Document:

EX-4.2

 Exhibit 4.02 

 
  

 
 INVESTMENT NUMBER 35490 

Policy Agreement 

between 
 NETSHOES
(CAYMAN) LIMITED 
 and 

INTERNATIONAL FINANCE CORPORATION 

Dated March 20, 2015 
  

 
  

This draft document is not a contract or an offer to enter into a contract. Only the document as executed by IFC and the other parties hereto will
contain the terms that bind them. Until the document is executed by IFC and the other parties hereto, neither IFC nor the other parties hereto intend to be bound. 

 TABLE OF CONTENTS 

 

					
	 Article/

Section
	 	 Item
	  	Page No.

  

					
	 ARTICLE I DEFINITIONS AND INTERPRETATION
	  	 	1	 
		
	 Section 1.01         
    Definitions
	  	 	1	 
	 Section 1.02         
    Interpretation
	  	 	5	 
	 Section 1.03         
    Third Party Rights
	  	 	5	 
		
	 ARTICLE II IFC OBSERVER
	  	 	6	 
		
	 Section 2.01         
    IFC Observer
	  	 	6	 
	 Section 2.02         
    Removal/Resignation of IFC Observer
	  	 	6	 
		
	 ARTICLE III COVENANTS
	  	 	7	 
		
	 Section 3.01         
    General Reporting Covenants
	  	 	7	 
	 Section 3.02         
    IFC Policy Reporting Covenants
	  	 	8	 
	 Section 3.03         
    IFC Policy Covenants
	  	 	9	 
	 Section 3.04         
    Other Affirmative Covenants
	  	 	10	 
	 Section 3.05         
    Restricted Transfers
	  	 	10	 
	 Section 3.06         
    Further Assurances
	  	 	11	 
		
	 ARTICLE IV POLICY REPURCHASE OPTION
	  	 	11	 
		
	 Section 4.01         
    Repurchase Option
	  	 	11	 
		
	 ARTICLE V TERM OF AGREEMENT
	  	 	12	 
		
	 Section 5.01         
    Term of Agreement
	  	 	12	 
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES
	  	 	13	 
		
	 Section 6.01         
    Representations and Warranties
	  	 	13	 
	 Section 6.02         
    IFC Reliance
	  	 	13	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	13	 
		
	 Section 7.01         
    Notices
	  	 	13	 
	 Section 7.02         
    Saving of Rights
	  	 	14	 
	 Section 7.03         
    English Language
	  	 	15	 
	 Section 7.04         
    Applicable Law and Jurisdiction
	  	 	15	 
	 Section 7.05         
    Immunity
	  	 	16	 
	 Section 7.06         
    Announcements
	  	 	16	 
	 Section 7.07         
    Successors and Assigns
	  	 	17	 
	 Section 7.08         
    Amendments, Waivers and Consents
	  	 	17	 
	 Section 7.09         
    Counterparts
	  	 	17	 
	 Section 7.10         
    Expenses
	  	 	17	 
	 Section 7.11         
    Entire Agreement
	  	 	17	 
	 Section 7.12         
    Invalid Provisions
	  	 	17	 

 Annexes and Schedules 
  

			
	 Annex A
	  	ANTI-CORRUPTION GUIDELINES FOR IFC TRANSACTIONS
	 Annex B
	  	EXCLUSION LIST
	 Schedule 1
	  	FORM OF CERTIFICATE OF INCUMBENCY AND AUTHORITY
	 Schedule 2
	  	ACTION PLAN
	 Schedule 3
	  	S&E PERFORMANCE REPORT

 POLICY AGREEMENT 

This POLICY AGREEMENT (this “Agreement”), dated March 20, 2015, between: 

 

	 	(1)	NETSHOES (CAYMAN) LIMITED, an exempted company organized and existing under the laws of the Cayman Islands (the “Company”); and 

 

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

RECITALS 
  

	 	(A)	Pursuant to the Ordinary Share Subscription Agreement dated March 16, 2015 (the “Subscription Agreement”) between IFC, certain other investors and the Company, IFC has agreed to subscribe for
148,301 fully paid and non-assessable ordinary shares in the Company on the terms and conditions of the Subscription Agreement; 

  

	 	(B)	IFC has certain operational policy requirements for its transactions, and IFC requires adherence by the Company to these specific requirements and provisions as provided for in this Agreement as a condition of the IFC
Subscription; and 

  

	 	(C)	Accordingly, as a condition of IFC’s obligations of subscription under the Subscription Agreement, the Company and IFC have agreed to enter into this Agreement. 

ARTICLE I 

DEFINITIONS AND INTERPRETATION 

Section 1.01    Definitions. Wherever used in this Agreement, the following
terms have the following meanings: 
 “Accounting Standards” means the International Financial Reporting Standards
(“IFRS”) promulgated by the International Accounting Standards Boards (“IASB”) (which include standards and interpretations approved by the IASB and International Accounting Standards issued under previous
constitutions), together with its pronouncements thereon from time to time, and applied on a consistent basis; provided, however, that, with respect to any Subsidiary located in Mexico, “Accounting Standards” shall mean
Mexican Financial Reporting Standards and with respect to any Subsidiary located in Argentina, “Accounting Standards” shall mean Argentine Generally Accepted Accounting Principles. 

“Action Plan” means the plan or plans developed by the Company, a copy of which is attached as Schedule 2 (Action Plan), setting out
the specific social and environmental measures to be undertaken by the Company, to enable the Company’s Operations to be undertaken in compliance with the Performance Standards; 

“Affiliate” has the meaning given to it in Schedule B of the Subscription Agreement; 

“Applicable Law” means all applicable statutes, laws, ordinances, rules and regulations, including but not limited to, any license, permit or
other governmental Authorization, in each case as in effect from time to time; 
 “Applicable S&E Law” means all applicable statutes,
laws, ordinances, rules and regulations of the applicable Country, including without limitation, all Authorizations setting standards concerning environmental, social, labor, health and safety or security risks of the type contemplated by the
Performance Standards or imposing liability for the breach thereof; 

  
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 “Auditors” means the independent, external auditors of the Company; 

“Authority” means any national, supranational, regional or local government, or governmental, statutory, regulatory, administrative, fiscal,
judicial, or government-owned body, department, commission, authority, tribunal, agency or entity, or central bank (or any Person whether or not government owned and howsoever constituted or called, that exercises the functions of the central bank);

 “Authorization” means 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” means any individual who is duly authorized by the Company to act on its behalf and whose name and a specimen of
whose signature appear on the Certificate of Incumbency and Authority most recently delivered by the Company to IFC; 
 “Board of
Directors” or “Board” means the board of directors of the Company nominated and elected from time to time in accordance with the Charter and Shareholders’ Agreement; 

“Business Day” means a day when banks are open for business in New York, New York; 

“CAO” means the Compliance Advisor Ombudsman, the independent accountability mechanism for IFC that responds to environmental and social
concerns of affected communities and aims to enhance outcomes; 
 “CAO’s Role” means the role of the CAO which is: 

 

	 	(a)	to respond to complaints by Persons who have been or are likely to be negatively affected by the social or environmental impacts of IFC projects; and 

 

	 	(b)	to oversee audits of IFC’s social and environmental performance, particularly in relation to sensitive projects, and to ensure compliance with IFC’s social and environmental policies, guidelines, procedures
and systems; 

 “Certificate of Incumbency and Authority” means a certificate provided to IFC by the Company substantially in
the form set forth in Schedule 1 (Form of Certificate of Incumbency and Authority); 
 “Charter” means the Memorandum and Articles
of Association of the Company or, as applicable, the equivalent constitutive or organizational documents of any Subsidiary, in each case, as the same may be amended from time to time; 

“Closing Date” has the meaning given to it in Section 1.1(c)(ii) of the Subscription Agreement; 

“Coercive Practice” has the meaning set forth in Annex A (Anti-Corruption Guidelines for IFC Transactions);

 “Collusive Practice” has the meaning set forth in Annex A (Anti-Corruption Guidelines for IFC
Transactions); 
 “Company Operations” has the meaning given to it in Schedule B of the Subscription Agreement; 

  
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 “Control” has the meaning given to it in Schedule B of the Subscription Agreement; 

“Corrupt Practice” has the meaning set forth in Annex A (Anti-Corruption Guidelines for IFC Transactions);

 “Country” means, with respect to the Company, the Cayman Islands, and with respect to any Subsidiary, the country in which it is
organized and, if different, the country in which such Subsidiary has substantial operations; 
 “Debarred Person” has the meaning set
forth in Section 3.05 (Restricted Transfers); 
 “Director” means an individual who is a member of the Board of the Company
nominated and elected from time to time in accordance with the Charter and Shareholders’ Agreement; 
 “Dollars” or
“$” means the lawful currency of the United States of America; 
 “Equity Securities” of a company means (i) common
shares, (ii) preferred shares, (iii) bonds, loans, warrants, rights, options or other similar instruments or securities, in each case which are convertible into or exercisable or exchangeable for, or which carry a right to subscribe for or
purchase common shares of such company or (iv) any instrument or certificate representing a beneficial ownership interest in the common shares of such company, including global depositary receipts and American depository receipts and any other
security issued by the company, even if not convertible into common shares, that derives its value and/or return based on the financial performance of the company or its shares. 

“Exclusion List” means the list of prohibited activities set forth in Annex B (Exclusion List); 

“Financial Year” means the accounting year of the Company commencing each year on
January 1st and ending on the following December 31st, or such other period as the Company from time to time designates as its
accounting year in accordance with its Charter; 
 “Fraudulent Practice” has the meaning set forth in Annex A
(Anti-Corruption Guidelines for IFC Transactions); 
 “General Meeting” means a general meeting of the Company’s
shareholders in accordance with the Charter; 
 “IFC Observer” has the meaning set forth in Section 2.01 (IFC Observer); 

“IFC Shares” means the Equity Securities of the Company subscribed for by IFC pursuant to the Subscription Agreement and/or otherwise held by
IFC from time to time; 
 “IFC Subscription” means any subscription for Equity Securities of the Company by IFC as provided for in the
Subscription Agreement; 
 “Intellectual Property” has the meaning given to it in Section 2.9(a) of the Subscription Agreement; 

“Liquidity Event” has the meaning given to it in the Shareholders’ Agreement; 

“Listing” means the admission of Shares of the Company to listing on any securities exchange and/or to trading on any public trading market;

 “Material Adverse Effect” has the meaning given to it in Schedule B of the Subscription Agreement; 

  
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 “Obstructive Practice” has the meaning set forth in Annex A
(Anti-Corruption Guidelines for IFC Transactions); 
 “Performance Standards” means IFC’s Performance Standards on
Social & Environmental Sustainability, dated January 1, 2012, copies of which have been delivered to and receipt of which has been acknowledged by the Company pursuant to the letter dated November 19, 2014. 

“Person” means any individual, corporation, company, partnership, firm, voluntary association, joint venture, trust, unincorporated
organization, Authority or any other entity whether acting in an individual, fiduciary or other capacity; 
 “Related Party” means any
Person: (a) that holds a material interest in the Company or any Subsidiary; (b) in which the Company or any Subsidiary holds a material interest; (c) that is otherwise an Affiliate of the Company; (d) who serves (or has within
the past twelve (12) months served) as a director or officer of the Company; or (e) who is a member of the family of any individual included in any of the foregoing. For the purpose of this definition, “material interest” shall
mean a direct or indirect ownership of shares representing at least five percent (5%) of the outstanding voting power or equity of the Company or any Subsidiary; 

“Repurchase Notice” means a notice provided by IFC to the Company pursuant to Section 4.01(a) informing the Company of IFC’s
exercise of the Repurchase Option; 
 “Repurchase Option” has the meaning set forth in Section 4.01(a) (Policy Repurchase
Option). 
 “Repurchase Price” means in relation to any given exercise of the Repurchase Option, the amount obtained by multiplying the
Subscription Price by the number of Repurchase Shares specified in the relevant Repurchase Notice and adjusting such amount by the rate of inflation as measured by the US CPI for the period of time, measured to the closest month, from the date of
the IFC Subscription to the date the Repurchase Notice was delivered; 
 “Repurchase Shares” means the IFC Shares to be redeemed by IFC as
specified in the Repurchase Notice, which shall be 100% of the IFC Shares as of the date of such Repurchase Notice. 
 “Repurchase Trigger
Event” means (a) the failure of the Company to perform its obligations under or in respect of Section 2.01 (IFC Observer), Section 3.01 (General Reporting Covenants), Section 3.02 (IFC Policy Reporting
Covenants), Section 3.03 (IFC Policy Covenants), Section 3.04(a) (Other Affirmative Covenants), or Section 3.05 (Restricted Transfers) of this Agreement, and such failure is incapable of remedy (in the
reasonable opinion of IFC) or, where such failure is capable of remedy (in the reasonable opinion of IFC), it has not been remedied within sixty (60) days following notice of such failure from IFC; or (b) the failure of a representation
made by the Company in Section 2.14 (Environmental and Safety Laws), Section 2.37 (Sanctionable Practices), Section 2.38 (UN Security Council Resolutions) or Section 2.39 (Criminal Offenses) of the
Subscription Agreement to be true and correct on and as of the Closing Date; 
 “S&E Performance Report” means the S&E Performance
Report attached hereto as Schedule 3 (S&E Performance Report), setting out the specific social, environmental and developmental impact information to be provided by the Company in respect of the Company Operations; 

“Sanctionable Practice” means any Corrupt Practice, Fraudulent Practice, Coercive Practice, Collusive Practice, or Obstructive Practice, as
those terms are defined herein and interpreted in accordance with the Anti-Corruption Guidelines attached to this Agreement as Annex A (Anti-Corruption Guidelines for IFC Transactions); 

  
 4 

 “Shareholders’ Agreement” means the Fourth Amended and Restated Shareholders’
Agreement, dated March 20, 2015, between the Company and the Holders (as defined therein); 
 “Shares” means the issued and
outstanding shares, or equivalent equity interests, of a company; 
 “Shell Bank” means a bank incorporated in a jurisdiction in which it
has no physical presence and which is not an Affiliate of a regulated bank or a regulated financial group; 
 “Subscription Agreement” has
the meaning set forth in the Recitals; 
 “Subscription Price” has the meaning given to it in Section 1.1(b) of the Subscription
Agreement; 
 “Subsidiary” means with respect to the Company, an Affiliate over fifty per cent (50%) of whose Shares is owned,
directly or indirectly, by the Company; and 
 “Transaction Documents” means:  

 

	 	(a)	this Agreement; 

  

	 	(b)	the Subscription Agreement; and 

  

	 	(c)	the Shareholders’ Agreement. 

 Section
1.02    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 in the “agreed form” is a reference to a document approved and for the purposes of identification initialed by or on behalf of the parties thereto; 

 

	 	(e)	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;

  

	 	(f)	general words in this Agreement shall not be given a restrictive meaning by reason of their being preceded or followed by words indicating a particular class of acts, matters or things or by examples falling within the
general words; 

  

	 	(g)	a reference to a party to any document includes that party’s successors and permitted assigns; and 

  

	 	(h)	unless stated otherwise herein, a reference to “shares of the Company” means shares of the Company of any class. 

Section 1.03    Third Party Rights. A Person who is not a party to this
Agreement has no right to enforce or enjoy the benefit of any term of this Agreement. 

  
 5 

 ARTICLE II 

IFC OBSERVER 
 
Section 2.01    IFC Observer. (a) For as long as IFC holds at least thirty-three percent (33%) of the number of IFC Shares subscribed by IFC pursuant to the Subscription Agreement (as such
corresponding number shall be adjusted for any applicable share splits, share dividends, combinations, subdivisions, recapitalizations and the like), IFC shall have the right to nominate one observer (the “IFC Observer”) to attend,
in a nonvoting observer capacity, all meetings of the Board and any committees thereof and, in this respect, the IFC Observer shall have access to all information granted to the Board of Directors in their capacity as Directors of the Company
(including notices, consents, minutes, financial statements, agendas, and other materials, in each case to be received at the same time and in the same manner as received by directors seated on the Board). The IFC Observer may provide to IFC any
information that the IFC Observer receives from the Company, and may provide periodic reports to IFC. IFC and the IFC Observer (without prejudice to the preceding sentence) shall at all times keep confidential and not divulge, furnish or make
accessible to anyone any confidential information, knowledge or data concerning or relating to the business or financial affairs of the Company to which IFC or the IFC Observer shall become privy by reason of provision (collectively, the
“Confidential Information”); provided, that IFC and the IFC Observer may disclose Confidential Information to any officer, employee or representative of IFC or legal counsel, rating agency, accountants or representatives for
IFC (each of the foregoing persons, a “Permitted Disclosee”). IFC shall be permitted to disclose such Confidential Information to other members of the World Bank Group. IFC and the IFC Observer shall only use the Confidential
Information for purposes of monitoring and evaluating IFC’s investment in the Company. The foregoing confidentiality provisions shall not, however, be applied to any information that is generally available to the public or that is or has been
made known or disclosed to IFC or the IFC Observer by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, that the Board may exclude the IFC Observer from attendance at such
meetings or access to such information if the Board determines that doing so is necessary for reasons of material conflicts of interest as determined in good faith by the Board or to protect highly confidential information or to preserve
attorney-client privilege. The Company covenants that, consistent with Section 3.9 of the Shareholders’ Agreement, it will indemnify the IFC Observer to the maximum extent that the Company indemnifies members of the Board, and the Company
will not take any action to amend its Charter to prohibit the Company from complying with such obligation. IFC may remove the IFC Observer at any time and shall be entitled to nominate another IFC Observer in place of any IFC Observer so removed. In
the event of the resignation, retirement or vacation of office of the IFC Observer, IFC shall be entitled to designate another IFC Observer in place of such IFC Observer. 
  

	 	(b)	Within twenty-four (24) months after the date of this Agreement, the Board shall constitute and maintain the following committees whose members shall all be Directors: (i) the audit committee; and
(ii) the nominations committee; and (iii) the compensation committee, and the IFC Observer shall be permitted to attend all meetings of these committees, subject to the proviso set forth in Section 2.01(a) above. Any financial audit
of the Company must be in compliance with the Accounting Standards and approved by the audit committee. 

 
Section 2.02    Removal/Resignation of IFC Observer. IFC may remove the IFC Observer at any time and shall be entitled to nominate another Person as the IFC Observer in place of any IFC Observer so removed.
In the event of the resignation, retirement or vacation of office of the IFC Observer, IFC shall be entitled to nominate another Person as the IFC Observer in place of such IFC Observer. 

