other than the Loan) pursuant to any provision of any agreement or note with respect to that Long-term Debt, unless that Long-term Debt is refinanced using new Long-term Debt on terms and conditions (as to interest rate, other costs
and tenor) at least as favorable to the Borrower as those of the Long-term Debt being refinanced; 
 (r) use the proceeds of any Disbursement
in the territories of any country which is not a member of the World Bank or for reimbursements of expenditures in those territories or for goods produced in or services supplied from any such country; and 
 (s) make (and shall not authorize or permit any Affiliate or any other Person acting on its behalf to make) with respect to the Project or any
transaction contemplated by this Agreement, any Prohibited Payment. The Borrower further covenants that should IFC notify the Borrower of its concerns that there has been a violation of the provisions of this Section or of Section 4.01(q) of
this Agreement, it shall cooperate in good faith with IFC and its representatives in determining whether such a violation has occurred, and shall respond promptly and in reasonable detail to any notice from IFC, and shall furnish documentary support
for such response upon IFC’s request. 
 Section 6.03. Reporting Requirements. Unless IFC otherwise agrees, the
Borrower shall: 
  

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 (a) as soon as available but in any event within sixty (60) days after the end of each quarter of
each Fiscal Year, deliver to IFC: 
  

	 	(i)	two (2) copies of the unaudited, Consolidated and unconsolidated, financial statements for such quarter, each certified by the relevant Chief Financial Officer, for each of the
Borrower, Cosan Portuária, Da Barra and FBA; and 

  

	 	(ii)	a no-default report signed by the Borrower’s Chief Financial Officer confirming compliance with Section 6.01(k) (Affirmative Covenants) of this Agreement (including
a clear methodology for the relevant calculation) or, in the event of non-compliance, including an explanation of the factors leading to such non-compliance; 

 (b) as soon as available but in any event within ninety (90) days after the end of each Fiscal Year, deliver to IFC: 
  

	 	(i)	copies of the audited Consolidated financial statements of the Borrower and unaudited financial statements for each of Cosan Portuária, Da Barra and FBA for that Fiscal Year,
together with the Auditors’ report on the Borrower’s Consolidated financial statements; provided, that in the case of the Borrower, the financial statements shall be prepared in accordance with the Accounting Principles;

  

	 	(ii)	a copy of the Management Letter from the Auditors with respect to that Fiscal Year for the Borrower; 

  

	 	(iii)	a report by the Auditors certifying that, on the basis of its financial statements, the Borrower was in compliance with the covenants contained in Section 6.01(k)
(Affirmative Covenants) and Section 6.02 (Negative Covenants) as of the end of that Fiscal Year or, as the case may be, detailing any non-compliance; 

  

	 	(iv)	an annual operations review in a the form of Schedule 8 describing major activities and changes affecting the Borrower, such as capital investments, achievement against operational
targets and market conditions, and providing a capital and operating budget for the next Fiscal Year; and 

  

	 	(v)	a certification from the Borrower’s and each of the Corporate Guarantor’s Chief Financial Officer that all transactions between or among the Borrower and its Affiliates
were on the basis of arm’s length arrangements; 

  

 -49- 

 (c) deliver to IFC, promptly following receipt, a copy of any management letter or other communication
sent by the Auditors (or any other accountants retained by the Borrower) to the Borrower, Cosan Portuária, Da Barra or FBA or their respective management in relation to any of the financial, accounting and other systems, management or
accounts of any of them, if not provided pursuant to Section 6.03 (b) (ii); 
 (d) within sixty (60) days after the end of
each Financial Year, deliver to IFC: (i) an Annual Monitoring Report substantially in the form of Schedule 9 (which form may be updated by IFC from time to time), confirming compliance with the applicable national requirements, the
Environmental and Social Policies and the Environmental, Health and Safety Guidelines; and (ii) a CAP status report; 
 (e) as soon as
possible but no later than three (3) Business Days after its occurrence, notify IFC of any incident or accident which has or may reasonably be expected to have an adverse effect on the environment, health or safety, including, without
limitation, explosions, spills or workplace accidents which result in death, serious or multiple injury or major pollution, specifying, in each case, the nature of the incident or accident, the on-site and off-site impacts arising or likely to arise
therefrom and the measures the Borrower is taking or plans to take to address those impacts, and keep IFC informed of the on-going implementation of those measures; 
 (f) promptly notify IFC of any proposed change in the nature or scope of the Project or the business or operations of any of the Borrower or the Corporate Guarantors and of any event or condition which has or may
reasonably be expected to have a Material Adverse Effect; 
 (g) promptly upon becoming aware of any litigation or administrative proceedings
before any Authority or arbitral body which has or may reasonably be expected to have a Material Adverse Effect, notify IFC by facsimile of that event specifying the nature of that litigation or those proceedings and the steps the Borrower is taking
or proposes to take with respect thereto; 
 (h) promptly upon the occurrence of an Event of Default or Potential Event of Default, notify
IFC by facsimile specifying the nature of that Event of Default or Potential Event of Default and any steps the Borrower is taking to remedy it; 
 (i) provide to IFC, in a timely manner, the insurance certificates and other information referred to in Section 6.04 (d) (Insurance); 
 (j) promptly provide to IFC such other information as IFC from time to time reasonably requests about the Borrower, the Corporate Guarantors, the Borrower’s assets and the Project; 
 (k) if an IPO is proposed or is expected to occur, issue and deliver to IFC a Notice of IPO not earlier than ninety (90) days and not later than
thirty (30) days before the intended date thereof; 
  

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 (l) following delivery of a Notice of IPO: 
  

	 	(i)	notify IFC promptly of the filing with the appropriate securities regulatory body of formal disclosure documentation (which shall include, without limitation, adequate disclosure
regarding IFC’s rights pursuant to the Conversion Option) in connection with the proposed IPO; 

  

	 	(ii)	notify IFC promptly when offering documents, (which shall include, without limitation, adequate disclosure regarding IFC’s rights pursuant to the Conversion Option) relating to
such proposed IPO become available to potential investors; 

  

	 	(iii)	if any of the relevant information referred to in the definition of “Notice of IPO” was not known at the time of issuance of such Notice of IPO or, for any other reason
whatsoever, was not specified in such Notice of IPO, or, if any of the information included therein has changed, promptly issue and deliver to IFC a Notice of IPO Update containing such new or updated information (and do so more than once if
required), as soon as that information is available to the Borrower; 

  

	 	(iv)	notify IFC in writing immediately upon any determination being made, that the relevant IPO is not going to proceed or, as applicable, is expected to occur more than ninety
(90) days after the date of which the Notice of IPO was delivered to IFC; and 

  

	 	(v)	notify IFC in writing on the day falling ninety-one (91) days after the date of delivery to IFC of a Notice of IPO, if the relevant IPO of which notice was given in such Notice
of IPO has not occurred.; and 

 (m) except for the Waiver Solicitation, if: (i) the Borrower engages in any material
negotiation that may result in any amendment or variation of either the Notes Agreement or the Share Subscription Agreement, promptly notify IFC in writing and disclose to IFC all material aspects of such negotiation; and (ii) there occurs any
amendment or variation of either the Notes Agreement or the Share Subscription, promptly provide a copy thereof to IFC; provided, that in the case of the Notes Agreement IFC’s written consent (to be given, or not given, in the exercise of
IFC’s sole discretion) shall be required for any such amendment or variation of the Notes Agreement to be given effect for the purposes of the references to Sections 6.02 (n) and (o) (Negative Covenants) of this Agreement and without
such written consent, the references therein shall continue to be references to the Notes Agreement as in effect on the date of this Agreement (as provided in the definition of “Notes Agreement “). 
 Section 6.04. Insurance. 
 (a) Insurance Requirements and Borrower’s Undertakings. Unless IFC otherwise agrees, the Borrower shall: 
  

	 	(i)	insure and keep insured, with financially sound and reputable insurers, all its assets and business against all insurable losses to include the insurances specified in Annex A and
any insurance required by law; 

  

 -51- 

	 	(ii)	punctually pay any premium, commission and any other amounts necessary for effecting and maintaining in force each insurance policy; 

  

	 	(iii)	promptly notify the relevant insurer of any claim by the Borrower under any policy written by that insurer and diligently pursue that claim; 

  

	 	(iv)	comply with all warranties under each policy of insurance; 

  

	 	(vi)	not do or omit to do, or permit to be done or not done, anything which might prejudice the Borrower’s, or, where IFC is a loss payee or an additional named insured, IFC’s
right to claim or recover under any insurance policy; and 

  

	 	(vii)	not vary, rescind, terminate, cancel or cause a material change to any insurance policy; 

 provided always that if at any time and for any reason any insurance required to be maintained under this Agreement shall not be in full force and effect, then IFC shall thereupon or at any time while the same is
continuing be entitled (but have no such obligation) on its own behalf to procure that insurance at the expense of the Borrower and to take all such steps to minimize hazard as IFC may consider expedient or necessary. 
 (b) Policy Provisions. Each insurance policy required to be obtained pursuant to this Section shall be on terms and conditions acceptable
to IFC, and shall contain provisions to the effect that: 
  

	 	(i)	no policy can expire nor can it be canceled or suspended by the Borrower or the insurer for any reason (including failure to renew the policy or to pay the premium or any other
amount) unless IFC and, in the case of expiration or if cancellation or suspension is initiated by the insurer, the Borrower receive at least forty-five (45) days’ notice (or such lesser period as IFC may agree with respect to
cancellation, suspension or termination in the event of war and kindred peril) prior to the effective date of termination, cancellation or suspension; 

  

 -52- 

	 	(ii)	where relevant, all its provisions (except those relating to limits of liability) shall operate as if they were a separate policy covering each insured party; and

  

	 	(iii)	on every insurance policy on business interruption and on the Borrower’s assets which are the subject of the IFC Security, IFC shall be named as loss payee for any claim of, or
any series of claims arising with respect to the same event whose aggregate amount is, the equivalent of five million Dollars ($5,000,000) or more; 

 (c) Application of Proceeds. 
  

	 	(i)	At its reasonable discretion, IFC may remit the proceeds of any insurance paid to it to the Borrower to repair or replace the relevant damaged assets or may apply those proceeds
towards any amount payable to IFC under this Agreement, including to repay or prepay all or any part of the A Loan in accordance with Section 3.05 (Prepayment of the A Loan); provided that there shall be no minimum amount or notice
period for any such prepayment nor any prepayment premium. 

  

	 	(ii)	The Borrower shall use any insurance proceeds it receives (whether from IFC or directly from the insurers) for loss of or damage to any asset solely to replace or repair that asset.

 (d) Reporting Requirements. Unless IFC otherwise agrees, the Borrower shall provide to IFC the following:

  

	 	(i)	as soon as possible after its occurrence, notice of any event which entitles the Borrower to claim for an aggregate amount exceeding the equivalent of one million Dollars
($1,000,000) under any one or more insurance policies; 

  

	 	(ii)	within thirty (30) days after any insurance policy is issued to the Borrower, a copy of that policy incorporating any loss payee provisions required under
Section 6.04(b)(iv) (unless that policy has already been provided to IFC pursuant to Section 5.01(f) (Conditions of First Disbursement)); 

  

	 	(iii)	not less than ten (10) days prior to the expiry date of any insurance policy (or, for insurance with multiple renewal dates, not less than ten (10) days prior to the
expiry date of the policy on the principal asset), a certificate of renewal from the insurer, insurance broker or agent confirming the renewal of that policy and the renewal period, the premium, the amounts insured for each asset or item and any

  

 -53- 

	 	 
changes in terms or conditions from the policy’s issue date or last renewal, and confirmation from the insurer that provisions naming IFC as loss payee
or additional named insured, as applicable remain in effect; 

  

	 	(iv)	such evidence of premium payment as IFC may from time to time request; and 

  

	 	(v)	any other information or documents on each insurance policy as IFC reasonably requests from time to time. 

