Document:

EX-4.1

 Exhibit 4.1 
 EXECUTION COPY 
 PS BUSINESS PARKS, INC. 

AMERICAN STOCK TRANSFER & TRUST 
 COMPANY, LLC, AS DEPOSITARY 
 AND 

THE HOLDERS FROM TIME TO TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 
 RELATING TO SERIES V PREFERRED
STOCK 
 DEPOSIT AGREEMENT 
 Dated as of March 5, 2013 

 Table of Contents 

 

							
	 	  	 	  	Page	 
	
	 ARTICLE I 
 Definitions
	 
	
	ARTICLE II	  
	 Form of Receipts, Deposit of Stock,

Execution and Delivery, Transfer,
 Surrender and Redemption of Receipts
	   

  

  

			
	SECTION 2.1	  	Form and Transfer of Receipts	  	2	 
	SECTION 2.2	  	Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof	  	 	3	  
	SECTION 2.3	  	Registration of Transfer of Receipts	  	 	3	  
	SECTION 2.4	  	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock	  	 	4	  
	SECTION 2.5	  	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	  	 	5	  
	SECTION 2.6	  	Lost Receipts, etc.	  	 	5	  
	SECTION 2.7	  	Cancellation and Destruction of Surrendered Receipts	  	 	5	  
	SECTION 2.8	  	Redemption of Stock	  	 	5	  
	
	 ARTICLE III
 Certain Obligations of Holders of
 Receipts and the
Company
	   

  

  

			
	SECTION 3.1	  	Filing Proofs, Certificates and Other Information	  	 	7	  
	SECTION 3.2	  	Payment of Taxes or Other Governmental Charges	  	 	7	  
	SECTION 3.3	  	Warranty as to Stock	  	 	7	  
	
	 ARTICLE IV
 The Deposited Securities; Notices
	   

  

			
	SECTION 4.1	  	Cash Distributions	  	 	8	  
	SECTION 4.2	  	Distributions Other than Cash, Rights, Preferences or Privileges	  	 	8	  
	SECTION 4.3	  	Subscription Rights, Preferences or Privileges	  	 	8	  
	SECTION 4.4	  	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	  	 	9	  
	SECTION 4.5	  	Voting Rights	  	 	9	  
	SECTION 4.6	  	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	  	 	10	  
	SECTION 4.7	  	Delivery of Reports	  	 	10	  
	SECTION 4.8	  	List of Receipt Holders	  	 	11	  

  
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	 ARTICLE V 
 The Depositary, the Depositary’s
 Agents, the Registrar and the
Company
	   

  

  

			
	SECTION 5.1	  	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	  	11	 
	SECTION 5.2	  	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company	  	 	11	  
	SECTION 5.3	  	Obligation of the Depositary, the Depositary’s Agents, the Registrar and the Company	  	 	12	  
	SECTION 5.4	  	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	 	13	  
	SECTION 5.5	  	Corporate Notices and Reports	  	 	14	  
	SECTION 5.6	  	Indemnification by the Company	  	 	14	  
	SECTION 5.7	  	Charges and Expenses	  	 	14	  
	SECTION 5.8	  	Tax Compliance	  	 	15	  
	
	 ARTICLE VI
 Amendment and Termination
	   

  

			
	SECTION 6.1	  	Amendment	  	 	15	  
	SECTION 6.2	  	Termination	  	 	15	  
	
	 ARTICLE VII
 Miscellaneous
	   

  

			
	SECTION 7.1	  	Counterparts	  	 	16	  
	SECTION 7.2	  	Exclusive Benefit of Parties	  	 	16	  
	SECTION 7.3	  	Invalidity of Provisions	  	 	16	  
	SECTION 7.4	  	Notices	  	 	16	  
	SECTION 7.5	  	Appointment of Registrar	  	 	17	  
	SECTION 7.6	  	Holders of Receipts Are Parties	  	 	17	  
	SECTION 7.7	  	Governing Law	  	 	17	  
	SECTION 7.8	  	Inspection of Deposit Agreement	  	 	17	  
	SECTION 7.9	  	Headings	  	 	17	  

  
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 DEPOSIT AGREEMENT, dated as of March 5, 2013, among PS BUSINESS PARKS, INC., a
California corporation (the “Company”), American Stock Transfer & Trust Company, LLC (the “Depositary”), and the holders from time to time of the Receipts described herein. 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of Series V Preferred
Stock of the Company with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares in respect of the Stock so deposited; and 

WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and
omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration of the promises contained
herein, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

 Definitions  
 The following definitions shall, for all purposes, unless otherwise indicated, apply to the respective terms used in this Deposit Agreement: 

“Certificate” shall mean the Certificate of Determination filed with the Secretary of State of the State of California
establishing the Stock as a series of preferred stock of the Company. 
 “Deposit Agreement” shall mean this Deposit
Agreement, as amended or supplemented from time to time. 
 “Depositary” shall mean American Stock Transfer &
Trust Company, LLC and any successor as Depositary hereunder. 
 “Depositary Shares” shall mean Depositary Shares,
each representing 1/1,000 of a share of Stock and evidenced by a Receipt. 
 “Depositary’s Agent” shall mean an
agent appointed by the Depositary pursuant to Section 5.1 and shall include the Registrar if such Registrar is not the Depositary. 
 “Depositary’s Office” shall mean the principal office of the Depositary at which at any particular time its depositary receipt business shall be administered. 

“Receipt” shall mean one of the Depositary Receipts, substantially in the form set forth as Exhibit A hereto, issued hereunder,
whether in definitive or temporary form and evidencing the number of Depositary Shares held of record by the record holder of such Depositary Shares. 

  
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 “record holder” or “holder” as applied to a Receipt shall mean the
person in whose name a Receipt is registered on the books of the Depositary maintained for such purpose. 

“Registrar” shall mean the Depositary or such other bank or trust company which shall be appointed to register ownership and
transfers of Receipts as herein provided. 
 “Securities Act” shall mean the Securities Act of 1933, as amended.

 “Stock” shall mean shares of the Company’s 5.70% Cumulative Preferred Stock, Series V, stated value $25,000
per share. 
 ARTICLE II 
 Form of Receipts, Deposit of Stock, 
 Execution and Delivery, Transfer,

 Surrender and Redemption of Receipts 
 SECTION 2.1 Form and Transfer of Receipts. Definitive Receipts shall be engraved or printed or lithographed on steel-engraved borders, with appropriate insertions, modifications and omissions, as
hereinafter provided, if and to the extent required by any securities exchange on which the Receipts are listed. Pending the preparation of definitive Receipts or if definitive Receipts are not required by any securities exchange on which the
Receipts are listed, the Depositary, upon the written order of the Company or any holder of Stock, as the case may be, delivered in compliance with Section 2.2, shall execute and deliver temporary Receipts which are printed, lithographed,
typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts
may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts,
the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at the Depositary’s Office or at such other place or places as the Depositary shall determine, without charge to the holder. Upon
surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt
or Receipts. Such exchange shall be made at the Company’s expense and without any charge to the holder therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Agreement, and with
respect to the Stock, as definitive Receipts. 
 Receipts shall be executed by the Depositary by the manual and/or facsimile
signature of a duly authorized officer of the Depositary. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed in accordance with the foregoing
sentence. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided. 
 Receipts
shall be in denominations of any number of whole Depositary Shares. The Company shall deliver to the Depositary from time to time such quantities of Receipts as the Depositary may request to enable the Depositary to perform its obligations under
this Deposit Agreement. 

  
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 Receipts may be endorsed with or have incorporated in the text thereof such legends or
recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities
exchange upon which the Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject. 

Title to Depositary Shares evidenced by a Receipt, which is properly endorsed or accompanied by a properly executed instrument of
transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of a Receipt shall be registered on the books of the Depositary as provided in Section 2.3, the
Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or to any
notice provided for in this Deposit Agreement and for all other purposes. 
 SECTION 2.2 Deposit of Stock; Execution and
Delivery of Receipts in Respect Thereof. Subject to the terms and conditions of this Deposit Agreement, the Company may from time to time deposit shares of Stock under this Deposit Agreement by delivery to the Depositary of a certificate or
certificates for the Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with all such certifications as
may be required by the Depositary in accordance with the provisions of this Deposit Agreement, and together with a written order of the Company directing the Depositary to execute and deliver to, or upon the written order of, the person or persons
stated in such order a Receipt or Receipts for the number of Depositary Shares representing such deposited Stock. 
 Deposited
Stock shall be held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall determine. 
 Upon receipt by the Depositary of a certificate or certificates for Stock deposited in accordance with the provisions of this Section, together with the other documents required as above specified, and
upon recordation of the Stock on the books of the Company in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver, to or upon the order of the person or
persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt or Receipts for the whole number of Depositary Shares representing, in the aggregate, the Stock so deposited and registered
in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other
offices shall be at the risk and expense of the person requesting such delivery. 
 SECTION 2.3 Registration of Transfer of
Receipts. Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its books from time to 

  
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time transfers of Receipts upon any surrender thereof by the holder in person or by a duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer.
Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of
the person entitled thereto. 
 SECTION 2.4 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of
Stock. Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and
conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or
Receipts surrendered; provided, however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. 
 Any holder of a Receipt or Receipts representing any number of whole shares of Stock may (unless the related Depositary Shares have previously been called for redemption) withdraw the Stock and all money
and other property, if any, represented thereby by surrendering such Receipt or Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals and paying any unpaid amount due the Depositary.
Thereafter, without unreasonable delay, the Depositary shall deliver to such holder or to the person or persons designated by such holder as hereinafter provided, the number of whole shares of Stock and all money and other property, if any,
represented by the Receipt or Receipts so surrendered for withdrawal, but holders of such whole shares of Stock will not thereafter be entitled to deposit such Stock hereunder or to receive Depositary Shares therefor. If a Receipt delivered by the
holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Stock to be so withdrawn, the Depositary shall at the
same time, in addition to such number of whole shares of Stock and such money and other property, if any, to be so withdrawn, deliver to such holder, or upon his order, a new Receipt evidencing such excess number of Depositary Shares; provided,
however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. Delivery of the Stock and money and other property being withdrawn may be made by the delivery of such certificates, documents of title and other
instruments as the Depositary may deem appropriate which, if required by the Depositary, shall be properly endorsed or accompanied by proper instruments of transfer. 
 If the Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the record holder of the Receipt or Receipts being surrendered for withdrawal of Stock,
such holders shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such holder for withdrawal of such shares of Stock be properly endorsed
in blank or accompanied by a properly executed instrument of transfer in blank. 
 Delivery of the Stock and the money and other
property, if any, represented by Receipts surrendered for withdrawal shall be made by the Depositary at the Depositary’s Office, 

  
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except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other place as may
be designated by such holder. 
 SECTION 2.5 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of
Receipts. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Company may require payment to it
of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to it) of any charges or expenses payable by the holder of a Receipt pursuant to Sections 3.2 and 5.7, may
require the production of evidence satisfactory to it as to the identity and genuineness of any signature, and may also require compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions
of this Deposit Agreement. 
 The deposit of Stock may be refused, the delivery of Receipts against Stock may be suspended, the
registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Company is closed, or
(ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or
commission, stock exchange or FINRA or under any provision of this Deposit Agreement. 
 SECTION 2.6 Lost Receipts, etc.
In case any receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its reasonable discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in
substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the holder thereof with the Depositary of evidence reasonably satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the
authenticity thereof and of his or her ownership thereof, (ii) the furnishing of the Depositary with indemnification reasonably satisfactory to it and the Company and (iii) the payment of any reasonable expense (including reasonable fees,
charges and expenses of the Depositary) in connection with such execution and delivery. 
 SECTION 2.7 Cancellation and
Destruction of Surrendered Receipts. All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Company is authorized to destroy all
Receipts so cancelled. 
 SECTION 2.8 Redemption of Stock. Whenever the Company shall be permitted and shall elect to
redeem shares of Stock in accordance with the provisions of the Certificate, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary not less than 60 days’ notice of the date of such
proposed redemption or exchange of Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable redemption price, as set forth in the Certificate, which notice shall be accompanied by a certificate from the
Company stating that such redemption of Stock is in accordance with the 

  
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provisions of the Certificate. Notice of redemption of Stock will also be given by the Company by publication in a newspaper of general circulation in the County of Los Angeles and the City of
New York, such publication to be made once a week for two successive weeks commencing not less than 30 nor more than 60 days prior to the redemption date, and the Depositary will publish a notice of redemption of the Depositary Shares containing the
same type of information and in the same manner as the Company’s notice of redemption. On the date of such redemption, provided that the Company shall then have paid or caused to be paid in full to the Depositary the redemption price of the
Stock to be redeemed, plus an amount equal to any accrued and unpaid dividends thereon to the date fixed for redemption, in accordance with the provisions of the Certificate, the Depositary shall redeem the number of Depositary Shares representing
such Stock. The Depositary shall mail notice of the Company’s redemption of Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Stock to be redeemed by first-class mail, postage prepaid, promptly
upon receipt of the Company’s notice to redeem shares of Stock and not less than 30 and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares (the “Redemption Date”) to the record holders of
the Receipts evidencing the Depositary Shares to be so redeemed, at the address of such holders as they appear on the records of the Depositary; but neither failure to mail any such notice of redemption of Depositary Shares to one or more such
holders nor any defect in any notice of redemption of Depositary Shares to one or more such holders shall affect the sufficiency of the proceedings for redemption as to the other holders. The Company will provide the Depositary with the information
necessary for the Depositary to prepare such notice and each such notice shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such holder are to
be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (iii) the redemption price per Depositary Share; (iv) the place or places where Receipts evidencing Depositary Shares are to be surrendered for
payment of the redemption price; and (v) that dividends in respect of the Stock represented by the Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares are to be
redeemed, the Depositary Shares to be so redeemed shall be determined pro rata or by lot in a manner determined by the Board of Directors of the Company. 
 Notice having been mailed by the Depositary as aforesaid, from and after the Redemption Date (unless the Company shall have failed to provide the funds necessary to redeem the Stock evidenced by the
Depositary Shares called for redemption) (i) dividends on the shares of Stock so called for redemption shall cease to accrue from and after such date, (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer
to be outstanding, (iii) all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon
surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary
Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to the same fraction of the redemption price per share paid with respect to the shares of Stock as the fraction each Depositary Share represents of a share
of Stock plus the same fraction of all money and other property, if any, represented by such Depositary Shares, including all amounts paid by the Company in respect of dividends which on the Redemption Date have accumulated on the shares of Stock to
be so redeemed and have not theretofore been paid. Any funds deposited by 

  
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the Company with the Depositary for any Depositary Shares that the holders thereof fail to redeem will be returned to the Company after a period of five years from the date such funds are so
deposited. 
 If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will
deliver to the holder of such Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption; provided, however, that
the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. 
 ARTICLE III 

Certain Obligations of Holders of 
 Receipts and the Company 
 SECTION 3.1 Filing Proofs, Certificates and
Other Information. Any holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to execute such certificates and to make such representations and warranties as the Depositary
or the Company may reasonably deem necessary or proper or otherwise reasonably request. The Depositary or the Company may withhold the delivery, or delay the registration of transfer, redemption or exchange, of any Receipt or the withdrawal or
conversion of the Stock represented by the Depositary Shares evidenced by any Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed or
such certificates are executed or such representations and warranties are made. 
 SECTION 3.2 Payment of Taxes or Other
Governmental Charges. Holders of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any withdrawal of Stock and all money or
other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest payments or other distributions may be withheld or any part or all of the Stock or
other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder prior to such sale), and such
dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the holder of such Receipt remaining liable for any deficiency. 