  
 6 

 ARTICLE III 

COVENANTS 
 
Section 3.01    General Reporting Covenants. 
  

	 	(a)	The Company shall furnish to IFC the following information: 

  

	 	(i)	within ninety (90) days after the end of each Financial Year, annual financial statements (a balance sheet as of the end of such Financial Year and the related statements of income, shareholders’ equity and
cash flows for the Financial Year then ended) for the Company and for each of its Subsidiaries on a consolidated and an unconsolidated basis, audited in accordance with the Accounting Standards and certified by the Auditors, along with a
consolidating statement prepared by the Auditors, and a copy of all management letters delivered by the Auditors; 

  

	 	(ii)	within forty-five (45) days after the end of each quarter of each Financial Year, quarterly financial statements (a balance sheet as of the end of such quarter and the related statements of income,
shareholders’ equity and cash flows for the quarter then ended) for the Company and for each of its Subsidiaries on a consolidated and an unconsolidated basis, prepared in accordance with the Accounting Standards; 

 

	 	(iii)	within fifteen (15) days after receipt thereof by the Company, any management letter or similar letter from the Auditors; 

  

	 	(iv)	no later than ten (10) days before each General Meeting, the notice, agenda and relevant meeting materials for the General Meeting; 

 

	 	(v)	no later than fifteen (15) days after each General Meeting, the minutes thereof reflecting decisions adopted at such meeting; 

  

	 	(vi)	simultaneously with delivery to the Directors and the IFC Observer, the notice, agenda and relevant materials sent to them for meetings of the Board; 

 

	 	(vii)	no later than thirty (30) days after each Board meeting, the minutes thereof reflecting decisions adopted at such meeting; 

  

	 	(viii)	no later than thirty (30) days before commencement of each Financial Year, the proposed annual business plan; and 

  

	 	(ix)	upon IFC’s request, a summary of all outstanding litigation, arbitration or other claims involving the Company or any of its Subsidiaries, including the total number of claims outstanding for each type of claim
(e.g., labor, civil, tax), the number of new claims initiated in the period covered by such request, the number of claims resolved (either by settlement, judicial award or otherwise) in such period, the aggregate and average payment amounts agreed
by settlement or awarded, the aggregate and average settlement or award payment amounts actually paid, the aggregate amount reserved by the Company for each type of claim, and any other relevant information about the Company’s outstanding
claims. 

  
 7 

	 	(b)	Following a Listing, the covenants set forth in this Section 3.01 shall terminate and be of no further force or effect. 

Section 3.02    IFC Policy Reporting Covenants. 

 

	 	(a)	The Company shall promptly notify IFC upon becoming aware of any: (i) litigation or investigations or proceedings against the Company or any of its Subsidiaries which have or may reasonably be expected to have a
Material Adverse Effect; or (ii) any criminal investigations or proceedings against the Company or any director or officer of the Company, and any such notification shall specify the nature of the action or proceeding and any steps that the
Company proposes to take in response to the same. 

  

	 	(b)	Upon IFC’s reasonable request or the CAO’s request (or IFC’s request on behalf or at the behest of the CAO) at any time, and with reasonable prior notice to the Company, the Company shall permit
representatives of IFC and the CAO, during normal office hours, to: 

  

	 	(i)	visit any of the sites and premises where the business of the Company or its Subsidiaries is conducted; 

  

	 	(ii)	inspect any of the offices, branches and other facilities of the Company or its Subsidiaries; 

  

	 	(iii)	have access to the books of account and all records of the Company and its Subsidiaries; and 

  

	 	(iv)	have access to those employees and officers of the Company and its Subsidiaries who have or may have knowledge of matters with respect to which IFC or the CAO seeks information; 

provided that: (A) in the case of representatives of the CAO, no such reasonably prior notice shall be necessary if special circumstances so require;
(B) with respect to representatives of IFC only, the Company shall not be obligated pursuant to this Section 3.02 to provide access to any information that it reasonably considers, upon written advice of its legal counsel, to be a trade
secret or similar confidential information; (C) the inspection rights contained in this Section 3.02 may be exercised by representatives of IFC only once during any twelve (12)-month period (but no such limitation applies to the
representatives of the CAO); and (D) in the case of the representatives of the CAO, such access shall be for the purpose of carrying out the CAO’s Role. 
  

	 	(c)	The Company shall and shall ensure that each of its Subsidiaries shall: 

  

	 	(i)	within ninety (90) days after the end of each Financial Year, deliver to IFC the corresponding S&E Performance Report in the form attached as Schedule 3 (S&E Performance Report) hereto confirming
compliance with the Action Plan, the social and environmental covenants set forth in this Agreement and Applicable S&E Law, or, as the case may be, identifying any non-compliance or failure, and the actions being taken to remedy it, and
including such information as IFC shall reasonably require in order to measure the ongoing development results of IFC’s investment in the IFC Shares, which information IFC may hold and use in accordance with IFC’s Access to Information
Policy, dated January 1, 2012, which is available at http://ifcnet.ifc.org/intranet/ifcpolproc.nsf/AttachmentsByTitle/700101IFCPolicyDisclosureInformation_ Effective+Jan+1+2012/$FILE/700101IFCPolicyDisclosureInformation.pdf); and 

  
 8 

	 	(ii)	within three (3) days after its occurrence, notify IFC of any social, labor, health and safety, security or environmental incident, accident or circumstance having, or which could reasonably be expected to have,
any material adverse social and/or environmental impact or any material adverse impact on the implementation or operation of the Company Operations in compliance with the Performance Standards, specifying in each case the nature of the incident,
accident, or circumstance and the impact or effect arising or likely to arise therefrom, and the measures the Company or the relevant Subsidiary, as applicable, is taking or plans to take to address them and to prevent any future similar event; and
keep IFC informed of the on-going implementation of those measures. 

  

	 	(d)	The Company shall furnish to IFC, within ninety (90) days after the expiry of the insurance policy referred to in Section 3.03(f) (IFC Policy Covenants), a certificate from an Authorized Representative
confirming that, as of the date of such certificate, the Company maintains the insurance policy required to be maintained pursuant to Section 3.03(f) (IFC Policy Covenants) and providing a detailed explanation of any material changes in
such insurance policies. 

  

	 	(e)	Following a Listing, IFC may, by notice to the Company, elect not to receive any of the information described in this Section 3.02. In this case, the Company shall provide IFC with copies of all information
publicly disclosed and/or filed, in compliance with the rules and regulations of any securities exchange or automated quotation system on which any of the Company’s securities are listed and any Applicable Law. If, upon a Liquidity Event, the
rights set forth in this Section 3.02 survive such Liquidity Event pursuant to Section 5.01(a) or Section 5.01(b), and IFC does not elect not to receive any of the information described in this Section 3.02 in accordance with the
first sentence in this Section 3.02(e), the exercise of the rights set forth in this Section 3.02 shall be subject to Applicable Law with respect to selective disclosure of information by publicly traded companies and to IFC entering into
a confidentiality and standstill agreement reasonably acceptable to IFC and the Company or any successor entity thereto. 

 
Section 3.03    IFC Policy Covenants. 
  

	 	(a)	Sanctionable Practices. 

  

	 	(i)	The Company hereby agrees that it shall not engage in (nor authorize or permit any Affiliate or any other Person acting on its behalf to engage in) any Sanctionable Practice with respect to the Company Operations;

  

	 	(ii)	The Company further covenants that should it become aware of any violation of Section 3.03(a)(i), it shall promptly notify IFC; and 

 

	 	(iii)	If IFC notifies the Company of its concern that there has been a violation of Section 3.03(a)(i), the Company 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. 

 

	 	(b)	Affirmative Covenants. The Company shall and shall ensure that each of its Subsidiaries shall: 

  

	 	(i)	implement the Action Plan and undertake the Company Operations in compliance with the Performance Standards and Applicable S&E Law; and 

 

	 	(ii)	periodically review the form of the S&E Performance Report and advise IFC as to whether revision of the form is necessary or appropriate in light of changes to the Company Operations and revise the form of the
S&E Performance Report, if applicable, with the prior written consent of IFC. 

  

	 	(c)	Negative Covenant. The Company shall not amend the Action Plan in any material respect without the prior written consent of IFC. 

  
 9 

	 	(d)	UN Security Council Resolutions. The Company shall not and shall ensure that each of its Subsidiaries shall not enter into any transaction or engage in any activity prohibited by any resolution of the United
Nations Security Council under Chapter VII of the United Nations Charter. The Company shall ensure that no Person may become a holder of Equity Securities if such Person or any Affiliate of such Person is named on (A) lists promulgated by the
United Nations Security Council or its committees pursuant to resolutions issued under Chapter VII of the United Nations Charter; or (B) the World Bank Listing of Ineligible Firms (see www.worldbank.org/debarr). 

 

	 	(e)	Shell Banks. The Company shall not and shall ensure that each of its Subsidiaries shall not conduct business or enter into any transaction with, or transmit any funds through, a Shell Bank. 

 

	 	(f)	Insurance. The Company shall, at all times, maintain a directors and officers liability insurance policy, providing adequate and customary coverage with a financially sound and reputable insurer or insurers, and
such policy shall at all times cover the IFC Observer to the full extent as it covers the Directors of the Company. 

  

	 	(g)	Prohibited Activities. The Company shall not, and shall ensure that each of its Subsidiaries shall not, engage directly or indirectly in any of the activities on the Exclusion List attached as Annex B or
in a country that is not a member of the World Bank. 

Section 3.04    Other Affirmative Covenants. The Company shall: 

 

	 	(a)	undertake its business, activities and investments, and cause each of its Subsidiaries to undertake their business, activities and investments, in compliance with Applicable Law; and 

 

	 	(b)	as soon as practicable, but in any event within eighteen (18) months of the Closing Date, adopt and maintain a policy, in form and substance satisfactory to IFC, designed to maximize the Company’s and its
Subsidiaries’ ownership of Intellectual Property developed or acquired in the course of its operations, which policy shall require the Company to, commencing on the date such policy is adopted: (i) cause all material technological
developments, patentable or unpatentable, inventions, discoveries or improvements by the Company’s or any of its Subsidiaries’ officers or employees to be documented in accordance with the appropriate professional standards; and
(ii) cause all officers and key employees, and to the extent practicable, consultants of the Company and its Subsidiaries, to enter into non-disclosure and proprietary rights agreements in customary form, approved by the Board of Directors.

 Section 3.05    Restricted Transfers. The Company
shall, and shall cause its Subsidiaries to, refuse to effect or recognize: (a) any transaction involving a purported Transfer (as such term is defined in the Charter) of Equity Securities in the Company or of any Subsidiary to any of the
individuals or entities named on (i) lists promulgated by the United Nations Security Council or its committees pursuant to resolutions issued under Chapter VII of the United Nations Charter or (ii) the World Bank Listing of Ineligible
Firms (each, a “Debarred Person”), or record or register any such Transfer of Equity Securities in the Company or such Subsidiary in the applicable share registry; or (b) any liquidation, dissolution, winding-up, merger,
consolidation or other transaction that constitutes a Liquidity Event which would result in (1) the shareholders of the Company receiving equity securities of a Debarred Person or a Person that engages in activities set forth on the Exclusion
List (or, with respect to the activities set forth in the second, third, fourth and fifth items on the Exclusion List (the “Specified Activities”), that engages primarily in such Specified Activities), or (2) the shareholders
of the Company (if such shareholders includes IFC) and a Debarred Person or a Person that engages in the activities set forth on the Exclusion List (or, with respect to the Specified Activities, that engages primarily in such Specified Activities)
being holders of any of the equity securities of the Company or a Subsidiary or any surviving or successor Person. After consummation of any admission of Equity Securities of the Company to listing on any securities exchange and/or to trading on any
public market, this Section 3.05 shall not apply to a sale of Equity Securities of the Company on any open market. For sake of clarity, a retailer that engages in the Specified Activities but for which those Specified Activities do not
constitute a majority of such retailer’s revenues shall not be considered to be a Person engaging primarily in such Specified Activities. 

  
 10 

 Section 3.06    Further
Assurances. The Company shall exercise all such rights and powers as are available to it to take, or cause to be taken, such actions, and do, perform, execute and deliver, or cause to be done, performed, executed and delivered, all acts,
deeds and documents necessary, proper or advisable to ensure compliance with and to fully and effectually implement the provisions of this Agreement and the other Transaction Documents, as promptly as reasonably possible. 

ARTICLE IV 

POLICY REPURCHASE OPTION 
 
Section 4.01    Repurchase Option. 
  

	 	(a)	The Company hereby grants to IFC an option (the “Repurchase Option”) to sell to the Company, and the Company is obligated to purchase from IFC upon exercise of each such option, all the Repurchase
Shares (as specified by IFC in the relevant Repurchase Notice) in accordance with the terms of this Agreement. 

  

	 	(b)	The Repurchase Option may be exercised by IFC by delivery to the Company of a Repurchase Notice at any time within one hundred twenty (120) days of the date upon which IFC becomes aware of the occurrence of a
Repurchase Trigger Event. 

  

	 	(c)	The Repurchase Notice shall specify the number of Repurchase Shares (which shall be 100% of the IFC Shares as of the date of such Repurchase Notice), the Repurchase Price for those Repurchase Shares (and the basis for
its determination of the Repurchase Price), the bank account into which the Repurchase Price shall be paid, the nature of the relevant Repurchase Trigger Event and the settlement date (the “Settlement Date”) for such repurchase
(which shall be not less than ten (10) days nor more than sixty (60) days after the date of the Repurchase Notice). 

  

	 	(d)	On the Settlement Date: (i) the Company shall pay to IFC, into the bank account specified by IFC, the Repurchase Price set out in the Repurchase Notice in immediately available funds, without deduction whatsoever
for any fees, taxes, duties, costs or other charges howsoever called unless such deduction is required pursuant to Applicable Law (including any laws or regulations with respect to IFC’s immunity from taxation and customs duties in the
territories of IFC’s member countries); and (ii) IFC shall, after receipt of the Repurchase Price, transfer to the Company free of all liens and other encumbrances and rights of third parties the certificates, if any, evidencing title to
the Repurchase Shares together with such instruments of transfer, if any, as required by the laws of the Country to effect the transfer. The Company hereby acknowledges that IFC is immune from all forms of taxation and customs duties, including
withholding tax, in the territories of IFC’s member countries. Without prejudice to clause (i) of this Section 4.01(d), the Company will use commercially reasonable efforts to assist IFC, including by preparing necessary forms
and other paperwork, to obtain the benefits of any immunity, exemption or relief from taxation to which IFC is entitled with respect to taxes imposed in respect of IFC’s ownership of shares in the Company. The Company further agrees that,
at IFC’s request, it will use commercially reasonable efforts to make any filings and to take other actions to recover on IFC’s behalf any taxes withheld or paid which are recoverable, in each case with respect to taxes imposed in respect
of IFC’s ownership of shares in the Company, but only to the extent that such filings may be made, or such withheld or paid taxes recovered by the Company, and cannot be legally filed, recovered or obtained, as the case may be, by IFC. If
Company is required to withhold or deduct taxes, the Company agrees to provide IFC with 20 calendar days’ advance notice of any amounts to be withheld purportedly representing IFC’s tax liability. 

  
 11 

	 	(e)	For the avoidance of doubt, IFC shall be entitled to any dividends, distributions or return of capital relating to the Repurchase Shares which are the subject of the relevant Repurchase Notice which were declared or
otherwise had a record date on or before the Settlement Date. To the extent that any such dividends, distributions or return of capital are paid to the Company, whether before or after the Settlement Date, the Company shall be deemed to hold such
amounts in trust and for the benefit of IFC and shall promptly pay to IFC an amount equal to the amount of such dividends, distributions or return of capital so received by it. 

 

	 	(f)	Notwithstanding anything to the contrary in this Section 4.01, the Company shall be obligated to pay the Repurchase Price only if and when the Company has funds lawfully available for the repurchase of the
Repurchase Shares. 

 ARTICLE V 

TERM OF AGREEMENT 
 
Section 5.01    Term of Agreement. Except as otherwise expressly set forth herein, this Agreement shall become effective as of the date on which IFC first subscribes for the IFC Shares and shall continue in
force until the earlier of (i) such time as IFC no longer holds any IFC Shares or shares of any successor company or (ii) the occurrence of a Liquidity Event, at which point this Agreement shall terminate and be of no further force or
effect; provided, that 
  

	 	(a)	solely in the case of a termination under the foregoing clause (ii), if the Liquidity Event is not a public offering of the Company or any successor entity thereto, the provisions of Section 2.01 (IFC
Observer), Section 2.02 (Removal/Resignation of IFC Observer), Section 3.01 (General Reporting Covenants), Section 3.02 (IFC Policy Reporting Covenants), Section 3.03 (IFC Policy Covenants),
Section 3.04 (Other Affirmative Covenants), Section 3.05 (Restricted Transfers) and Section 4.01 (Repurchase Option) shall survive the termination of this Agreement unless the sole consideration to IFC from such
Liquidity Event is cash and/or Equity Securities of a highly liquid publicly traded stock that is listed on a major global exchange (in which case such provisions would not survive the Liquidity Event); 

 

	 	(b)	solely in the case of a termination under the foregoing clause (ii), if the Liquidity Event is a public offering of the Company or any successor entity thereto, the provisions of Section 3.02(b) (IFC Policy
Reporting Covenants) and Section 3.03 (IFC Policy Covenants) shall survive; 

  
 12 

	 	(c)	in any case, the provisions of Article I (Definitions and Interpretation), Section 7.01 (Notices), Section 7.03 (English Language), Section 7.04 (Applicable Law and
Jurisdiction), Section 7.06 (Announcements) and Section 7.10 (Expenses) shall survive the termination of this Agreement; and 

  

	 	(d)	the termination of this Agreement or cessation of effectiveness with respect to a Party shall be without prejudice to any Person’s accrued rights and obligations at the date of its termination and any legal or
equitable remedies of any kind which may accrue in connection therewith. 

 ARTICLE VI

 REPRESENTATIONS AND WARRANTIES 

Section 6.01    Representations and Warranties. The Company hereby
represents and warrants that each of the following statements is true, accurate and not misleading as of the date of this Agreement: 
  

	 	(a)	Organization and Authority. The Company is a legal entity duly organized and validly existing under the laws of its place of incorporation and has the corporate power and authority to enter into, deliver and
perform its obligations under this Agreement and each of the other Transaction Documents to which it is party. 