  
 ARTICLE VII 
 Events of Default 
 Section 7.01. Acceleration after Default.
If any Event of Default occurs and is continuing (whether it is voluntary or involuntary, or results from operation of law or otherwise), IFC may, by notice to the Borrower, require the Borrower to repay the Loan or such part of the Loan as is
specified in that notice. On receipt of any such notice, the Borrower shall immediately repay the Loan (or that part of the Loan specified in that notice) and pay all interest accrued on it, the prepayment premium specified in Section 3.05
(b) (Prepayment of the A Loan) or 3.17 (b) (Prepayment of the C Loan) on the amount of the Loan whose payment is accelerated and any other amounts then payable under this Agreement. The Borrower waives any right it might have
to further notice, presentment, demand or protest with respect to that demand for immediate payment. 
 Section 7.02. Events of
Default. It shall be an Event of Default if: 
 (a) the Borrower fails to pay when due any part of the principal of, interest or
Additional Interest on, the Loan and such failure continues for a period of five (5) days; 
 (b) the Borrower fails to pay when due any
part of the principal of, or interest on the senior notes issued pursuant to the Notes Agreement, and such failure to pay interest continues for more than thirty (30) days; 
 (c) the Borrower fails to comply with any of its obligations under this Agreement or any other Transaction Document or any other agreement between the
Borrower and IFC (other than for the payment of the principal of, interest or Additional Interest on, the Loan or any other loan from IFC to the Borrower) or under the Notes Agreement, and any such failure continues for a period of thirty
(30) days after the date on which IFC notifies the Borrower of that failure; 
 (d) any IFC Security Document or any of its provisions:

  

	 	(i)	is revoked, terminated, materially amended or ceases to be in full force and effect or ceases to provide the security intended, without, in each case, the prior consent of IFC;

  

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	 	(ii)	becomes unlawful or is declared void; or 

  

	 	(iii)	is repudiated or its validity or enforceability is challenged by any Person and any such repudiation or challenge continues for a period of thirty (30) days during which period
such repudiation or challenge has no effect; 

 (e) any party (other than IFC or the Borrower) to a Transaction Document (other
than a IFC Security Document) fails to observe or perform any of its obligations under that Transaction Document, and any such failure continues for a period of thirty (30) days after the date on which IFC notifies the Borrower of that failure;

 (f) any representation or warranty made in Article IV or in connection with the execution of, or any request (including a request for
Disbursement) under, this Agreement or any other Transaction Document is found to be incorrect in any material respect; 
 (g) any Authority
condemns, nationalizes, seizes, or otherwise expropriates all or any substantial part of the property or other assets of the Borrower or the Corporate Guarantors or of its or their respective share capital, or assumes custody or control of that
property or other assets or of the business or operations of the Borrower or of its share capital, or takes any action for the dissolution or disestablishment of the Borrower or any action that would prevent the Borrower or its officers from
carrying on all or a substantial part of its business or operations; 
 (h) a decree or order by a court is entered against the Borrower or
any of the Guarantors: 
  

	 	(i)	adjudging it bankrupt or insolvent; 

  

	 	(ii)	approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of, or with respect to, the Borrower under any applicable law;

  

	 	(iii)	appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of it or of any substantial part of its property or other assets; or

  

	 	(iv)	ordering the winding up or liquidation of its affairs; 

 or any petition
is filed seeking any of the above and is not stayed or dismissed within thirty (30) days; 
  

 -55- 

 (i) the Borrower or any of the Guarantors: 
  

	 	(i)	requests a moratorium or suspension of payment of debts from any court; 

  

	 	(ii)	institutes proceedings or takes any form of corporate action to be liquidated, adjudicated bankrupt or insolvent; 

  

	 	(iii)	consents to the institution of bankruptcy or insolvency proceedings against it; 

  

	 	(iv)	files a petition or answer or consent seeking reorganization or relief under any applicable law, or consents to the filing of any such petition or to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of it or of any substantial part of its property; 

  

	 	(v)	makes a general assignment for the benefit of creditors; or 

  

	 	(vi)	admits in writing its inability to pay its debts generally as they become due or otherwise becomes insolvent; 

 (j) an attachment or analogous process is levied or enforced upon or issued against any of the assets of the Borrower or of any of the Guarantors and is
not discharged or stayed within thirty (30) days; 
 (k) any other event occurs which under any applicable law would have an effect
analogous to any of those events listed in Section 7.02(g) through Section 7.02(i) (subject to the grace periods provided for in such Sections); 
 (l) the Borrower or any of the Guarantors fails to pay any of its respective Debt (other than the Loan or Debt under the Notes Agreement) or to perform any of its respective obligations under any agreement pursuant to
which there is outstanding any Debt in excess of one million Dollars ($1,000,000), and any such failure continues for more than any applicable period of grace or any such Debt becomes prematurely due and payable or is placed on demand; 

(m) any Authorization necessary for the Borrower to perform and observe its obligations under any Transaction Document is not obtained when required
or is rescinded, terminated, lapses or otherwise ceases to be in full force and effect, including with respect to the remittance to IFC or its assignees, in the Loan Currency, of any amounts payable under any Transaction Document, and is not
restored or reinstated within thirty (30) days of notice by IFC to the Borrower requiring that restoration or reinstatement; 
  

 -56- 

 (n) any Transaction Document or any of its provisions: 
  

	 	(i)	is revoked, terminated or ceases to be in full force and effect without, in each case, the prior consent of IFC, and that event, if capable of being remedied, is not remedied to the
satisfaction of IFC within thirty (30) days of IFC’s notice to the Borrower; or 

  

	 	(ii)	becomes unlawful or is declared void; and 

 (o) any
Transaction Document is repudiated or the validity or enforceability of any of its provisions at any time is challenged by any Person and such repudiation or challenge is not withdrawn within thirty (30) days of IFC’s notice to the
Borrower requiring that withdrawal; provided that no such notice shall be required or, as the case may be, the notice period shall terminate if and when such repudiation or challenge becomes effective. 
 Section 7.03. Bankruptcy. If the Borrower, any of its Subsidiaries or any of the Corporate Guarantors is liquidated or declared
bankrupt, the Loan, all interest accrued on it and any other amounts payable under this Agreement will become immediately due and payable without any presentment, demand, protest or notice of any kind, all of which the Borrower waives. 

 
 ARTICLE VIII 
 Miscellaneous 
 Section 8.01. Saving of Rights.
(a) The rights and remedies of IFC in relation to any misrepresentation or breach of warranty on the part of the Borrower shall not be prejudiced by any investigation by or on behalf of IFC into the affairs of the Borrower, by the execution
or the performance of this Agreement or by any other act or thing which may be done by or on behalf of IFC in connection with this Agreement and which might, apart from this Section, prejudice such rights or remedies. 
 (b) No course of dealing or waiver by IFC in connection with any condition of Disbursement of the Loan under this Agreement shall impair any right, power
or remedy of IFC with respect to any other condition of Disbursement, or be construed to be a waiver thereof; nor shall the action of IFC with respect to any Disbursement affect or impair any right, power or remedy of IFC with respect to any other
Disbursement. 
 (c) Unless otherwise notified to the Borrower by IFC and without prejudice to the generality of Section 8.01(b), the
right of IFC to require compliance with any condition under this Agreement which may be waived by IFC with respect to any Disbursement is expressly preserved for the purposes of any subsequent Disbursement. 
  

 -57- 

 (d) No course of dealing and no failure or delay by IFC in exercising, in whole or in part, any power,
remedy, discretion, authority or other right under this Agreement or any other agreement shall waive or impair, or be construed to be a waiver of or an acquiescence in, such or any other power, remedy, discretion, authority or right under this
Agreement, or in any manner preclude its additional or future exercise; nor shall the action of IFC with respect to any default, or any acquiescence by it therein, affect or impair any right, power or remedy of IFC with respect to any other default.

 Section 8.02. Notices. Any notice, request or other communication to be given or made under this Agreement shall be in
writing. Subject to Sections 6.03(g) and (h) (Reporting Requirements) and Section 8.05(f) (Applicable Law and Jurisdiction), any such communication may be delivered by hand, airmail, facsimile or established courier service
to the party’s address specified below or at such other address as such party notifies to the other party from time to time, and will be effective upon receipt. 
 For the Borrower: 
 Bairro Costa Pinto, s/n 
 CEP 13411-900 
 Caixa Postal: 1205 / 1206

 Facsimile: (55) (11) 3897-9797 
 Attention:      Financial Director 
 For IFC: 
 International Finance Corporation 
 2121
Pennsylvania Avenue, N.W. 
 Washington, D.C. 20433 
 United States of America 
 Facsimile:      +1 (202) 974 43337 

Attention:      Director, Agribusiness Department 
 With a copy (in the case of communications relating to payments) sent to the attention of the Senior Manager, Financial Operations Unit, at: 

Facsimile:      +1 (202) 974-4371 
  

 -58- 

 Section 8.03. English Language. (a) All documents to be provided or
communications to be given or made under this Agreement shall be in the English language. 
 (b) To the extent that the original version of
any document to be provided, or communication to be given or made, to IFC under this Agreement or any other Transaction Document is in a language other than English, that document or communication shall be accompanied by an English translation
certified by an Authorized Representative to be a true and correct translation of the original. IFC may, if it so requires, obtain an English translation of any document or communication received in another language other than English at the cost
and expense of the Borrower. IFC may deem any such English translation to be the governing version between the Borrower and IFC. 
 Section 8.04. Term of Agreement. This Agreement shall continue in force until all monies payable under it have been fully paid and acquitted by IFC in accordance with its provisions. 
 Section 8.05. Applicable Law and Jurisdiction. 
 (a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York, United States of America. 
 (b) For the exclusive benefit of IFC, the Borrower irrevocably agrees that any legal action, suit or proceeding arising out of or relating to this Agreement or any other Transaction Document to which it is party may
be brought in the courts of the United States of America located in the Southern District of New York or in the courts of the State of New York located in the Borough of Manhattan. By the execution of this Agreement, the Borrower irrevocably submits
to the jurisdiction of any such court in any such action, suit or proceeding. Final judgment against the Borrower in any such action, suit or proceeding shall be conclusive and may be enforced in any other jurisdiction, including the Country, by
suit on the judgment, a certified or exemplified copy of which shall be conclusive evidence of the judgment, or in any other manner provided by law. 
 (c) Nothing in this Agreement shall affect the right of IFC to commence legal proceedings or otherwise sue the Borrower in the Country or any other appropriate jurisdiction, or concurrently in more than one
jurisdiction, or to serve process, pleadings and other legal papers upon the Borrower in any manner authorized by the laws of any such jurisdiction. 
 (d) The Borrower hereby irrevocably designates, appoints and empowers National Corporate Research, with offices currently located at 225 West Thirty Fourth Street, Suite 910, New York, New York 10122, as its
authorized agent solely to receive for and on its behalf service of any summons, complaint or other legal process in any action, suit or proceeding IFC may bring in the State of New York in respect of this Agreement or any other Transaction Document
to which the Borrower is party. 
  

 -59- 

 (e) As long as this Agreement remains in force, the Borrower shall maintain a duly appointed and
authorized agent to receive for and on its behalf service of any summons, complaint or other legal process in any action, suit or proceeding IFC may bring in New York, New York, United States of America, with respect to this Agreement or any other
Transaction Document to which the Borrower is party. The Borrower shall keep IFC advised of the identity and location of such agent. 
 (f)
The Borrower also irrevocably consents, if for any reason its authorized agent for service of process of summons, complaint and other legal process in any action, suit or proceeding is not present in New York, New York, to the service of such papers
being made out of the courts of the United States of America located in the Southern District of New York and the courts of the State of New York located in the Borough of Manhattan by mailing copies of the papers by registered United States air
mail, postage prepaid, to the Borrower, at its address specified pursuant to Section 8.02 (Notices). In such a case, IFC shall also send by facsimile, or have sent by facsimile, a copy of the papers to the Borrower. 
 (g) Service in the manner provided in Sections 8.05(d), (e) and (f) in any action, suit or proceeding will be deemed personal service, will be
accepted by the Borrower as such and will be valid and binding upon the Borrower for all purposes of any such action, suit or proceeding. 
 (h) The Borrower irrevocably waives to the fullest extent permitted by applicable law: 
  

	 	(i)	any objection which it may have now or in the future to the laying of the venue of any action, suit or proceeding in any court referred to in this Section; 

 

	 	(ii)	any claim that any such action, suit or proceeding has been brought in an inconvenient forum; 

  

	 	(iii)	its right of removal of any matter commenced by IFC in the courts of the State of New York to any court of the United States of America; and 

  

	 	(iv)	any and all rights to demand a trial by jury in any such action, suit or proceeding brought against such party by IFC. 