SECTION 3.3 Warranty as to Stock. The Company hereby represents and warrants that the Stock, when issued, will be duly authorized,
validly issued, fully paid and nonassessable. Such representation and warranty shall survive the deposit of the Stock and the issuance of Receipts. 

  
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 ARTICLE IV 
 The Deposited Securities; Notices 
 SECTION 4.1 Cash Distributions.
Whenever the Depositary shall receive any cash dividend or other cash distribution on Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such
amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that in case the Company or the Depositary
shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Stock an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for
distribution or distributed in respect of Depositary Shares shall be reduced accordingly. In the event that the calculation of any such cash dividend or other cash distribution to be paid to any record holder on the aggregate number of Receipts held
by such holder results in an amount which is a fraction of a cent, the amount the Depositary shall distribute to such record holder shall be rounded to the next highest whole cent if such fraction of a cent is equal to or greater than $.005,
otherwise such fractional interest shall be disregarded; and upon request of the Depositary, the Company shall pay the additional amount to the Depositary for distribution. 
 SECTION 4.2 Distributions Other than Cash, Rights, Preferences or Privileges. Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon Stock,
the Depositary shall, subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in
proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary,
after consultation with the Company, such distribution cannot be made proportionately among such record holders, or if for any other reason (including any requirement that the Company or the Depositary withhold an amount on account of taxes) the
Depositary, after consultation with the Company, deems such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method as it deems equitable and practicable for the purpose of effecting such
distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, at such place or places and upon such terms as it may deem equitable and appropriate. The net proceeds of any such sale
shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash.

 SECTION 4.3 Subscription Rights, Preferences or Privileges. If the Company shall at any time offer or cause to be
offered to the persons in whose names Stock is recorded on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights,
preferences or privileges shall in each such instance be made available by the Depositary to the record holders of Receipts in such manner as the Depositary may determine, either by the issue to such record holders of warrants representing such
rights, preferences or privileges or by such other method as may be approved by the Depositary in its discretion with the approval of the Company; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or
privileges the Depositary determines that it is not lawful or (after consultation with the Company) not feasible to make such rights, preferences or privileges available to 

  
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holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by holders of Receipts who do not desire to execute such rights, preferences or
privileges, then the Depositary, in its discretion (with approval of the Company, in any case where the Depositary has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms
of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall,
subject to Sections 3.1 and 3.2, be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 

If registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for
holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, the Company will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or
privileges and securities and use its best efforts and take all steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders
to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until it has received written
notice from the Company that such registration statement shall have become effective, or that the offering and sale of such securities to such holders are exempt from registration under the provisions of the Securities Act and the Company shall have
provided to the Depositary an opinion of counsel reasonably satisfactory to the Depositary to such effect. 
 If any other
action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to holders of Receipts, the Company will use its
reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or
privileges. 
 SECTION 4.4 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. Whenever any cash
dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights, preferences or privileges shall at any time be offered, with respect to Stock, or whenever the Depositary shall receive notice
of any meeting at which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice, or whenever the Depositary and the Company shall decide it is appropriate, the Depositary shall in each such instance fix a record
date (which shall be the same date as the record date fixed by the Company with respect to or otherwise in accordance with the terms of the Stock) for the determination of the holders of Receipts who shall be entitled to receive such dividend,
distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate
reasons. 
 SECTION 4.5 Voting Rights. Upon receipt of notice of any meeting at which the holders of Stock are entitled
to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts as of the record date for such meeting a notice which shall 

  
 9 

 
contain (i) such information as is contained in such notice of meeting, (ii) a statement that the holders may, subject to any applicable restrictions, instruct the Depositary as to the
exercise of the voting rights pertaining to the amount of Stock represented by their respective Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated
by the Company), and (iii) a brief statement as to the manner in which such instructions may be given. Upon the written request of the holders of Receipts on the relevant record date, the Depositary shall use its best efforts to vote or cause
to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The
Company hereby agrees to take all action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from the holder of a Receipt, the
Depositary will abstain from voting to the extent of the Stock represented by the Depositary Shares evidenced by such Receipt. 

SECTION 4.6 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. Upon any change in par value or
liquidation preference, split-up, combination or any other reclassification of the Stock, or upon any recapitalization, reorganization, merger or consolidation affecting the Company or to which it is a party, the Depositary may in its discretion
with the approval (not to be unreasonably withheld) of, and shall upon the instructions of, the Company, and (in either case) in such manner as the Depositary may deem equitable, (i) make such adjustments in the fraction of an interest in one
share of Stock represented by one Depositary Share as may be necessary (as certified by the Company) fully to reflect the effects of such change in par value or liquidation preference, split-up, combination or other reclassification of Stock, or of
such recapitalization, reorganization, merger or consolidation and (ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Stock as new deposited securities so received in
exchange for or upon conversion or in respect of such Stock. In any such case, the Depositary may in its discretion, with the approval of the Company, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts
to be exchanged for new Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding, holders of Receipts shall have the right from and after the effective date of any such change in par value or
liquidation preference, split-up, combination or other reclassification of the Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or
surrender the Stock represented thereby only into or for, as the case may be, the kind and amount of shares of stock and other securities and property and cash into which the Stock represented by such Receipts would have been converted or for which
such Stock would have been exchanged or surrendered had such Receipt been surrendered immediately prior to the effective date of such transaction. 
 SECTION 4.7 Delivery of Reports. The Depositary shall furnish to holders of Receipts any reports and communications received from the Company which are received by the Depositary as the holder of
Stock. In addition, the Depositary will make available for inspection by holders of Receipts at the Depository’s Office, and at such other places as it may from time to time deem advisable, any reports and communications received from the
Company which are received by the Depositary as the holder of Stock. 

  
 10 

 SECTION 4.8 List of Receipt Holders. Promptly upon request from time to time by the
Company, the Depositary shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all record holders of Receipts. The Company shall be entitled to receive such list four times
annually without charge. 
 ARTICLE V 
 The Depositary, the Depositary’s 
 Agents, the Registrar and the
Company 
 SECTION 5.1 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar. Upon
execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office facilities for the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the
Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement. 

The Depositary shall keep books at the Depositary’s Office for the registration and registration of transfer of Receipts, which
books during normal business hours shall be open for inspection by the record holders of Receipts; provided that any such holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose
reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts. 
 The Depositary
may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder. 
 The Depositary may, with the approval of the Company, appoint a Registrar for registration of the Receipts or the Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares evidenced
thereby or the Stock represented by such Depositary Shares shall be listed on one or more national securities exchanges, the Depositary will appoint a Registrar (acceptable to the Company) for registration of such Receipts or Depositary Shares in
accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be removed and a substitute registrar appointed by the Depositary upon the request or with
the approval of the Company. If the Receipts, such Depositary Shares or such Stock are listed on one or more other stock exchanges, the Depositary will, at the request and at the expense of the Company, arrange such facilities for the delivery,
registration, registration of transfer, surrender and exchange of such Receipts, such Depositary Shares or such Stock as may be required by law or applicable securities exchange regulation. 

The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this
Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will notify the Company of any such action. 

SECTION 5.2 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company.
Neither the Depositary nor any 

  
 11 

 
Depositary’s Agent nor the Registrar nor the Company shall incur any liability to any holder of any Receipt if by reason of any provision of any present or future law, or regulation
thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Company’s Articles of
Incorporation or by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Company shall be prevented, delayed or forbidden from, or subjected
to any penalty on account of, doing or performing any act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Registrar or the Company incur liability to
any holder of a Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason
of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement except, in the case of any such exercise or failure to exercise discretion not caused as aforesaid, if caused by the gross negligence, willful
misconduct or bad faith of the party charged with such exercise or failure to exercise. 
 SECTION 5.3 Obligation of the
Depositary, the Depositary’s Agents, the Registrar and the Company. Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company assumes any obligation or shall be subject to any liability under this Deposit
Agreement or any Receipt to holders of Receipts other than for its gross negligence, willful misconduct or bad faith. 
 Neither
the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Stock, the Depositary Shares or the Receipts
which in its reasonable opinion may involve it in expense or liability unless indemnity reasonably satisfactory to it against expense and liability be furnished as often as may be reasonably required. 

Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be liable for any action or any failure to
act by it in reliance upon the written advice of legal counsel or accountants, or information from any holder of a Receipt or any other person believed by it in good faith to be competent to give such information. The Depositary, any
Depositary’s Agent, the Registrar and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document reasonably believed by it to be genuine and to have been signed or presented by
the proper party or parties. 
 The Depositary shall not be responsible for any failure to carry out any instruction to vote any
of the shares of Stock or for the manner or effect of any such vote made, as long as any such action or non-action is in good faith. The Depositary will indemnify the Company and hold it harmless from any loss, liability or expense (including the
reasonable costs and expenses of defending itself) which may arise out of acts performed or omitted by the Depositary, including when such Depositary acts as Registrar, or the Depositary’s Agents in connection with this Agreement due to its or
their gross negligence, willful misconduct or bad faith. The indemnification obligations of the Depositary set forth in this Section 5.3 shall survive any termination of this Agreement and any succession of any Depositary. 

  
 12 

 The Depositary, its parent, affiliates or subsidiaries, the Depositary’s Agents, and
the Registrar may own, buy, sell and deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Company or its affiliates may be interested
or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary, parent, affiliate or subsidiary or Depositary’s Agent or Registrar hereunder. The Depositary may also act as trustee, transfer agent or
registrar of any of the securities of the Company and its affiliates. 
 It is intended that neither the Depositary nor any
Depositary’s Agent nor the Registrar, acting as the Depositary’s Agent or Registrar, as the case may be, shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws,
it being expressly understood and agreed that the Depositary, any Depositary’s Agent and the Registrar are acting only in a ministerial capacity as Depositary or Registrar for the Stock. 

Neither the Depositary (or its officers, directors, employees or agents) nor any Depositary’s Agent nor the Registrar makes any
representation or has any responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the Stock, the Depositary Shares or the Receipts (except for its
counter-signatures thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein. 
 The Depositary assumes no responsibility for the correctness of the description that appears in the Receipts, which can be taken as a statement of the Company summarizing certain provisions of this
Deposit Agreement. Notwithstanding any other provision herein or in the Receipts, the Depositary makes no warranties or representations as to the validity or genuineness of any Stock at any time deposited with the Depositary hereunder or of the
Depositary Shares, as to the validity or sufficiency of this Deposit Agreement, as to the value of the Depositary Shares or as to any right, title or interest of the record holders of Receipts in and to the Depositary Shares. The Depositary shall
not be accountable for the use or application by the Company of the Depositary Shares or the Receipts or the proceeds thereof. 

SECTION 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign
as Depositary hereunder by delivering notice of its election to do so to the Company, such resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 

The Depositary may at any time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take
effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 
 In case
at any time the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust
company having its principal office in the United States of America and having a combined capital and surplus of at least $150,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after
delivery of such notice, the resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor 

  
 13 

 
Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor
Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon
payment of all sums due it and on the written request of the Company, shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right,
title and interest in the Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the record holders of all outstanding Receipts and such records, books and other information in its possession
relating thereto. Any successor Depositary shall promptly mail notice of its appointment to the record holders of Receipts. 