  

	 	(b)	Validity. This Agreement and each of the other Transaction Documents to which it is a party has been duly authorized and executed by the Company and constitutes its valid and legally binding obligation,
enforceable in accordance with its terms; 

  

	 	(c)	No Conflict. The execution, delivery and performance of this Agreement and each of the other Transaction Documents to which it is a party will not contravene: (i) any law, regulation, order, decree or
Authorization applicable to the Company; (ii) any provision of the Company’s Charter; or (iii) any contractual restriction binding on or affecting the Company or any of the Company’s assets; and 

 

	 	(d)	Status of Authorizations. All Authorizations required for the execution and delivery of this Agreement and each of the other Transaction Documents to which it is a party and the performance of its obligations
hereunder have been obtained and are in full force and effect. 

Section 6.02    IFC Reliance. The Company acknowledges that it has
made the representations and warranties in Section 6.01 (Representations and Warranties), with the intention of inducing IFC to enter into this Agreement and each of the other Transaction Documents to which it is a party and to make the
IFC Subscription and that IFC has entered into this Agreement and each of the other Transaction Documents to which it is a party and made the IFC Subscription on the basis of and in full reliance on such representations and warranties. 

ARTICLE VII 

MISCELLANEOUS 
 
Section 7.01    Notices. 
  

	 	(a)	Any notice, request or other communication to be given or made under this Agreement shall be in writing. Subject to Section 7.04 (Applicable Law and Jurisdiction), any such communication shall be delivered
by hand, established courier service, facsimile or by e-mail (with delivery by hand or by courier service to follow, if the recipient is IFC) to the party to which it is required or permitted to be given or made at such party’s address
specified below or at such other address as such party has from time to time designated by written notice to the other party hereto, and subject to clause (b) shall be effective upon the earlier of (a) actual receipt and (b) deemed
receipt under Section 7.01(b) below. 

  
 13 

 For the Company: 

Netshoes (Cayman) Limited 

Rua Vergueiro, 943, Liberdade 

CEP: 01504-001 

São Paulo SP, Brazil 

Email: marcio@netshoes.com 

Attention: Marcio Kumruian 

With a copy to: 

Flávio Franco 

Legal Director 

Email: flavio.franco@netshoes.com 

For IFC: 

International Finance Corporation 

2121 Pennsylvania Avenue, N.W. 

Washington, D.C. 20433 

United States of America 

Facsimile: +1 (202) 522-3743 

Email: SPetersen@ifc.org 

Attention: Director, TMT, Venture Capital and Funds Department 

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

 Facsimile: +1 (202) 522-3064 
  

	 	(b)	Unless there is reasonable evidence that it was received at a different time, notice pursuant to this Section 7.01 is deemed given if: (i) delivered by hand, when left at the address referred to in
Section 7.01(a); (ii) sent by established courier services within a country, three (3) Business Days after posting it; (iii) sent by established courier service between two countries, six (6) Business Days after posting it;
(iv) sent by facsimile, when confirmation of its transmission has been recorded by the sender’s facsimile machine and (v) sent by email, upon receipt by the intended recipient. 

Section 7.02    Saving of Rights. 

 

	 	(a)	The rights and remedies of IFC in relation to any misrepresentation or breach of warranty on the part of the Company shall not be prejudiced by any investigation by or on behalf of IFC into the affairs of the Company,
by the execution or the performance of this Agreement or by any other act or thing by or on behalf of IFC which might prejudice such rights or remedies. 

  

	 	(b)	No course of dealing and no failure or delay by IFC in exercising any power, remedy, discretion, authority or other right under this Agreement or any other agreement shall impair, or be construed to be a waiver of or an
acquiescence in, that or any other power, remedy, discretion, authority or right under this Agreement, or in any manner preclude its additional or future exercise. 

  
 14 

 Section 7.03    English
Language. All documents to be provided or communications to be given or made under this Agreement shall be in English and, where the original version of any such document or communication is not in English, shall be accompanied by an English
translation certified by an Authorized Representative to be a true and correct translation of the original. 

Section 7.04    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, without giving effect to principles or rules of conflict of laws to the extent such
principles or rules would require or permit the application of the laws of another jurisdiction. 

  

	 	(b)	For the exclusive benefit of IFC, the Company irrevocably agrees to venue being laid 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, in any legal action, suit or proceeding arising out of or relating to this Agreement, and waives any objections to venue based on grounds of forum non conveniens or inconvenient forum. 

 

	 	(c)	For the exclusive benefit of IFC, the Company irrevocably also submits to personal jurisdiction of any such court in any such action, suit or proceeding. Final judgment against the Company 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. 

  

	 	(d)	The parties acknowledge and agree that no provision of this Agreement in any way constitutes or implies a waiver, termination or modification by IFC of any privilege, immunity or exemption of IFC granted in the Articles
of Agreement establishing IFC, international conventions, or applicable law. 

  

	 	(e)	The Company hereby designates, appoints and empowers, on an automatically renewing basis, Corporation Service Company, with offices currently located at 1180 Avenue of the Americas, Suite 210, New York, NY 10036, 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. 

 

	 	(f)	As long as this Agreement remains in force, the Company 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. The Company shall keep IFC advised of the identity and location of such agent. 

 

	 	(g)	The Company also irrevocably consents to the service of such papers being made by mailing copies of the papers by registered United States air mail, postage prepaid, to the Company at its address specified pursuant to
Section 7.01 (Notices). In such a case, IFC shall also send by facsimile, or have sent by facsimile, a copy of the papers to the Company. 

  

	 	(h)	Service in the manner provided in Sections 7.04(e), (f) and (g) in any action, suit or proceeding will be deemed personal service, will be accepted by the Company as such and will be valid and binding upon the
Company for all purposes of any such action, suit or proceeding. 

  
 15 

	 	(i)	The Company irrevocably waives to the fullest extent permitted by Applicable Law: 

  

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

 

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

  

	 	(j)	To the extent that the Company may be entitled in any jurisdiction to claim for itself or its assets immunity in respect of its obligations under this Agreement 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 Company 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. 

  

	 	(k)	The Company 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 the transactions contemplated hereby brought against IFC in any court of the United States of America. The Company 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 the transactions contemplated by this Agreement, brought against IFC in any forum in which IFC is not entitled to immunity from a trial by jury. 

 

	 	(l)	To the extent that the Company may, in any action, suit or proceeding brought in any of the courts referred to in Section 7.04(b) or a court of the Country or elsewhere arising out of or in connection with this
Agreement, 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 Company, or to post a bond or to take similar action, the Company 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. 

 

	 	(m)	Nothing in this Agreement shall affect the right of IFC to commence legal proceedings or otherwise sue the Company 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 Company in any manner authorized by the laws of any such jurisdiction. 

Section 7.05    Immunity. To the extent the Company 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 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 Company 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. 

Section 7.06    Announcements. 

 

	 	(a)	The Company may not, nor shall it permit any of its Subsidiaries to, represent IFC’s views on any matter, or use IFC’s name in any written material provided to third parties, without IFC’s prior written
consent. 

  

	 	(b)	The Company shall not, and shall ensure that its Subsidiaries do not: 

  

	 	(i)	disclose any information either in writing or orally to any Person which is not a party to this Agreement; or 

  

	 	(ii)	make or issue a public announcement, communication or circular, 

  
 16 

 about the IFC Subscription or the subject matter of, or the transactions referred to in, this Agreement or any
other Transaction Document, including by way of press release, promotional and publicity materials, posting of information on websites, granting of interviews or other communications with the press, or otherwise, other than: (A) to such of its
officers, employees and advisers as reasonably require such information in connection with IFC Subscription or to comply with the terms of this Agreement or any other Transaction Document; (B) to the extent required by law or regulation
(including the rules of any stock exchange on which the Company’s or the relevant Subsidiary’s shares are listed); (C) to the extent required for it to enforce its rights under this Agreement; and (D) with the prior written
consent of IFC. Before any information is disclosed or any public announcement, communication or circulation made or issued pursuant to this Section 7.06(b), the Company must consult with IFC in advance about the timing, manner and content of
the disclosure, announcement, communication or circulation (as the case may be). 
  

	 	(c)	The Company shall expressly inform any Person to whom it or any of its Subsidiaries discloses any information under Section 7.06(b) of the restrictions set out in Section 7.06(b) with regard to disclosure of
such information and shall procure their compliance with the terms of this Section 7.06 as if they each were a party to this Agreement as the Company, and the Company shall be responsible for any breach by any such Person of the provisions of
this Section 7.06. 

 Section 7.07    Successors and
Assigns. This Agreement binds and benefits the respective successors and assignees of the parties. However, the Company may not assign, transfer or delegate any of its rights or obligations under this Agreement unless IFC gives its prior
written consent. 
 Section 7.08    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 all of the parties hereto. 

Section 7.09    Counterparts. This Agreement may be executed in
several counterparts, each of which is an original, but all of which constitute one and the same agreement. 

Section 7.10    Expenses. If any action is necessary to enforce or
interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

Section 7.11    Entire Agreement. This Agreement, together with the
other Transaction Documents, supersedes all prior discussions, memoranda of understanding, agreements and arrangements (whether written or oral, including all correspondence), if any, between the parties with respect to the subject matter of this
Agreement, and this Agreement (together with any amendments or modifications and the other Transaction Documents) contains the sole and entire agreement between the parties with respect to the subject matter of this Agreement and the other
Transaction Documents. The Company and IFC acknowledge and agree that in the event of any conflict in interpretation or implementation between this Agreement and the Shareholders’ Agreement, the Shareholders’ Agreement shall control and
the Company shall act in accordance with the Shareholders’ Agreement; provided, however, that in the event of an amendment to a provision of the Shareholders’ Agreement that creates a conflict with a provision of this
Agreement, as determined in good faith by IFC in its sole and reasonable discretion, such amended provision shall not control with respect to this Agreement without the written consent of IFC to such amendment. 

Section 7.12    Invalid Provisions. If any provision of this Agreement
is held to be illegal, invalid or unenforceable under any law from time to time: (a) such provision will be fully severable; (b) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never
comprised a part hereof; and (c) the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom. 

(Signature Page Follows) 

  
 17 

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

			
	 NETSHOES (CAYMAN) LIMITED

 
  

	 By:
	 	/S/    MARCIO KUMRUIAN
	 Name:
	 	Marcio Kumruian
	Title:	 	

  

			
	 INTERNATIONAL FINANCE CORPORATION

 
  

	 By:
	 	/S/    NIKUNJ JINSI
	 Name:
	 	Nikunj Jinsi
	Title:	 	Global Head, Venture Capital

  
  

Netshoes Policy Agreement 

Signature Page 

 ANNEX A 

ANTI-CORRUPTION GUIDELINES FOR IFC TRANSACTIONS 

The purpose of these Guidelines is to clarify the meaning of the terms “Corrupt Practice”, “Fraudulent Practice”,
“Coercive Practice”, “Collusive Practice” and “Obstructive Practice” in the context of IFC operations. 
  

	1.	CORRUPT PRACTICES 

 A “Corrupt Practice” is the offering, giving,
receiving or soliciting, directly or indirectly, of anything of value to influence improperly the actions of another party. 

INTERPRETATION 
  

	 	A.	Corrupt practices are understood as kickbacks and bribery. The conduct in question must involve the use of improper means (such as bribery) to violate or derogate a duty owed by the recipient in order for the payor to
obtain an undue advantage or to avoid an obligation. Antitrust, securities and other violations of law that are not of this nature are excluded from the definition of corrupt practices. 

 

	 	B.	It is acknowledged that foreign investment agreements, concessions and other types of contracts commonly require investors to make contributions for bona fide social development purposes or to provide funding for
infrastructure unrelated to the project. Similarly, investors are often required or expected to make contributions to bona fide local charities. These practices are not viewed as Corrupt Practices for purposes of these definitions, so long as they
are permitted under local law and fully disclosed in the payor’s books and records. Similarly, an investor will not be held liable for corrupt or fraudulent practices committed by entities that administer bona fide social development funds or
charitable contributions. 

  

	 	C.	In the context of conduct between private parties, the offering, giving, receiving or soliciting of corporate hospitality and gifts that are customary by internationally-accepted industry standards shall not constitute
corrupt practices unless the action violates Applicable Law. 

  

	 	D.	Payment by private sector persons of the reasonable travel and entertainment expenses of public officials that are consistent with existing practice under relevant law and international conventions will not be viewed as
Corrupt Practices. 

  

	 	E.	The World Bank Group1 does not condone facilitation payments. For the purposes of implementation, the interpretation of “Corrupt Practices” relating to
facilitation payments will take into account relevant law and international conventions pertaining to corruption. 

  

	2.	FRAUDULENT PRACTICES 

 A “Fraudulent Practice” is any action or
omission, including a misrepresentation that knowingly or recklessly misleads, or attempts to mislead, a party to obtain a financial or other benefit or to avoid an obligation. 

 

	1 	The “World Bank” is the International Bank for Reconstruction and Development, an international organization established by Articles of Agreement among its member countries and the “World Bank Group”
refers to the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guarantee Agency, and the International Centre for Settlement of
Investment Disputes. 

 INTERPRETATION 

 

	 	A.	An action, omission, or misrepresentation will be regarded as made recklessly if it is made with reckless indifference as to whether it is true or false. Mere inaccuracy in such information, committed through simple
negligence, is not enough to constitute a “Fraudulent Practice” for purposes of this Agreement. 

  

	 	B.	Fraudulent Practices are intended to cover actions or omissions that are directed to or against a World Bank Group entity. It also covers Fraudulent Practices directed to or against a World Bank Group member country in
connection with the award or implementation of a government contract or concession in a project financed by the World Bank Group. Frauds on other third parties are not condoned but are not specifically sanctioned in IFC, MIGA, or PRG operations.
Similarly, other illegal behavior is not condoned, but will not be considered as a Fraudulent Practice for purposes of this Agreement. 

  

	3.	COERCIVE PRACTICES 

 A “Coercive Practice” is impairing or
harming, or threatening to impair or harm, directly or indirectly, any party or the property of the party to influence improperly the actions of a party. 

INTERPRETATION 
  

	 	A.	Coercive Practices are actions undertaken for the purpose of bid rigging or in connection with public procurement or government contracting or in furtherance of a Corrupt Practice or a Fraudulent Practice.

  

	 	B.	Coercive Practices are threatened or actual illegal actions such as personal injury or abduction, damage to property, or injury to legally recognizable interests, in order to obtain an undue advantage or to avoid an
obligation. It is not intended to cover hard bargaining, the exercise of legal or contractual remedies or litigation. 

  

	4.	COLLUSIVE PRACTICES 

 A “Collusive Practice” is an arrangement
between two or more parties designed to achieve an improper purpose, including to influence improperly the actions of another party. 

INTERPRETATION 

Collusive Practices are actions undertaken for the purpose of bid rigging or in connection with public procurement or government contracting or
in furtherance of a Corrupt Practice or a Fraudulent Practice. 
  

	5.	OBSTRUCTIVE PRACTICES 

 An “Obstructive Practice”
is (i) deliberately destroying, falsifying, altering or concealing of evidence material to the investigation or making of false statements to investigators, in order to materially impede a World Bank Group investigation into allegations of a
corrupt, fraudulent, coercive or collusive practice, and/or threatening, harassing or intimidating any party to prevent it from disclosing its knowledge of matters relevant to the investigation or from pursuing the investigation, or (ii) an act
intended to materially impede the exercise of IFC’s access to contractually required information in connection with a World Bank Group investigation into allegations of a corrupt, fraudulent, coercive or collusive practice. 

INTERPRETATION 

Any action legally or otherwise properly taken by a party to maintain or preserve its regulatory, legal or constitutional rights such as the
attorney-client privilege, regardless of whether such action had the effect of impeding an investigation, does not constitute an Obstructive Practice. 

GENERAL INTERPRETATION 

A person should not be liable for actions taken by unrelated third parties unless the first party participated in the prohibited act in
question. 

 ANNEX B 

EXCLUSION LIST 
  

	1.	Production or trade in any product or activity deemed illegal under host country laws or regulations or international conventions and agreements, or subject to international bans, such as pharmaceuticals,
pesticides/herbicides, ozone depleting substances, PCB, wildlife or products regulated under CITES. 

  

	2.	Production or trade in weapons and munitions. 

  

	3.	Production or trade in alcoholic beverages (excluding beer and wine). 

  

	4.	Production or trade in tobacco. 

  

	5.	Gambling, casinos and equivalent enterprises. 

  

	6.	Production or trade in radioactive materials. This does not apply to the purchase of medical equipment, quality control (measurement) equipment and any equipment where IFC considers the radioactive source to be trivial
and/or adequately shielded. 

  

	7.	Production or trade in unbonded asbestos fibers. This does not apply to purchase and use of bonded asbestos cement sheeting where the asbestos content is less than 20%. 

 

	8.	Drift net fishing in the marine environment using nets in excess of 2.5 km. in length. 

  

	9.	Production or activities involving harmful or exploitative forms of forced labor/harmful child labor. 

  

	10.	Commercial logging operations for use in primary tropical moist forest. 

  

	11.	Production or trade in wood or other forestry products other than from sustainably managed forests. 

 SCHEDULE 1 

FORM OF CERTIFICATE OF INCUMBENCY AND AUTHORITY 

[Letterhead of the Company] 
 [Date]

 International Finance Corporation 
 2121 Pennsylvania Avenue,
N.W. 
 Washington, D.C. 20433 
 United States of America 

Attention: Director, TMT, Venture Capital and Funds Department 

IFC Investment No. 35490 

Certificate of Incumbency and Authority 

Reference is made to the Policy Agreement, dated [            ], between IFC and the
Company (the “Policy Agreement”). Unless otherwise defined herein, capitalized terms used herein shall have the meaning set forth in the Policy Agreement. 

I, the undersigned Secretary of
                                         
       (the “Company”), duly authorized to do so, hereby certify that the following are the names, offices and true specimen signatures of the individuals [each]/[any two] of whom are, and will
continue to be, authorized to take any action required or permitted to be taken, done, signed or executed under the Policy Agreement or any other agreement to which IFC and the Company may be parties. 