 (i) To the extent that the Borrower may be entitled in any jurisdiction to claim for itself or its assets immunity in respect of its obligations under
this Agreement or any other Transaction Document to which it is a party, from any suit, execution, attachment (whether provisional or final, in aid of execution, before judgment or otherwise) or other legal process or to the extent that in any
jurisdiction that immunity (whether or not claimed) may be attributed to it or its assets, the Borrower irrevocably agrees not to claim and irrevocably waives such immunity to the fullest extent permitted now or in the future by the laws of such
jurisdiction. 
  

 -60- 

 (j) The Borrower hereby acknowledges that IFC shall be entitled under applicable law, including the
provisions of the International Organizations Immunities Act, to immunity from a trial by jury in any action, suit or proceeding arising out of or relating to this Agreement or any other Transaction Document to which the Borrower is party or the
transactions contemplated hereby or thereby brought against IFC in any court of the United States of America. The Borrower hereby waives any and all rights to demand a trial by jury in any action, suit or proceeding arising out of or relating to
this Agreement or any other Transaction Document to which the Borrower is a party or the transactions contemplated hereby or thereby, brought against IFC in any forum in which IFC is not entitled to immunity from a trial by jury. 
 (k) To the extent that the Borrower may, in any action, suit or proceeding brought in any of the courts referred to in Section 8.05(b) or a court of
the Country or elsewhere arising out of or in connection with this Agreement or any other Transaction Document to which the Borrower is a party, be entitled to the benefit of any provision of law requiring IFC in such action, suit or proceeding to
post security for the costs of the Borrower, or to post a bond or to take similar action, the Borrower hereby irrevocably waives such benefit, in each case to the fullest extent now or in the future permitted under the laws of the Country or, as the
case may be, the jurisdiction in which such court is located. 
 Section 8.06. Disclosure of Information. (a) IFC may
disclose any documents or records of, or information about, this Agreement or any other Transaction Document, or the assets, business or affairs of the Borrower: 
  

	 	(i)	to its outside counsel, auditors and rating agencies, 

  

	 	(ii)	upon notice to the Borrower, to any Person with a participation in or who intends to purchase a participation in a portion of the Loan, and 

  

	 	(iii)	upon notice to the Borrower, to any other Person as IFC may deem appropriate in connection with any proposed sale, transfer, assignment or other disposition of IFC’s rights
under this Agreement or any Transaction Document or otherwise for the purpose of exercising any power, remedy, right, authority or discretion relevant to this Agreement or any other Transaction Document. 

 (b) The Borrower acknowledges and agrees that, notwithstanding the terms of any other agreement between the Borrower and IFC, a disclosure of information
by IFC in the circumstances contemplated by Section 8.06 (a) does not violate any duty owed to the Borrower under this Agreement or under any such other agreement. 
  

 -61- 

 Section 8.07. Successors and Assignees. This Agreement binds and benefits the
respective successors and assignees of the parties. However, the Borrower may not assign or delegate any of its rights or obligations under this Agreement without the prior consent of IFC. 
 Section 8.08. Amendments, Waivers and Consents. Any amendment or waiver of, or any consent given under, any provision of this
Agreement shall be in writing and, in the case of an amendment, signed by the parties. 
 Section 8.09. Counterparts. This
Agreement may be executed in several counterparts, each of which is an original, but all of which together constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or pdf or other
electronic means will be effective as delivery of a manually executed counterpart to this Agreement. 
 * signatures on following page *

  

 -62- 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be signed in their respective names as of
the date first above written. 
  

									
	COSAN S.A. - INDÚSTRIA E COMÉRCIO	 		 		 	
					
	By:	 	 /s/ Rubens Ometto Silveira Mello
	 		 	By:	 	 /s/ Pedro Isamu Mizutani

	Name:	 	Rubens Ometto Silveira Mello	 		 	Name:	 	Pedro Isamu Mizutani
					
	Title :	 		 		 	Title :	 	

  

			
	INTERNATIONAL FINANCE CORPORATION
		
	By:	 	 /s/ Oscar Chemerinski

	Name:	 	Oscar Chemerinski
	Title:	 	Senior Manager, Agribusiness Department

  

			
	Witnesses:
		
	1.-	 	 /s/ Claudio Rechden

		 	Name/CPF
		
	2.-	 	 /s/ Luiz C. Recchia

		 	Name/CPF

  

 -63- 

 ANNEX A 
 Page 1 of 1 
  

 INSURANCE REQUIREMENTS 
 (See Section 6.04 (a) of the Loan Agreement) 
  

	1.	ONGOING / OPERATIONAL PHASE 

  

	 	a)	Fire and named perils or All Risks, based on new replacement cost of assets 

  

	 	b)	Third Party Liability, including Products Liability (with a minimum limit of $1 million) 

  

	2.	AT ALL TIMES 

  

	 	a)	All insurances required by local legislation. 

  

 -64- 

 ANNEX B 
 LIST OF EXISTING SUBSIDIARIES OF THE BORROWER 
  

			
	 Name (Razão Social)
	  	 CNPJ No.

	 1. Cosan Operadora Portuária S.A
	  	71.550.388/0001-42
		
	 2. Cosan S.A. – Refinadora de Açúcar
	  	06.077.196/0001-07
		
	 3. FBA Franco Brasileira S.A. – Açúcar e Alcool
	  	00.204.597/0001-96
		
	 4. Usina da Barra S.A. – Açúcar e Alcool
	  	44.814.325/0001-83
		
	 5. Cosan Distribuidora de Combustíveis Ltda.
	  	02.041.195/0001-43
		
	 6. Amaralina Agrícola Ltda.
	  	04.016.922/0001-48
		
	 7. Destilaria Vale do Tietê S.A. – Destivale
	  	44.883.999/0001-30
		
	 8. Agrícola Ponte Alta S.A.
	  	05.495.024/0001-82
		
	 9. Agua Santa Participações S.A.
	  	07.198.897/0001-59

  

 -65- 

 SCHEDULE 1 
 Page 1 of 2 
  

 FORM OF CERTIFICATE OF INCUMBENCY AND AUTHORITY 
 (See Section 1.01 and Section 5.01(j) of the Loan Agreement) 
 [Borrower’s Letterhead] 
 [Date] 
 International Finance Corporation 
 2121 Pennsylvania Avenue, N.W. 
 Washington, D.C. 20433 
 United States of America 
 Attention: Director, Agribusiness Department 
 Ladies and Gentlemen:

  
 Certificate of Incumbency and Authority 
 With reference to the Loan Agreement between us, dated June 28,2005 (the “Loan Agreement”) I, the undersigned [Chairman/Director] of Cosan
S.A.—Indústria e Comércio, (the “Borrower”), duly authorized to do so, hereby certify that the following are the names, offices and true specimen signatures of the persons [each] [any two] of whom are, and will continue
to be, authorized: 
 (a) to sign on behalf of the Borrower the requests for the disbursement of funds provided for in Section 3.02 and
Section 3.08 of the Loan Agreement ; 
 (b) to sign the certifications provided for in Section 5.02 and Section 5.03 of the
Loan Agreement; and 
  

 -66- 

 SCHEDULE 1 
 Page 2 of 2 
  

 (c) to take any other action required or permitted to be taken, done, signed or executed under the
Loan Agreement or any other agreement to which IFC and the Borrower may be parties. 
  

					
	 *Name
	 	 Office
	 	 
	Specimen Signature	 	
	  
	 	  
	 	  

	  
	 	  
	 	  

	  
	 	  
	 	  

 You may assume that any such person continues to be so authorized until you receive authorized
written notice from the Borrower that they, or any of them, is no longer so authorized. 
  

									
		 	Yours truly,	 		 	
				
		 	Cosan S.A. - Indústria e Comércio	 		 	
					
		 	By	 	  
	 		 	
		 		 	[Chairman/Director]	 		 	

	*	Designations may be changed by the Borrower at any time by issuing a new Certificate of Incumbency and Authority authorized by the Board of Directors of the Borrower where
applicable. 

  

 -67- 

 SCHEDULE 2 
 Page 1 of 3 
  

 FORM OF REQUEST FOR DISBURSEMENT [A] [C](LOAN) 
 (See Section 3.02, Section 3.08 and Section 5.03 of the Loan Agreement) 
 [Borrower’s Letterhead] 
 [Date] 
 International Finance Corporation 
 2121 Pennsylvania Avenue, N.W.

 Washington, D.C. 20433 
 United States of America 

Attention: Director, Agribusiness Department 
 Ladies and Gentlemen:

  
 Investment No. 22819 
 Request for [A] [C] Loan Disbursement No. [    ]* 
 1. Please refer to the Loan Agreement (the “Loan Agreement”) dated June 28, 2005, between Cosan S.A.—Indústria e Comércio (the “Borrower”) and International Finance
Corporation (“IFC”). Terms defined in the Loan Agreement have their defined meanings whenever used in this request. 
 2. The Borrower irrevocably
requests the disbursement on                     ,          (or as soon as practicable
thereafter) [if an A Loan Disbursement, insert the following text] [of the amount of
                            
(            ) under the [A] Loan (the “Disbursement”)] [if the C Loan Disbursement, insert the following text] [of the entire amount of the C Loan, or twenty
million Dollars ($20,000,000) (the “Disbursement”),] in accordance with the provisions of [Section 3.02][Section 3.08] of the Loan Agreement. You are requested to pay such amount to the account in [New York] of [Name of Borrower]
[Name of correspondent Bank], Account No.                      at [Name and Address of Bank] [for further credit to the Borrower’s
Account No.                      at [Name and address of Bank] in [city and country]. 

	*	Each to be numbered in series. 

  

 -68- 

 SCHEDULE 2 
 Page 2 of 3 
  

 3. There is enclosed a signed [, stamped,] but undated receipt for the amount of the Disbursement. The Borrower
authorizes IFC to date such receipt with the date of actual disbursement by IFC. 
 4. For the purpose of Section 5.02 and Section 5.03 of the Loan
Agreement, the Borrower certifies as follows: 
 (a) no Event of Default and no Potential Event of Default has occurred and is continuing;

 (b) the proceeds of the Disbursement are, at the date hereof, needed by the Borrower for the purpose of the Project, or will be needed for
that purpose within six (6) months of the date hereof; 
 (c) since the date of the Loan Agreement nothing has occurred which has or can
reasonably be expected to have a Material Adverse Effect; 
 (d) since [the date of the latest financial statements] the Borrower has not
incurred any material loss or liability (except such liabilities as may be incurred in accordance with Section 6.02 (Negative Covenants ) of the Loan Agreement); 
 (e) the representations and warranties made in Article IV of the Loan Agreement are true and correct in all material respects on and as of the date
hereof and will be true on and as of the date of Disbursement with the same effect as if those representations and warranties had been made on and as of each such date (but in the case of Section 4.01 (c), without the words in parentheses);

 (f) the proceeds of the Disbursement are not in reimbursement of, or to be used for, expenditures in the territories of any country which
is not a member of the World Bank or for goods produced in or services supplied from any such country; 
 (g) after giving effect to the
Disbursement, the Borrower will not be in violation of: 
  

	 	(i)	its Charter; 

  

	 	(ii)	any provision contained in any document to which the Borrower is a party (including the Loan Agreement) or by which the Borrower is bound that can reasonably be expected to have a
Material Adverse Effect; or 

  

 -69- 

 SCHEDULE 2 
 Page 3 of 3 
  

	 	(iii)	any law, rule, regulation, Authorization or agreement or other document binding on the Borrower directly or indirectly limiting or otherwise restricting the Borrower’s
borrowing power or authority or its ability to borrow; 

 (h) IFC has received, on a Consolidated Basis: (i) the financial
statements audited according to the Accounting Principles, for the Borrower’s Fiscal Year 2005; (ii) the audited financial statements for Cosan Portuária, Da Barra and FBA for the Fiscal Year 2005; and (iii) the unaudited
financial statements for each of the Borrower, Cosan Portuária, Da Barra and FBA for the latest quarter ended prior to the date hereof; 
 (i) payment of all fees and expenses due to IFC prior to or on the date of the requested Disbursement have been paid to IFC; and 
 (j) the Borrower has completed the tasks according to the timetable included in the CAP that are required to be completed on or before the date of the requested Disbursement. 
 The above certifications are effective as of the date of this Request for Disbursement and shall continue to be effective as of the date of the
Disbursement. If any of these certifications is no longer valid as of or prior to the date of the requested Disbursement, the Borrower undertakes to immediately notify IFC. 
  