Any corporation into or with which the Depositary may be merged, consolidated or converted shall be the successor of such Depositary
without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or in the name of the successor
Depositary. 
 SECTION 5.5 Corporate Notices and Reports. The Company agrees that it will deliver to the Depositary, and
the Depositary will, promptly after receipt thereof, transmit to the record holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial
statements) required by law or by the rules of any national securities exchange upon which the Stock, the Depositary Shares or the Receipts are listed, to be furnished to the record holders of Receipts. Such transmission will be at the
Company’s expense and the Company will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. 
 SECTION 5.6 Indemnification by the Company. The Company shall indemnify the Depositary, any Depositary’s Agent and the Registrar against, and hold each of them harmless from, any loss,
liability or expense (including the reasonable costs and expenses of defending itself) which may arise out of acts performed or omitted in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar or any of their
respective agents (including any Depositary’s Agent), except for any liability arising out of gross negligence, willful misconduct or bad faith on the respective parts of any such person or persons. The obligations of the Company set forth in
this Section 5.6 shall survive any succession of any Depositary or Depositary’s Agent. 
 SECTION 5.7 Charges and
Expenses. The Company shall pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. The Company shall pay charges of the Depositary in connection with the initial deposit of the
Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of the Stock by owners of Depositary Shares, and any redemption of the Stock at the option of the Company. All other transfer and other taxes and governmental charges
shall be at the expense of holders of Depositary Shares. If, at the request of a holder of Receipts, the Depositary incurs charges or expenses for which it is not otherwise liable hereunder, such holder will be liable for such charges and expenses.
All other charges and expenses of the Depositary and any 

  
 14 

 
Depositary’s Agent hereunder (including, in each case, reasonable fees and expenses of counsel) incident to the performance of their respective obligations hereunder will be paid upon
consultation and agreement between the Depositary and the Company as to the amount and nature of such charges and expenses. The Depositary shall present its statement for charges and expenses to the Company at such intervals as the Company and the
Depositary may agree. 
 SECTION 5.8 Tax Compliance. The Depositary, on its own behalf and on behalf of the Company, will
comply with all applicable certification, information reporting and withholding (including “backup” withholding) requirements imposed by applicable tax laws, regulations or administrative practice with respect to (i) any payments made
with respect to the Depositary Shares or (ii) the issuance, delivery, holding, transfer, redemption or exercise of rights under the Receipts or the Depositary Shares. Such compliance shall include, without limitation, the preparation and timely
filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its designated agent. 
 The Depositary shall comply with any direction received from the Company with respect to the application of such requirements to particular payments or holders or in other particular circumstances, and
may for purposes of this Agreement rely on any such direction in accordance with the provisions of Section 5.3 hereof. 

The Depositary shall maintain all appropriate records documenting compliance with such requirements, and shall make such records
available on request to the Company or to its authorized representatives. 
 ARTICLE VI  

Amendment and Termination  
 SECTION 6.1 Amendment. The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary in
any respect which they may deem necessary or desirable; provided, however, that no such amendment (other than any change in the fees of any Depositary or Registrar, which shall go into effect not sooner than three months after notice thereof to the
holders of the Receipts) which shall materially adversely alter the rights of the holders of Receipts shall be effective unless such amendment shall have been approved by the holders of at least a majority of the Depositary Shares then outstanding.
Every holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to be bound by the Deposit Agreement as amended thereby. Notwithstanding the foregoing, in no event may any
amendment impair the right of any holder of any Depositary Shares, upon surrender of the Receipts evidencing such Depositary Shares and subject to any conditions specified in this Deposit Agreement, to receive shares of Stock and any money or other
property represented thereby, except in order to comply with mandatory provisions of applicable law. 
 SECTION 6.2
Termination. This Deposit Agreement may be terminated by the Company or the Depositary after (i) all outstanding Depositary Shares have been redeemed pursuant to Section 2.8 or (ii) there shall have been made a final
distribution in respect of the 

  
 15 

 
Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution shall have been distributed to the holders of Receipts pursuant to Section 4.1 or
4.2, as applicable. 
 Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations
under this Deposit Agreement except for its obligations to the Depositary, the Registrar and any Depositary’s Agent under Sections 5.6 and 5.7. 
 ARTICLE VII  
 Miscellaneous 

SECTION 7.1 Counterparts. This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto
on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. 

SECTION 7.2 Exclusive Benefit of Parties. This Deposit Agreement is for the exclusive benefit of the parties hereto, and their
respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 
 SECTION 7.3 Invalidity of Provisions. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 
 SECTION 7.4 Notices. Any and all notices to be given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent
by mail, or by telegram or facsimile transmission confirmed by letter, addressed to the Company at: 
 PS Business Parks, Inc.

 701 Western Avenue, 2nd Floor 
 Glendale, California 91201-2397 
 Facsimile No.: (818) 242-0566 

or at any other address of which the Company shall have notified the Depositary in writing. 

Any and all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been
duly given if personally delivered or sent by mail or by telegram or facsimile transmission confirmed by letter, addressed to the Depositary at the Depositary’s Office, at: 

American Stock Transfer & Trust Company, LLC 
 6201 15th Avenue 
 Brooklyn, New York 11219 

Attention: Corporate Trust Department 
 Facsimile No.: 718-236-4588 

  
 16 

 with a copy (which shall not constitute notice) to: 

American Stock Transfer & Trust Company, LLC 
 6201 15th Avenue 
 Brooklyn, New York 11219 

Attention: General Counsel 
 Facsimile No.: 718-921-8366 
 or at any other address of which the Depositary shall have notified
the Company in writing. 
 Any and all notices to be given to any record holder of a Receipt hereunder or under the Receipts
shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by telegram or facsimile transmission confirmed by letter, addressed to such record holder at the address of such record holder as it appears
on the books of the Depositary, or if such holder shall have filed with the Depositary a written request that notices intended for such holder be mailed to some other address, at the address designated in such request. 

Delivery of a notice sent by mail or by telegram or facsimile transmission shall be deemed to be effected at the time when a duly
addressed letter containing the same (or a confirmation thereof in the case of a telegram or facsimile transmission) is deposited for mailing by first class mail, postage prepaid. The Depositary or the Company may, however, act upon any telegram or
facsimile transmission received by it from the other or from any holder of a Receipt, notwithstanding that such telegram or facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 

SECTION 7.5 Appointment of Registrar. The Company hereby also appoints the Depositary as Registrar in respect of the Receipts and
the Depositary hereby accepts such appointment. 
 SECTION 7.6 Holders of Receipts Are Parties. The holders of Receipts
from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of delivery thereof. 

SECTION 7.7 Governing Law. THIS DEPOSIT AGREEMENT AND THE RECEIPTS AND ALL RIGHTS HEREUNDER AND THEREUNDER AND PROVISIONS HEREOF
AND THEREOF SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS APPLICABLE TO CONTRACTS MADE IN AND TO BE PERFORMED IN THE STATE OF NEW YORK, INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 SECTION 7.8 Inspection of Deposit Agreement. Copies of this Deposit Agreement shall be filed with the Depositary and
the Depositary’s Agent and shall be open to inspection during business hours at the Depositary’s Office or respective offices of the Depositary’s Agent, if any, by any holder of a Receipt. 

SECTION 7.9 Headings. The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in
Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts.

  
 17 

 IN WITNESS WHEREOF, the Company and the Depositary have duly executed this Agreement as of
the day and year first above set forth, and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 

 

					
	Attested by:	 	 	  	PS BUSINESS PARKS, INC.
			
	 /s/ Edward A. Stokx
	 		  	 /s/ Joseph D. Russell, Jr.

	Name: Edward A. Stokx	 		  	Name: Joseph D. Russell, Jr.
	Title:   Secretary	 		  	Title:   President and Chief Executive Officer
			
	Attested by:	 		  	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
			
	 /s/ Susan Silber
	 		  	 /s/ Paula Caroppoli

	Name: Susan Silber	 		  	Name: Paula Caroppoli
	Title:   Assistant Secretary	 		  	Title:   Senior Vice President

 EXHIBIT A 
 The Shares represented by this Depositary Receipt are subject to restrictions on ownership and transfer for the purpose of assisting this Company to maintain its status as a Real Estate Investment Trust
under the Internal Revenue Code of 1986, as amended. Except as set forth in Article IV of this Company’s Articles of Incorporation, no person may Beneficially Own (i) more than 7.0% of the outstanding shares of Common Stock of this
Company, or (ii) more than 9.9% of the outstanding shares of any series of Preferred Stock or Equity Stock of this Company, with certain further restrictions and exceptions as are set forth in this Company’s Articles of Incorporation. Any
Person who attempts to own or Beneficially Own Shares in excess of the above limitations must notify this Company in writing at least 15 days prior to such attempt. If any of the restrictions on transfer or ownership set forth in Article IV of the
Articles of Incorporation are violated, the Shares represented hereby will be automatically transferred to the Charitable Trustee of a Charitable Trust for the benefit of a Charitable Beneficiary pursuant to the terms of Article IV of the Articles
of Incorporation. In addition, attempted transfers of Shares in violation of the limitations described above (as modified or expanded upon in Article IV of the Articles of Incorporation), may be void ab initio. All capitalized terms in this legend
have the meanings defined in this Company’s Articles of Incorporation, as the same may be amended from time to time. This Company will furnish to the holder hereof, upon request and without charge, a complete written statement of the terms and
conditions of Article IV of the Articles of Incorporation. Requests for such documents may be directed to the corporate secretary. 
  

					
	 	 	 	 	DEPOSITARY SHARES
		 		 	 THIS DEPOSITARY RECEIPT IS

TRANSFERABLE IN

		 		 	NEW YORK, NY
		 		 	SEE REVERSE FOR
		 		 	CERTAIN DEFINITIONS
		 		 	CUSIP 69360J644
			
		 		 	
	DEPOSITARY RECEIPT FOR DEPOSITARY	 		 	
	    SHARES EACH REPRESENTING 1/1,000th OF A	 		 	
	    SHARE OF 5.70% CUMULATIVE PREFERRED STOCK,	 		 	
	    SERIES V OF	 		 	
	    PS BUSINESS PARKS, INC.	 		 	
	    INCORPORATED UNDER THE	 		 	
	    LAWS OF THE STATE OF CALIFORNIA	 		 	

  
 A-1

 American Stock Transfer & Trust Company, LLC, as Depositary (the “Depositary”), hereby
certifies that 
 is the registered owner
of                    DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing a 1/1,000 interest in one share of 5.70%
Cumulative Preferred Stock, Series V (the “Stock”), of PS Business Parks, Inc., a California corporation (the “Company”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement
dated as of March 5, 2013 (the “Deposit Agreement”), between the Company, the Depositary and the holders from time to time of Depositary Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees
to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or be entitled to any benefits under the Deposit Agreement unless it shall have been executed by the
Depositary by the manual and/or facsimile signature of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by a duly authorized officer. 

The Company is authorized to issue Common Stock, one or more series of Preferred Stock, one or more series of Equity Stock and Depositary Shares. The
Company will furnish without charge to each receiptholder, who so requests in writing, a statement of the rights, preferences, privileges and restrictions granted to or imposed upon the respective classes of shares and upon the holders thereof, a
copy of the Company’s Bylaws and a copy of the Deposit Agreement. Any such request shall be made to the Company at the principal office of the Company at 701 Western Avenue, Glendale, California 91201-2397, Attention: Secretary. 

This Depositary Receipt is continued on the reverse hereof and the additional provisions set forth therein (including, without limitation, those relating
to redemption) for all purposes have the same effect as if set forth at this place. 
 Dated: 

 

			
	Countersigned
	
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
	
	Depositary, Transfer Agent and Registrar
		
	By:	 	  

	Authorized Officer

  
 A-2

 THE SHARES REPRESENTED BY THIS DEPOSITARY RECEIPT ARE SUBJECT TO THE PROVISIONS OF THE
ARTICLES OF INCORPORATION OF THE COMPANY, INCLUDING BUT NOT LIMITED TO (1) SECTION (C) OF THE CERTIFICATE OF DETERMINATION RELATING TO THE STOCK, WHICH CONFERS UPON THE BOARD THE RIGHT, ON OR AFTER MARCH 14, 2018, TO CALL FOR REDEMPTION
THE STOCK AND (2) THE OWNERSHIP LIMITATION PROVISIONS DESIGNED TO MAINTAIN THE COMPANY’S QUALIFICATION AS A “REAL ESTATE INVESTMENT TRUST” UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. 

1. The Deposit Agreement. Depositary receipts (“Depositary Receipts”), of which this Depositary Receipt is one, are made
available upon the terms and conditions set forth in the Deposit Agreement, dated as of March 5, 2013 (the “Deposit Agreement”), among the Company, the Depositary and all holders from time to time of Depositary Receipts. The Deposit
Agreement (copies of which are on file at the principal office maintained by the Depositary which at the time of the execution of the Deposit Agreement is located at American Stock Transfer & Trust Company, LLC, 6201 15th Avenue, Brooklyn,
New York 11219, Attention: Corporate Trust Department (the “Depositary’s Office”) and at the office of any agent of the Depositary) sets forth the rights of holders of Depositary Receipts and the rights and duties of the Depositary.
The statements made on the face and the reverse of this Depositary Receipt are summaries of certain provisions of the Deposit Agreement and are subject to the detailed provisions thereof, to which reference is hereby made. In the event of any
conflict between the provisions of this Depositary Receipt and the provisions of the Deposit Agreement, the provisions of the Deposit Agreement will govern. 
 2. Definitions. Unless otherwise expressly herein provided, all defined terms used in this summary of the Deposit Agreement shall have the meanings ascribed thereto in the Deposit Agreement.