 

					
	Name*	  	Office	  	Specimen Signature
	 	  	 	  	 
	 	  	 	  	 
	  
	  	  
	  	  

	 	  	 	  	 
	 	  	 	  	 
	  
	  	  
	  	  

	 	  	 	  	 
	 	  	 	  	 
	  
	  	  
	  	  

 You may assume that any such individual continues to be so authorized until you receive written notice from an Authorized
Representative of the Company that they, or any of them, is no longer so authorized. 
  

			
	 Yours faithfully,

 

	  

By
  
	 	 
	 Name:
	 	
	 Title: Secretary

  
  

	*	Designations may be changed by the Company at any time by issuing a new Certificate of Incumbency and Authority authorized by the board of directors of the Company where applicable. 

 SCHEDULE 2 

ACTION PLAN 
  

					
	
Action
	  	Deliverable	  	Due Date
	Policy: Netshoes will develop an overarching comprehensive environmental and social policy at the corporate level – to be approved by the board – and communicate it
widely throughout the organization and to key stakeholders.	  	Approved
environmental and
social policy	  	July 30, 2015
	Responsible Sourcing: Netshoes will establish a written policy and related procedures within the company’s management system for monitoring E&S issues in its primary
supply chain on an ongoing basis.	  	Approved policy and
procedures	  	September 30, 2015
	Management Programs: Netshoes will formalize, based on the E&S policies and procedures to be developed at the corporate level, programs to manage waste generation and
disposal, energy efficiency, and occupational health and safety for all of its units.	  	Draft plans to manage
waste generation and
disposal, energy
efficiency, and
occupational health
and
safety	  	July 30, 2015
	Organizational Capacity and Competency: Netshoes will designate a senior company official (and if appropriate, a committee at the executive and/or board level) to serve as
the focal point and principal coordinator of its E&S functions.	  	Name of designated
official
communicated to the
IFC	  	February 28, 2015

COMPLETED

	Emergency Preparedness and Life and Fire Safety: Netshoes will establish at the corporate and country level a system for monitoring each facility’s: (1) fire safety
certificate; (2) emergency response plans; (3) crisis management and emergency response teams, and (4) the status of yearly trainings for emergency response staff.	  	Reporting table
submitted to the IFC	  	July 30, 2015
	Monitoring System: Under the ESAP Netshoes will establish at the corporate and country level a monitoring system (with regard to occupational health and safety, human
resources, and environment), including E&S permits and licenses.	  	Evidence of a
monitoring system
submitted to the IFC	  	July 30, 2015
	Grievance Mechanism: Netshoes will develop at the corporate level a formal procedure for receiving, managing, and processing external complaints in all countries in which it
operates. The mechanism should include methods to (i) receive and register internal and external communications; (ii) screen and assess the issues raised and determine how to address them; (iii) provide, track and document responses,
if any; and (iv) adjust the company’s practices as appropriate.	  	Draft procedure for
such a mechanism
received and judged
acceptable by the IFC	  	September 30, 2015
	Ongoing Reporting to Affected Communities: Netshoes will begin reporting publicly on an annual basis regarding the key risks, impacts, indicators, and other aspects of
environmental and social performance (to cover calendar year 2015).	  	Report approved and
released to the public	  	March 31, 2016
	Workers Engaged by Third Parties: Netshoes will establish a written policy and related procedures for managing and monitoring the performance of employees of applicable third
parties in relation to the requirements of Performance Standard 2.	  	Approved policy and
related procedures	  	September 30, 2015
	Security Personnel: Netshoes will develop a formal policy at the corporate level to clarify the circumstances under which armed security contractors are authorized to use
their firearms or other deadly force, how Netshoes will maintain oversight of mandatory/periodic trainings for armed personnel, and what procedures Netshoes will follow in the event of any incidents.	  	Approved policy and
related procedures	  	December 31, 2015

 SCHEDULE 3 

S&E PERFORMANCE REPORT 

See attached.EX-4.3

 Exhibit 4.03 

Private Instrument of Second Deed of Simple Debentures Not Convertible into Shares, in a Single Series with Collateral for Public
Distribution with Restricted Placement Efforts of NS2.com Internet SA. 
 Between 

NS2.com Internet S.A. 

And 
 Oliveira Trust
Distribuidora de Títulos e Valores Mobiliários S.A. 
 Dated 

March 19, 2015 

 Private Instrument of Second Deed of Simple Debentures Not Convertible into Shares, in a Single Series with
Collateral for Public Distribution with Restricted Placement Efforts of NS2.com Internet S.A. 
 By this private instrument, the parties identified
below: 
 A. NS2.com Internet S.A., A corporation not registered as a publicly-held company with the Brazilian Securities Commission
(“CVM”), with head-office in the City of São Paulo, State of São Paulo, at Rua Vergueiro, No. 943, Liberdade, Postal Code 01504-000, enrolled with the Corporate Taxpayers Register of the Ministry of Finance
(CNPJ/MF) under No. 09.339.936.0001-16, State Registration Number (NIRE) No. 35.300.375.491, herein represented in the form of its By-Laws (“Issuer”); and 

B. Oliveira Trust Distribuidora de Títulos e Valores Mobiliários S.A., a closely-held corporation, with
head-office in the City of Rio de Janeiro, State of Rio de Janeiro, at Avenida das Américas, No. 500, Block 13, Suite 205, in Condominium Downtown, Postal Code 22640-100, enrolled with the
Corporate Taxpayers Register of the Ministry of Finance (CNPJ/MF) under No. 36.113.876/0001-91 (“Trustee”), herein represented in the form of its By-laws, herein appointed to represent the communion of interests of the future
Debentureholders (as defined below) in the 2nd (second) issue of simple debentures, not convertible into shares, in a single series with collateral for public distribution with restricted
placement efforts of Issuer (“Issue”), pursuant to the provisions of Law No. 6404, of December 15, 1976, as amended (“Corporation Law”): 

This Private Instrument of Second Deed of Simple Debentures Not Convertible into Shares, in a Single Series with Collateral for Public Distribution with
Restricted Placement Efforts of NS2.com Internet S.A. (“Deed” or “Debenture Deed” and “Debentures”, respectively) is executed in accordance with the terms and conditions below. 

 

	1.	AUTHORIZATION 

  

	1.1.	This Deed is executed based on the resolution of the Special Debentureholders Meeting of Issuer held on March 19, 2015 (“AGE”), pursuant to the provisions of article 59 of the Corporation Law.

  

	2.	REQUIREMENTS 

  

	2.1.	The Issue shall be carried out in compliance with the requirements below: 

  

	2.1.1.	Filing and Publication 

  

	2.1.1.1.	The minutes of the AGE set forth in Section 1.1 above shall be filed with the Commercial Registry of the State of São Paulo (“JUCESP”) and published in the Official Gazette of the State of
São Paulo and in the Newspaper “Diário de Notícias”, pursuant to the provisions of articles 62, item I, and 289 of the Corporation Law. 

 

	2.1.2.	Annotation and Registration of the Deed 

  

	2.1.2.1.	This Deed and any amendment hereto shall be annotated and registered with the JUCESP, in accordance with the provisions of article 62, item II, and paragraph 3 of the Corporation Law, 

 

	2.1.3.	Exemption from Registration with the CVM 

  

	2.1.3.1.	This Issue is automatically released from registration of distribution with the CVM, pursuant to the provisions of Article 6 of CVM Instruction No. 476, of January 16, 2009, as amended (“CVM
Instruction 476”), since this is a public offering of securities with restricted distribution efforts. 

	2.1.4.	Registration with CETIP S.A.—Balcão Organizado de Ativos e Derivativos (“CETIP”) 

  

	2.1.4.1.	The Debentures shall be registered for: (a) public distribution in the primary market by means of the MDA—Asset Distribution Module (“MDA”), administered and operated by CETIP, and the
distribution shall be settled by means of CETIP; and (b) trading, subject to the provisions of Section 3.8 below, in the secondary market by means of the CETIP21 – Bonds and Securities Module (“CETIP21”), administered and
operated by CETIP, it being understood that the trades shall be settled and the Debentures shall be electronically held in custody at CETIP. 

  

	2.1.5.	Registration with the Brazilian Association of the Financial and Capital Market Entities (“ANBIMA”) 

  

	2.1.5.1.	Irrespective of the provisions of paragraph one, item (i) and paragraph two of article 1 of the new “ANBIMA Code of Regulation and Best Practices for the Public Offerings for the Distribution and Acquisition
of Securities” (“ANBIMA Code”), pursuant to the provisions of paragraph one of article 9 of the ANBIMA Code, a Restricted Offering shall be registered with the ANBIMA provided the specific guidelines of the Council for
Regulation and Best Practices are issued until the date of remittance to the CVM of the Restricted Offering closing notice (“Closing Notice”). 

  

	3.	CHARACTERISTICS OF THE ISSUE 

  

	3.1.	Corporate Purpose of Issuer 

  

	3.1.1.	The corporate purpose of Issuer is: (a) the retail and wholesale trade in footwear, clothing, sporting goods and related products through the Internet, and without restriction to other means;
(b) the retail and wholesale trade in health and related products, cosmetics, perfumes, hygiene products, household sanitizers and non-perishable food through the Internet, and without restriction to other means; (c) the
retail and wholesale trade in tickets for sports, cultural and other events over the Internet, and without restriction to other means; (d) the storage of health and related products, cosmetics, hygiene products, household sanitizers and
non-perishable food; (e) the holding of equity interest in other companies, in the capacity as member or shareholder; (f) the manufacture of clothing articles for men, women, children and newborns (blouses, shirts, dresses,
skirts, trousers, suits, coats etc.) made from any material (flat fabric, wool, leather, etc.); (g) the sewing of blouses, shirts, dresses, trousers or other garments; (h) the import and export of footwear, clothing, sporting
goods, cosmetics, perfumes, hygiene products, household sanitizers, non-perishable food and related products; (i) the leasing of advertising space on electronic sites, without restriction to other means; (j) retail trade in
sporting goods; (k) wholesale trade in sporting goods; (l) retail trade in food products in general or specialized in food products not specified above; (m) retail trade in clothing and accessories;
(n) wholesale trade in clothing and accessories; (o) wholesale trade in household sanitizers; (p) activities of intermediation and agency of services and business in general; (q) retail trade in health
products and related products; and (r) wholesale trade in health products and related products. 

  

	3.2.	Issue Number 

  

	3.2.1.	This is the second (2nd) public issue of Debentures of Issuer. 

  

	3.3.	Number of Series 

  

	3.3.1.	The Issue shall be made in a single series. 

  

	3.4.	Issue Price 

  

	3.4.1.	The total issue price shall be one hundred and fifty million Reais (R$150,000,000.00), on the Issue Date (as defined below). 

 

	3.5.	Number of Debentures 

  

	3.5.1.	One thousand and five hundred (1,500) Debentures shall be issued. 

  

	3.6.	Mandated Bookrunner and Settlement Bank 

  

	3.6.1.	The settlement bank and the mandated bookrunner of the Debentures shall be Banco Bradesco S.A., with head-office in the City of Osasco, State of São Paulo, in the administrative center named ‘Cidade de
Deus’, no number, in Vila Yara, Postal Code No. 06.029-900, enrolled with the CNPJ/MF under No. 60.746.948/0001-12 (‘Mandated Bookrunner” and “Settlement Bank”, respectively). 

	3.7.	Allocation of the Funds 

 The funds raised by means of this Issue shall be allocated to the early
redemption of the simple debentures, not convertible into shares, in a single series with collateral and personal guarantee of the first (1st) issue of Issuer, plus the remuneration due, and
to settlement of Bank Credit Note No. 7547497 issued by Issuer with Banco Bradesco S.A., the total debit balance of which, on March 17, 2015, is R$5,868,055.78, it being understood that the remaining balance shall be allocated to reinforce
the cash of Issuer. 
  

	3.7.1.	Registration for Distribution and Trading 

  

	3.7.2.	The Debentures shall be registered: (i) for distribution in the primary market by means of the MDA; and (ii) for trading in the secondary market by means of the CETIP21, it being understood that electronic
custody of the Debentures and the financial settlement shall be carried out through CETIP. 

  

	3.7.3.	The Debentures may only be traded in regulated securities markets after the lapse of ninety (90) days of their subscription or acquisition by the Qualified investors (as defined below), pursuant to the provisions
of articles 13 and 34 of CVM Instruction 476 and compliance, by Issuer, with the duties defined in article 17 of CVM Instruction 476. 

  

	3.8.	Placement and Distribution Procedure 

  

	3.8.1.	The Debentures shall be subject to public distribution, with restricted distribution efforts, under the system of firm guarantee of subscription, pursuant to the provisions of the “Private Instrument of
Underwriting, Placement and Distribution with Restricted Efforts of Simple Debentures, not Convertible into Shares, with Collateral under the Firm Guarantee of Subscription System of the 2nd
(Second) Public Issue of NS2.com Internet S.A.” (“Placement Agreement”), with the intermediation of Banco Bradesco BBI S.A. (“Lead Underwriter”), a financial institution that is part of the securities
distribution system, the target public of which are qualified investors, defined pursuant to the provisions of article 4 of CVM Instruction 476 and of article 109 of CVM Instruction No. 409, of August 18, 2004, as amended
(“Qualified Investors”), 

  

	3.8.2.	The distribution procedure shall follow the procedure described in CVM Instruction 476. For that purpose, (i) the Lead Underwriter may only access, at most, seventy-five (75) Qualified Investors; and
(ii) the Debentures may only be acquired by, at most, 50 (fifty) Qualified Investors, pursuant to the provisions of CVM Instruction 476. 

  

	3.8.3.	The investment funds and securities managed portfolios the investment decisions of which are made by the same manager shall be deemed a single investor for purposes of the limits set forth in item 3.9.2. above.

  

	3.8.4.	The maximum term for placement of the Debentures shall be up to six (6) months as from the initial date of the distribution, pursuant to the provisions of article 7-A of CVM Instruction 476, considering full
compliance with the conditions precedent set forth in the Placement Agreement, subject to the term of firm guarantee and other conditions set forth therein (“Placement Term”). 

 

	4.	CHARACTERISTICS OF THE DEBENTURES 

  

	4.1.	Basic Characteristics 

  

	4.1.1.	Unit Par Value 

  

	4.1.1.1.	The unit par value of the Debentures shall be one hundred thousand Reais (R$100,000.00) on the Issue Date (“Par Value” or “Unit Par Value”). 

	4.1.2.	Number of Debentures 

  

	4.1.2.1.	One thousand and five hundred (1,500) Debentures, in a single series, shall be issued. 

  

	4.1.3.	Issue Date 

  

	4.1.3.1.	For all legal purposes and effects, the date of issue of the Debentures shall be March 5, 2015 (“Issue Date”). 

 

	4.1.4.	Term and Due Date 

  

	4.1.4.1.	The final due date of the Debentures shall occur upon termination of the term of sixty (60) months as from the Issue Date, falling, therefore, on March 5, 2020 (“Due Date”), except for the
events of (i) Early Redemption, as defined below; and (ii) Early Maturity, as defined below. 

  

	4.1.5.	Form and Issue of Certificates 

  

	4.1.5.1.	The Debentures shall be issued in registered and book-entry form, without the issue of certificates. 

  

	4.1.6.	Proof of Ownership of the Debentures 

  

	4.1.6.1.	For all purposes of law, ownership of the Debentures shall be proved by a statement of the deposit account of the Debentures issued by the Bookrunner Bank. In addition, a statement in the name of the Debentureholder,
issued by CETIP, shall be acknowledged as proof of ownership of the Debentures electronically held in custody at CETIP. 

  

	4.1.7.	Convertibility 

  

	4.1.7.1.	The Debentures shall be simple debentures, not convertible into shares issued by Issuer. 

  

	4.1.8.	Species 

  

	4.1.8.1.	The Debentures shall be collateral type, pursuant to the provisions of article 58, paragraph 2, of the Corporation Law, as described in Section 4.10 below. 

 

	4.2.	Subscription 

  

	4.2.1.	Term for Subscription 

  

	4.2.1.1.	The Debentures shall be subscribed, at any time, on a single date, during the Placement Term (as defined below) (“Subscription Date”). 

 

	4.2.2.	Subscription Price 

  

	4.2.2.1.	The subscription price of each Debenture shall be its Unit Par Value of the Debentures. In this case, all debentures shall be subscribed and paid on a single date. 

 

	4.2.3	Right of First Refusal 

  

	4.2.3.1.	There is no right of first refusal of the current shareholders of Issuer in the subscription of the Debentures. 

  

	4.3.	Payment and Form of Payment 

 The Debentures shall be paid in cash, in Brazilian currency, upon
subscription, in accordance with the applicable CETIP settlement rules. The amount to be received by Issuer as a result of the amounts paid by the holders of Debentures (“Debentureholders”) by way of payment of the Debentures shall
be credited by the Lead Underwriter to bank account number 63052-7, owned by Issuer, held with Banco Bradesco S.A. in Branch 3381. 
  

	4.4.	Adjustment to the Unit Par Value 

  

	4.4.1.	There shall be no adjustment for inflation of the Unit Par Value. 

  

	4.5.	Remuneration 

  

	4.5.1.	Conventional Interest 

  

	4.5.1.1.	The Debentures shall be entitled to the payment of conventional interest equivalent to the accrued variation of one hundred percent (100%) of the daily average rates of Interfinancial Deposits—DI of one day,
over extra group, expressed as a percentage per year, based on two hundred and fifty-two (252) business days, calculated and disclosed daily by CETIP in the daily bulletin, available on its page on the Internet (http://www.cetip.com.br)
(“DI Rates”), plus a surtax of de two point two hundred and thirty one hundredths percent (3.231%) (sic) per year, based on two hundred and fifty-two (252) business days, exponentially and cumulatively calculated, on a
pro rata temporis basis, levied on the Unit Par Value of the Debentures or on the balance of the Unit Par Value of the Debentures, as the case may be, as from the Subscription Date or from the immediately preceding scheduled date for payment
of the Conventional Interest (as defined below) (“Conventional Interest”). 

  

	4.5.1.2.	The Conventional Interest shall be paid quarterly, as from the Issue Date, on the 5th day of the months of March, June, September, and December, by the Due Date, or,
in case they are not business days, on the first subsequent business day, as the case may be, it being understood that the first (1st) payment of Conventional Interest shall occur on
June 5, 2015. 