			
	Yours truly,
	
	Cosan S.A. - Indústria e Comércio
		
	By	 	  

		 	Authorized Representative

  

			
	Copy to:	 	Manager, Financial Operations Unit
		 	International Finance Corporation

  

 -70- 

 SCHEDULE 3 
 Page 1 of 1 
  

 FORM OF [A][C] LOAN DISBURSEMENT RECEIPT 
 (See Section 3.02 or Section 3.08 of the Loan Agreement) 
 [Borrower’s Letterhead] 
 International Finance Corporation 
 2121 Pennsylvania Avenue, N.W. 
 Washington, D.C. 20433 
 United States of America 
 Attention: Manager, Financial Operations Unit

 Ladies and Gentlemen: 
 Investment
No. 22819 
 Disbursement Receipt No. [    ]* ([A][C] Loan) 
 We, Cosan S.A. Indústria e Comércio, hereby acknowledge receipt on the date hereof, of the sum of
                 (        ) disbursed to us by International Finance Corporation (“IFC”) under the [A]
[C] Loan of                  (        ) provided for in the Loan Agreement dated June 28, 2005 between our
company and International Finance Corporation.** 
  

			
	Yours truly,
	
	Cosan S.A. Indústria e Comércio
		
	By	 	  

		 	Authorized Representative***

	*	To correspond with number of the Disbursement request. See Schedule 2. 

	**	Please note that in some jurisdictions one has to be able to prove amounts disbursed. 

	***	As named in the Borrower’s Certificate of Incumbency and Authority (see Schedule 1). 

  

 -71- 

 SCHEDULE 4 
 Page 1 of 2 
  

 FORM OF SERVICE OF PROCESS LETTER 
 [Letterhead of Agent for Service of Process] 
 (See Section 5.01 (k) of the
Loan Agreement) 
 [Date] 
 International Finance
Corporation 
 2121 Pennsylvania Avenue, N.W. 
 Washington, D.C.
20433 
 Attention: Director, Agribusiness Department 
 Re:
Brazil/Cosan 
 Dear Sirs: 
 Reference is made to
Section 8.05 (d) of the Loan Agreement dated                      (the “Loan Agreement”) between Cosan S.A.
Indústria e Comércio (the “Borrower”) and International Finance Corporation (“IFC”). Unless otherwise defined herein, capitalized terms used herein shall have the meaning specified in the Loan Agreement. 

Pursuant to Section 8.05(d) of the Loan Agreement, the Borrower has irrevocably designated and appointed the undersigned, National Corporate
Research, with offices currently located at 225 West Thirty Fourth Street, Suite 910, New York, New York 10122, as its authorized agent to receive for and on its behalf service of process in any legal action or proceeding with respect to the Loan
Agreement in the courts of the United States of America for the Southern District of New York or in the courts if the State of New York located in the Borough of Manhattan. 
  

 -72- 

 SCHEDULE 4 
 Page 2 of 2 
  

 The undersigned hereby informs you that it has
irrevocably accepted that appointment as process agent as set forth in Section 8.05 (d) of the Loan Agreement, from                 1 until [March 15, 2013] and agrees with you that the undersigned (i) shall inform IFC promptly in writing of any change of
its address in New York, (ii) shall perform its obligations as such process agent in accordance with the relevant provisions of Section 8.05 of the Loan Agreement, and (iii) shall forward promptly to the Borrower any legal process
received by the undersigned in its capacity as process agent. 
 As process agent, the undersigned and its successor or successors agree to
discharge the above-mentioned obligations and will not refuse fulfillment of such obligations as provided under Section 8.05 (d) of the Loan Agreement. 
  

			
	Very truly yours,
	
	National Corporate Research
		
	By	 	  

	Title:	 	

 cc: [Borrower] 
  

	 1
	 Insert date of effectiveness of appointment. 

  

 -73- 

 SCHEDULE 5 
 Page 1 of 4 
  

 CAP STATUS REPORT 
  

					
	 Task Description
	  	 Output
	  	 Required
 Completion/Submittal
 Date

	 1.      Commence an Occupational Health and Safety Audit. With external assistance conduct an
occupational health and safety audit of Cosan sugar milling operations to define gaps between the requirements of IFC’s Occupational Health and Safety guideline and actual operations. Define top priority corrective measures that contribute to
lost time accidents and fatalities. Implement required corrective measures to close the identified gaps.
	  	IFC receipt of audit report and list of corrective measures and proposed schedule for implementation of required measures to close top priority gaps between actual operations and
IFC guideline requirements.	  	 Initiate by December 2005
  
 Finish by May 2006

			
	 2.      Complete Occupational Health and Safety Audit-Identified Corrective Actions. Complete required
corrective measures to close Occupational Health and Safety audit-identified gaps.
	  	IFC receipt of Management-certified completion of top priority corrective measures required to comply with IFC Occupational Health and Safety guideline.	  	 Initiate May 2006
  
 Finish by May 2007

			
	 3.      Establish Integrated Corporate Management Unit for Social and Environmental Affairs, Quality, and
Occupational Health and Safety Management. Hire qualified environmental and social affairs, quality, and occupational health and safety manager and staff for Cosan corporate operations.
	  	Provide copies of internal memoranda signed by Cosan highest-level management announcing the establishment of management unit, hiring of managers and coordinators, purpose for and
the objectives of the unit. Submit CVs for assigned staff.	  	Corporate Environmental Manager Appointed until August 2005
			
	 4.      Appoint Qualified Social and Environmental Affairs, Quality, and Occupational Health and Safety
Coordinators for Each Cosan Sugar Mill. Appoint qualified professionals to the position of environmental and social affairs, quality, and occupational health and safety coordinator for each Cosan mill. Establish communication and reporting
relationships with the Corporate Social and Environmental Affairs, Quality, and Occupational Health and Safety Management.
	  	Provide copies of internal memoranda announcing the establishment of management positions, hiring of coordinators, purpose for and the objectives of the environmental unit in each
mill.	  	Responsible environmental officials at each mill appointed as soon as possible (before August 2005)

  

 -74- 

					
	 5.      Develop Social and Environmental Affairs, Quality, and Occupational Health and Safety Management
Policy Statement. Develop statement of vision and mission for social (including labor practices) and environmental affairs, quality, and occupational health and safety management.
	  	Provide copy of approved policy statement for IFC endorsed by Cosan highest-level management.	  	August 2005
			
	 6.      Develop and Implement an Integrated Management System for Social
and Environmental Affairs, Quality, and Occupational Health and Safety Management. Establish an integrated, systematic management program based upon internationally recognized management systems such as ISO 9001-2000. Design the system to ensure
compliance with Sao Paulo state and Brazilian federal regulations and IFC policies and guidelines requirements.
  
 This activity to be implemented according to a 4 stage process as follows:
  
 Stage 1 – conceptual design of the management system
 Stage 2 – Detailed development of system procedures
 Stage 3 – Initial audit of all activities and installations (against standards defined in the system and as per established procedures)
 Stage 4 – Implementation of the management system
	  	 Stage 1 – provide copy of the report describing the management system to IFC.
 Stage 2 – Provide copies of procedures manual for IFC.
 Stage 3 – Provide IFC with list of all corrective actions
required by the initial audit and detailed schedule.
 Stage 4 – Submit progress report demonstrating complete implementation of all
procedures.
	  	 Stage 1 – by end of October 2005.
 Stage 2 –
concluded April 2006.
 Stage 3 – June 2006.
 Stage 4 –
June 2007.

			
	 7.      Develop and Implement Environmental Monitoring Program. As part
of the integrated management system for environmental and social affairs and occupational health and safety, develop monitoring protocols, commence quantitative data collection activities to characterize air emissions, wastewater discharges to
surface water, and other emissions to the environment.
  
 Four main
tasks are included in this item.
	  	 Task 1 - Submit report on effluent discharge base-line conditions and water quality of receiving body.
 Task 2 - Complete monitoring campaign of all effluent discharges and receiving body water quality (upstream and downstream) and submit results.
 Task 3 - Submit results of CO, CO2, NOx base-line measurements on all point sources.
 Task 4 - Submit results of particulate matter base-line measurements on all point sources.
	  	 Task 1 – September 2005.
 Task 2 – April
2006.
 Task 3 – August 2006.
 Task 4 – 25% by August
2006.
              – 25% by August 2007.
              – 25% by August 2008.
              – 25% by August 2009.

  

 -75- 

					
	 8.      Conduct Emissions GAP analysis. Once the monitoring program has been conducted, provide IFC with
quantitative data report for emissions monitoring; identify all emissions out of compliance with IFC guideline requirements; prepare corrective action plan describing ameliorative measures and proposed completion date for
implementation.
	  	Submit reports including proposed corrective measures and proposed schedule for implementing corrective measures to IFC.	  	 Report on corrective actions regarding effluent discharges – April 2006.
 Report on corrective action regarding CO, CO2 and NOx emissions – August 2006.
 Reports on corrective action regarding
particulate matter emissions – gradually, on August 2006, August 2007, August 2008 and August 2009.

			
	 9.      Complete Corrective Measures to Bring all Emissions to the Environment into Compliance with IFC
guideline requirements. Complete all corrective measures to reduce air and liquid effluent emissions to levels mandated by IFC guidelines.
	  	Documented completion of required corrective measures.	  	 Effluent discharge corrective actions to be executed during pre-harvest periods, with reports documenting conclusion in December 2006, December 2007
and December 2008.
 Air emission corrective actions to be initiated in August 2006 – schedule dependent on scope.