 3. Redemption of Stock. Whenever the Company shall elect to redeem shares of Stock, it shall (unless otherwise agreed
in writing with the Depositary) give the Depositary not less than 60 days’ notice of the date of such proposed redemption and of the number of such shares of Stock held by the Depositary to be so redeemed and the applicable redemption price.
The Depositary shall mail, first-class postage prepaid, notice of the redemption of Stock and the proposed simultaneous redemption of Depositary Shares representing the Stock to be redeemed, promptly upon receipt of the Company’s notice to
redeem shares of Stock and not less than 30 and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares, to the record holders of the Depositary Receipts evidencing the Depositary Shares to be so redeemed, at
the addresses of such holders as the same appear on the records of the Depositary. Any such notice shall also be published in the same manner as notices of redemption of the Stock are required to be published by the Company. On the date of such
redemption, the Depositary shall redeem the number of Depositary Shares representing such redeemed Stock; provided, that the Company shall then have paid or caused to be paid in full to the Depositary the redemption price of the Stock to be
redeemed, plus any accrued and unpaid dividends payable with respect thereto to the date of any such redemption. In case fewer than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be redeemed

  
 A-3

 
shall be determined pro rata or by lot in a manner determined by the Board of Directors of the Company. Notice having been mailed as aforesaid, from and after the Redemption Date (unless the
Company shall have failed to provide the funds necessary to redeem the shares of Stock evidenced by the Depositary Shares called for redemption), dividends on the shares of Stock so called for redemption shall cease to accrue, the Depositary Shares
called for redemption shall be deemed no longer to be outstanding and all rights of the holders of Depositary Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary
Shares, cease and terminate. Upon surrender in accordance with said notice of the Depositary Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such
Depositary Shares shall be redeemed at a redemption price per Depositary Share equal to the same fraction of the redemption price per share paid with respect to the shares of Stock as the fraction each Depositary Share represents of a share of Stock
plus the same fraction of all money and other property, if any, represented by such Depositary Shares, including all amounts paid by the Company in respect of dividends which on the Redemption Date have accumulated on the shares of Stock to be so
redeemed and have not theretofore been paid. The foregoing is subject further to the terms and conditions of the Certificate of Determination. If fewer than all of the Depositary Shares evidenced by this Depositary Receipt are called for redemption,
the Depositary will deliver to the holder of this Depositary Receipt upon its surrender to the Depositary, together with the redemption payment, a new Depositary Receipt evidencing the Depositary Shares evidenced by such prior Depositary Receipt and
not called for redemption. 
 4. Surrender of Depositary Receipts and Withdrawal of Stock. Upon surrender of this
Depositary Receipt to the Depositary at the Depositary’s Office or at such other offices as the Depositary may designate, and subject to the provisions of the Deposit Agreement, the holder hereof is entitled to withdraw, and to obtain delivery,
without unreasonable delay, to or upon the order of such holder, any or all of the Stock (but only in whole shares of Stock) and all money and other property, if any, at the time represented by the Depositary Shares evidenced by this Depositary
Receipt; provided, however, that, in the event this Depositary Receipt shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the whole number of shares of Stock to be withdrawn, the Depositary shall,
in addition to such whole number of shares of Stock and such money and other property, if any, to be withdrawn, deliver, to or upon the order of such holder, a new Depositary Receipt or Depositary Receipts evidencing such excess number of whole
Depositary Shares. 
 5. Transfers, Split-ups, Combinations. Subject to the Deposit Agreement, this Depositary Receipt is
transferable on the books of the Depositary upon surrender of this Depositary Receipt to the Depositary, properly endorsed or accompanied by a properly executed instrument of transfer, and upon such transfer the Depositary shall sign and deliver a
Depositary Receipt or Depositary Receipts to or upon the order of the person entitled thereto, all as provided in and subject to the Deposit Agreement. This Depositary Receipt may be split into other Depositary Receipts or combined with other
Depositary Receipts into one Depositary Receipt evidencing the same aggregate number of Depositary Shares evidenced by the Depositary Receipt or Depositary Receipts surrendered; provided, however, that the Depositary shall not issue any Depositary
Receipt evidencing a fractional Depositary Share. 

  
 A-4

 6. Conditions to Signing and Delivery, Transfer, etc., of Depositary Receipts. Prior
to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of this Depositary Receipt, the Depositary, any of the Depositary’s Agents or the Company may require any or all of the following:
(i) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to it) of any tax or other governmental charge with respect thereto; (ii) production
of proof satisfactory to it as to the identity and genuineness of any signature; and (iii) compliance with such reasonable regulations, if any, as the Depositary or the Company may establish not inconsistent with the Deposit Agreement.

 Suspension of Delivery, Transfer, etc. The deposit of Stock may be refused, the delivery of this Depositary Receipt
against Stock may be suspended, the registration of transfer of Depositary Receipts may be refused and the registration of transfer, surrender or exchange of this Depositary Receipt may be suspended (i) during any period when the register of
stockholders of the Company is closed or (ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any
government or governmental body or commission, stock exchange or FINRA or under any provision of the Deposit Agreement. 
 8.
Amendment. The form of the Depositary Receipts and any provision of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary in any respect that they may deem necessary or
desirable; provided, however, that no such amendment (other than any changes in the fees of any Depositary or Registrar which shall go into effect not sooner than three months after notice thereof to the holders of the Depositary Receipts) which
shall materially adversely alter the rights of holders of Depositary Receipts shall be effective unless such amendment shall have been approved by the holders of at least a majority of the Depositary Shares then outstanding. The holder of this
Depositary Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold this Depositary Receipt, to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the
owner of the Depositary Shares evidenced by this Depositary Receipt to surrender this Depositary Receipt with instructions to the Depositary to deliver to the holder the Stock and all money and other property, if any, represented thereby, except in
order to comply with mandatory provisions of applicable law. 
 9. Charges and Expenses. The Company will pay all
transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangement, except such charges as are expressly provided in the Deposit Agreement to be at the expense of holders of Depositary Receipts.

 10. Title to Depositary Receipts. Title to this Depositary Receipt, when properly endorsed or accompanied by a
properly executed instrument of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of this Depositary Receipt has been registered on the books of the
Depositary, the Depositary may, notwithstanding any notice to the contrary, treat the record holder hereof at such time as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other
distributions or to any notice provided for in the Deposit Agreement and for all other purposes. 

  
 A-5

 11. Dividends and Distributions. Whenever the Depositary shall receive any cash
dividend or other cash distribution on the Stock, the Depositary shall, subject to the provisions of the Deposit Agreement, distribute to record holders of Depositary Receipts such amounts of such sums as are, as nearly as practicable, in proportion
to the respective numbers of Depositary Shares evidenced by the Depositary Receipts held by such holders; provided, however, that in case the Company or the Depositary shall be required by law to withhold and does withhold from any cash dividend or
other cash distribution in respect of the Stock an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced
accordingly. In the event that the calculation of any such cash dividend or other cash distribution to be paid to any record holder on the aggregate number of Depositary Receipts held by such holder results in an amount which is a fraction of a
cent, the amount the Depositary shall distribute to such record holder shall be rounded to the next highest whole cent if such fraction of a cent is equal to or greater than $.005, otherwise such fractional interest shall be disregarded; and upon
request of the Depositary, the Company shall pay the additional amount to the Depositary for distribution. 
 12.
Subscription Rights, Preferences or Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose name Stock is registered on the books of the Company any rights, preferences or privileges to subscribe for or
to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance, subject to the provisions of the Deposit Agreement, be made available by the Depositary to
the record holders of Depositary Receipts in such manner as the Depositary shall determine. 
 13. Notice of Dividends,
Fixing of Record Date. Whenever (i) any cash dividend or other cash distribution shall become payable, or any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered, with respect to
the Stock, or (ii) the Depositary shall receive notice of any meeting at which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice or whenever the Depositary and the Company shall decide it is appropriate,
the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to the Stock) for the determination of the holders of Depositary Receipts (x) who shall be entitled
to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or (y) who shall be entitled to give instructions for the exercise of voting rights at any such meeting or to receive notice of
such meeting or for any other appropriate reasons. 
 14. Voting Rights. Upon receipt of notice of any meeting at which
the holders of Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Depositary Receipts as of the record date for such meeting a notice, which shall contain (i) such information as
is contained in such notice of meeting, (ii) a statement that the holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the Stock represented by their respective
Depositary Shares, and (iii) a brief statement as to the manner in which such instructions may be given. Upon the 

  
 A-6

 
written request of a holder of this Depositary Receipt on such record date, the Depositary shall use its best efforts to vote or cause to be voted the Stock represented by the Depositary Shares
evidenced by this Depositary Receipt in accordance with the instructions set forth in such request. The Company shall take all action that may be deemed necessary by the Depositary in order to enable the Depositary to vote such Stock or cause such
Stock to be voted. In the absence of specific instructions from the holder of this Depositary Receipt, the Depositary will abstain from voting to the extent of the Stock represented by the Depositary Shares evidenced by this Depositary Receipt.

 15. Reports, Inspection of Transfer Books. The Depositary shall transmit to the record holders of Depositary Receipts
copies of all reports and communications received from the Company that are received by the Depositary as the holder of Stock. In addition, the Depositary will make available for inspection to the record holders of Depositary Receipts at the
Depositary’s Office any reports and communications received from the Company that are received by the Depositary as the holder of Stock. The Depositary shall keep books at the Depositary’s Office for the registration and transfer of
Depositary Receipts, which books at all reasonable times will be open for inspection by the record holders of Depositary Receipts; provided that any such holder requesting to exercise such right shall certify to the Depositary that such inspection
shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares. 
 16.
Liability of the Depositary, the Depositary’s Agents, the Registrar and the Company. Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall incur any liability to any holder of this Depositary
Receipt, if by reason of any provision of any present or future law or regulation thereunder of any governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or
future, of the Company’s Articles of Incorporation or by reason of any act of God or war or other circumstances beyond the control of the relevant party, the Depositary, any Depositary’s Agent, the Registrar or the Company shall be
prevented or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing that the terms of the Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the
Registrar or the Company incur any liability to any holder of this Depositary Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of the Deposit Agreement provide
shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement except, in the case of any such exercise or failure to exercise discretion not caused as
aforesaid, if caused by the gross negligence, willful misconduct or bad faith of the party charged with such exercise or failure to exercise. 
 17. Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company. Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company assumes any
obligation or shall be subject to any liability under the Deposit Agreement or this Depositary Receipt to the holder hereof, other than for its gross negligence, willful misconduct or bad faith. 

Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be under any obligation to appear in,
prosecute or defend any action, suit or other 

  
 A-7

 
proceeding with respect to the Stock, the Depositary Shares or the Depositary Receipts that in its reasonable opinion may involve it in expense or liability, unless indemnity reasonably
satisfactory to it against expense and liability be furnished as often as may be reasonably required. 
 Neither the Depositary
nor any Depositary’s Agent nor the Registrar nor the Company will be liable for any action or failure to act by it in reliance upon the written advice of or information from legal counsel, accountants, any holder of this Depositary Receipt or
any other person believed by it in good faith to be competent to give such information. 
 18. Termination of Deposit
Agreement. The Deposit Agreement may be terminated by the Company or the Depositary after (i) all outstanding Depositary Shares have been redeemed or (ii) there shall have been made a final distribution in respect of the Stock in
connection with any liquidation, dissolution or winding up of the Company and such distribution shall have been distributed to the holders of Depositary Receipts. 
 19. Governing Law. The Deposit Agreement and this Depositary Receipt and all rights thereunder and hereunder and provisions thereof and hereof shall be governed by, and construed in accordance
with, the law of the State of New York, including without limitation Section 5-1401 of the New York General Obligations Law. 

  
 A-8

 The following abbreviations, when used in the inscription on the face of this Depositary Receipt, shall be
construed as though they were written out in full according to applicable laws or regulations: 
  

					
	TEN COM - as tenants in common	  	 	  	UNIF GIFT MIN ACT -            Custodian
            
	TEN ENT - as tenants by the entireties	  		  	                             
               (Cust)                    (Minor)
	JT TEN - as joint tenants with right	  		  	under Uniform Gifts to Minors Act
                        
	                  of survivorship and not as	  		  	                             
                                         
(State)
	                  tenants in common	  		  	
		  		  	UNIF TRF MIN ACT -             Custodian (until age     )
		  		  	                             
           (Cust)
		  		  	             under Uniform Transfers
		  		  	(Minor)
		  		  	to Minors Act
                                         
   
		  		  	                             
               (State)

 Additional abbreviations may also be used though not in the above list. 

  
 A-9

 For Value Received,
                                     hereby sell, assign and
transfer unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

 

			
	
                    
                                         

	  	
	
                    
                                         

	  	
	  
	  	
	  

	
	  

 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

                         
            Depositary Shares represented by the within Depositary Receipt, and do hereby irrevocably constitute and appoint
                                         
        Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises. 

 

			
	Dated
                                         
                   	  	Signed:
                                         
                   

 NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THIS DEPOSITARY
RECEIPT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. 
 SIGNATURE(S) GUARANTEED 

 

			
	 By
	 	  

		 	 THE SIGNATURE(S) SHOULD BE

GUARANTEED BY AN ELIGIBLE
 GUARANTOR INSTITUTION
(BANKS,
 STOCKBROKERS, SAVINGS AND

LOAN ASSOCIATIONS AND CREDIT
 UNIONS WITH
MEMBERSHIP IN AN
 APPROVED SIGNATURE GUARANTEE
 MEDALLION PROGRAM), PURSUANT
 TO S.E.C. RULE 17Ad-15.

  
 A-10EX-10.1

 Exhibit 10.1 

 
  
 SHARE PURCHASE AND SALE AGREEMENT 
 Between 

SINGIDA PARTICIPAÇÕES LTDA. 
 as PURCHASER 
 - and - 

RICARDO CARVALHO SLEIMAN 
 ALEXANDRE COSTA ALDIGHIERI 
 as SELLERS 

and, as INTERVENING PARTIES, 
 DATA SOLUTIONS SERVIÇOS DE INFORMÁTICA LTDA. 
 MARISA
TORRESAN RAPACCI SLEIMAN 
 PATRÍCIA JUNQUEIRA FRANCO GUARNIERI 

 
  
 dated as of December 26, 2012. 
  