  

	4.5.2.	Form of Calculation of the Conventional Interest 

  

	4.5.2.1.	The Conventional Interest shall be calculated in accordance with the following formula: 

 J =
VNe x (InterestFactor-1) 
 where 
 J = unit price of the
interest, accrued in the period, due on the date of actual payment thereof, calculated with eight (8) decimals, without rounding; 
 VNe = Unit Par
Value or balance of the Unit Par Value informed/calculated with eight (8) decimals, without rounding; 
 InterestFactor = interest factor composed of
the floating parameter plus spread, calculated with nine (9) decimals, rounded, assessed in accordance with the following formula: 

InterestFactor—(DIFactor x SpreadFactor) 

where 
 DIFactor = multiplicand of the DI-Over Rates, from and
including the initial date of the capitalization to and excluding the date of calculation, with eight (8) decimals, rounded, determined as follows: 
  

 
 where 
 nDI = total number of
DI-Over Rates, considered in the calculation of the “DIFactor”, where “nDi” is a whole number; and 
 TDIk = DI-Over Rate, of order k,
expressed daily, calculated with eight (8) decimals, rounded, determined as follows: 
  
 

 
 where 
 k= 1, 2, ., n; 

 DIk = DI Rate, of order k, expressed as a percentage, disclosed by CETIP, valid for one (1) business day
(overnight), used with two (2) decimals: 
 SpreadFactor = fixed interest surtax calculated with nine (9) decimals, rounded, calculated in
accordance with the following formula: 
  
 

 
 where: 
 spread = spread or
surtax, as a percentage per year, informed with four (4) decimals; and 
 DP—number of business days between the date of the first subscription and
payment or the immediately preceding date of payment of the Conventional Interest, as the case may be and the calculation date, where “DP” is a whole number. 
  

	4.5.2.2.	For purposes of calculation of the Conventional Interest: 

  

	(i)	The factor resulting from the expression [1 + (TDIk)] shall be taken into consideration with sixteen (16) decimals, without rounding; 

 

	(ii)	The product of the daily factors [1 + (TDIk)] shall be made, it being understood that at each accrued daily factor, the result shall be truncated with sixteen (16) decimals, without rounding, applying the next
daily factor, and so on until the last one taken into consideration: 

  

	(iii)	once the factors are accrued, the resulting factor “DI Factor” shall be taken into consideration with eight (8) decimals, with rounding; 

 

	(iv)	the factor resulting from the expression (DIFactor x SpreadFactor) is considered with nine (9) decimals, rounded; and 

  

	(v)	the DI Rate shall be used considering an identical number of decimals than that disclosed by the CETIP. 

  

	4.5.2.3.	In the event of temporary unavailability of the DI Rate upon payment of any payment obligation set forth in this Deed, the same daily rate produced by the last DI Rate known by the date of calculation shall be used in
substitution thereof, and no financial setoff shall be due, both by Issuer and by the Debentureholders, upon subsequent disclosure of the DI Rate. 

  

	4.5.2.4.	In the event of lack of ascertainment and/or disclosure of the DI Rate for a term in excess of ten (10) business days as from the date expected for disclosure thereof or, furthermore, in the event of extinguishment
or impossibility of application thereof as required by the law or court order, the DI Rate shall be replaced by a substitute legally determined for that purpose. In case there is no legal substitute for the DI Rate, the Trustee shall call a
Debentureholders Meeting (as defined below) to define by mutual agreement with Issuer the new parameter to be applied. Until resolution on the new parameter to be used to calculate the amount of any obligations set forth in this Deed, the same daily
rate produced by the last DI Rate known by the date of the resolution of the Debentureholders Meeting shall be used, and no setoff shall be due between the Issuer and the Debentureholders, upon subsequent disclosure of the DI Rate.

  

	4.5.2.5.	If the DI Rate is disclosed before the Debentureholders Meeting is held, except in the event of impossibility of application thereof by law or court order, such meeting shall no longer be held, and the DI Rate, as from
the date of its disclosure, shall be used to calculate the Conventional Interest, with the last DI Rate previously known to be used by the date of disclosure. 

	4.5.2.6.	In case there is no agreement on the substitute rate between Issuer and the Debentureholders representing at least two thirds (2/3) of the outstanding Debentures, Issuer shall opt, at its sole discretion, for one
of the alternatives set forth below, agreeing to communicate Trustee in writing, within seven (7) days as from the date of conduction of the Debentureholders Meeting set forth in Section 4.5.2.4.: 

 

	(i)	Issuer shall carry out the early redemption of all Debentures, without any fine or premium, within thirty (30) days as from the date of conduction of the respective Debentureholders Meeting, by the Unit Par Value
of the Debentures or by the balance of the Unit Par Value of the Debentures, as the case may be, plus the Conventional Interest calculated pursuant to the provisions of this Debenture Deed and until the date of respective payment of the redemption
amount set forth in this item 5.4.2.6, as well as Default Charges and Fine, as defined below, if applicable. In this event, to calculate the Conventional Interest applicable to the Debentures to be redeemed the same daily rate produced by the last
DI Rate officially disclosed shall be used; or 

  

	(ii)	Issuer shall present an alternative schedule of amortization of all the Debentures, which shall not exceed the Due Date and the amortization term set forth in this Deed. During the term for amortization of the
Debentures by Issuer, the frequency of payment of the Conventional Interest shall continue to be the frequency established in this Deed, it being understood that, until full amortization of the Debentures, a substitute remuneration rate shall be
used, which shall be defined from among three indices used in the financial market for remuneration of the fixed-income investment. The substitute remuneration rate shall preserve the actual value and the same levels of the Conventional Interest
applicable previously to the suspension or extinguishment of said DI Rate. If the respective substitute rate of the Conventional Interest is referenced in a term different from two hundred and fifty-two (252) business days, this rate shall be
adjusted to reflect the base of two hundred and fifty-two (252) business days used by the DI Rate. The alternative schedule and the substitute rate of remuneration shall be approved by the Debentureholders in a Debentureholders Meeting
representing two thirds (2/3) of the outstanding Debentures, it being understood that, if said approval is not obtained, the provisions of item “i” shall apply. 

 

	4.5.3.	Capitalization Period 

  

	4.5.3.1.	Capitalization period (“Capitalization Period”) is defined as the period of time starting on the subscription and payment date, in the event of the first Capitalization Period, or on the immediately
preceding scheduled date for payment of the Conventional Interest, in the event of the other Capitalization Periods, and ends on the scheduled date for the payment of Conventional Interest corresponding to the period in question. Each Capitalization
Period succeeds the previous one without interruption, until the Due Date. 

  

	4.6.	New agreement 

  

	4.6.1.	There will be no new agreement on the Debentures. 

  

	4.7.	Amortization 

  

	4.7.1.	The Unit Par Value of the Debentures shall be amortized in sixteen (16) quarterly, equal and consecutive installments, it being understood that the first installment shall be due as from the fifteenth (15th) month as from the Issue Date, i.e., from (and including) June 5, 2016, and the others according to the dates and percentages detailed below, except for the possibility of early
redemption, pursuant to Section 5 below: 

  

					
	 Amortization Date
	  	Percentage of the Unit Par Value of the
Debentures to be Amortized	 
	 6/5/16
	  	 	6.2500	% 
	 9/5/16
	  	 	6.2500	% 
	 12/5/16
	  	 	6.2500	% 
	 3/5/17
	  	 	6.2500	% 
	 6/5/17
	  	 	6.2500	% 
	 9/5/17
	  	 	6.2500	% 
	 12/5/17
	  	 	6.2500	% 
	 3/5/18
	  	 	6.2500	% 
	 6/5/18
	  	 	6.2500	% 
	 9/5/18
	  	 	6.2500	% 
	 12/5/18
	  	 	6.2500	% 
	 3/5/19
	  	 	6.2500	% 
	 6/5/19
	  	 	6.2500	% 
	 9/5/19
	  	 	6.2500	% 
	 12/5/19
	  	 	6.2500	% 
	 3/5/20
	  	 	6.2500	% 
	 —  
	  	 	100.0000	% 

  

	4.8.	Payment Conditions 

  

	4.8.1.	Place of Payment and Tax Immunity 

  

	4.8.1.1.	The payments to which the Debentures are entitled shall be made: (i) using the procedures adopted by the CETIP for the Debentures electronically held in custody at CETIP; or (ii) in case the Debentures are not
electronically held in custody at CETIP: (a) at the head-office of Issuer or of the Settlement Bank; or (b) as the case may be, by the financial institution retained for such purpose. 

 

	4.8.1.2.	In case any Debentureholder enjoys any kind of immunity or tax exemption, it shall send to the Settlement Bank and Mandated Bookrunner, with copy to Issuer, at least fifteen (15) Business Days before the date
scheduled for any of the payments relating to the Debentures, documentation proving such immunity or tax exemption, under penalty of deduction of the amounts due pursuant to the provisions of the applicable tax law from its revenue resulting from
payment of the Debentures owned by it. 

  

	4.8.1.2.1.	The Debentureholder that has presented documentation proving its condition of immunity or tax exemption, pursuant to the provisions of Section 4.8.1.2 above, which condition is changed by a statutory provision, or
because it fails to meet any condition and requirement barred by the statute of limitations in the applicable statutory provision, or also if such condition is challenged by a court, tax or regulatory of competent jurisdiction, shall communicate
this fact in detail and in writing to the Mandated Bank, with copy to Issuer, as well as to provide any additional information in relation to the matter that is requested to it by the Mandated Bank or by Issuer. 

 

	4.8.1.2.2.	Even if it has received the documentation mentioned in Section 4.8.1.2 above, and provided it has legal grounds to do it, Issuer may deposit in court or deduct from any amounts related to the Debentures and the
taxation it understands due, and this fact cannot generate a claim for damages against Issuer or the Mandated Bank by any Debentureholder or third party. 

  

	4.8.2.	Extension of Terms 

  

	4.8.2.1.	The payment dates of any obligation shall be automatically extended to the first subsequent business day if the due date of the respective obligation is a national holiday, Saturday or Sunday, or also whenever the banks
are authoriz\ed to closed in the City of São Paulo, State of São Paulo, without any increase in the amounts to be paid, except for those cases in which the payments shall be made by means of CETIP, in which case there will only be an
extension when the payment date of the respective obligation is a Saturday, Sunday or national holiday. 

  

	4.8.3.	Default Charges and Fine 

  

	4.8.3.1.	Without prejudice to the Conventional Interest, in the event of untimely compliance by Issuer of any payment obligations relating to the Debentures, the overdue and unpaid debits shall be increased by late payment
interest at the rate of one percent (1%) per month, calculated on a pro rata temporis basis, from the date of default to the date of actual payment, as well as by a non-compensatory fine of two percent (2%) of the amount due,
irrespective of warning, notice or judicial or extrajudicial notification (collectively, “Default Charges and Fine”). 

  

	4.8.4.	Peremption of the Right to Increases 

  

	4.8.4.1.	Without prejudice to the provisions of Section 4.8.3.1 above, failure by the Debentureholder to attend to receive the amount corresponding to any of the payment obligations of Issuer on the dates set forth in this
Deed or in a communication published by Issuer shall not entitle it to receive the Conventional Interest and/or Default Charges and Fine in the period relating to the delay in receipt, but it shall be ensured, however, the rights vested in it by the
date of the respective maturity of Conventional Interest and/or Due Date. 

  

	4.9.	Publicity 

  

	4.9.1.	All announcements, warnings and other acts and decisions resulting from this Issue that in any way involve the interests of the Debentureholders shall be published in the Official Gazette of the State of São
Paulo and in the Newspaper “Diário de Notícias”, as established in article 289 of the Corporation Law, subject to the statutory terms, and Issuer shall communicate to Trustee any publication on the date it is made.

  

	4.10.	Collateral 

  

	4.10.1.	The Debentures shall be guaranteed by fiduciary assignment (i) of all receivables, which shall be free from any lien or encumbrance after verification of the condition precedent pursuant to the provisions of the
Fiduciary Assignment Agreement, as defined below, resulting from transactions conducted by holders of credit and/or debit cards of the brands VISA or AMERICAN EXPRESS, as means of payment for the acquisition of goods in business establishments of
the Company; and of (ii) escrow account held with bank No. 237, Banco Bradesco S.A., which shall be opened in accordance with the terms and conditions set forth in the “Fiduciary Assignment Agreement of Credit Rights (Receivables)
Under Condition Precedent and Other Covenants”, to be executed between Issuer, as Assignor and the Debentureholders represented by the Trustee, as assignees, (“Fiduciary Assignment” or “Guarantee” and “Fiduciary
Assignment Agreement”, respectively). The Fiduciary Assignment Agreement shall contemplate that the portion of the assigned credit rights that exceeds the minimum amount, equivalent to fifty percent (50%) of the balance of the Unit Par
Value of the Debentures plus the respective Conventional Interest and the Default Charges and Fine, as applicable, may be used and/or encumbered by Issuer in transactions with the Debentureholders and/or with the respective operator of the card(s),
subject to the limits and procedures established in said Fiduciary Assignment Agreement and provided all obligations of this Issue are complied with and no event of early maturity has occurred pursuant to the provisions of this Debenture Deed and/or
of the Fiduciary Assignment Agreement. 

  

	4.10.2.	The Fiduciary Assignment Agreement shall be presented for registration, at the expenses of Issuer, in the competent Notary Publics, it being understood that proof of such registration shall occur within up to
twenty-five (25) days as from the date of execution of this Deed or until the Subscription Date, whichever is earlier. 

  

	4.10.3.	If Issuer fails to comply with the obligation set forth in Section 4.10.2 above, the Trustee is hereby irreversibly and irrevocably authorized and granted all powers to promote said registration, in the name of
Issuer, as its attorney-in-fact, it being understood that Issuer shall reimburse all expenses, pursuant to the provisions of this Deed and of the Fiduciary Assignment Agreement. 

 

	4.10.4.	In case it is necessary to replace the Guarantee, Issuer is authorized to replace it for other assets or rights owned by Issuer and/or third parties, as the case may be, and of the same or of a different nature than
those offered as guarantee, provided this is previously approved by the Debentureholders in a Debentureholders Meeting (“Guarantee Replacement”). 

 

	4.10.5.	For purposes of the provisions of article 70 of the Corporation Law, Trustee hereby agrees with the Guarantee Replacement, provided it is previously approved by the Debentureholders in a Debentureholders Meeting
pursuant to the provisions of Section 4.10.4. 

  

	4.10.6.	If the Guarantee Replacement is not made pursuant to the provisions and within the terms determined in this Deed and in the Guarantee, the early maturity of the Debentures shall be declared, pursuant to the provisions
of Section 5.3 (xiv) below. 

  

	4.10.7.	Upon execution of the Guarantee, subject to the requirements for formalization and creation of the guarantees set forth in these instruments, the Guarantee shall be irrevocably and irreversibly formalized in favor of
the Debentureholders, represented by Trustee, to guarantee the due, timely and full payment of the principal and ancillary obligations of Issuer, pursuant to the provisions of this Deed. 

 

	5.	FACULTATIVE EARLY ACQUISITION, FACULTATIVE EARLY REDEMPTION, EXTRAORDINARY AMORTIZATION AND EARLY MATURITY 

  

	5.1.	Facultative Early Acquisition 

  

	5.1.1.	Issuer may, at any time, acquire outstanding Debentures in the market, for a price not to exceed their Unit Par Value, or for a price in excess of the Unit Par Value of the Debentures, with due regard for the rules
enacted by CVM in this respect, as set forth in paragraph 3 of article 55 of the Corporation Law. The Debentures that are the subject matter of this procedure may: (i) be cancelled, which cancellation shall be the subject matter of an amendment
to this Deed; (ii) remain in treasury; or (iii) subject to the restriction to trading of the Debentures set forth in Section 3.8.2 above, be placed in the market again. The Debentures acquired by Issuer to remain in treasury, pursuant
to the provisions of this Section 5.1.1, if and when replaced in the market, shall be entitled to the same remuneration as the other Debentures. 

  

	5.2.	Extraordinary Amortization and Facultative Early Redemption 

  

	5.2.1.	The Debentures may be the subject of extraordinary amortization, i.e., outside the dates already set forth in Section 4.7.1. above (“Extraordinary Amortization of Debentures”) or of facultative
redemption, in this case, in full (“Facultative Early Redemption of Debentures”), at the discretion of Issuer, by means of the remittance of Amortization or Redemption Notice (as defined in Section 5.2.1.6 below).

  

	5.2.1.1.	Subject to the provisions of item 5.2.1.5 below, the amount of the Facultative Early Redemption of Debentures or of the Extraordinary Amortization of Debentures due by Issuer shall be equivalent to the (i) Unit Par
Value of the Debentures or to the balance of the Unit Par Value of the Debentures, as the case may be, in the event of redemption, or of a portion of the Unit Par Value das Debentures or of the balance of the Unit Par Value das Debentures, as the
case may be, in the event of Amortization, plus (ii) the Conventional Interest, calculated pursuant to the provisions of this Debenture Deed until the date of the respective payment of the amount of the redemption or of the amortization, as the
case may be; (iii) other charges due and not paid by the date of the redemption or of the amortization, as the case may be; and (iv) of premium—flat, levied on the sum of the amounts indicated in items (i) to (iii), corresponding
to the following amounts, depending on the time of the Extraordinary Amortization of Debentures or of the Facultative Early Redemption of Debentures (“Amount of the Extraordinary Amortization of Debentures”, “Amount of the
Facultative Early Redemption of Debentures” and “Premium”, respectively): 

  

			
	 Period
	  	 Premium

		
	 To and including the twelfth
(12th) month as from the Issue Date
	  	thirty-five hundredths percent (0.35%)
		
	 From and including the thirteenth
(13th) month to and including the twenty-fourth (24th) month as from the Issue Date
	  	Thirty hundredths percent (0.30%)
		
	 From and including the twenty-fifth
(25th) month to and including the thirty-sixth (36th) month as from the Issue Date
	  	twenty-five hundredths percent (0.25%)
		
	 From and including the thirty-seventh
(37th) month to and including the forty-eight (48th) month as from the Issue Date
	  	twenty hundredths percent (0.20%)
		
	 From and including the forty-ninth
(49th) month to and including the sixtieth (60th) month as from the Issue Date
	  	fifteen hundredths percent (0.15%)

  

	5.2.1.2.	CETIP shall be informed by means of correspondence sent by Issuer, with the “agreed” of Trustee, of occurrence of the Extraordinary Amortization of Debentures of the Facultative Early Redemption of Debentures
at least two (2) business days in advance. 