			
	 10.    Prepare and submit Proposed Consolidated Annual Environmental Monitoring Report (AMR) format for IFC
approval. Devise and submit proposed annual monitoring report format to IFC. Report should be designed to facilitate IFC’s understanding of the compliance status of all operating mills, outstanding compliance issues and target resolution
dates, and the results of benchmarking activities among Cosan sugar mills and other operations. Report should also include the results of internal audits carried out to define shortcomings and required corrective measures to bring operations into
compliance with Brazilian regulatory and IFC guideline requirements. The report should be designed to have maximum utility for Cosan management and informational brevity for IFC.
	  	Submit Proposed Format to IFC for Approval.	  	Condition of First Disbursement

  

 -76- 

					
	 11.    Submit Consolidated Annual Environmental Monitoring Report (AMR) for IFC. Submit previously approved
consolidated environmental reporting format for all of Cosan’s sugar mills. Report shall be designed to facilitate IFC’s understanding of the compliance status of all operating mills, outstanding compliance issues and target resolution
dates, and the results of benchmarking and internal auditing activities among Cosan sugar mills. The report should be prepared for maximum utility for Cosan management and informational brevity for IFC.
	  	Receipt of AMR as designed.	  	May 2006
			
	 12.    Obtain ISO 9001-2000 certification for the San Francisco Mill and the Santos Port
	  	Submit documentation demonstrating certification.	  	Condition of First Disbursement
			
	 13.    Obtain ISO 9001-2000 and OHSAS 18000 certification for 25% of Cosan industrial facilities.
	  	Submit documentation demonstrating certification.	  	June 2006
			
	 14.    Obtain ISO 9001-2000 and OHSAS 18000 certification for 50% of Cosan industrial facilities. 
	  	Submit documentation demonstrating certification.	  	June 2007
			
	 15.    Obtain ISO 9001-2000 and OHSAS 18000 certification for 75% of Cosan industrial facilities. 
	  	Submit documentation demonstrating certification.	  	June 2008
			
	 16.    Obtain ISO 9001-2000 and OHSAS 18000 certification for 100% of Cosan industrial facilities. 
	  	Submit documentation demonstrating certification.	  	June 2009
			
	 17.    Initiate ISO 14001 certification process. 
	  	Submit report with planned certification schedule.	  	June 2007

  

 -77- 

 SCHEDULE 6 
 Page 1 of 2 
  

 FORM OF LETTER TO BORROWER’S AUDITORS 
 (See Section 5.01(i) and Section 6.01(e) of 
 the Loan Agreement) 
 [Borrower’s Letterhead] 
 [Date] 
 [NAME OF AUDITORS] 
 [ADDRESS] 
 Ladies and Gentlemen: 
 We
hereby authorize and request you to give to International Finance Corporation of 2121 Pennsylvania Avenue, N.W., Washington, D.C. 20433, United States of America (“IFC”), all such information as IFC may reasonably request with regard to
the financial statements of the undersigned company, [along with those of its subsidiaries, Cosan Operadora Portuária S.A. (“Cosan Portuária”), FBA Franco Brasileira de Açúcar e Alcool S.A. (“FBA”) and
Usina da Barra S.A. Açúcar e Álcool (“Da Barra”)] both audited and unaudited. We have agreed to supply that information and those statements under the terms of a Loan Agreement between the undersigned company and IFC
dated June 28, 2005 (the “Loan Agreement”). For your information we enclose a copy of the Loan Agreement. 
 We authorize and
request you to send two copies of the audited accounts of [each of] the undersigned company [Cosan Portuária, FBA and Da Barra] to IFC to enable us to satisfy our obligation to IFC under Section 6.03 (b) (i) of the Loan
Agreement. When submitting the same to IFC, please also send, at the same time, a copy of your full report on such accounts in a form reasonably acceptable to IFC. 
 Please note that under Section 6.03 (b) (ii) and (iii) and Section 6.03 (c) of the Loan Agreement, we are obliged to provide IFC with: 
 (a) a copy of the annual and any other management letter or other communication from you to the undersigned company [Cosan Portuária, FBA or Da
Barra] or [its] [their] management commenting on, among other things, the adequacy of financial control procedures and accounting and management information system; and 
  

 -78- 

 SCHEDULE 6 
 Page 2 of 2 
  

 (b) a report by you certifying that, based upon its audited financial statements, the undersigned
company was in compliance with the [financial covenant contained in Section 6.01(k) and the other covenants contained in Section 6.02] of the Loan Agreement as at the end of the relevant Financial Year or, as the case may be, detailing any
non-compliance. 
 Please also submit each such communication and report to IFC with the audited accounts. 
 For our records, please ensure that you send to us a copy of every letter which you receive from IFC immediately upon receipt and a copy of each reply
made by you immediately upon the issue of that reply. 
  

			
	Yours truly,
	
	Cosan S.A. Indústria e Comércio
		
	By	 	  

		 	Authorized Representative

 Enclosure 
  

			
	cc:	 	Director
		 	Agribusiness Department
		 	International Finance Corporation
		 	2121 Pennsylvania Avenue, N.W.
		 	Washington, D.C. 20433
		 	United States of America

  

 -79- 

 SCHEDULE 7 
 Page 1 of 2 
  

 FORM OF BORROWER’S CERTIFICATION ON DISTRIBUTION OF DIVIDENDS 
 (See Section 6.02(a) of the Loan Agreement) 
 [Borrower’s Letterhead] 
  

			
	International Finance Corporation	  	[Date]

 2121 Pennsylvania Avenue, N.W. 
 Washington, D.C. 20433 
 Attention: Director, Agribusiness Department 
 Re: Brazil/Cosan 
 Dear Sirs: 
 1. Please refer to the Loan Agreement (the “Loan Agreement”) dated June 28, 2005 between Cosan S.A. Indústria e Comércio (the “Borrower”) and International Finance Corporation (“IFC”). Terms
defined in the Loan Agreement have their defined meanings whenever used in this request. 
 2. This is to inform you that the Borrower plans a distribution
of dividends to its shareholders [insert other appropriate description, if applicable, and revise (ii)(B) below and the concluding paragraph accordingly] in the aggregate amount of
                 (        ), such distribution to commence on or about
                ,         . Pursuant to Section 6.02 (a) of the Loan Agreement, the Borrower hereby
certifies that, as at the date hereof: 
  

	 	(i)	such payment is to be made out of Retained Earnings; 

  

	 	(ii)	after giving effect to such payment: 

  

	 	(A)	no Event of Default or Potential Event of Default will exist or be continuing; 

  

	 	(B)	the aggregate amount of the dividends paid during the current Fiscal Year will not exceed fifty percent (50%) of Net Income, on a Consolidated Basis, of the previous Fiscal
Year; and 

  

	 	(C)	the Prospective Long Term Debt Service Coverage Ratio will not be less than 1.5; 

  

 -80- 

 SCHEDULE 7 
 Page 2 of 2 
  

 The Borrower undertakes not give effect to the proposed distribution or any part thereof if, at the time of so doing
or after giving effect to it, the Borrower could not certify the matters referred to in section 2 of this certification. 
  

			
	Yours truly,
	
	Cosan S.A. – Indústria e Comércio
		
	By	 	  

		 	Authorized Representative

  

 -81- 

 SCHEDULE 8 
 Page 1 of 1 
  

 INFORMATION TO BE INCLUDED IN ANNUAL REVIEW OF OPERATIONS 
 (See Section 6.03 (b) (iii) of the Loan Agreement) 
  

	 	(1)	Shareholdings. Information on significant changes in share ownership of Borrower, the reasons for such changes, and the identity of major new shareholders.

  

	 	(2)	Country Conditions and Government Policy. Report on any material changes in local conditions, including government policy changes, that directly affect the Borrower (e.g.
changes in government economic strategy, taxation, foreign exchange availability, price controls, and other areas of regulations.) 

  

	 	(3)	Management and Technology. Information on significant changes in (i) the Borrower’s senior management or organizational structure, and (ii) technology used by
the Borrower, including technical assistance arrangements. 

  

	 	(4)	Corporate Strategy. Description of any changes to the Borrower’s corporate or operational strategy, including changes in products, degree of integration, and business
emphasis. 

  

	 	(5)	Markets. Brief analysis of changes in Borrower’s market conditions (both domestic and export), with emphasis on changes in market share and degree of competition.

  

	 	(6)	Operating Performance. Discussion of major factors affecting the year’s financial results (sales by value and volume, operating and financial costs, profit margins,
capacity utilization, capital expenditure, etc.). 

  

	 	(7)	Financial Condition. Key financial ratios for previous year, compared with ratios covenanted in the Loan Agreement. 

  

 -82- 

 SCHEDULE 9 
 Page 1 of 25 
  

 FORM OF ANNUAL MONITORING REPORT 
 (See Section 6.03(d) of the Loan Agreement) 
 INTERNATIONAL
FINANCE CORPORATION 
 Environmental and Social Performance 
 Annual Monitoring Report (AMR) 
 COSAN 
 Brasil 
 22819 
 Reporting Period: (month/year) through (month/year) 
 amr completion date: (day/month/year) 
 

 
 Environment and Social Development Department 
 2121 Pennsylvania Avenue, NW 
 Washington, DC 20433 USA 
 www.ifc.org/enviro 
  

 -83- 

 (i) Introduction 
 The Annual
Monitoring Report 
 IFC’s Investment Agreement requires COSAN to prepare a comprehensive Annual Monitoring Report (AMR) for COSAN facilities and
operations. This document comprises IFC’s preferred format for environmental and social performance reporting. The AMR informs the Environment and Social Development Department about the environmental and social state of the investment.

 b. Preparation Instructions 
 The
following points should assist you in completing this form. Please be descriptive in your responses and attach additional information as needed. 
  

	 	•	IFC’s Investment Agreement requires designated COSAN personnel to complete and submit annual environmental and social monitoring reports in compliance with the
schedule stipulated in the Investment agreement. 

  

	 	•	COSAN must report qualitative and quantitative project performance data each year of the investment for the environmental and social monitoring parameters included in this report
format. 

  

	 	•	The main purpose of completing this form is to provide the following information: 

  

	 	1.	Environmental and Social Management 

  

	 	2.	Occupational Health and Safety (OHS) Performance 

  

	 	3.	Significant Environmental and Social Events 

  

	 	4.	General Information and Feedback 

  

	 	5.	Sustainability of Project and Associated Operations 

  

	 	6.	Compliance with World Bank Group and local environmental requirements as specified in the Investment Agreement 

  

	 	7.	Compliance with World Bank Group and local social requirements as specified in the Investment Agreement 

  

	 	8.	Data Interpretation and Corrective Measures 

  

	 	9.	Progress on implementing the Corrective Action Plan (CAP) agreed with IFC (if applicable) 

  

	
	Specialist Contact Information

 If you have any questions regarding the AMR or wish to discuss completion of the AMR please contact the
following Investment Officer or Portfolio Manager. 
  

 -84- 

			
	Investment Officer	  	 Name: Marcelo Lessa
  
 Telephone Number: 202 - 473-3376
  
 Facsimile Number:
  
 Email:
Mlessa@ifc.org

		
	Portfolio Manager	  	 Name:
  
 Telephone Number:
  
 Facsimile Number:
  
 Email:

 (ii) 1 ENVIRONMENTAL AND SOCIAL MANAGEMENT 
 1.1 AMR Preparer 

  

			
	To be completed by COSAN authorized representative	  	 Name and Title:
  
 Phone:
  
 Fax:
  
 Email:

		
	COSAN Information	  	 COSAN office physical address:
  
 COSAN web page address:

 I certify that the data contained in this
AMR completely and accurately represents COSAN operations during this reporting period. I further certify that analytical data summaries2 incorporated in Section 6 are based upon data collected and analyzed in a manner consistent with the World Bank Group’s Pollution Prevention and Abatement Handbook, Monitoring.3 
  

	
	
	   
	 COSAN Employee Name
 Signature

	
	   
	Name of Third Party Organization and Signature

	 2
	 Raw analytical data upon which
summaries are based should not be submitted with this AMR but must be preserved by COSAN and presented to IFC upon demand. 

	 3
	 Pollution Prevention and
Abatement Handbook 

  

 -85- 

 Representative Certifying This Document 
 1.2 Environmental Responsibility Chart 

 Please name the
individuals in the company who hold responsibility for environmental and social performance (e.g. Environment Manager, Occupational Health and Safety Manager, Community Relations Manager) and give their contact information (Name, Address, Telephone
Number, Fax Number, E-mail Address). 
 1.3 Summary of Current Operations 

 Describe company operations and level of business activity. Describe any significant changes since the last report in the company or in day-to-day operations that may
affect environmental and social performance. Describe any management initiatives (e.g. ISO 14001, ISO 9001, OHSAS 18001, or equivalent Quality, Environmental and Occupational Health and Safety certifications). 
 (iii) 2 OCCUPATIONAL HEALTH AND SAFETY PERFORMANCE (OHS) 
 COSAN personnel are required to monitor, record, and report occupational health and safety incidents and workplace conditions (air quality and physical parameters, which are potentially impacted by industrial processes) throughout the
reporting period. 
 2.1 Brazilian Compliance 

 Please list any reports submitted to Brazilian authorities, e.g. on OHS, fire and safety inspections, compliance monitoring, emergency exercises, as well as
comments received and corrective actions taken. Brazilian authority monitoring and inspections with subsequent actions taken shall also be summarized and reported. 
 If any of the information requested in the AMR (Section 2.2—Section 2.4) is contained in reports sent to Brazilian authorities, please submit the applicable section of the report. 
 2.2 Workplace Monitoring 

 Please prepare an Occupational Health and Safety Monitoring Report in the following format. Workplace monitoring must take place while COSAN facilities are in operation. Please complete a workplace table for each monitoring station in
your operations, as defined below. 
  