 

 TABLE OF CONTENTS

  

							
	 1.
	 	DEFINITIONS	  	 	3	  
	 2.
	 	PURCHASE AND SALE OF THE COMPANY	  	 	11	  
	 3.
	 	PURCHASE PRICE; PAYMENT AND ACCOUNTING ADJUSTMENT	  	 	12	  
	 4.
	 	OBLIGATIONS AT CLOSING	  	 	14	  
	 5.
	 	PURCHASER’S REPRESENTATIONS AND WARRANTIES	  	 	23	  
	 6.
	 	SELLERS’ REPRESENTATIONS AND WARRANTIES	  	 	24	  
	 7.
	 	INDEMNIFICATION	  	 	43	  
	 8.
	 	ANCILLARY AGREEMENTS	  	 	52	  
	 9.
	 	ADDITIONAL COVENANTS	  	 	53	  
	 10.
	 	NOTICES	  	 	57	  
	 11.
	 	APPLICABLE LAW	  	 	58	  
	 12.
	 	ARBITRATION	  	 	58	  
	 13.
	 	MISCELLANEOUS	  	 	60	  

 SHARE PURCHASE AND SALE
AGREEMENT 
 This share purchase and sale agreement (“Agreement”) is entered into by and
between the parties below (individually referred to herein as “Party” and, jointly, as “Parties”): 
  

	 	1.	 SINGIDA PARTICIPAÇÕES LTDA., a limited liability company duly incorporated in accordance with the laws of Brazil with headquarters
in the City of São Paulo, State of São Paulo, at Alameda Joaquim Eugênio de Lima, 187,
9th floor, suite 92, Jardim Paulista, ZIP CODE 01403-001,
enrolled with the General Taxpayers’ Registry (CNPJ/MF) under No. 15.095.100/0001-16, herein represented pursuant to its articles of association (“Purchaser”); 

 

	 	2.	RICARDO CARVALHO SLEIMAN, Brazilian, married, businessman, holder of Identity Card No. 16.926.579, issued by SSP/SP, and registered at the CPF under
No. 086.545.668-25, resident and domiciled in the City of São Paulo, State of São Paulo, at Rua Manoel Antônio Pinto, No. 1.200, apartment 13, Paraisópolis, 05663-020 (“Ricardo”); and

  

	 	3.	ALEXANDRE COSTA ALDIGHIERI, Brazilian, judicially divorced and living under stable union regime, economist, holder of Identity Card No. 23.193.813-5, issued
by SSP/SP, and registered at the CPF under No. 253.374.658-48, resident and domiciled in the City of São Paulo, State of São Paulo, at Rua Ferreira de Araújo, No. 516, apartment 81, Pinheiros, 05428-001
(“Alexandre” and when jointly referred with Ricardo, “Sellers”); 

 And as “Intervening
Parties”: 
  

	 	4.	 DATA SOLUTIONS SERVIÇOS DE INFORMÁTICA LTDA., a corporation duly incorporated in accordance with the laws of Brazil, with
headquarters in the City of São Paulo, State of São Paulo, at Rua Joaquim Floriano, No. 413,
3rd floor, Itaim Bibi, 04534-011, enrolled under the
General Taxpayers’ Register (CNPJ) under No. 04.997.402/0001-63, herein represented pursuant to its articles of association (“Company”); 

 

	 	5.	MARISA TORRESAN RAPACCI SLEIMAN, Brazilian, married, chemical engineer, holder of Identity Card No. 15.272.355-20, issued by SSP/SP, and registered at the
CPF under No. 167.487.688-29, resident and domiciled in the City of São Paulo, State of São Paulo, at Rua Manoel Antônio Pinto, No. 1.200, apartment 13, Paraisópolis, 05663-020 (“Ricardo’s
Spouse”); and 

  
 2 

	 	6.	PATRÍCIA JUNQUEIRA FRANCO GUARNIERI, Brazilian, lawyer, single and living under stable union regime, holder of Identity Card No. 30.752.484-X, issued
by SSP/SP, and registered at the CPF under No. 222.144.588-08, resident and domiciled in the City of São Paulo, State of São Paulo, at Rua Ferreira de Araújo, No. 516, apartment 81, Pinheiros, 05428-001
(“Alexandre’s Spouse”); 

 W I T N E S S E T H: 

WHEREAS, the Company is a provider of analytical tools for fraud prevention and registry information about individuals and legal entities through online
and offline channels (“Information Business”); 
 WHEREAS, the Sellers own one hundred percent (100%) of the quotas of the
capital stock of the Company (“Shares”); 
 WHEREAS, Purchaser wishes to acquire from Sellers and Sellers wish to sell to
Purchaser shares representing eighty percent (80%) of the capital stock of the Company (“Transaction”); 
 WHEREAS,
contemporaneously with the Closing (as defined below), Purchaser and Sellers shall enter into some Ancillary Agreements, which is fundamental to this Agreement and the Transaction; 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements set forth herein, the Parties hereto agree as follows: 

 

	1.	DEFINITIONS 

 1.1. The following terms, as
used herein, shall, unless the context requires otherwise or unless specified otherwise in the Agreement, have the following meanings: 
 “Additional Guarantee” has the meaning set forth in Section 7.10. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such Person. 

  
 3 

 “Agreement” means this Share Purchase and Sale Agreement and the schedules
attached hereto. 
 “Ancillary Agreements” means the Escrow Agreement, the Quotaholders’ Agreement, Quota
Pledge Agreement and the Non-Employee Officer Agreements. 
 “Anti-Bribery Act” has the meaning set forth in
Section 6.36. 
 “Appraiser” has the meaning set forth in Section 3.4.1. 

“Arbitration Appraiser” has the meaning set forth in Section 3.4.1(b). 

“Assets” are the assets listed in Schedule I of this Agreement. 

“Assumed Contracts” has the meaning set forth in Section 6.21. 

“Balance Sheet” has the meaning set forth in Section 6.15.(b). 

“Balance Sheet Date” has the meaning set forth in Section 6.15.(b). 

“Best Knowledge” means, with respect to a matter, (i) the actual knowledge of such matter or (ii) the knowledge
of such matter that would have been obtained by the relevant Party or any of its Representatives after due inquiry as would cause a reasonably prudent person to make due inquiry in respect of such matter and such reasonably prudent person would,
after such due inquiry, gain such knowledge about such matter, applying the standards and requirements applicable to corporate officers in Article 153 of the Corporations Law, or (iii) knowledge that a Person in the position of such Person
should have in the careful exercise of their responsibilities. 
 “Books and Records” has the meaning set forth
in Section 6.17. 
 “Brazilian GAAP” means the generally accepted accounting principles in Brazil
and that have been consistently applied by the Company. 
 “Business Day” means any day other than a Saturday,
Sunday or a day on which banks in São Paulo are authorized or obligated by applicable Law or executive order to close or are otherwise generally closed. 
 “Business Real Property” has the meaning set forth in Section 6.10.1. 

  
 4 

 “CADE” means the Brazilian antitrust agency, Conselho Administrativo de
Defesa Econômica, comprised of the General Superintendence and the Tribunal. 
 “CCBC” has the
meaning set forth in the Section 14.1. 
 “Claim” has the meaning set forth in
Section 7.5. 
 “Closing” has the meaning set forth in Section 4.1. 

“Closing Balance Sheet” has the meaning set forth in Section 3.3(a). 

“Closing Cash” means Company’s Cash at the Closing Date pursuant to the Closing Balance Sheet. 

“Closing Date” has the meaning set forth in Section 4.1. 

“Closing Date Net Working Capital” means Company’s Net Working Capital at the Closing Date pursuant to the Closing
Balance Sheet. 
 “Closing Debt” means Company’s Debt at the Closing Date pursuant to the Closing Balance
Sheet. 
 “Closing Notice” has the meaning set forth in Section 4.5. 

“Company Employees” has the meaning set forth in Section 6.14. 

“Company Financial Statements” has the meaning set forth in Section 6.15.(a). 

“Confidential Information” has the meaning set forth in Section 10.1. 

“Control” means, in respect of any Person, the possession, directly or indirectly, of the power to permanently direct or
cause the direction of the management and policies of such Person, whether through the ownership of voting stock or by voting agreement, contract or otherwise, and the terms “Controlled” and “Controlling” will be
construed accordingly. 
 “Disclosure Schedule” means the disclosure schedule with respect to the
representations, warranties and covenants of the Company and the Sellers contained in this Agreement, with sections corresponding to the numbered and lettered sections contained herein, delivered separately by the Sellers to the Purchaser
simultaneously with the execution and delivery of this Agreement. 

  
 5 

 “Dispute” has the meaning set forth in Section 14.1.

 “Dispute Notice” has the meaning set forth in Section 14.2. 

“Factor-Based Net Working Capital Estimate” is an amount equal to the Reference Date Net Working Capital Factor times the
total revenues of the Company in the 12-month period prior to the Closing Date. 
 “Environmental Law” means all
Laws, Permits, remediation standard or guideline or agency requirement or code of conduct, environmental plans relating to (i) the protection, investigation or restoration of the environment, human health or safety, sanitation or natural
resources, (ii) the handling, use, presence, generation, treatment, storage, transportation, emission, disposal, burial, discharge, release or threatened release of any Hazardous Substance or (iii) noise, odor, indoor air, employee
exposure, wetlands, pollution, contamination or any injury or threat of injury to persons or property relating to any Hazardous Substance. 
 “Escrow Account” means a bank account to be opened prior to the Closing Date, in accordance with the Escrow Agreement. 

“Escrow Agent” means Banco J. P. Morgan S.A. 
 “Escrow Agreement” means the agreement which is found at Schedule 9.1 and which is referred to in Section 9.1 and which governs the operation of the Escrow Account.

 “Escrow Amount” means the amount of seven million Reais (R$7,000,000.00) plus any interest accruing from time
to time on this amount that is held in the Escrow Account. 
 “Estimated Cash” means three hundred thousand
Reais (R$ 300,000.00). 
 “Estimated Debt” means two hundred and eight thousand Reais (R$ 208,000.00).

 “FGTS” has the meaning set forth in Section 6.14.4. 

  
 6 

 “Final Release Date” has the meaning set forth in
Section 7.7.4. 
 “Final Release” has the meaning set forth in Section 7.7.4.

 “First Release” has the meaning set forth in Section 7.7.3. 

“First Release Date” has the meaning set forth in Section 7.7.3. 

“Governmental Authority” means any federal, national, state, provincial, local or other government, governmental entity,
regulatory or administrative authority, department, commission, board, agency or instrumentality, any recognized stock exchange and any court, arbitrator, tribunal of competent jurisdiction, whether foreign or domestic with jurisdiction over the
Parties, the Company, the Transaction or any portion of the Information Business. 
 “Hazardous Material” has
the meaning set forth in Section 6.19.1. 
 “Hazardous Materials Activities” has the meaning set
forth in Section 6.19.2. 
 “Indemnified Parties” means Purchaser’s Indemnified Parties and/or
Seller’s Indemnified Parties, and their respective successors, as the case may be. 
 “Indemnifying Party”
means Purchaser’s Indemnifying Parties and/or Seller’s Indemnifying Parties, and their respective successors, as the case may be. 
 “Indemnity Limit” has the meaning set forth in Section 7.8. 
 “Information Business” has the meaning set forth in the Preamble. 

“INSS” has the meaning set forth in Section 6.14.2. 

“Intellectual Property” means the trademarks, trade-names, patents, designs, trade secrets, know-how, domain names and
software, software code and URLs, used in connection with or related to the Information Business, including the items listed in Exhibit V hereto with all applications and rights to apply therefore and all renewals, extensions and revivals
thereof. 

  
 7 

 “Law(s)” means any federal, state and municipal law, ordinance, regulation,
rule, code, order, requirement or rule of law, decree, judicial or regulatory or administrative order, judgment or injunction. 

“Leases” has the meaning set forth in Section 6.10.2. 

“Liabilities” means any and all debts, judicial or administrative proceedings, liabilities, costs, expenses (including
reasonable legal fees and disbursements incurred in connection with any Liability), damages, losses, commitments, and obligations of any kind or nature (including commercial, corporate, tax, social security, labor, civil, administrative,
Intellectual Property and environmental), whether fixed, actual, contingent or absolute, determined, determinable or otherwise, whenever or however arising out of any Litigation (by succession or not), contract, tort based on negligence or strict
liability, act or omission, fact, event or circumstance, whether or not disclosed in this Agreement or in the applicable financial statements or notes thereto. 
 “Lien” means any burden, mortgage, lien, antichresis, emphyteusis, usufruct, pledge, charge, security interest, encumbrance, easements, rights of way, title defect,
objections, rights of first refusal, preemptive rights, options, right to acquire, third party right, title retention, conditional sale arrangement, conditions or other restriction of any kind, including contractual, legal, fidejussory, in
rem, judicial or extra-judicial obligations, or any other right in favor of or claim by, any third party of whatsoever nature. 
 “Litigation” means any and all litigations, actions, suits, claims, investigations, arbitrations, judicial or administrative proceedings, condemnations, disputes, or any infraction
notices, summonses, court notifications, expert investigations or inspections or other proceedings, in any forum, judicial, administrative, or arbitral. 
 “Losses” means any and all Liabilities, costs, expenses, claims, agreements, judicial decisions, fines, judicial or administrative proceedings, penalties, third party obligations,
charges, and material losses, arising from a final and unappealable decision, provided that Losses shall not include moral damages. 
 “Material Contracts” has the meaning set forth in Section 6.21.1(a). 