  

	5.2.1.3.	The redeemed Debentures shall be cancelled by Issuer. 

  

	5.2.1.4.	For purposes of this Section 5.2.1.4, the notice of Extraordinary Amortization of Debentures or of Facultative Early Redemption of Debentures to be sent by Issuer to Trustee and published by means of communication
to the Debentureholders, pursuant to the provisions of Section 4.9.1 above, fifteen (15) days in advance, shall contain the terms and conditions of the Extraordinary Amortization of Debentures or of the Facultative Early Redemption of
Debentures, as the case may be, necessarily including: (i) the respective date of the Extraordinary Amortization of Debentures or of the Facultative Early Redemption of Debentures, as the case may be; (ii) the Amount of the Extraordinary
Amortization of Debentures or the Amount of the Facultative Early Redemption of Debentures, as the case may be; and (iii) any other information required for operationalization of the Extraordinary Amortization of Debentures or of the
Facultative Early Redemption of Debentures, as the case may be (“Amortization or Redemption Notice”). 

  

	5.2.1.5.	It is hereby agreed that by the sixth (6th) month from (and including) the Issue Date, Issuer may, at its sole discretion, carry out a single extraordinary
amortization of debentures in an amount equivalent to up to seventy million Reais (R$70,000,000.00) (“Differentiated Extraordinary Amortization”), it being understood that, in this case, subject to the limit hereby
established, the amount of the Differentiated Extraordinary Amortization to be paid by Issuer shall correspond to (i) the portion of the Unit Par Value of the Debentures or of the balance of the Unit Par Value das Debentures, plus (ii) the
Conventional Interest, calculated pursuant to the provisions of this Debenture Deed until the date of the respective payment of the Amortization; (iii) other charges due and not paid by the date of the amortization; and
(iv) premium—flat, levied on the sum of the amounts indicated in items (i) to (iii), corresponding to the rate of zero point twenty hundredths (0.20%) (“Amount of the Differentiated Extraordinary
Amortization”). The power set forth in this item may be exercised by Issuer a single time during the period between the Issue Date and the sixth (6th) month from (and including) the
Issue Date. If Issuer carries out the Differentiated Extraordinary Amortization in an amount lower than seventy million Reais (R$70,000,000.00), the remaining balance of the par value of the Debentures may only be subject to Extraordinary
Amortization of Debentures by Issuer, pursuant to the terms and conditions set forth in item 5.2.1.1 above 

  

	5.2.1.6.	It is hereby agreed that no Extraordinary Amortization of Debentures may be in an amount equal to or higher than ninety-five percent (95%) of the debit balance of the Unit Par Value of the Debentures. In this case,
the early redemption of all Debentures may be carried out. 

  

	5.3.	Acceleration 

  

	5.3.1.	Events of acceleration 

  

	5.3.1.1.	The Trustee shall, in accordance with the provisions of this Section 5.3.1, declare the acceleration of all the obligations under the Deed and demand immediate payment by the Issuer of the Unit Par Value of the
Debentures or of the balance of the Unit Par Value of the Debentures, as the case may be, plus the Conventional Interest and the Default Charges and Fine, if any, as calculated in accordance with this Debenture Deed, regardless of any judicial or
extrajudicial notice, summons, or notification, upon occurrence of any of the following events (“Events of Default”): 

  

	(i)	Any court-supervised or out-of-court reorganization petition filed by the Issuer and/or by its direct or indirect controlling shareholders, as well as its winding up, liquidation, or dissolution, filing of a voluntary
bankruptcy petition, failure to timely oppose or answer a bankruptcy petition (provided that such answer annuls the effects of such bankruptcy petition), adjudication of bankruptcy, or any similar proceeding that may be created by law against the
Issuer and/or its direct or indirect controlling shareholders; 

  

	(ii)	Any court-supervised or out-of-court reorganization petition filed by the subsidiaries of the Issuer, as well as their winding up, liquidation, or dissolution, filing of a voluntary bankruptcy petition, failure to
timely oppose or answer a bankruptcy petition (provided that such answer annuls the effects of such bankruptcy petition), adjudication of bankruptcy, or any similar proceeding that may be created by law against the subsidiaries of the Issuer;

  

	(iii)	Any non-performance by the Issuer of any and all non-monetary obligations set forth in this Debenture Deed and/or in the Fiduciary Assignment Agreement which (a) is not cured within the specific cure period set
forth in this Deed or, (b) if there is no specific cure period, is not cured within seven (7) days from the date when such obligation should have been performed; 

 

	(iv)	Any change in the shareholdings or corporate restructuring of the Issuer or any direct or indirect assignment or transfer of shares in the capital stock of the Issuer, except when a majority of the shares in the Issuer
remains held by the current holders of the majority of its capital stock, without prior consent from the Debentureholders convened at a specific meeting; 

  

	(v)	Any direct or indirect change in the current direct or indirect control over the Issuer; 

  

	(vi)	Any spin-off, consolidation, merger, or other form of corporate restructuring that entails a change in the capital stock of the Issuer which reduces the shareholders’ equity of the Issuer as stated in its financial
statements as of June 31 (sic), 2014 without prior express authorization from the Debentureholders convened at a specific meeting; 

  

	(vii)	Any lawful protest of negotiable instruments against the Issuer or its subsidiaries and/or associated companies whose individual or aggregate amount is equal to or greater than five million (sic) (R$5,000,000.00),
except when (a) such protest has been made by third parties in error or in bad faith, if such error or bad faith is validly demonstrated by the Issuer, or (b) the Issuer has answered such protest in good faith to demonstrate error or bad
faith no later than ten (10) days from the date of notice of such protest, which shall be deemed the cure period, and the immediate enforceability of the payment thereof has been suspended or canceled; 

 

	(viii)	Any default of any financial obligations of the Issuer by the original due date thereof which is not cured within the applicable cure period, if any, whose individual or aggregate amount is equal to or greater than ten
million Reais (R$10,000,000.00) or its equivalent in other currencies, which amount shall be adjusted for inflation from the Issue Date, on a monthly basis, by the General Market Price Index (the “IGP-M”), except in the event
of suspension or cancelation of the immediate enforceability of the payment of the relevant amount for any reason or by virtue of any bond posted by the Issuer to secure the discussion in good faith of the validity or sufficiency of such default,
provided that such bond suspends or cancels the enforceability of the payment of such amount; 

  

	(ix)	Any acceleration of any financial obligations of the Issuer or of its subsidiaries and/or associated companies, whether in the local or in the international market; 

 

	(x)	Any non-compliance by the Issuer of one or more final arbitration awards or unappealable court judgments rendered against the Issuer whose individual or aggregate amount is equal to or greater than five million
Reais (R$5,000,000.00) or its equivalent in other currencies, which amounts shall be adjusted for inflation as from the Issue Date by the IGP-M; 

  

	(xi)	Any reduction in the capital stock of the Issuer and/or amendment to the Bylaws of the Issuer followed by the exercise of the right of dissent of any of the Issuer shareholders, by an amount that may directly or
indirectly affect the performance of the obligations of the Issuer under this Debenture Deed and the Guarantee, unless previously approved at a Debentureholders’ Meeting; 

 

	(xii)	Any payment of dividends to the Issuer shareholders, including dividends by way of advance payment and/or proceeds as interest on equity, when the Issuer is in default with respect to the Debentures, subject, however,
to the payment of the mandatory minimum dividend set forth in law; 

  

	(xiii)	Any change in the type of organization of the Issuer under articles 220 and 221, without prejudice to the provisions of article 222, all of the Corporation Law; 

 

	(xiv)	If the Deed and/or the Guarantee set forth in this Deed (a) are challenged in court by the Issuer, (b) are not or do not become duly perfected, (c) are annulled, null and void, or invalidated in any way,
(d) otherwise cease to exist or are terminated and such event is not cured or the Issuer does not replace or reinforce such Guarantee, upon approval from the Debentureholders, within ten (10) days from the date when the Issuer becomes
aware of such event, or (e) the balance of performing receivables pledged as collateral is not greater than fifty percent (50%) of the debit balance of the Debentures; 

 

	(xv)	Any of the representations made by the Issuer in connection of the Issue is demonstrated to be false, inaccurate, or misleading, as of the date when made, in any relevant aspect or in any aspect that may result in a
Material Adverse Event; 

  

	(xvi)	Any event which, in the opinion of the Debentureholders, upon express consultation with the Issuer, within ten (10) days from the date of occurrence of such event, has with respect to the Issuer (a) any
material adverse effect on its condition (whether economic, financial, operational, or other), businesses, assets, operating income, and/or prospects, (b) any material adverse effect on its legal and/or economic and financial power or ability
to perform any of its obligations under this Deed, and/or (c) any event or condition that, upon lapse of time, notice, or both, may result in an Event of Default (a “Material Adverse Event”); 

 

	(xvii)	Any amendment to the business purpose of the Issuer which results in a relevant change in its industry, unless such amendment does not adversely affect the ability of the Issuer to perform its obligations under this
Deed; 

  

	(xviii)	Any application of proceeds from the Issue other than as described in this Debenture Deed; 

  

	(xix)	Any non-performance of any obligation set forth in the Placement Agreement; 

  

	(xx)	Any failure to obtain or renew, cancelation, revocation, or suspension of any authorizations, concessions, permits, and licenses, including social and environmental ones, required for the appropriate exercise of its
activities, if such non-performance of the foregoing obligations results in a Material Adverse Event; 

  

	(xxi)	Any expropriation, forfeiture, or any other measure by any Brazilian government entity which results in loss by the Issuer of ownership in or direct possession of a substantial portion of its assets or in its inability
to manage its businesses, if such expropriation, forfeiture, or other measure materially affects the ability of the Issuer to pay its obligations relating to the Debentures and such measure is not remedied by the Issuer within five (5) business
days from the date when the Issuer becomes aware of such event; 

  

	(xxii)	Any failure of the Issuer to pay any monetary obligations payable to Debentureholders by their respective due date; 

  

	(xxiii)	Any transfer or other form of assignment or promise of assignment by the Issuer to third parties, wholly or in part, of its obligations under the Deed without prior authorization from the Debentureholders;

  

	(xxiv)	If any of the documents relating to the Issue becomes demonstrably unenforceable or invalid under applicable law and such event is not remedied within five (5) business days from the date when the Issuer becomes
aware of such event; 

  

	(xxv)	If the Issuer fails to perform any obligations under the Guarantee for any reason, provided that such default is not cured or the Issuer fails to replace or reinforce such Guarantee within the term set forth herein;

  

	(xxvi)	If the Issuer or its subsidiaries, associated companies, or parents, as applicable, provide, during the term of the Debentures, any guarantees outside their ordinary course of business for transactions not contemplated
in their business purpose, to the extent that such guarantees adversely affect the ability of the Issuer to perform its obligations under the documents in connection with this Issue; 

 

	(xxvii)	Any failure to formalize, perfect, and duly maintain any Guarantee instruments; and 

  

	(xxviii)	Any failure of the Issuer to meet, as long as any Debentures are outstanding, a ratio between the Financial Indebtedness and the Credit Card Receivables which is less than or equal to 3.00, to be calculated
semi-annually based on the financial statements of the Issuer (the “Financial Ratios and Limits”). 

  

 For the purposes of item (xxviii) above: 

Financial Indebtedness shall include the loan and bank financing balances stated in the balance sheet of the Issuer; and 

Credit Card Receivables shall include the credit card receivables balances stated in the balance sheet of the Issuer. 

 

	5.3.1.2.	The Issuer shall give notice to the Trustee of the occurrence of any Event of Default described in this Deed or in the Fiduciary Assignment Agreement within two (2) business days from the date of occurrence
thereof, which shall contain all the necessary details and be accompanied by a report from the Issuer describing the occurrence and any measures that the Issuer intends to take with respect to such occurrence as provided for in the Issue documents.

  

	5.3.1.3.	The Financial Ratios and Limits shall be monitored by the Trustee, on a semi-annual basis, based on the consolidation financial information of the Issuer and on the report issued by the independent auditor demonstrating
the calculation of the Financial Ratios and Limits, as the case may be. The first calculation and verification of the Financial Ratios and Limits under this Debenture Deed shall take into account the fiscal half-year ended December 31, 2014.

  

	5.3.1.4.	The occurrence of any of the Events of Default described in this Debenture Deed under items (i), (iii), (iv), (v), (vi), (ix), (x), (xi), (xii), (xiii), (xiv), (xv), (xvi), (xxii), (xxiii), (xxiv), (xxv), and
(xxvii) above which is not cured within the respective cure period, if applicable, shall result in automatic acceleration of the Debentures. In such case, the Trustee shall declare all the obligations arising from the Debentures due and payable
and demand the applicable payment. 

  

	5.3.1.5.	Upon occurrence of any Events of Default other than those mentioned in Section 5.3.1.3 above, the Trustee shall call a Debentureholders’ Meeting to discuss the possibility of not accelerating the Debentures,
in accordance with the provisions of Section 8 of this Deed. At such Debentureholders’ Meeting, the Debentureholders may, at their sole discretion, upon approval of holders of at least two thirds (2/3) of the outstanding Debentures,
resolve not to accelerate the Debentures. 

  

	5.3.2.	Upon acceleration of the Debentures, the Trustee shall immediately give notice of such event to the Issuer, with copy to the Mandated Bank and to the Bookrunner Bank, so that the Issuer may pay the Unit Par Value das
Debentures or the balance of the Unit Par Value of the outstanding Debentures, as the case may be, plus the Conventional Interest as calculated in accordance with this Debenture Deed by the date of the respective payment, within five (5) days
from the date of receipt of such notice from the Trustee. 

  

	5.3.3.	Notice to CETIP shall be given at least two (2) business days in advance of the payment referred to in item 5.3.2 above. 

  

	5.3.4.	If the Issuer fails to pay the Debentures as stipulated in Section 5.3.2 above, the Unit Par Value das Debentures or the balance of the Unit Par Value of the Debentures, as the case may be, shall be increased, in
addition to the applicable Conventional Interest, by Default Charges and Fine accrued from the date of acceleration of the Debentures to the date of actual payment thereof, without prejudice to the foreclosure of the Guarantee. 

 

	5.3.5.	The Issuer shall give notice to the Trustee of any change in the laws and/or accounting practices applicable to the preparation of its financial statements which results in disqualification of any of the Financial
Ratios and Limits. In such case, the Trustee shall call a Debentureholders’ Meeting to discuss the possibility of adjusting the Financial Ratios and Limits to the new accounting standards or practices, which shall depend upon approval from the
Debentureholders convened at a Meeting. 

  

	5.3.5.1.	Solely in the event described in Section 5.3.5 above, no disqualification of any of the Financial Ratios and Limits during the period between (i) such change in the applicable laws and/or accounting practices
and (ii) the definition of new standards and parameters for calculation of the Financial Ratios and Limits shall entail the acceleration of the Debentures under this Debenture Deed. 

 

	5.3.5.2.	If any of the Debentureholders’ Meetings referred to in Section 5.3.5 fails to pass resolutions on the new standards and parameters for calculation of the Financial Ratios and Limits or cannot be opened due to
lack of quorum on first and second call, the Financial Ratios and Limits established in this Debenture Deed shall be deemed upheld, and any subsequent disqualification thereof shall entail the acceleration of the Debentures under this Debenture
Deed. 

  

	6.	ADDITIONAL OBLIGATIONS OF THE ISSUER 

  

	6.1.	The Issuer additionally agrees to: 

  

	(i)	Provide the Trustee with the following documents and information: 

  

	(a)	No later than three (3) months after the earlier of the end of each fiscal year or its disclosure date, (i) a copy of its full financial statements for the fiscal year then ended, together with an independent
auditors’ report and a report demonstrating the calculation of the Financial Ratios and Limits and disclosing the items required for calculation thereof, (ii) a statement from an Officer of the Issuer certifying its compliance with the
provisions of this Debenture Deed, and (iii) an updated organizational chart of the business group of the Issuer; 

  

	(b)	On a semi-annual basis, a copy of its full financial statements for the preceding half-year, no later than forty-five (45) days from the end date thereof; 

 

	(c)	Notice of call of any shareholders’ meeting, as well as the date and agenda of each meeting to be held, and copies of all minutes of all shareholders’ meetings, within thirty (30) days after the date
thereof; 

  

	(d)	Any information on any of the events mentioned in Section 5.3 above immediately after its occurrence; and 

  

	(e)	Notices to Debentureholders of any relevant facts, as defined in CVM Instruction No. 358 of January 3, 2002, as amended from time to time (“CVM Instruction 358”), as well as the minutes of all
shareholders’ meetings and meetings of the board of directors of the Issuer which may in any way be of interest to the Debentureholders, within ten (10) business days from the date when they were (or should have been) published or, if not
published, from the date when such meetings were held; 

  

	(f)	Proof of recordation of the Fiduciary Assignment Agreement with the relevant registries within the earlier of twenty-five (25) days from the date of execution of this Deed or the Subscription Date;

  

	(g)	Proof that the proceeds from the Issue were allocated in accordance with the provisions of Section 3.7. above on the first business day following the Subscription Date; 

 

	(h)	Information on any non-compliance by the Issuer of any of the clauses, terms, or conditions of this Deed within seven (7) days from the date when it becomes aware of such non-compliance, unless a different period
is provided for in this Deed; 

  

	(i)	Any information requested by the Trustee which may impact the performance by the Issuer of its obligations under this Deed or result in the occurrence of a Material Adverse Event within seven (7) days from the date
of its receipt of notice from the Trustee; 

  

	(ii)	Adequately disclose its economic and financial data as required by the Corporation Law and publish its financial statements as required by the applicable laws, particularly by article 17 of CVM Instruction 476;

  

	(iii)	To fully perform its obligations set forth in article 17 of CVM Instruction 476 and transcribed below: 

  

	(a)	To prepare its year-end financial statements and, if applicable, its consolidated financial statements in accordance with the Corporation Law and with the CVM regulations; 

 

	(b)	To submit its financial statements to an audit by an auditor enrolled with the CVM; 

  

	(c)	To disclose its financial statements, together with the notes thereto and the independent auditors’ report, on its website within three (3) months from the end of each fiscal year; 

 

	(d)	To keep the documents mentioned in item (c) above available on its website for a period of three (3) years; 

  