 -86- 

					
	 Workplace Monitoring
 Station Number
	  	 Workplace Monitoring
 Description (Name)
	  	Location4
	 Station 1
	  		  	
	 Station 2
	  		  	
	 Station 3
	  		  	
	 Station 4
	  		  	

  

	
	 Station Number:

  

											
	 Workplace Monitoring
Parameter
	  	Sample
Collection and
Analysis
Frequency	  	WBG/IFC
Maximum5
Threshold
Limit Value
(TLV-TWA)6	  	 COSAN
Performance
 in WBG/IFC
units
 Annual average
of quarterly
samples
	  	Brazilian
Regulatory
Limits and
Units	  	 COSAN
Performance
 in Brazilian
units
 Annual average
of quarterly
samples

	 Workplace Respirable Air Concentrations
	  		  		  		  		  	

	 4
	 For each Workplace Monitoring Report provide a building or workplace drawing and define the area of
influence and affected employees. 

	 5
	 Maximum limits from IFC Guidelines and the NIOSH Pocket Guide to Chemical Hazards

	 6
	 TLV-TWA (Threshold Limit Value-Time Weighted Average): The time-weighted average concentration for a
conventional 8-hour workday and a 40-hour workweek, to which nearly all workers may be exposed, day after day, without adverse effect. 

  

 -87- 

													
	 Workplace Monitoring
Parameter
	  	Sample
Collection and
Analysis
Frequency	  	WBG/IFC
Maximum5
Threshold
Limit Value
(TLV-TWA)6	 	 	 COSAN
Performance
 in WBG/IFC
units
 Annual average
of quarterly
samples
	 	 	Brazilian
Regulatory
Limits and
Units	  	 COSAN
Performance
 in Brazilian
units
 Annual average
of quarterly
samples

	 Particulate (Inert or Nuisance Dust)
	  	Quarterly	  	10 mg/m3	 	 	mg/m3	 	 		  	
						
	 Workplace Noise
	  	Quarterly	  			 			 		  	
						
	 Heavy industry (no demand for oral communication)
	  		  	85 dB	(A)	 	dB	(A)	 		  	
						
	 Light industry (decreasing demand for oral communication)
	  		  	50-65 dB	(A)	 	dB	(A)	 		  	
						
	 Open offices, control rooms, service counters or similar
	  		  	45-50 dB	(A)	 	dB	(A)	 		  	

  

 -88- 

											
	 Workplace Monitoring
Parameter
	  	Sample
Collection and
Analysis
Frequency	  	WBG/IFC
Maximum5
Threshold
Limit Value
(TLV-TWA)6	  	 COSAN
Performance
 in WBG/IFC
units
 Annual average
of quarterly
samples
	  	Brazilian
Regulatory
Limits and
Units	  	 COSAN
Performance
 in Brazilian
units
 Annual average
of quarterly
samples

	 Heat Exposure, continous work
	  	Quarterly	  		  		  		  	
						
	 Minimum to light work load
	  		  	29.5 oC	  	oC	  		  	
						
	 Moderate work load (walking, standing, use of hand tools)
	  		  	27.5 oC	  	oC	  		  	
						
	 High work load (heavy burdens, intensive use of tools)
	  		  	26.0 oC	  	oC	  		  	
						
	 Very high work load (high speed intensive and heavy work)
	  		  	25.0 oC	  	oC	  		  	

  

 -89- 

											
	 Workplace Monitoring
Parameter
	  	Sample
Collection and
Analysis
Frequency	  	WBG/IFC
Maximum5
Threshold
Limit Value
(TLV-TWA)6	  	 COSAN
Performance
 in WBG/IFC
units
 Annual average
of quarterly
samples
	  	Brazilian
Regulatory
Limits and
Units	  	 COSAN
Performance
 in Brazilian
units
 Annual average
of quarterly
samples

	 Illumination Intensity
	  	Quarterly	  		  		  		  	
						
	 Emergency light
	  		  	10 Lux	  	Lux	  		  	
						
	 Outdoor non working areas
	  		  	20 Lux	  	Lux	  		  	
						
	 Simple orientation and temporary visits (machine storage, garage, warehouse)
	  		  	50 Lux	  	Lux	  		  	
						
	 Workspace with occasional visual tasks only (corridors, stairways, lobby, elevator, auditorium, etc.)
	  		  	100 Lux	  	Lux	  		  	
						
	 Medium precision work (simple assembly, rough machine works, welding, packing, etc.)
	  		  	200 Lux	  	Lux	  		  	
						
	 Precision work (reading, moderately difficult assembly, sorting, checking, medium bench and machine works, etc.), offices.
	  		  	500 Lux	  	Lux	  		  	
						
	 High precision work (difficult assembly, sewing, color inspection, fine sorting etc.)
	  		  	1,000 –3,000 Lux	  	Lux	  		  	

  

 -90- 

 Data Interpretation and Corrective Measures 
 Provide the following information for all monitoring data that exceed WBG/IFC guideline maximum limits. Provide the following information for all monitoring data that exceed Host Country, adjective regulatory limits
that apply to Investment Name operations. Provide the information indicated in the table for each parameter exceeded. 
  

			
	 Instructions
	  	 Information To Be Supplied by Investment Sponsor
for Investment Name

	 1. For workplace monitoring point number         , list parameters that exceed WBG/IFC
guidelines and Host Country, adjective regulatory limits.
	  	 Monitoring Parameter(s) Exceedance(s)
 1.

2.
 3..

	 2. Describe cause(s) for monitoring parameter(s) exceedance(s)
	  	 Monitoring Parameter(s) Exceedance(s)
 1.

2.
 3.

	 3. Describe corrective action(s) to improve emissions quality and schedule for completion of needed improvements.
	  	 Monitoring Parameter(s) Exceedance(s)
 1.

2.
 3.

 2.3 Incident Statistics Monitoring 
 Please report on incidents during the reporting year for COSAN. Contractor employees are required to adhere to comparable occupational health and safety standards. If COSAN uses contractor employees, please also
report any contractor employee incidents. Expand or shrink the tables as needed. 
  

	1.	Total Amounts 

  

													
	 	  	 This reporting period
	  	Reporting period- 1 year ago	  	Reporting period- 2 years ago
	 2. Report TOTAL
numbers for each
parameter
	  	 COSAN
 employees
	  	Contractor
employees	  	COSAN
employees	  	Contractor
employees	  	COSAN
employees	  	Contractor
employees
							
	 Employees
	  		  		  		  		  		  	
							
	 Man-hours worked
	  		  		  		  		  		  	
							
	 Fatalities
	  		  		  		  		  		  	
							
	 Non-fatal injuries7
	  		  		  		  		  		  	
							
	 Lost workdays8
	  		  		  		  		  		  	
							
	 Vehicle collisions9
	  		  		  		  		  		  	
							
	 Incidence10
	  		  		  		  		  		  	

	 7
	 Incapacity to work for at least one full workday beyond the day on which the accident or illness
occurred. 

	 8
	 Lost workdays are the number of workdays (consecutive or not) beyond the date of injury or onset of
illness that the employee was away from work or limited to restricted work activity because of an occupational injury or illness. 

	 9
	 Vehicle Collision: When a vehicle (device used to transport people or things) collides (comes together
with violent force) with another vehicle or inanimate or animate object(s) and results in injury (other than the need for First Aid) or death. 

	 10
	 Calculate incidence using the
following equation: incidence= total lost workdays/ 100,000 man-hours worked. 

 Use the total lost workdays to calculate the incidence for
this reporting period, reporting periods 1 year ago and 2 years ago, as required above. 
  

 -91- 

	2.	Fatality details for this reporting period 

  

							
	 COSAN employees or contractor employees?
	  	Time of death after accident (e.g.
immediate, within a month, within a
year)	  	Cause of fatality	  	Corrective measures to prevent
reoccurrence

  

	3.	Non-fatal injuries details for this reporting period 

  

									
	 COSAN employees or contractor employees?
	  	Total workdays lost	  	Description of injury	  	Cause of accident	  	Corrective measures to
prevent reoccurrence

  

	4.	Vehicle collision details for this reporting period 

  

					
	 COSAN employees or contractor employees?
	  	Cause of collision	  	Corrective measures to prevent reoccurrence

  

 -92- 

	5.	Training for this reporting period 

  

					
	 COSAN employees or contractor employees?
	  	Description of training	  	Number of employees that attended

 2.4 Life and Fire Safety 

 Please complete the following table for COSAN’s operations. 
  

									
	 COSAN Fire Safety
Verification Activities
	  	 Mandatory Frequency
	  	Date(s) Performed	  	Observed Deficiencies11	  	Corrective Actions and
Schedule For
Implementation12
	 Fire Drills
	  	Minimum: three (3)/year	  		  		  	
					
	 Inspect and certify fire detection and suppression electrical and mechanical systems.
	  	Minimum: one (1)/year	  		  		  	
					
	 Inspect, refill/recharge
 portable fire extinguisher
	  	Minimum: two (2) inspections/ year	  		  		  	

 2.5 Significant OHS Events 

 Please explain any significant Occupational Health and Safety events not covered in the above OHS tables. The report could include proposed revision of the OHS
Management System (if applicable), revised quantitative objectives, action plans for technical improvements, and planned training activities. 

	 11
	 Attach additional sheets as needed to fully describe observed deficiencies.

	 12
	 Attach additional sheets as needed to fully describe corrective actions and implementation.

  

 -93- 

 (i) 3 Significant Environmental and Social Events 
 COSAN personnel are required to report all environmental and social events13 that may have caused damage; caused health problems; attracted the attention of outside
parties; affected project labor or adjacent populations; affected cultural property; or created COSAN and/or COSAN liabilities. 
 Attach
photographs, plot plans, newspaper articles and all relevant supporting information that IFC will need to be completely familiar with the incident and associated environmental and social issues. 
 Please report on the following topics, expanding or collapsing the table where needed. 
  

									
	 Date of event
	  	Event description	  	Affected people/
environment	  	Reports sent to IFC and/
or local regulatory
agencies	  	Corrective actions
(including cost and time
schedule for
implementation)

 (ii) 4 GENERAL INFORMATION AND FEEDBACK 
 Provide any additional information including the following: 
  

	1.	In detail, describe print or broadcast media attention given to COSAN during this reporting period. 

	 13
	 Examples of significant incidents follow. Chemical and/or hydrocarbon materials spills; fire, explosion
or unplanned releases; industrial injuries; fatalities including transportation; ecological damage/destruction; local population disruption; disruption of emissions or effluent treatment; legal/administrative notice of violation; penalties, fines,
or increase in pollution charges; negative media attention; chance cultural finds; labor unrest or disputes. 

  

 -94- 

	2.	In detail, describe interactions with non-governmental organizations (NGOs) or public scrutiny of COSAN. 

  

	3.	Describe COSAN public relations efforts (e.g. establishment of a web page, hiring of community liaison officer) 

  

	4.	Suggest ways and means to improve information exchange and interactions with IFC professionals. 

 (iii) 5 SUSTAINABILITY OF PROJECT AND ASSOCIATED OPERATIONS 
 IFC has developed a framework to help
assess the development impacts of our investments. Many of our projects take on initiatives, develop processes, or install equipment that exceeds IFC’s environmental and social requirements. This framework permits us to rate project performance
in various areas. Over the past year, has COSAN made changes to operations or participated in any efforts that have impacted COSAN’s organization in the following areas? 
  