  
 8 

 “Material Adverse Change” means (a) a material adverse change on the
ability of the Company to consummate the transactions contemplated hereby, or (b) a material adverse change on the business, assets, financial condition or results of operations of the Company, taken as a whole, excluding any effect to the
extent resulting from any of the following: (i) changes affecting the Brazil or international economy or political, business, economic, financial, credit or capital market conditions, including interest rates or exchange rates, or any changes
therein, and not having a materially disproportionate effect on the Company relative to other participants in the industry in which the Company operates, (ii) the negotiation, execution, delivery, performance or announcement of this Agreement,
including any litigation resulting therefrom, any cancellation of or delays in customer orders, any reduction in sales and adverse change in supplier, distributor or similar relationships (in each case to the extent resulting primarily therefrom),
(iii) any change arising from or relating to compliance by the Company with the terms of this Agreement, or action taken, or failure to act at the request of Purchaser, (v) acts of war (whether or not declared), the commencement,
continuation or escalation of a war, acts of armed hostility, sabotage or terrorism or other international or national calamity or any material worsening of such conditions threatened or existing as of the date of this Agreement, (vi) any
hurricane, earthquake, flood, or other natural disasters or acts of God; (vii) changes in Brazilian GAAP after the date hereof; (viii) any failure by the Company to meet any estimates of revenues, earnings, projections or other economic
performance, whether published, internally prepared or provided to Purchaser or any of its Representatives in and of itself (provided that the underlying cause(s) of or contributor(s) to any such failure may be taken into account in determining
whether a Company Material Adverse Change shall have occurred); or (x) any effect or change to the extent that it is cured or reversed prior to the date on which this Agreement would be terminable pursuant to Section 11.1.

 “Non-Competition Liquidated Damages” has the meaning set forth in Section 8.3. 

“Ordinary Course” or “Ordinary Course of Business” means the conduct of the Company within the normal
day-to-day customs and procedures of Sellers, consistent with the past practices, including as to timing and amounts, as historically conducted. 
 “Party(ies)” has the meaning set forth in the Preamble. 

  
 9 

 “Person” means an individual, corporation, partnership, limited liability
company, individual company of limited liability (empresa individual de responsabilidade limitada), association, joint venture, trust or other entity or organization, including a government or political subdivision or an agency or
instrumentality thereof. 
 “Permits” has the meaning set forth in Section 6.7. 

“Personal Property” has the meaning set forth in Section 6.29. 

“Purchaser” has the meaning set forth in the Preamble. 

“Purchaser’s Conditions to Close” has the meaning set forth in Section 4.3. 

“Purchaser’s Indemnified Parties” has the meaning set forth in Section 7.1. 

“Purchase Price” has the meaning set forth in Section 3.1. 

“Post-Closing Price Adjustments” has the meaning set forth in Section 3.2. 

“Quotaholders’ Agreement” has the meaning set forth in Section 9.2. 

“Quota Pledge Agreement” has the meaning set forth in Section 9.4. 

“Reais” or “R$” means Brazilian Reais. 

“Refusing Party” has the meaning set forth in Section 11.6. 

“Representative” means any officer, director, employee, accountant, counsel, consultant, advisor, agent, shareholder or
Affiliate. 
 “Seller” has the meaning set forth in the Preamble. 

“Sellers’ Conditions to Close” has the meaning set forth in Section 4.4. 

“Seller’s Indemnified Parties” has the meaning set forth in Section 7.2. 

“Shares” means quotas representing the capital stock of the Company. 

  
 10 

 “Statement” has the meaning set forth in Section 3.3.(b).

 “Software” has the meaning set forth in Section 6.24. 

“Taxes” means without limitation all federal, state and municipal taxes, charges, contributions and social charges, price
on public services, fees, levies or other assessments or withholdings imposed by any Governmental Authority on, based on, or with respect to, including, without limitation, income, gross receipts, sales, use, goods and services, capital transfer,
profits, license, value-added, capital, franchise, ad valorem, minimum taxes, withholding, payroll, employment, employer health, FGTS, INSS, social contributions, social security, excise, severance, environmental, occupation, property, or other
taxes, customs duties, fees, assessments or charges of any kind whatsoever, together with any interest and any penalties, additions to tax or additional amounts, including any amounts payable as a result of the application of monetary correction or
any other factor imposed by any taxing authority. 
 “Tax Return” means any return (including estimated
returns), declaration, report, claim for refund, or information return or statement relating to Taxes, including any schedule or attachment thereto. 
 “TED” means an interbank wire transfer of immediately available funds. 
 “Third Party Intellectual Property” has the meaning set forth in Section 6.27. 
 “Transaction” has the meaning set forth in the Preamble. 

“Transferred Shares” has the meaning set forth in Section 2.1. 

 

	2.	PURCHASE AND SALE OF THE COMPANY 

 2.1. Subject to the terms and conditions herein, on the Closing Date, Sellers shall sell to Purchaser and Purchaser shall purchase from Sellers four hundred thousand (400,000) Shares of the
capital stock of the Company fully subscribed and paid for, free and clear from any Liens, and as consequence of that, the Information Business (collectively hereinafter referred to as “Transferred Shares”). 

  
 11 

 2.2. Each one of Sellers will transfer to Purchaser two hundred thousand
(200,000) Shares currently owned by each of them. As a result of the Transaction, the shareholding structure of the Company, after the Closing, shall be as follows: 

 

									
	 SHAREHOLDER
	  	NUMBER OF SHARES	 	  	CAPITAL STOCK	 
	 Purchaser
	  	 	400,000	  	  	R$	400,000.00	  
	 Ricardo
	  	 	50,000	  	  	R$	50,000.00	  
	 Alexandre
	  	 	50,000	  	  	R$	50,000.00	  
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	500,000	  	  	R$	500,000.00	  
		  	  
	  
	 	  	  
	  
	 

 2.3. Ricardo’s Spouse and Alexandre’s Spouse expressly agree with the Transaction and
the transfer of the Transferred Shares to the Purchaser, granting to it irrevocable and irreversible release, having nothing further to claim at any time and on any account in relation to the ownership of the Transferred Shares. 

 

	3.	PURCHASE PRICE; PAYMENT AND ACCOUNTING ADJUSTMENT 

 3.1. Subject to the further terms hereof, the aggregate consideration of sixty million Reais (R$60,000,000.00) (“Purchase Price”) to be paid and delivered by Purchaser as set forth
in Section 4.2 for the Transferred Shares and the representations, warranties and covenants of the Sellers contained herein shall be comprised of the following: 
 (a) an amount in cash equal to forty-three million Reais (R$43,000,000.00) shall be paid to Sellers in accordance with the percentages of the Shares owned by each of the Sellers on the Closing Date;

 (b) the Escrow Amount; 
 (c) five million Reais (R$5,000,000.00) are deducted from the Purchase Price and paid to Ricardo as indemnification for his non competition and non solicitation obligation set forth in
Section 8.1 below; and 
 (d) five million Reais (R$5,000,000.00) are deducted from the Purchase Price and paid to
Alexandre as indemnification for his non competition and non solicitation obligation set forth in Section 8.1 below. 

  
 12 

 3.2. The Parties agree that the Purchase Price is fixed and will not suffer any kind
of reduction, in any way, except for the amount represented by Adjusted Cash, Debt and Net Working Capital adjustments, as per the procedure set forth below (“Post-Closing Price Adjustments”) and under Schedule 3.4.2 and
Schedule 3.4.3. The Sellers agree that, in any event, on the Closing Date, the Company will have sufficient Cash available to meet its working capital requirements to operate in its normal course of business after the Closing Date.

 3.3. The Parties agree that the Company will retain the services of Deloitte to: 

(a) issue a balance sheet of the Company as of the Closing Date (the “Closing Balance Sheet”) in accordance with
Brazilian GAAP and pursuant to the same criteria used for preparing the Financial Statements and the Base Balance Sheet; and 

(b) based on the Closing Balance Sheet, issue a statement showing the calculation of (i) the Adjusted Cash adjustment described in
Section 3.4.2 below, (ii) the Debt adjustment described in Section 3.4.3 below and (iii) the Net Working Capital adjustment described in Section 3.4.4 below (the “Statement”). 

3.4. The Closing Balance Sheet and the Statement shall be delivered by Deloitte both to Purchaser and Sellers, in English, as
early as possible, but in any event no later than thirty (30) days after the Closing Date. The costs incurred in retaining the services of Deloitte shall be shared equally between Sellers and Purchaser. 

3.4.1. The Parties will have fifteen (15) days to agree with the Closing Balance Sheet and the Statement prepared by
Deloitte. In case any Part disagrees with the documents prepared, this Party will be entitled to hire an independent auditor selected among (i) Ernst & Young, (ii) PriceWaterhouseCoopers or (iii) KPMG.
(“Appraiser”) of its choice to prepare the Closing Balance Sheet and the Statement. 
 (a) If the difference
calculated by Deloitte and the Appraiser is equal to or lower than ten percent (10%), the amount to be considered shall be equal to the arithmetic average of those amounts. 
 (b) If the difference calculated by Deloitte and the Appraiser is higher than ten percent (10%), Deloitte and the Appraiser shall appoint a third appraiser (“Arbitration Appraiser”) to
prepare (within a term no longer than thirty (30) days of its contracting) the Closing Balance Sheet and the Statement, and this new appraiser shall take into account, in its analysis, the calculations made by Deloitte and the Appraiser,
provided that the value of its appraisal must be located between the values resulting from prior appraisals and shall be deemed as final and binding upon the Parties. The costs resulting from contracting the Arbitration Appraiser shall be paid by
the Part that disagreed with the Closing Balance Sheet and the Statement prepared by Deloitte. 

  
 13 

 (A) Adjusted Cash 
 3.4.2. The Purchase Price shall be (i) increased by the amount, if any, by which the Closing Cash exceeds the Estimated Cash; or (ii) reduced, by the amount, if any, by which the Closing
Cash is less than the Estimated Cash. An illustrative example of the Cash calculation routine is attached as Schedule 3.4.2. 
 (B)
Debt adjustment 
 3.4.3. The Purchase Price shall be (i) decreased by the amount, if any, by which the Closing
Debt exceeds the Estimated Debt; or (ii) increased by the amount, if any, by which the Closing Debt is less than the Estimated Debt. An illustrative example of this calculation is attached as Schedule 3.4.3. 

(C) Net Working Capital adjustment 
 3.4.4. The Purchase Price shall be (i) increased by the amount, if any, by which the Closing Date Net Working Capital exceeds the Factor-Based Net Working Capital Estimate; or
(ii) reduced by the amount, if any, by which the Closing Date Net Working Capital is less than the Factor-Based Net Working Capital Estimate. An illustrative example of the calculation is attached as Schedule 3.4.4. 

3.4.5. The payments mentioned in Section 3.4.2, Section 3.4.3 and Section 3.4.4 above must be
made by Purchaser or Sellers, as the case may be, within fifteen (15) days from the date of delivery of the Closing Balance Sheet and the Statement by Deloitte, by wire transfer of immediately available funds to the bank account to be indicated
by the relevant Party. 
 3.5. The obligation of the Sellers, if any, to pay the Post-Closing Price Adjustments amount
shall be joint and several. 
  

	4.	CLOSING, CONDITIONS TO CLOSING AND CONDUCT OF THE BUSINESS 

 4.1. Closing. Subject to the terms and conditions set forth herein, the actual purchase and sale of the Transferred Shares, by means of the delivery of any document or performance of any act
required or convenient for that 

  
 14 

 
purposes (the “Closing”), as set forth in Section 4.2, shall take place at the offices of Pinheiro Neto Advogados, in São Paulo, at Rua Hungria, No. 1100, no
earlier than the fifth (5th) Business Days, and no
later than the tenth (10th) Business Day following
the receipt by Purchaser of the notice mentioned in Section 4.5, on a date agreed by the Parties, provided that if the conditions set forth in Section 4.3 have not been fulfilled or waived on or before April 30,
2013, this Agreement shall be deemed terminated and Section 11 shall apply. The day on which the Closing occurs shall be for purposes of this Agreement the “Closing Date”. 

4.2. Closing Acts. At the Closing, the following acts shall occur: 

(a) delivery by the Sellers and Purchaser of the respective certificates confirming that the representations and warranties of each of
them contained herein shall be true and correct with the same effect as though such representations and warranties had been made on and as of the Closing Date. The foregoing certification shall be made upon the signature and delivery of a
certificate, in the form attached hereto as “Schedule 4.2(a)”; 
 (b) Purchaser shall pay to the Sellers the
amount of forty-three million Reais (R$43,000,000.00) as part of the Purchase Price, according to the provisions of Section 3.1.(a), by TEDs to the bank accounts designated by the Sellers; 

(c) Purchaser shall deposit in the Escrow Account the Escrow Amount, according to the provisions of Section 3.1. (b), by
a TED; 
 (d) Purchaser shall pay to Ricardo the amount of five million Reais (R$ 5,000,000.00) as indemnification for his non
competition and non solicitation obligation set forth in Section 8.1 below, according to the provisions of Section 3.1. (c), by TEDs to the bank accounts designated by the Sellers; 

(e) Purchaser shall pay to Alexandre the amount of five million Reais (R$ 5,000,000.00) as indemnification for his non competition and non
solicitation obligation set forth in Section 8.1 below, according to the provisions of Section 3.1. (d), by TEDs to the bank accounts designated by the Sellers; 

  
 15 

 (f) Sellers shall deliver to Purchaser four (4) executed copies of the amendment to the
articles of association of the Company as set forth in “Schedule 4.2. (f)”, evidencing the transfer of the Transferred Shares to Purchaser; 
 (g) Sellers shall deliver to Purchaser the following valid clearance certificates (certidões negativas) of debt related to the Company, issued for the purposes of changing Company’s
corporate control: (i) Certidão Conjunta Negativa de Débitos relatives a Tributos Federais e à Dívida Ativa da União issued by Receita Federal (Clearance Certificate related to taxes due to the
Brazilian Federal Tax authorities); (ii) Certidão Negativa de Débito, issued by Instituto Nacional da Seguridade Social—INSS (Clearance Certificate related to payments due to the INSS); and
(iii) Certificado de Regularidade do Fundo de Garantia por Tempo de Serviço—FGTS (Clearance Certificate related to payments due to FGTS), issued by Caixa Econômica Federal; 