	(e)	To comply with the provisions of CVM Instruction 358 with respect to its duty of confidentiality and trading restrictions; 

  

	(f)	To disclose on its website the occurrence of any relevant fact, as defined in article 2 of CVM Instruction 358, and immediately give notice thereof to the Lead Underwriter; and 

 

	(g)	To provide any information requested by the CVM and/or by CETIP; 

  

	(iv)	Submit to CETIP (a) any information disclosed on its website as referred to in sub-item (iii), clause (c) above, (b) any documents and information required by such entity within one (1) business day
from the date of its receipt of notice to such effect, and (c) fully perform the other obligations set forth in CETIP Communication No. 28 of April 2, 2009; 

 

	(v)	Keep its accounts updated and conduct the respective recordkeeping in accordance with the Brazilian generally accepted accounting principles; 

 

	(vi)	Call a Debentureholders’ Meeting to discuss any of the matters directly or indirectly relating to this Issue, in accordance with the provisions of Section 8 of this Deed, in case the Trustee fails to do so;

  

	(vii)	Comply with all determinations from the CVM by submitting documents and providing any information that may be requested from it; 

  

	(viii)	Keep appropriately operating a body to efficiently provide services to Debentureholders or engage financial institutions authorized to provide such services; 

 

	(ix)	Not to conduct transactions beyond the scope of its business purpose, subject to the applicable provisions of the bylaws and legal and regulatory provisions; 

 

	(x)	Not to take any actions in violation of (i) its Bylaws, to the extent that such actions adversely affect the ability of the Issuer to perform its obligations under this Deed, or (ii) the issue documents;

  

	(xi)	Immediately give notice to the Trustee of any act or fact that may cause an interruption or suspension of the activities of the Issuer, as well as of the occurrence of any of the Events of Default mentioned in
Section 5.3.1 above; 

  

	(xii)	Keep its material assets adequately insured, in accordance with the practices usually adopted by the Issuer; 

  

	(xiii)	Timely pay the service fees relating to the registration of the Debentures kept in electronic custody at CETIP; 

  

	(xiv)	Bear all the costs arising from (a) the distribution of Debentures, including all the costs relating to its registration with CETIP; (b) the recordation and publication of any instruments required for the
Issue, such as this Deed, any amendments thereto, any corporate actions of the Issuer, and any instruments perfecting the Guarantees for this Issue, and (c) any expenses with the engagement of the Trustee, of the Mandated Bank, of the
Bookrunner Bank, and of the Depositary Bank; 

  

	(xv)	Pay any taxes or contributions that are or may be levied on the Issue for which the Issuer is liable; 

  

	(xvi)	Not pay any dividends or interest on equity in case it is in default with respect to Debentures, except for the mandatory minimum required by the Corporation Law; 

 

	(xvii)	Keep the representations and warranties made in this Deed valid and conforming, as applicable, throughout the term of the Debentures and as long as any Debentures remain outstanding; 

 

	(xviii)	Engage, at its own expenses, whenever necessary, a renowned law firm to advise the Issuer and the Trustee in the perfection of the Guarantees mentioned in this Deed, as well as in any replacement of such Guarantees,
whenever any new guarantees need to be perfected and/or replaced, as the case may be; 

  

	(xix)	Immediately give notice to the Trustee as soon as it becomes aware of any change in the laws and/or in the accounting practices applicable to the preparation of its financial statements which results in a material
impact on the criteria and parameters for calculation of the Financial Ratios and Limits; 

  

	(xx)	Pay all demonstrable expenses incurred by the Trustee and previously approved by the Issuer, including attorney’s fees and other expenses and costs, for collection of any sums payable to Debentureholders under this
Debenture Deed; 

  

	(xxi)	Keep all licenses, concessions, permits, and authorizations, including corporate ones, which may be relevant for the appropriate conduct of the businesses of the Issuer always effective; 

 

	(xxii)	Engage and retain engaged, at its own expenses, throughout the term of this Issue, service providers in connection with the obligations set forth in this Deed, including, without limitation, the Mandated Bank, the
Depositary Institution, CETIP, and the Trustee; 

  

	(xxiii)	Indemnify and/or reimburse, as the case may be, the Debentureholders, in case any liabilities of any nature are imposed on them by third parties, by a court, and/or by any Brazilian inspection and control entities by
virtue of any lack of truthfulness, consistency, quality, and sufficiency in any of its representations made in this Deed; and 

  

	(xxiv)	Submit a statement to the Lead Underwriter with respect to the full performance of the obligations set forth in article 17 of CVM Instruction 476, as transcribed in Section 6.1 (iii) above. 

 

	7.	THE TRUSTEE 

  

	7.1.	The Issuer names and appoints OLIVEIRA TRUST DISTRIBUIDORA DE TÍTULOS E VALORES
MOBILIÁRIOS S.A., identified above, as trustee for this Issue, which expressly accepts such appointment to represent the community of Debentureholders before the Issuer in accordance with the laws currently in force and with
this Deed. 

  

	7.2.	The Trustee represents that: 

  

	(i)	It is not, under the penalties of law, under any legal impediment, in accordance with article 66, paragraph 3 of the Corporation Law, article 10 of CVM Instruction No. 28 of November 23, 1983, as amended from
time to time, or, in the event of any change, any successor thereof (“CVM Instruction 28”), and other applicable rules, which prevents it from performing its duties hereunder; 

 

	(ii)	It accepts its appointment hereunder and fully assumes the duties and attributions set forth in the specific laws and in this Deed; 

 

	(iii)	It fully accepts this Deed and all its Sections and conditions; 

  

	(iv)	It has no relationship with the Issuer that prevents it from fully performing its duties; 

  

	(v)	It has been duly authorized to execute this Deed and perform its obligations hereunder and has satisfied all legal requirements and requirements set forth in its bylaws for such purpose; 

 

	(vi)	It is duly qualified to perform its duties as a Trustee, in accordance with the applicable regulations in force; 

  

	(vii)	This Deed constitutes a legal, valid, binding, and effective obligation of the Trustee, enforceable in accordance with its terms and conditions; 

 

	(viii)	It is not in any of the conflict of interest situations mentioned in article 10 of CVM Instruction 28; 

  

	(ix)	It accepts the obligation to monitor the occurrence of any of the events of acceleration described in Section 5.3 of this Deed; 

 

	(x)	Neither the execution of this deed nor the performance of its obligations thereunder violate any obligation previously assumed by the Trustee; 

 

	(xi)	It has verified the truthfulness of the information contained in this Deed, according to the documents and information submitted by the Issuer, and arranged for the remediation of any omissions, faults, or defects of
which it may have become aware; 

  

	(xii)	Its individual representatives who have signed this Deed have sufficient powers to do so; 

  

	(xiii)	As of the date of execution of this Deed, it holds the position of trustee in connection with the first (1st) issue of simple debentures not convertible into
shares, in a single series, with collateral and personal guarantee, for public distribution with restricted placement efforts, of the Issuer, in the capacity of trustee; and 

 

	(xiv)	The perfection of the Guarantee shall be conforming upon recordation of the Assignment Agreement with the relevant registries, as well as upon verification of the condition precedent set forth in the Fiduciary
Assignment Agreement, it being understood that the sufficiency of the guarantee could not be confirmed on the basis of the Fiduciary Assignment Agreement as of the date of execution; 

 

	7.2.1.	The Issuer, in turn, represents that it has no relationship with the Trustee that prevents it from fully performing its duties. 

  

	7.3.	In the event of any temporary absence or impediment, resignation, intervention, liquidation, bankruptcy, or any other cause of vacancy in the position of Trustee, a Debentureholders’ Meeting shall be held, no later
than thirty (30) days from the date of the respective triggering event, to elect a new trustee, which may be called by the Trustee to be replaced itself, by the Issuer, by Debentureholders representing at least a simple majority of the
outstanding Debentures, or by the CVM. 

  

	7.3.1.	The CVM may appoint a temporary replacement for the Trustee until the new trustee selection process is completed. 

  

	7.3.2.	If the Trustee becomes unable to continue performing its duties due to any circumstances supervening this Deed, it shall immediately give notice thereof to the Debentureholders and request its replacement.

  

	7.3.3.	The Debentureholders may, after the expiration of the distribution term, replace the Trustee and appoint its replacement at a Debentureholders’ Meeting called specially for such purpose. 

 

	7.3.4.	The replacement of the Trustee shall be subject to prior notice to the CVM and to its opinion with respect to the satisfaction of the requirements set forth in article 8 of CVM Instruction 28 and in any subsequent
rules. 

  

	7.3.5.	Any permanent replacement of the Trustee shall be subject to an amendment to this Deed, which shall be annotated on the margin of the record of this Deed with the São Paulo State Commercial Registry (JUCESP).

  

	7.3.6.	The Trustee shall take office on the date of execution of this Deed and shall remain in such position until it is effectively replaced or until all its obligations under this Deed and under applicable law have been
performed. 

  

	7.3.7.	The rules and provisions of CVM shall apply in the event of replacement of the Trustee. 

  

	7.3.8.	The Trustee may, upon agreement with the Debentureholders, prepare the minutes of any Debentureholders’ Meeting. 

  

	7.4.	In addition to its other duties and attributions set forth in law or in any CVM normative act, the Trustee shall have the following duties and attributions: 

 

	(i)	To protect the rights and interests of Debentureholders by adopting, in the performance of its duties, the same degree of care and diligence that any active and honest person usually adopts in the management of its own
property; 

  

	(ii)	To resign from its position in the event of any supervening conflict of interests or any other incapacitating condition; 

  

	(iii)	To properly keep all records, correspondence, and other papers relating to the performance of its duties; 

  

	(iv)	To verify, when accepting its appointment, the truthfulness of the information contained in this Deed and arrange for the remediation of any omissions, faults, or defects of which it may become aware; 

 

	(v)	To apply, if the Issuer fails to do so, for recordation of this Deed and any amendments thereto with the relevant entities and remediate any omissions and non-conformities existing therein. In such case, the registrar
shall give notice to the management of the Issuer so that the latter may provide him with any indications and documents that may be necessary; 

  

	(vi)	To monitor compliance with the periodicity in the provision of mandatory information and give notice to the Debentureholders of any omissions or misrepresentations contained in such information; 

 

	(vii)	To issue an opinion on the sufficiency of the information contained in any proposals for modification of the terms of the Debentures, if applicable; 

 

	(viii)	To verify the conformity of the perfection of the Guarantees, as well as of the value of the collaterals, and ensure their continued sufficiency and enforceability; 

 

	(ix)	To request, at the expenses of the Issuer, when it finds it necessary for a faithful performance of its duties, updated certificates from the clerks of civil and Tax courts, protest notaries, labor courts, and office of
the counsel for the Treasury of the place where the headquarters of the Issuer are located; 

  

	(x)	To request, at the expenses of the Issuer, when it finds it necessary and with relevant cause that may qualify as a Material Adverse Event, an extraordinary audit of the Issuer, at the expenses of the latter, in which
case such request shall be accompanied by a detailed report stating the reasons and demonstrably justifying the need for such audit; 

  

	(xi)	To call, when necessary, a Debentureholders’ Meeting by publishing a notice at least three (3) times, in accordance with the provisions of Section 4.9 of this Deed; 

 

	(xii)	To appear at any Debentureholders’ Meeting in order to provide any information requested from it and provide CETIP, on the same day when such Debentureholders’ Meeting is held, with a summary of the
resolutions passed and, within ten (10) days, with a copy of the minutes of such meeting; 

  

	(xiii)	To prepare a report addressed to the Debentureholders, in accordance with the provisions of article 68, paragraph 1, clause “b” of the Corporation Law, containing at least the following information:

  

	(a)	Any omission or misrepresentation of which it may be aware contained in the information disclosed by the Issuer or any default or delay in the mandatory provision of information by the Issuer; 

 

	(b)	Any changes to the bylaws occurred during the period; 

  

	(c)	Any comments on the financial statements of the Issuer, focusing on the economic and financial indicators and on the capital structure of the Issuer; 

 

	(d)	The status of the distribution or placement of the Debentures in the market; 

  

	(e)	Any repayment of the Unit Par Value of the Debentures and payment of Conventional Interest made during the period, as well as any purchases and sales of Debentures made by the Issuer; 

 

	(f)	Monitoring of the allocation of the proceeds from the Issue, based on the data obtained from the managers of the Issuer; 

  

	(g)	A list of the assets and rights delivered for its management; 

  

	(h)	The performance of other obligations assumed by the Issuer under this Deed and other Issue documents; 

  

	(i)	A statement of its ability to continue exercising its duties as a Trustee; 

  

	(j)	A statement of the sufficiency and enforceability of the Guarantees provided in accordance with Sections 4.10 and 4.11 above; and 

  

	(k)	The existence of any other public or private debenture issues carried out by any associated company, subsidiary, or parent of or member of the same group as the Issuer in which it acted as a trustee during the
respective period, as well as the details of such issues mentioned in article 12, item XVII, clause “k”, items 1 through 7 of CVM Instruction 28. 

  

	(xiv)	To make the report mentioned in item (xiv) (sic) above available to the Debentureholders, no later than four (4) months from the end of the fiscal year of the Issuer, at least at the following places:

  

	(a)	The headquarters of the Issuer; 

  

	(b)	Its own offices or a place indicated by the Trustee; 

  

	(c)	The CVM; 

  

	(d)	CETIP; and 

  

	(e)	The headquarters of the Lead Underwriter; 

  

	(xv)	To give notice to the Debentureholders that the report is available to them at the places mentioned in item (xv) (sic) above; 

 

	(xvi)	To keep the list of Debentureholders and their addresses updated, including by consulting with the Issuer, the Bookrunner Bank, and CETIP; 

 

	(xvii)	To coordinate the drawing of lots to determine which Debentures are to be redeemed in advance, if any; 

  

	(xviii)	To monitor compliance with the Sections of this Deed and of the Guarantees, particularly those containing positive and negative covenants, and with the Financial Ratios and Limits, based on the public information
available and/or obtained from the managers of the Issuer, and promptly give notice to the Debentureholders of any defaults found; 

  

	(xix)	To give notice to the Debentureholders, individually if possible, within no later than two (2) days, of any default by the Issuer of any obligations under this Deed, indicating the place where it will provide
additional clarifications to interested parties. Identical notice shall be given to the CVM; 

  

	(xx)	To monitor with the Depositary Bank the satisfaction of the terms and conditions established in the Guarantees; 

  

	(xxi)	To monitor, on a daily basis, the calculation of the Unit Par Value of the Debentures by the Issuer and make such calculation available to Debentureholders and market players through its service center and/or online at
www.oliveiratrust.com.br; and 

  

	(xxii)	To monitor with the Issuer and with the Mandated Bank, on each payment date, the full and timely payment of any amounts payable, as stipulated in this Debenture Deed. 

 

	7.5.	The Trustee shall use any judicial or extrajudicial measures against the Issuer to protect and safeguard the interests of the community of Debentureholders and the realization of their credits and, in the event of
default by the Issuer, subject to the terms of this Deed: 

  

	(i)	Declare, subject to the conditions of this Deed, the acceleration of the Debentures and collect the Unit Par Value of the Debentures or the balance of the Unit Par Value of the Debentures, as the case may be, plus the
corresponding Conventional Interest and other charges payable on the conditions specified; 

  

	(ii)	Foreclose the Guarantee and apply the proceeds therefrom to fully pay the Debentureholders; 

  

	(iii)	Request the bankruptcy of the Issuer, in accordance with the applicable laws and regulations; 

  

	(iv)	Take all measures to realize the credits held by the Debentureholders; and 

  

	(v)	Represent the Debentureholders in any bankruptcy, court-supervised and out-of-court reorganization, and/or extrajudicial liquidation of the Issuer, if applicable. 

 

	7.6.	The Trustee shall only be exempted of the liability for not adopting the measures set forth in Section 7.5 (i) a (iv) above if, after the Debentureholders Meeting is called, it authorizes to do so by
unanimous resolution of the outstanding Debentures, however, the resolution of the majority of the outstanding Debentures shall be enough whenever such case refers to the provisions of Section 7.5 (v) above, under the terms of article 13,
sole paragraph, of CVM Instruction 28. 

  

	7.7.	The Issuer shall pay to the Trustee the fees for the performance of the duties and assignments for which it is liable under the terms of the laws in effect and of this Deed, corresponding to an annual remuneration of
ten thousand Reais (R$10,000.00), and the first payment being due five days after the execution date of the Debenture Deed and the others on the same dates of the subsequent years. The annual installments shall be due until full settlement of
the debentures in case they are not paid-up on their due date. 

  

	7.7.1.	In case of default of payment of the debentures or restructuring of the conditions of the debentures after issue or attendance in meetings of conference calls, as well as compliance with special requests, the Trustee
shall be additionally entitled to the amount of five hundred Reais (R$500.00) per man-hour of work dedicated to such facts as well as to (i) execution of the guarantees, (ii) attendance in formal meetings with the Issuer and/or the
Debentureholders; and (iii) implementation of the consequent decisions taken in such event, paid five (5) days after proof of delivery by the Trustee of a “time sheet report” to the Issuer. The restructuring of the debentures
shall be understood as the events relating to the change (i) of the guarantees, (ii) payment terms and (iii) conditions relating to the early maturity. The events relating to the amortization of the debentures shall not be considered
as restructuring of the debentures. 

  

	7.7.2.	In case of execution of amendments to the debenture deed as well as of external hours of Trustee’s office, the amount of five hundred Reais (R$500.00) per man-hour of work dedicated to such
amendments/services shall be additionally charged. 

  

	7.7.3.	The installments of the items above shall be adjusted by the General Market Price Index – IGP-M, as from the issue date. 

  

	7.7.4.	The taxes levied on the remuneration shall be accrued to the installments on the payment dates. 

  

	7.7.4.1	The services provided in this proposal are those described in CVM Instruction No. 28 and Law 6404/76. 

  

	7.7.5.	The remuneration does not include the travel, lodging, transportation and publication expenses deemed necessary to the exercise of our duty, during or after the implementation of the service, which shall be covered by
the Issuer, after prior approval. Likewise, the expenses with experts, such as audit of the guarantees granted to the loan and legal advisory to the Trustee in case of default of the loan are not included and shall be borne by the Issuer. Any
expenses, deposits and court fees, as well as indemnifications resulting from actions filed against the Trustee resulting from the exercise of its duty or its acts to defend the structure of the transaction shall also be borne by the
Debentureholders. Such expenses include attorney’s fees for the defense of the Trustee and shall be also paid in advance by the Debentureholders and reimbursed by the Issuer. 