	 	•	 	 Implemented an environmental management system (if not already established) 

  

	 	•	 	 Published an environment/sustainability or a corporate social responsibility report (please send copy or provide web link) 

  

	 	•	 	 Established formal and regular consultation with local community and other stakeholders 

  

	 	•	 	 Decreased use of resources, increased emission controls, or increased by-product recycling 

  

	 	•	 	 Marketing of products or services that are specifically environmentally friendly 

  

	 	•	 	 Worked to improve local supplier relationships or provided technical assistance to suppliers 

  

	 	•	 	 Programs to benefit the local community 

  

	 	•	 	 Employee programs - training, health, safety 

  

 -95- 

 If so, please offer details so we can assess your performance beyond our compliance criteria. 

 

 -96- 

 6 ENVIRONMENT MODULES 
 6.1. Point Source Air Emissions 

 Point Source Air Emissions
refers to the air flow out from a specific location on the project site. These emissions can come from points such as process stacks, power generation stacks and vents. 
 COSAN is required to collect representative samples of point source air emissions and submit these samples for laboratory analysis and report the results to IFC. Individual samples and individual reports are
required for each point source air emissions monitoring point. Monitoring should take place while facility is operating. 
 Please provide Brazilian
maximum levels in Brazilian units in the table below. 
 Monitoring Point Location: 
  

					
	 Point Source Emissions
Monitoring Point
	  	 Point Source Monitoring Description
	  	Location14
	 1
	  		  	
	 2
	  		  	
	 3
	  		  	
	 4
	  		  	
	 etc
	  		  	

 Point Source Air Emissions: 
  

											
	 Point Source Air
Emission Parameters
	  	Collection Frequency	  	 WBG/IFC Maximum
 Levels
 (WBG/IFC
Units)
	  	 COSAN Performance
 (WBG/IFC Units)
 Annual average
of
quarterly samples
	  	 Brazlian Maximum
Levels
 (Brazilian Units)
	  	 COSAN Performance
(Brazilian Units)
 Annual average of
quarterly samples

	 Particulate Matter (PM10)
 3 200 million BTU/hour
equivalent heat input
	  	Quarterly	  	50 mg/Nm3	  	mg/Nm3	  		  	
						
	 Particulate Matter (PM10)
 < 200 million BTU/hour equivalent heat input
	  	Quarterly	  	100 mg/Nm3	  	mg/Nm3	  		  	

	 14
	 Provide latitude, longitude of the point source air discharge point. Alternatively provide a scaled
facility map showing the precise location of the monitoring points. 

  

 -97- 

 Data Interpretation and Corrective Measures 
 Provide the following information for all monitoring data that exceed WBG/IFC guideline maximum limits. Provide the following information for all monitoring data that exceed Host Country, adjective regulatory
limits that apply to Investment Name operations. Provide the information indicated in the table for each parameter exceeded. 
  

			
	 Instructions
	  	 Information To Be Supplied by Investment Sponsor for Investment
Name

	 1. For point source air emission monitoring point number         , list parameters that exceed
WBG/IFC guidelines and Host Country, adjective regulatory limits.
	  	 Monitoring Parameter(s) Exceedance(s)
 1.

2.
 3..

	 2. Describe cause(s) for monitoring parameter(s) exceedance(s)
	  	 Monitoring Parameter(s) Exceedance(s)
 1.

2.
 3.

	 3. Describe corrective action(s) to improve emissions quality and schedule for completion of needed improvements.
	  	 Monitoring Parameter(s) Exceedance(s)
 1.

2.
 3.

 6.2. Ambient Air 

 Ambient Air refers to any unconfined portion of the atmosphere and is also termed open air or surrounding
air.15 Ambient monitoring is carried out for a variety of reasons, including assessment of environmental problems
and evaluation of interventions. 
 COSAN is required to collect representative samples of ambient air (e.g. northbound, southbound, eastbound and/or
westbound) and submit these samples for laboratory analysis and report the results to IFC. Individual samples and individual reports will be required for each ambient air monitoring point. Monitoring should take place while facility is operating.

 Please provide Brazilian maximum levels in Brazilian units in the table below. 

	 15
	 Pollution Prevention and Abatement Handbook, Glossary of Environmental Terms

  

 -98- 

 Monitoring Point Location: 
  

					
	 Ambient Air Emissions
Monitoring Point
	  	 Ambient Air Emissions Monitoring Description
	  	Location16
	 1
	  		  	
	 2
	  		  	
	 3
	  		  	
	 4
	  		  	
	 Etc
	  		  	

 Ambient Air Emissions Monitoring: 
  

											
	 Ambient Air Parameters
	  	 Collection Frequency
	  	 WBG/IFC
Maximum
 Levels17
 (WBG/IFC
Units)
	  	 COSAN
Performance
 (WBG/IFC Units)
 Annual average
of
quarterly samples
	  	 Brazilian Maximum
Levels
 (Brazilian Units)
	  	 COSAN
Performance
(Brazilian Units)
 Annual average of
quarterly samples

	 Particulate Matter (PM10)
 Annual Arithmetic Mean
	  	Quarterly	  	50 μg/m3	  	μg/m3	  		  	
						
	 Particulate Matter (PM10)
 Maximum 24-hour Average
	  	Quarterly	  	70 μg/m3	  	μg/m3	  		  	
						
	 Odor
 Is odor acceptable to neighbors? Y/N
	  	Quarterly	  		  		  		  	

 Data Interpretation and Corrective Measures 
 Provide the following information for all monitoring data that exceed WBG/IFC guideline maximum limits. Provide the following information for all monitoring data that
exceed Host Country, adjective regulatory limits that apply to Investment Name operations. Provide the information indicated in the table for each parameter exceeded. 

	 16
	 Provide latitude, longitude of the ambient air monitoring point. Alternatively provide a scaled facility
map showing the precise location of the monitoring points. 

	 17
	 Some of the maximum levels
values were taken from the following source: Online NIOSH Pocket Guide to Chemical Hazards, National Institute for Occupational Safety and Health, 2002. 

  

 -99- 

			
	 Instructions
	  	 Information To Be Supplied by Investment Sponsor for Investment
Name

	 1. For ambient air emission monitoring point number         , list parameters that exceed
WBG/IFC guidelines and Host Country, adjective regulatory limits.
	  	 Monitoring Parameter(s) Exceedance(s)
 1.

2.
 3..

	 2. Describe cause(s) for monitoring parameter(s) exceedance(s)
	  	 Monitoring Parameter(s) Exceedance(s)
 1.

2.
 3.

	 3. Describe corrective action(s) to improve emissions quality and schedule for completion of needed improvements.
	  	 Monitoring Parameter(s) Exceedance(s)
 1.

2.
 3.

 6.3. Drinking and Process Water 

 Drinking and Process Water refers to the water used in COSAN’s operations. The health of employees and quality of products is maintained by knowing the quality of
incoming water. 
 COSAN is required to collect representative samples of drinking and process water from the distribution system and submit these
samples for laboratory analysis and report the results to IFC. Individual samples and individual reports will be required for each drinking and process water monitoring point. Monitoring should take place while facility is operating. 

Please provide Brazilian maximum levels in Brazilian units in the table below. 
 Monitoring Point Location: 
  

					
	 Drinking and Process Water
Monitoring Point
	  	 Drinking and Process Water Monitoring Description
	  	Location18
	 1
	  		  	
	 2
	  		  	
	 3
	  		  	
	 4
	  		  	
	 etc
	  		  	

	 18
	 Provide latitude, longitude of the drinking and process water monitoring point. Alternatively provide a
scaled facility map showing the precise location of the monitoring points. 

  

 -100- 

 Drinking and Process Water Monitoring: 
  

											
	 Drinking and Process
Water Parameters
	  	 Collection Frequency
	  	 WBG/IFC
Maximum
 Levels19
 (WBG/IFC
Units)
	  	 COSAN
Performance
 (WBG/IFC Units)
 Annual average
of
daily, weekly,
monthly, or annual
samples
	  	 Brazilian Maximum
Levels
 (Brazilian Units)
	  	 COSAN
Performance
(Brazilian Units)
 Annual average of
daily, weekly,
monthly, or annual
samples

	 Coliform Bacteria
	  	Weekly	  	Not Detectable
Per 100ml	  	Per 100ml	  		  	
						
	 Faecal Coliform Bacteria
	  	
 Weekly
	  	Not Detectable
Per 100ml	  	Per 100ml	  		  	
						
	 pH
	  	Daily	  	6.5–8.0	  		  		  	
						
	 Residual Chlorine, Total
	  	Daily	  	5 mg/l	  	mg/l	  		  	

	 19
	 Source: Guidelines for Drinking Water Quality, Second Edition, World Health Organization, 1993.

  

 -101- 

											
	 Drinking and Process
Water Parameters
	  	 Collection Frequency
	  	 WBG/IFC
Maximum
 Levels19
 (WBG/IFC
Units)
	  	 COSAN
Performance
 (WBG/IFC Units)
 Annual average
of
daily, weekly,
monthly, or annual
samples
	  	 Brazilian Maximum
Levels
 (Brazilian Units)
	  	 COSAN
Performance
(Brazilian Units)
 Annual average of
daily, weekly,
monthly, or annual
samples

	 Total Hardness
	  	Annual	  	200 mg/l	  	mg/l	  		  	
	 Arsenic, Total
	  	Annual	  	0.01 mg/l	  	mg/l	  		  	
	 Cadmium, Total
	  	Annual	  	0.003 mg/l	  	mg/l	  		  	
	 Lead, Total
	  	Annual	  	0.01 mg/l	  	mg/l	  		  	
	 Mercury, Total
	  	Annual	  	0.001 mg/l	  	mg/l	  		  	
	 Cyanide, Total
	  	Annual	  	0.07 mg/l	  	mg/l	  		  	
	 Nitrate (as NO3)
	  	Annual	  	50 mg/l	  	mg/l	  		  	
	 Selenium, Total
	  	Annual	  	0.01 mg/l	  	mg/l	  		  	

 Please provide the results from the following analytical methods: 
  

	 	•	 	 EPA Method 8080 (Chlorinated Pesticides) 

  

	 	•	 	 EPA Method 8151 (Organochlorine Herbicides) 

  

	 	•	 	 EPA Method 8141A (Organophosphorus Pesticides) 

  

 -102- 

 Data Interpretation and Corrective Measures 
 Provide the following information for all monitoring data that exceed WBG/IFC guideline maximum limits. Provide the following information for all monitoring data that exceed Host Country, adjective regulatory
limits that apply to Investment Name operations. Provide the information indicated in the table for each parameter exceeded. 
  

			
	 Instructions
	  	 Information To Be Supplied by Investment Sponsor for Investment
Name

	1. For drinking and process water monitoring point number             , list parameters that exceed WBG/IFC guidelines and Host
Country, adjective regulatory limits.	  	 Monitoring Parameter(s) Exceedance(s)
 1.

2.
 3..

	2. Describe cause(s) for monitoring parameter(s) exceedance(s)	  	 Monitoring Parameter(s) Exceedance(s)
 1.

2.
 3.

	3. Describe corrective action(s) to improve emissions quality and schedule for completion of needed improvements.	  	 Monitoring Parameter(s) Exceedance(s)
 1.

2.
 3.

 6.4. Liquid Effluent 

 Liquid Effluent refers to all types of liquid waste which is discharged from the site. Types of liquid effluent include process, sanitary, stormwater, and thermal
discharges. 
 COSAN is required to collect representative samples of liquid effluent (process, sanitary, stormwater, and thermal discharges) and submit
these samples for laboratory analysis and report the results to IFC. Individual samples and individual reports will be required for each liquid effluent monitoring point. Monitoring should take place while facility is operating. 
 Please provide Brazilian maximum levels in Brazilian units in the table below. 
 Monitoring Point Location: 
  

					
	 Liquid Effluent Monitoring
Point
	  	 Liquid Effluent Monitoring Description
	  	 Location20

	 1
	  		  	
	 2
	  		  	
	 3
	  		  	
	 4
	  		  	
	 etc
	  		  	

	 20
	 Provide latitude, longitude of
the liquid effluent monitoring point. Alternatively provide a scaled facility map showing the precise location of the monitoring points. 