(h) Sellers shall deliver to Purchaser a Non-Employee Officer Agreement signed by Ricardo as set forth in “Schedule 4.2
(h)”; 
 (i) Sellers shall deliver to Purchaser a Non-Employee Officer Agreement signed by Alexandre as set forth in
“Schedule 4.2 (i)”; 
 (j) the Purchaser and the Sellers shall deliver to each other the documents that evidence
the powers and authority of their respective representatives who act as signatories of all documents that are executed at Closing; 
 (k) the Purchaser and the Sellers shall deliver to each other the corporate approvals needed to evidence that the Purchaser and the Sellers are each authorized to enter into all such the documents that
are executed at Closing, perform the acts contemplated therein, fulfill the obligations assumed thereunder and complete the Transaction; 
 (l) Sellers shall exhibit to Purchaser all Company’s corporate books, duly registered with the Board of Trade of the State of São Paulo and updated; 

  
 16 

 (m) Sellers shall deliver to Purchaser the resignation letters of Company’s officers
appointed by Sellers, in which Company’s officers grant broad, full, general, and irrevocable release to Company, so that nothing else may be claimed on any account (such resignations shall be effective concurrently with the transfer of the
Transferred Shares to Purchaser); 
 (n) the Parties shall enter into a Quotaholders’ Agreement, in the form attached hereto
as “Schedule 9.2”; 
 (o) the Parties shall enter into a Escrow Agreement with the Escrow Agent, in the form
attached hereto as “Schedule 9.1”; 
 (p) the Parties shall enter into a Quota Pledge Agreement, in the form
attached hereto as “Schedule 9.4”; and 
 (q) the Purchaser shall deliver to the Sellers copy of the US FCPA as
in force today, together with the Purchaser’s compliance policy and compliance program. 
 4.2.1. Simultaneous
Actions. All actions required to be taken at Closing shall be deemed to occur simultaneously. No Party hereto shall have any obligation to consummate any of the actions referred to in Section 4.2, unless all such actions shall have been
consummated, with due regard to the provisions set forth in such Section, or waived by all the Parties in writing, and, if any Party fails to take any action required to be taken at Closing, all actions effectively taken at Closing shall be deemed
null and void and each Party shall take such further action as may be reasonably required to undo and unwind any action taken at Closing. 
 4.3. Purchaser’s Conditions to Closing. The obligation of the Purchaser to carry out its respective actions at Closing is conditioned, as per article 125 of the Brazilian Civil Code, to
the fulfillment of each of the following conditions precedent by the Sellers (“Purchaser’s Conditions to Close”) or to the waiver by the Purchaser of such Purchaser’s Conditions to Close: 

(a) approval by CADE of the Transaction set forth in this Agreement; 

(b) the Sellers and the Company shall have obtained the approvals, permits, authorizations, consents and waivers listed in
“Schedule 4.3.(b)”, valid as of the Closing Date; 

  
 17 

 (c) the representations and warranties made by the Sellers in this Agreement shall be true
and correct in all material respects at and as of the date of this Agreement and as of the Closing Date as though restated on and as of such date (except in the case of any representation or warranty that by its terms is made as of a date specified
in such representation or warranty, in which case such representation or warranty shall be true and correct as of such date); 

(d) on the Closing Date, no statute, rule, regulation, executive order, decree, injunction or other order (whether temporary, preliminary
or permanent) issued by any court of competent jurisdiction shall be in effect that restricts or prohibits consummation of the Transaction contemplated by this Agreement; 
 (f) no Material Adverse Change on the Company shall have occurred; and 
 (g) the
Sellers and the Escrow Agent shall have entered into the Escrow Agreement and the Escrow Account shall be duly opened. 

4.4. Sellers’ Conditions to Closing. The obligation of the Sellers to carry out its respective actions at Closing is
conditioned, as per article 125 of the Brazilian Civil Code, to the fulfillment of each of the following conditions precedent by the Purchaser (“Sellers’ Conditions to Close”) or to the waiver by the Sellers of such
Sellers’ Conditions to Close: 
 (a) approval by CADE of the Transaction set forth in this Agreement; 

(b) the representations and warranties made by the Purchaser in this Agreement shall be true and correct in all material respects at and
as of the date of this Agreement and as of the Closing Date as though restated on and as of such date (except in the case of any representation or warranty that by its terms is made as of a date specified in such representation or warranty, in which
case such representation or warranty shall be true and correct as of such date); 

  
 18 

 (c) on the Closing Date, no statute, rule, regulation, executive order, decree, injunction
or other order (whether temporary, preliminary or permanent) issued by any court of competent jurisdiction shall be in effect that restricts or prohibits consummation of the Transaction contemplated by this Agreement; and 

(d) the Purchaser and the Escrow Agent shall have entered into the Escrow Agreement and the Escrow Account shall be duly opened.

 4.5. Closing Notice. The Sellers shall, within five (5) Business Days from the fulfillment and/or waiver
of the Purchaser’s Condition to Close and/or the Sellers’ Conditions to Close (by the Sellers or the Purchaser, as the case may be) set forth in Section 4.3 and Section 4.4, as the case may be, deliver a notice to
the Purchaser (“Closing Notice”), in accordance with Section 12: (i) stating the occurrence of such fulfillment and/or waiver (by the Sellers or the Purchaser, as the case may be); (ii) proposing two
(2) options of proposed dates for the Closing Date, which shall be within the time periods set forth in Section 4.1; and (iii) modifying the Disclosure Schedules to reflect any changes permitted by Section 4.6 and
subsections. Failure by the Purchaser to respond to the Closing Notice within five (5) Business Days after its receipt will represent acceptance by the Purchaser of the proposal to close the Transaction on one of the dates indicated therein,
provided that the Purchaser shall not accept any of the dates if it has a justified reason and shall, therefore, propose a new date, that shall not be more than ten (10) Business Days as from the date of such new proposal. 

4.6. Conduct of Business Prior to the Closing. During the period from the date of this Agreement and continuing until the
earlier of the termination of this Agreement and the Closing Date, except to the extent that the Purchaser shall otherwise consent in writing, to the extent legally permissible, the Sellers will exercise their voting rights, as quotaholders of the
Company, over the Company to cause the Company to carry on their business in the ordinary course in the same manner as heretofore conducted, pay or perform their obligations when due, and use their commercially reasonable efforts consistent with
past practice and policies to preserve intact their present business organization, keep available the services of their present officers and key employees and preserve their relationships with customers, suppliers, distributors, licensors,
licensees, and others having business dealings with them. 

  
 19 

 4.6.1 Restricted Actions of the Company. Without limiting the foregoing and
except as expressly contemplated by this Agreement, the Sellers undertake the obligation to exercise their voting rights, as quotaholders of the Company, over the Company so as not to approve or hinder the performance of any of the following acts,
as from the date hereof up to the Closing Date, without the prior written consent of the Purchaser: 
 (a) sell, pledge, acquire,
dispose of or otherwise voluntarily subject to any Lien any of the Company’s assets or on any of the Shares; 
 (b) acquire
or agree to acquire by merging or consolidating with, or any other similar restructuring or by purchasing any assets or equity securities of, or by any other manner, any business or any Person or division thereof, or otherwise acquire or agree to
acquire outside of the ordinary course of business consistent with prior practice any assets in any amount, or enter into any joint venture, strategic alliance, exclusive dealing, noncompetition or similar contract or arrangement; 

(c) enter into or amend any contractual obligation with any related party of the Sellers; 

(d) approve the redemption, purchase, issue or disposal of any part or of all Shares; 

(e) execute any Material Contract and/or terminate, amend or withdraw from any of the Material Contracts currently in force and in effect,
except for those contracts which expire in accordance with their stated term (provided that in such cases of expiration in accordance with their stated term, the Sellers shall provide the Purchaser with reasonable notice of such expirations and
discuss with the Purchaser the effects thereof); 
 (f) contract any new debt above two hundred and fifty thousand Reais
(R$250,000.00); 

  
 20 

 (g) increase or approve any other change in the total annual compensation paid to any
Company’s Employee or the establishment of any bonus, insurance, severance indemnity, deferred payment, pension, retirement, profit sharing, stock options, stock purchase or other Company’s Employee benefit plan, except as required by Law
or under the applicable collective labor agreements; 
 (h) retain any new employee with a monthly compensation higher than five
thousand Reais (R$5,000.00) or dismiss any Company’s Employee with a base salary in excess of five thousand Reais (R$5,000.00), except in case of termination with cause, or implement a plan for the dismissal or hiring of any such Company’s
Employee; 
 (i) perform any acts that are not strictly within the normal course of the business of the Company , including any
service change or enhancement with material customers and suppliers; 
 (j) introduce any changes in the accounting policies
and/or principles adopted by the Company; 
 (k) donate or waive any right; 

(l) introduce any changes in the business policies or procedures of the Company; 

(m) implement any corporate restructuring; 
 (n) pay any dividend or interest on shareholders’ equity (juros sobre capital próprio); 
 (o) effects any capital increase or reduction; 
 (p) assign any lease agreement
related to any real estate property to which the Company has a contractual right; 
 (q) assume any obligations or undertake any
expenses, including capital expenditures, or duties in excess of a value equal to, for each transaction, two hundred and fifty thousand Reais (R$250,000.00); 

  
 21 

 (r) grant financing or guarantees in favor of any of the Sellers, their related parties or
third parties; 
 (s) early repay or prepay any loans or other financial facilities of any nature undertaken by the Company;

 (t) initiate, as a plaintiff, any litigation and/or arbitration proceedings or settle any individual claim involving an amount
exceeding fifty thousand Reais (R$50,000.00); and 
 (u) agree or commit to do any of the matters set out in this
Section 4.6.1. 
 4.6.2 Sellers Obligations. As from the date hereof and up to the Closing Date, the
Sellers shall exercise their Control power over the Company to cause each of them to: 
 (a) ensure the Purchaser reasonable
access, during normal business hours, and after reasonable prior notice, to the books and records of the Company; 
 (b) provide
the Purchaser with data and other financial and operational information relating to the business conducted by the Company as may be reasonably requested in the context of the proposed Transaction; 

(c) maintain in good order all corporate and accounting books and records of the Company in accordance with past practices and procedures;

 (d) comply with applicable Laws in all material aspects in accordance with past practices of the Company; 

(e) comply with its contract obligations in all material aspects; 
 (f) make timely payment of all its financial commitments; and 
 (g) pay all Taxes
payable, except for Taxes that are being disputed in good faith and by appropriate means, in accordance with past practices of the Company. 

  
 22 

	5.	PURCHASER’S REPRESENTATIONS AND WARRANTIES 

 The Purchaser represents and warrants to Sellers that each of the following representations and warranties is, as of the date hereof, true and correct and in full force and effect: 

5.1. Organization and Powers. The Purchaser is a limited liability company (sociedade limitada) incorporated,
organized and established, under the Laws of Brazil and duly enrolled with the Brazilian Federal Revenue (Receita Federal do Brasil), and has full corporate power and authority to own, lease and operate its properties and to carry on its
business as it is now being conducted. 
 5.2. Authorization, Binding Effect. The Purchaser has all requisite
corporate power and authority to enter into this Agreement and the Ancillary Agreements to which it is a party, to perform its obligations hereunder and thereunder and to consummate the Transaction. The execution, delivery and performance by the
Purchaser of this Agreement and each of the Ancillary Agreements to which the Purchaser is a party and the consummation of the Transaction has been duly and validly executed and delivered by the Purchaser. This Agreement, and each of the Ancillary
Agreements to which the Purchaser is a party, have been duly executed and delivered by the Purchaser and, assuming the due authorization, execution and delivery by the other parties hereto and thereto (other than the Purchaser), this Agreement
constitutes, and in the case of the Ancillary Agreements they constitute, valid and binding obligations of the Purchaser, enforceable against the Purchaser in accordance with their respective terms, except as such enforceability may be subject to
applicable bankruptcy, reorganization, insolvency, moratorium and similar Laws affecting the enforcement of creditors’ rights generally and by general principles of equity. 

5.3. Conflicts. The execution, delivery and performance by the Purchaser of this Agreement and the consummation of the
Transaction contemplated herein do not and will not (i) violate the corporate documents or bylaws of the Purchaser, (ii) violate any applicable material Law, including, but not limited, to any antitrust Law or (iii) violate any
contract, agreement or obligation entered into by the Purchaser on or prior to the date hereof. 
 5.4. Consents and
Approvals. No consent, waiver, approval, order or authorization of, or registration, declaration or filing with, or notice to, any Governmental Authority, is required by or with respect to the Purchaser in connection with the execution,
delivery and performance of this Agreement and 

  
 23 

 
the Ancillary Agreements by the Purchaser or the consummation by the Purchaser of the Transaction including for filings, permits, authorizations, consents, approvals or other such actions as may
be required under, and other applicable requirements of, any applicable antitrust Laws. 
 5.5. Litigation. There
is no Litigation pending against or affecting, the Purchaser before any court or arbitrator or any Governmental Authority, which in any manner prevents, materially alter or delay the Transaction contemplated by this Agreement. 

5.6. Financial Capacity. The Purchaser has the financial capacity whether through its own resources or through committed
credit facilities from reputable financial institutions to fulfill all of its obligations under this Agreement. The fulfillment of all obligations assumed by the Purchaser in this Agreement is not subject to any financing condition. 

5.7. Expenses. The Purchaser shall bear all the expenses, including any commission or fee, to be paid to any brokers,
finders or advisors engaged by the Purchaser in connection with this Agreement. 
 5.8. Compliance with Laws.
Based on the information provided by the Company and the Sellers, the Purchaser has not identified any circumstance or conditions relating to anti-corruption Laws, including the US FCPA, which could prevent the conclusion of the Transaction. The
Purchaser is a legal entity subject to the US FCPA. As a legal entity subject to the US FCPA, the Purchaser maintains a compliance policy and a compliance program, which shall be delivered to the Seller as established in Section 4.2(q),
in order to allow the Sellers to implement such policy and program in the Company. 
 5.9.
Dividends. The Sellers deliberated and paid dividends on December 24th, 2012 equal to the Company’s current cash less three hundred thousand Reais (R$ 300,000.00). 
  