 

	7.7.6.	In case of default by the Issuer, all expenses that may be incurred by the Trustee to protect the interests of the Debentureholders shall be previously approved and paid in advance by the Debentureholders, and
afterwards, reimbursed by the Issuer. Such expenses include expenses with attorney’s fees, including with third parties, deposits, indemnifications, costs and courts fees of actions filed by the Trustee, as long as relating to the solution to
be given to the default as representative of the Debentureholders. Any expenses, deposits and court fees resulting from contingent fees determined in legal actions shall be equally borne by the Debentureholders, as well as the remuneration and the
reimbursable expenses of the Trustee in case the Issuer remains in default in regards to the payment thereof for a period exceeding thirty (30) consecutive days. 

 

	7.7.7.	In case of any additional obligations of the Trustee or in case of change of the characteristics of the issue, the revision of the proposed fees shall be allowed. 

 

	7.7.8.	In case of default in the payment of the Trustee’s remuneration, the debts in delay shall be subject to default interest of one percent (1%) per month and non-conventional penalty of two percent (2%) on
the amount due. 

  

	7.7.9.	In case of cancellation or early redemption of the totality of the Debentures, it is hereby established that the Trustee shall return the proportional portion of the remuneration initially received without compensation
of service rendered, calculated pro rata temporis, from the payment date of the remuneration until the date of actual cancellation or redemption of the totality thereof to the Issuer. 

 

	7.7.10.	It is hereby established that in case of replacement of the Trustee, the replaced trustee shall return to the Issuer the proportional portion of the remuneration initially received without compensation of service
rendered, calculated pro rata temporis, from the payment date of the remuneration until the date of actual replacement. 

  

	7.8.	The Issuer shall reimburse to the Trustee all expenses evidenced to have been incurred to protect the rights and interests of the Debentureholders or to realize its credits. In case such expenses amount to more than
five thousand Reais (R$5,000.00), the Trustee shall notify the Issuer and send all proofs of expenses for it to follow up on such expenditures, 

  

	7.8.1.	The reimbursement mentioned in Section 7.8 above shall be made within up to ten (10) business days after making the respective rendering of accounts to the Issuer, 

 

	7.8.2.	Such expenses to be paid in advance by the Debentureholders also include expenses with third parties’ attorney’s fees, deposits, court fees and legal costs of lawsuits filed by the Trustee or resulting from
action filed against it in the exercise of its duty, or also that cause financial losses or risks as representative of the community of the Debentureholders. 

  

	7.8.3.	In case of default by the Issuer, all expenses with legal proceedings, including administrative ones, that may be incurred by the Trustee to protect the interests of the Debentureholders shall be previously approved and
paid in advance by the Debentureholders, and afterwards, pursuant to the applicable laws, reimbursed by the Issuer. 

  

	7.8.4.	Any expenses, deposits and court fees resulting from contingent fees determined in legal actions shall be equally borne by the Debentureholders, as well as the remuneration and the reimbursable expenses of the Trustee
in case the Issuer remains in default in regards to the payment thereof for a period exceeding thirty (30) consecutive days. 

  

	7.8.5.	The restriction of the expenses amount mentioned in Section 7.8 above shall not comprise those incurred with: 

  

	(i)	the publication of reports, notices and notifications as provided for in this Deed and in the applicable laws and other to be required by applicable regulations; 

 

	(ii)	the obtaining of updated certificates from the civil court distributors, the Tax Courts, Protest Registries, Labor Courts, Federal Courts and the Office of the General Counsel for the National Treasury of the
jurisdiction of the Trustee’s head office, in case they have been previously requested to the Issuer and have not been delivered within twenty (20) days from the date of request; and 

 

	(iii)	transportation between federation States and respective lodging, whenever necessary for the performance of the duties and as duly evidenced. 

 

	7.8.5.1.	The provisions of Section 7.8 above shall apply to the expenses referring to the reimbursement of the costs incurred by the Trustee and the sending of the proofs for follow up of the expenses by the Issuer.

  

	7.8.6.	The Trustee’s credit for expenses incurred to protect rights and interests or realize credits of the Debentureholders which have not been paid in the form hereby established shall be accrued to the Issuer’s
debt and shall have priority over the Debentures in the order of payment. 

  

	7.8.7.	The acts or statements by the Trustee (i) which result in liabilities to the Debentureholders and/or release third parties of obligations with the Debentureholders; and/or (ii) relating to the compliance by
the Issuer of its obligations in this Debenture Deed or in the Guarantee, shall only be valid upon previous approval of the Debentureholders under a Debentureholders Meeting. 

 

	8.	DEBENTUREHOLDERS MEETING 

  

	8.1.	The Debentureholders may, at any time, hold a Debentureholders Meeting according to the provisions in article 71 of the Corporation Law, in order to resolve on matters of interest to the community of the
Debentureholders, as the case may be (“Debentureholders Meeting”). 

  

	8.2.	The Debentureholders Meeting may be convened by the Trustee, by the Issuer, by Debentureholders representing at least ten percent (10%) of the outstanding Debentures or by CVM, 

 

	8.3.	The call notice of the Debentureholders Meetings shall be made by notice published at least three (3) times under the terms of Section 4.9.1 above, with due regard for other rules relating to the publication
of call notices of meetings included in the Corporation Law, the applicable regulations and this Debenture Deed. 

  

	8.4.	The Debentureholders Meetings shall be convened on first call, with the attendance of holders of at least half of the outstanding Debentures, and, on second call, upon any quorum. 

 

	8.5.	In the resolutions of the Debentureholders Meetings, each outstanding Debenture shall be entitled to one vote, the appointment of a proxy being permitted, whether a Debentureholder or not. Except for the provisions in
Section 8.5.1 below, all resolutions to be taken at a Debentureholders Meeting shall depend upon the approval of Debentureholders representing at least two thirds (2/3) of the outstanding Debentures. 

 

	8.5.1.	The quorum mentioned in Section 8.5 above shall not apply: 

  

	(i)	to the cases in which there is a quorum expressly set forth in other sections of this Debenture Deed; and 

  

	(ii)	to changes (a) of quorum provided for in this Debenture Deed; (b) of the Conventional Interest; (c) of any payment dates of any amounts provided for in this Debenture Deed due to the
Debentureholders; (d) of the term of effectiveness of the Debentures; (e) of the kind of the Debentures; (f) of the creation of a renegotiation event; and (g) any Event of Default, except for the provisions in Section 5.3.5,
which shall be unanimously approved by the Debentureholders. 

  

	8.6.	For purposes of calculation of the installation and resolution quorum under the terms of this Debenture Deed, “Outstanding Debentures” means all Debentures subscribed and not redeemed, excluding the
Debentures directly or indirectly belonging to the Issuer or to any controlling or controlled company, whether directly or indirectly, of the Issuer or any of its officers or directors and respective relatives up to the second degree.

  

	8.7.	The attendance of the Issuer’s legal representatives at the Meetings shall be permitted. 

  

	8.8.	The Trustee shall attend the Meetings and provide to the Debentureholders the information requested thereto. 

  

	8.9.	The chairman of the Debentureholders Meeting shall be the Debentureholder elected by the majority of the Debentureholder or the one designated by CVM. 

 

	8.10.	The provisions of the Corporation Law regarding shareholders meetings shall apply to the Debentureholders Meetings, as applicable. 

  

	9.	ISSUER’S REPRESENTATIONS AND WARRANTIES 

  

	9.1.	Issuer represents and warrants that: 

  

	(i)	it is a joint-stock company duly organized, validly existing and in good standing pursuant to the laws of Brazil, as well as it is duly authorized to perform the activities described in its business purpose;

	(ii)	it is duly authorized to execute this Deed and to comply with all obligations provided for herein, and for that, all legal, contractual and statutory requirements were complied with; 

 

	(iii)	the execution of this Deed and the compliance with the obligations provided for herein do not violate any obligation previously undertaken by the Issuer; 

 

	(iv)	the persons representing it in the execution of this Deed are duly empowered to do so; 

  

	(v)	on the execution date of this Deed, the execution hereof and placement of the Debentures do not violate any legal provision, order or administrative, court or arbitral decision or any agreements or instruments which the
Issuer is a party to, nor will it result in: (a) early maturity of any obligation established in any of such agreements or instruments; (b) the creation of any burden on any assets or property of the Issuer, except those already existing
on the date hereof or resulting from the execution of this Deed and the placement of the Debentures; or (c) termination of any of such agreements or instruments; 

 

	(vi)	no registration, consent, authorization, approval, license, order or qualification before any government authority or regulatory body is required for compliance by the Issuer of its obligations under the terms of this
Deed and the Debentures, or for carrying out the Issue, except for the registration of this Deed with the Commercial Registry of the State of São Paulo—JUCESP and with the proper registry of deeds and documents, the registration of the
Debentures with the Custody and Settlement House – CETIP and the registration of the Guarantee; 

  

	(vii)	its economic, financial and proprietary situation on the date hereof has not suffered any significant change which may adversely affect its solvency; 

 

	(viii)	it is fully aware and fully agrees with the form of disclosure and ascertainment of the DI Rate disclosed by CETIP and that the manner of calculation of the compensation of the Debentures was determined by its free
will; 

  

	(ix)	the Issuer’s financial statements, as well as the restated financial statements of its economic group dated as of December 31, 2013 and 2014 and also the Issuer’s financial statements correctly represent
the proprietary and financial positions of the Issuer and its economic group on such dates and were duly prepared pursuant to the fundamental Brazilian accounting principles and correctly reflect the assets, liabilities and contingencies of the
Issuer and its economic group; 

  

	(x)	shall comply with all obligations undertaken under the terms of this Deed, including, without limitation, the obligation to apply the funds obtained from the Issue to the purposes provided for in Section 3.7 of
this Deed; 

  

	(xi)	it has all relevant authorizations and licenses (including environmental) required by the federal, state and municipal authorities for the exercise of its activities, which are all of them valid, except for those that
are being opposed to in good faith and/or whose absence shall not affect its economic and financial situation and the results and/or operating activities of the Issuer; 

 

	(xii)	it shall fully comply, during the entire term of effectiveness of the Debentures, with the obligations provided for in article 17 of CVM Instruction 476, under the terms of Section 6.1(iii); 

 

	(xiii)	except in the cases in which it is discussing in good faith the applicability of a law, rule or regulation in the administrative or judicial levels, it is in compliance with all laws, regulations, administrative rules
and determinations of governmental bodies, independent government agencies or courts, applicable to the conduction of its business and which are relevant to the performance of its activities, including the provisions in the environmental laws and
regulations, adopting the preventive and reparatory measures intended to avoid or correct any environmental damages resulting from the exercise of the activities described in its business purpose; 

	(xiv)	it shall not make another public offering of debentures of the same kind within the term of four (4) months as from the closing date of the offering of the Debentures, unless the new offering is submitted for
registration with CVM; and 

  

	(xv)	there is no connection between the Issuer and the Trustee preventing the Trustee from fully exercising its duties provided for in this Deed; 

 

	(xvi)	the information provided and supplied is true, consistent, correct and sufficient, allowing the Qualified Investors to make an informed decision regarding the Issue. 

 

	10.	GENERAL PROVISIONS 

  

	10.1.	The communications to be sent by any of the Parties under the terms of this Deed shall be sent to the following addresses: 

(i) To the Issuer: 
 NS2.com Internet S.A. 

Rua Vergueiro, No. 943, Liberdade 
 01504-000, São
Paulo/São Paulo 
 Attn.: Leonardo Tavares Dib 
 Phone:
55-11 3028-2227 
 Fax: 55-11 3028-2227 
 e-mail:
leonardo.dib@netshoes.com 
 (ii) To the Trustee: 
 Oliveira
Trust Distribuidora de Títulos e Valores Mobiliários & A. 
 Avenida das Américas, No. 500, Bloco 13, Sala 205,
Condomínio Downtown 
 22640-100, Rio de Janeiro/Rio de Janeiro 

Attn.: Antonio Amaro // Maria Carolina Vieira Abrantes 
 Phone:
(21) 3514-0000 Fax: (21) 3514-0099 
 e-mail: antonio.amaro@oliveiratrust.com.br // ger2.agente@oliveiratrust.com.br 

(iii) To the Mandated Bank and Bookrunner Bank: 
 Banco
Bradesco S.A. 
 - DAC 
 Av. Yara, S/N—Cidade de Deus
– Yellow Building – 2o. andar, CEP 06029-900, Osasco – São Paulo. 
 Attn.: Marcelo Poli 

Phone: (11) 3684-3749 
 Fax: (11) 3684-2714 

E-mail: 4010.mpoli@bradesco.com.br 
  

 (iv) To CETIP: 

CETIP S.A.-Balcão Organizado de Ativos e Derivativos 

Av. República do Chile, No. 230, 11o. andar 

20031-170, Rio de Janeiro/Rio de Janeiro 
 Phone:
(21) 2276-7474 
 Fax: (21) 2252-4308// 2262-5481 

or 
 Av. Brigadeiro Faria Lima, No. 1663, 4o. andar 

01452-000—São Paulo/São Paulo 
 Phone:
(11) 3111-1596 
 Fax: (11) 3135-1564 
 Attn.: 

E-mail: gr.debentures@cetip.com.br 
  

	10.2.	The communications shall be considered delivered whenever received under protocol or with return or receipt requested issued by the post office or also by telegram sent to the addressed above. The communications made by
fax or electronic mail shall be considered received on the sending date, as long as the receipt thereof is confirmed by the party receiving the communication. The respective originals shall be sent to the addresses above within up to five
(5) business days after sending the message. The communications sent by any of such means shall be considered valid as long as with due regard for the provisions in this Section 10. 

 

	10.3.	The change of any of the addresses above shall be immediately notified to the other Parties. 

  

	10.4.	Except when otherwise expressly provided for in this Deed, “business day” shall be understood as any day of the week, except Saturday, Sunday and national holidays or even, whenever the banks are closed for
operations in the City of São Paulo, State of São Paulo, except for the cases of payments that shall be made through CETIP, in which case, “business day” shall be any day of the week, except Saturday, Sunday or national
holiday. Whenever the designation of a day-based term in this Deed is not accompanied by the designation of “business day”, the term shall be considered to be counted in consecutive days. 

 

	10.5.	The waiver of any rights resulting from this Deed shall not be presumed. Therefore, no delay, omission or liberality in the exercise of any right or power to which the Debentureholders are entitled in view of any
default by the Issuer shall affect the exercise of such right or power, or shall be construed as waiver thereof, not shall it constitute novation or set a precedent regarding any other default or delay. 

 

	10.6.	In case any of the provisions hereby approved are deemed to be illegal, invalid or ineffective, all other provisions not affected by such judgment shall prevail, and the Parties agree in good faith to replace such
provisions affected with other which, to the extent possible, produce the same effect. 

  

	10.7.	This Deed is governed by the Laws of the Federative Republic of Brazil. 

  

	10.8.	This Deed and the Debentures are extrajudicial enforceable instruments under the terms of items I and II of article 585 of the Code of Civil Procedure, and the Parties hereby acknowledge that, regardless of any other
applicable measures, the obligations undertaken under the terms of this Deed shall be subject to specific performance and subject to the provisions of articles 632 et seq. of the Code of Civil Procedure, without prejudice to the right of declaring
early maturity of the Debentures, under the terms of this Deed, 

	10.9.	This Deed is executed on an irrevocable and irreversible basis, being binding upon the Parties themselves and their successors. 

  

	10.10.	Any and all costs incurred as a result of the registration of this Deed and the Guarantees, as well as any amendments, and corporate documents relating to this Issue with the proper registries shall be exclusively borne
by the Issuer. 

  

	10.11.	The Trustee shall not be required to make any verification of veracity of the corporate resolutions and management acts of the Issuer or even of any document or registration considered authentic and which have been
sent, indeed, by the Issuer or by its employees, in order to base its decisions thereon. Also, it shall not be liable, under any circumstance, for the preparation of such documents, remaining under the Issuer’s legal and regulatory obligation
the preparation thereof under the terms of the applicable laws. 

  

	11.	JURISDICTION 

  

	11.1.	The Parties elect the Courts of the City of São Paulo, State of São Paulo, to settle any doubts or disputes resulting from this Deed, waiving any other, however privileged they may be. 

In witness whereof, the Parties execute this Deed in four (4) copies of equal content and form, in the presence of two (2) witnesses. 

São Paulo, March 19, 2015 

[Remainder of page intentionally left blank] 

 [Signatures Page 1/2 of the Private Instrument of Second Deed of Simple Debentures Not Convertible into
Shares, in a Single Series with Collateral for Public Distribution with Restricted Placement Efforts of NS2.com Internet S.A.] 

NS2.com Internet S.A. 
  

									
					
	By:	 	/S/    MARCIO KUMRUIAN      	 		 	By:	 	/S/    GRACIELA KUMRUIAN TANAKA        
	Name:	 	Marcio Kumruian	 		 	Name:	 	Graciela Kumruian Tanaka
	Title:	 	Chief Executive Officer	 		 	Title:	 	Operations Officer
	ID (RG):	 	24.122.221-7 SSP/SP	 		 	ID (RG):	 	276.730-8 SSP/SP

 [Signatures Page 2/2 of the Private Instrument of Second Deed of Simple Debentures Not Convertible into
Shares, in a Single Series with Collateral for Public Distribution with Restricted Placement Efforts of NS2.com Internet S.A.] 

Oliveira Trust Distribuidora de Títulos e Valores Mobiliários S.A. 

 

									
					
	By:	 	/S/    SONIA REGINA MENEZES      	 		 	By:	 	/S/    FERNANDO NUNES LUIS        
	Name:	 	Sonia Regina Menezes	 		 	Name:	 	Fernando Nunes Luis
	Title:	 	Attorney-in-fact	 		 	Title:	 	Attorney-in-fact

 Witnesses: 
  

									
					
	1.	 	/S/    ARTHUR ROJO ELEAN      	 		 	2.	 	/S/    ARMANDO MOSIN NETO        
	Name:	 	Arthur Rojo Elean	 		 	Name:	 	Armando Mosin Neto
	ID (RG):	 	42.320.124-4/SSP-SP	 		 	ID (RG):	 	33.657.336-4/SSP-SP

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