  

 -103- 

 Liquid Effluent Monitoring: 
  

											
	 Liquid Effluent Parameters
	  	Collection
Frequency	  	 WBG/IFC
Maximum
 Levels
 (WBG/IFC
Units)
	  	 COSAN
Performance
 (WBG/IFC
Units)
 Annual
average
of
monthly
samples
	  	 Brazilian
Maximum
Levels
 (Brazilian
Units)
	  	 COSAN
Performance
(Brazilian
Units)
 Annual
average of
monthly
samples

	 pH
	  	Monthly	  	6.0-9.0      	  		  		  	
	 Biochemical Oxygen Demand (BOD5)
	  	Monthly	  	50    mg/l  	  	mg/l	  		  	
	 Chemical Oxygen Demand (COD)
	  	Monthly	  	250    mg/l  	  	mg/l	  		  	
	 Total Suspended Solids (TSS)
	  	Monthly	  	50    mg/l  	  	mg/l	  		  	
	 Oil and Grease
	  	Monthly	  	10    mg/l  	  	mg/l	  		  	
	 Temperature Increase21
	  	Monthly	  	<3    0C     	  	0C	  		  	
	 Nitrogen, Total
	  	Monthly	  	10    mg/l  	  	mg/l	  		  	
	 Phosphorus, Total
	  	Monthly	  	2    mg/l  	  	mg/l	  		  	
	 Coliform bacteria/100 mls
	  	Monthly	  	<400    MPN 	  	MPN	  		  	

 Data Interpretation and Corrective Measures 
 Provide the following information for all monitoring data that exceed WBG/IFC guideline maximum limits. Provide the following information for all monitoring data that
exceed Host Country, adjective regulatory limits that apply to Investment Name operations. Provide the information indicated in the table for each parameter exceeded. 

	 21
	 The effluent should result in a temperature increase of no more than 30C at the edge of the zone where the initial mixing and dilution take place. Where the zone is not defined, use 100 meters from
the point of discharge. 

  

 -104- 

			
	 Instructions
	  	 Information To Be Supplied by Investment Sponsor for Investment
Name

	1. For liquid effluent monitoring point number             , list parameters that exceed WBG/IFC guidelines and Host Country,
adjective regulatory limits.	  	 Monitoring Parameter(s) Exceedance(s)
 1.
 2.
 3..

	2. Describe cause(s) for monitoring parameter(s) exceedance(s)	  	 Monitoring Parameter(s) Exceedance(s)
 1.
 2.
 3.

	3. Describe corrective action(s) to improve emissions quality and schedule for completion of needed improvements.	  	 Monitoring Parameter(s) Exceedance(s)
 1.
 2.
 3.

 6.5. Ambient Noise 

 Ambient Noise refers to noise levels outside of COSAN’s boundaries. 
 COSAN is required to collect representative samples of ambient noise and submit these samples for laboratory analysis and report the results to IFC. Individual samples and individual reports will be required for each ambient noise
monitoring point. 
 Please provide Brazilian maximum levels in Brazilian units in the table below. 
 Monitoring Point Location: 
  

					
	 Ambient Noise Monitoring
Point
	  	 Ambient Noise Monitoring Description
	  	 Location22

	 1
	  		  	
	 2
	  		  	
	 3
	  		  	
	 4
	  		  	
	 etc
	  		  	

	 22
	 Provide latitude, longitude of
the ambient noise monitoring point. Alternatively provide a scaled facility map showing the precise location of the monitoring points. 

  

 -105- 

 Ambient Noise Monitoring 
  

											
	 Ambient Noise Parameters
	  	Collection
Frequency	  	 WBG/IFC
Maximum
 Levels
 (WBG/IFC
Units)
	 	 COSAN
Performance
 (WBG/IFC Units)
 Annual average
of quarterly
samples
	 	 Brazilian
Maximum
Levels
 (Brazilian
Units)
	  	 COSAN
Performance
(Brazilian Units)
 Annual average
of quarterly
samples

	 Nearest Residential, Institutional or Educational Receptors
 Daytime (07:00-22:00 hours)
	  	Quarterly	  	55 dB(A)	 	dB(A)	 		  	
	 Nearest Residential, Institutional or Educational Receptors
 Nighttime (22:00-07:00 hours)
	  	Quarterly	  	45 dB(A)	 	dB(A)	 		  	
	 Nearest Industrial or Commercial Receptors
 Daytime (07:00-22:00 hours)
	  	Quarterly	  	70 dB(A)	 	dB(A)	 		  	
	 Nearest Industrial or Commercial Receptors
 Nighttime (22:00-07:00 hours)
	  	Quarterly	  	70 dB(A)	 	dB(A)	 		  	

 Data Interpretation and Corrective Measures 
 Provide the following information for all monitoring data that exceed WBG/IFC guideline maximum limits. Provide the following information for all monitoring data that
exceed Host Country, adjective regulatory limits that apply to Investment Name operations. Provide the information indicated in the table for each parameter exceeded. 
  

			
	 Instructions
	 	 Information To Be Supplied by Investment Sponsor for Investment
Name

	1. For ambient noise monitoring point number     , list parameters that exceed WBG/IFC guidelines and Host Country, adjective regulatory limits.	 	 Monitoring Parameter(s) Exceedance(s)
 1.

2.
 3..

		
	2. Describe cause(s) for monitoring parameter(s) exceedance(s)	 	 Monitoring Parameter(s) Exceedance(s)
 1.

2.
 3.

		
	3. Describe corrective action(s) to improve emissions quality and schedule for completion of needed improvements.	 	 Monitoring Parameter(s) Exceedance(s)
 1.

2.
 3.

  

 -106- 

 6.6. Pest Management 

 Pests refer to harmful or destructive organisms including insects, rodents and weeds. 
 COSAN is required to monitor, record and report information on COSAN pest management programs and report the results to IFC. Please refer to IFC’s Pest Management policy and Pesticide Handling and Application
guideline for additional information. Also, please update us on your Integrated Pest Management Strategy. You should include your Emergency Preparedness and Response Plans. 
 Please complete the information below unless included in updated version of the Integrated Pest Management Strategy. If included, please specify. 
 For chemical pesticides, include the pesticide type23, brand name and the total amount of concentrated pesticide used24. In addition to this, describe the application method25.

 Pest Management Summary 
  

							
	 Pest Control Method Used26
	 	 Pest Control Method Consequences
on Production and/or
Resources27
	 	 Pest Species Targeted
 (Common Name and Scientific Name)
	 	 Pest Species Targeted Effect on
Production and/or
Resources

	 23
	 Examples of pesticide types include: organochlorine, organophosphorus, carbamate, etc.

	 24
	 Liters for liquids and kilograms for solids. 

	 25
	 Examples of pesticide application method include: spraying, ULV spraying, mixture with floating carrier
oils, etc. 

	 26
	 Examples of pest control methods include: chemical, physical exclusion, biological controls,
extermination, trapping, etc. 

	 27
	 Includes material and human resources. 

  

 -107- 

 6.7. Solid Waste Management 

 Solid Waste refers to non-liquid, non-soluble materials that contain complex substances. Examples of solid waste
include sewage sludge, agricultural refuse, demolition wastes, and mining residues, some which are applicable only to specific sectors.28 
 COSAN is required to monitor methods of collection, storage, handling, recycling, reuse and/or disposal of solid waste,
and report these methods and measured quantities to IFC. Please complete the information below. 
 Solid Waste Management Summary 
  

					
	 Solid Waste Type
 Includes description
	  	 Annual Quantity
	  	 COSAN Method of Storage, Handling and/or
Treatment

  

					
	 Solid Waste Type
 (Same as Above, Description not Included)
	 	 COSAN Method of Recycling, Reuse or
Disposal29

 6.8. Hazardous Materials Management 

 Hazardous materials are those materials that represent an excessive risk to property, the environment or human health because of their physical and/or chemical
characteristics. Examples include explosives, toxic or flammable gases, flammable liquids and solids, oxidizing substances, radioactive materials and corrosive substances. 
  

	 28
	 Pollution Prevention and Abatement Handbook, Glossary of Environmental Terms

	 29
	 Describe disposal method (e.g. landfill, incineration, land farming, reuse, etc.) Provide name and
location of disposal facility used; state if waste is sold as byproduct, scrap or a material to be used by others; state name and business of purchaser. Provide additional sheets as needed to fully describe disposal, organizations involved in waste
management, facility permits, and agency authorizations. 

  

 -108- 

 EID Parry is required to monitor methods of collection, storage
and disposal of hazardous materials30, and report these methods and measured quantities to IFC. Please refer to the
Hazardous Materials Management guideline for additional information. 
 Please update us on your Hazardous Materials Management Program. You should include
your Emergency Preparedness and Response Plans, and if available, your Hazardous Materials Risk Management Plan, Hazardous Materials Transportation Plan and/or Hazardous Waste Management Plan. 
 Please complete the information below unless included in updated version of the Hazardous Materials Management Program. If included, please specify. 
 Hazardous Materials Management Plan Summary 
  

									
	 Hazardous Material
 (Name and Number UN/CAS)
	 	 Class or division31
	 	 Annual Quantity
	 	 Maximum Quantity
 Stored on Site

	 Hazardous Materials Used
	 		 		 	
	 Hazardous Waste Produced
	 		 		 	

  

					
	 Parameters
 (Same Parameters as Above)
	 	 EID Parry Method of
 Storage, Handling and/or Treatment32
	 	 EID Parry Method of Disposal33

	 Hazardous Materials Used
	 		 	

	 30
	 Hazardous materials include ignitable, reactive, flammable, radioactive, corrosive and toxic substances.

	 31
	 UN classification (1. Explosives; 2. Gases ; 3. Flammable liquids ; 4. Flammable solids ;
5. Oxidizing substances ; 6. Toxic and infectious substances ; 7. Radioactive material; 8. Corrosive substances; 9. Miscellaneous hazardous materials.) 

	 32
	 State how hazardous materials / waste is stored on site (e.g. drums, bins, and other containers) and
handled (including transported). Provide additional sheets as needed to fully describe disposal, organizations involved in management, facility permits and agency authorizations. 

	 33
	 Report on method of disposal for hazardous waste used only. 

  

 -109- 

					
	 Parameters
 (Same Parameters as Above)
	 	 EID Parry Method of
 Storage, Handling and/or Treatment32
	 	 EID Parry Method of Disposal33

	Hazardous Waste Produced	 		 	

 (iv) 7 Progress on Implementing the Corrective action plan 
  

 -110- 

 SCHEDULE 10 
 Page 1 of 1 
  

 FORM OF PROMISSORY NOTES 
 Promissory Note No. [    ] 
 For value received, we, COSAN
S.A.—INDÚSTRIA E COMÉRCIO, hereby irrevocably and unconditionally promises to pay against this Promissory Note the sum of
                             United States Dollars
(US$            ) in United States Dollars (effective value) to the order of International Finance Corporation on or before
[                    ], 20    , in same day funds, at Citibank, N.A., 111 Wall Street, New York, New York, U.S.A.,
ABA#021000089 to IFC’s Account No. 36085579. 
 This promissory note may be enforced at any time if not paid in full when due
without presentment, demand or protest of any kind, all of which are hereby expressly waived by us. 
 This promissory note is issued in
connection with a Loan Agreement entered into by and between IFC and the Borrower on June 28, 2005, pursuant to Section 3.30 thereof. 
  

									
		 	Made on [date of issue], at [place of execution]	 	
			
		 	For and on behalf of:	 	
				
		 		 	COSAN S.A. - INDÚSTRIA E COMÉRCIO	 	
					
		 		 	Signature	 	  
	 	
		 		 	Name	 	  
	 	
		 		 	Title	 	  
	 	

  

			
	Guarantee (bom para aval):	 	
		
	  
	 	
	Rubens Ometto Silveira de Mello	 	
	CPF: 412.321.788-53 RG: 4.170972	 	

  

 -111-

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