	6.	SELLERS’ REPRESENTATIONS AND WARRANTIES 

 The Sellers represent and warrant to the Purchaser that each of the following representations and warranties is, as of the date hereof, true and correct and in full force and effect: 

6.1. Organization and Powers. Each of Ricardo and Alexandre is a natural person and is legally competent to own, lease and
operate his respective properties and to carry on his business as currently conducted. The Company is a legal entity duly organized and validly existing and in good 

  
 24 

 
standing under the Laws of the Federative Republic of Brazil. The Company is duly organized and validly existing under the Laws of Brazil, have the applicable permits required to possess, hold,
lease and dispose of their assets and do not have restrictions to conduct their activities as currently conducted and, also, to perform all the transactions contemplated in this Agreement. The corporate books, documents and records of the Company
fully and accurately reflect the shareholding structure of the Company. The stock capital of the Company is five hundred thousand Reais (R$500,000.00), divided into five hundred thousand (500,000) Shares. 

6.2. Authorization, Binding Effect. Each of Ricardo and Alexandre has the power and capacity to enter into this Agreement,
the Ancillary Agreements to which he is a party, to perform his obligations hereunder and thereunder, and to consummate the Transaction. Except for the consent referred in Section 2.3, no consents are required for the authorization,
execution, delivery and performance of this Agreement and the Ancillary Agreements by each of Ricardo and Alexandre. This Agreement has been, and each of the Ancillary Agreements to which a Seller is a party has been, duly executed and delivered by
each of the Sellers and, assuming due authorization, execution and delivery by the other parties hereto and thereto (other than the Sellers), this Agreement constitutes, and each Ancillary Agreement to which such Seller Party is a party,
constitutes, valid and binding obligations of each of the Sellers, enforceable against such Seller in accordance with their respective terms. 
 6.3. Conflicts. The execution, delivery and performance by each Seller of this Agreement and each Ancillary Agreement to which such Seller is a party, and the consummation of the Transaction
hereby, do not and will not conflict with or result in any material violation of or material default under (with or without notice or lapse of time, or both) or give rise to a right of termination, cancellation, modification or acceleration of any
material obligation or loss of any material benefit under, or result in the imposition or creation of any Lien upon the Assets or any Lien upon any of the properties or assets of the Information Business (tangible or intangible), or cause the
Company to become subject to, or liable for, the payment of any Tax under (a) any provision of the organizational documents of the Company, (b) any contract to which any Seller or the Company is a party or by which it or any of its
properties or assets is bound, (c) any Permit or (d) any Law applicable to any Seller or the Company or any of their respective properties or assets (whether tangible or intangible). 

6.4. Consents and Approvals. No consent, waiver, approval, order or authorization of, or registration, declaration
or filing with, or notice to, any Governmental Authority, is required by or with respect to the Sellers in connection with the execution, delivery and performance of this Agreement and 

  
 25 

 
the Ancillary Agreements by the Purchaser or the consummation by the Purchaser of the Transaction including for filings, permits, authorizations, consents, approvals or other such actions as may
be required under, and other applicable requirements of, any applicable antitrust Laws. 
 6.5. Litigation. Except
as set forth in Schedule 6.5, there is no Litigation pending against or affecting, the Information Business, the Assets, the Intellectual Property, the Assumed Contracts and/or the Company before any Governmental Authority, or which in any
manner challenges or seeks to prevent, alter, materially delay or adversely affect the Transaction contemplated by this Agreement. 
 6.6. Compliance with Laws and Court Orders; No defaults. (a) The Sellers and the Company are not in material violation of, or have violated, any applicable Law relating to the
Information Business and have not received any complaint, citation or notice of violation from any Government Body, and none are threatened, alleging that they have violated Law No. 12,737 dated as of November 30, 2012 and any applicable
Law relating to the Information Business, are not in default under, and no condition exists that with notice or lapse of time or both would constitute a default under the terms of any Permit, rights or obligations of the Information Business, and
are not subject to any unpaid fine, obligation to pay damages or any continuing sanction for any such noncompliance, whether actual or contingent and whether or not covered by insurance. (b) The Information Business and the Company do not and
will not violate Law No. 12,737, dated as of November 30, 2012, currently in period of vacatio legis and to be effective as of April 2, 2013. 
 6.6.1. The Sellers and the Company have delivered to the Purchaser a correct and complete copy of each report, study, survey or other document to which the Sellers and the Company have access
relates to the compliance of the Sellers and the Company with, or the applicability to the Sellers and the Company of, any Law. 

6.7. Permits and Licenses. The Company holds all required permits, licenses, approvals, registrations and authorizations
from all Governmental Authorities which are necessary to lawfully conduct the Information Business in a manner consistent with past practices (“Permits”). All such Permits are in full force and effect. All such Permits are owned or
validly held by the Company and are listed in Schedule 6.7. Such Permits will not be adversely affected by the transfer of the Transferred Shares, which will imply the transfer of control, of the Company to the Purchaser. 

  
 26 

 6.8. Taxes. 

6.8.1. All Tax Returns and other ancillary tax and social security obligations of the Company required to be
filed/performed on and prior to the Closing Date have been timely filed/performed by the Closing Date and were true, complete and correct in all respects. All Taxes of the Company due and payable prior to or on the Closing Date (whether or not shown
on any Tax Return) have been or will be duly and fully paid by the Company prior to the Closing Date. 

6.8.2. Except as set forth in Schedule 6.8.2, there is no action, audit, proceeding, or investigation for
the assessment of Taxes related directly or indirectly to the Company or to the Information Business that is pending, anticipated or threatened by any Governmental Authorities against the Company and none of the Sellers have received from any
Governmental Authority any notice indicating any intent to open an audit or investigation or any request for information. No Tax, fine or penalty imposed by any Governmental Authority for delinquent or untimely payment of Taxes owed by the Company
or resulting from any non-fulfillment or non-payment or untimely fulfillment for payment of Taxes or any ancillary Tax obligations, or resulting from any audit or any inspection by any Governmental Authority is unpaid or is in dispute and no issue
raised by any Governmental Authority in any completed audit or investigation can reasonably be expected to be raised in a later Tax period. 
 6.8.3. There are no Liens for Taxes upon any Assets or properties of the Company or the Shares. 
 6.8.4. The Company has timely withheld and paid all Taxes required to have been withheld and paid in connection with any amounts paid or owing to any employee, independent contractor, creditor,
stockholder, Affiliate or third party. 
 6.8.5. The Company is not a party to or bound by any Tax
allocation, sharing or indemnity agreement and the Company has not filed any Tax Returns as a member of any combined, affiliated, unitary or consolidated group of companies in any jurisdiction. 

6.9. Properties Title. The Company has good and marketable legal title in and ownership of all the Assets, without any
limitation on transferability and free and clear of any Liens. All Assets are in good operating condition and repair (subject to normal wear and tear) and are suitable for the purpose they are used. 

  
 27 

 6.10. Real Estate Matters and Leases. 

6.10.1. None of the real property used or occupied by the Business or the Company (“Business Real
Property”), is owned by the Company, nor has the Company ever owned any real property with respect to the Information Business. All of the Business Real Property is leased by the Company. 

6.10.2. Schedule 6.10.2 sets forth all leases and other agreements pursuant to which the Company derives its
rights in the Business Real Property (“Leases”), including, with respect to each such Lease, the identity of the landlord or sublandlord, the addresses, the date of such Lease and each amendment thereto. 

6.10.3. The Leases are valid, binding and enforceable in accordance with their respective terms, and there does not
exist (nor has there ever been) under any such Lease any material default by the Company or, to the Sellers’ Best Knowledge, by any other Person, or any event that, with or without notice or lapse of time or both, would constitute a material
default by the Company or, to the Sellers’ Best Knowledge, by any other Person. The Sellers have delivered to the Purchaser complete copies of all Leases, including all amendments and agreements related thereto, and the Leases constitute the
entire agreement between the Company and each landlord or sublandlord with respect to the Business Real Property. All rent and other charges currently due and payable under the Leases have been paid, except for liabilities reflected or reserved
against in the Company Financial Statements. 
 6.10.4. The Company is the holder of the tenant’s
interest under the Leases and has not assigned the Leases or subleased all or any portion of the premises leased thereunder. Except for the installation of certain built-in furniture, which can be removed if necessary, and the construction made in
the Business Real Property that has to be restored to original condition when returning the Business Real Property to the respective landlord, the Company has not made any material alterations, additions or improvements to the premises leased under
the Leases that are required to be removed at the termination of the applicable Lease term. 

  
 28 

 6.11. Liens; Liabilities. As of the Closing, the Company: 

 

	 	(a)	shall own no assets other than the Assets described in Exhibit II, all of which shall be (i) free and clear of any Liens, (ii) in good condition, fair
wear and tear excepted, and have been regularly serviced and maintained, (iii) in strict compliance of any existing applicable restrictive covenant or any provision of Law, and (iv) sufficient for the conduct of the Information Business in
the Ordinary Course; and 

  

	 	(b)	shall have no employees, except for the Company Employees. 

 6.12. Ownership. Immediately prior to the Closing, Sellers shall be the lawful and beneficial owner of the all shares issued by the Company, including the Transferred Shares, which shall
represent eighty percent (80%) of the capital stock of the Company, free and clear of any Liens. All of the shares were duly authorized and validly issued and are fully paid and non-assessable. On the Closing Date, there will be no existing
options, warrants, calls, rights, convertible or exchangeable securities or other commitments and agreements of any character requiring, and there will be no securities of the Company outstanding, which upon conversion or exchange would require the
issuance, sale or transfer of any additional shares of capital stock or other equity securities of the Company or other securities convertible into, exchangeable for, or evidencing the right to subscribe for or purchase shares of capital stock or
other equity securities of the Company other than to Purchaser as contemplated by this Agreement and there are no voting trusts or other similar agreements to which the Sellers are party with respect to the voting of the capital stock of the
Company. The Company is the lawful owner and holder of the peaceable and uncontested possession of all of the Assets and own or possess all of the Assets necessary to conduct of the Information Business as past practices. 

6.13. Benefit Plans. Schedule 6.13 contains a copy of all benefit plans offered to the Company Employees, including
without limitation, profit sharing plans. There is not any stock option plan in place. All the obligations with respect to the benefit plans granted to the Company Employees have been accrued and timely paid until the Closing Date, and the Company
is not in default on any obligations in relation to the Company Employees. All benefits are being administered, in all material aspects, in accordance with their respective terms, and also comply, in all material aspects, with the provisions of
applicable Law, as well as with Brazilian GAAP. 

  
 29 

 6.14. Labor Matters. Schedule 6.14 contains a true and complete lists
of (i) all individuals who serve as employees (“Company Employees”) or trainees of or consultants to the Company as of the date hereof, (ii) in relation to such employees or trainees, the position, date of birth, date of
commencement of employment, the base salary and all remuneration (including benefits, such as medical, disability or life insurance, cafeteria benefit, transport subsidy, scholarship assistance) payable to each such individual, (iii) in
relation to such consultants, the consulting rate payable to such individual. Schedule 6.14 also contains a true, complete and accurate list of all temporary workers that work for the Company as of the date hereof, including the position and
date of their commencement as temporary workers for the Company. The Company has hired some consultants, as referred in item (iii) and which are listed in the Schedule 6.14., and has duly paid all of its obligations in connection with
each agreement. 
 6.14.1. The employment and services agreements for all employees, trainees and
consultants with annual salary in excess of one hundred thousand Reais (R$100,000.00) are attached at Schedule 6.14.1. 
 6.14.2. The Company complies in all material respects with all Laws respecting employment, employment practices, labor, terms and conditions of employment and wages and hours, and the transactions
contemplated by this Agreement will not result in the violation of any applicable federal, state or local Laws, rules or regulations respecting employment, employment practices, labor, terms and conditions of employment and wages and hours.

 6.14.3. All Company Employees may be fired during their employment relationship, for cause or without
cause. The Company, in case of termination of employment relationship, will be obliged to pay, in due time, the severance rights which are due to the employees in case of termination of an employment agreement with or without cause. 

6.14.4. All contributions, premiums, payments, interest or penalties required to be paid, made or accrued by the
Company in respect to labor or social security obligations, including payments to the Instituto Nacional de Seguridade Social – INSS and Fundo de Garantia por Tempo de Serviço – FGTS, have been made on or before their due dates, in
connection with the Company Employees. All such contributions have been fully deducted for income tax purposes, and no such deduction has been challenged or disallowed by any Governmental Body. 

  
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 6.14.5. No employee of or consultant to the Company has been injured
in the workplace or in the course of his or her employment or consultancy, except for injuries which are covered by insurance or for which a claim has been made under workers’ compensation or similar Laws. 

6.14.6. Except as provided in Schedule 6.14.6, the Company does not have any plan, program or policy
providing for compensation, severance, termination pay, performance awards, stock or stock-related awards, fringe benefits or other material employee benefits of any kind, whether formal or informal, funded or unfunded, written or oral and whether
or not legally binding, which is now or has ever been sponsored, maintained, contributed to or required to be contributed to by the Company or pursuant to which the Company has any liability, contingent or otherwise. 

6.14.7. Except as provided in Schedule 6.14.7, since December 31, 2011, no material change has been
made in the terms of engagement or pension benefits of any director, manager, officer or employee of the Company, and no such change, and no negotiation or request for such a change, is due, promised or expected within twelve (12) months from
the date of this Agreement. 
 6.14.8. Except as provided in Schedule 6.14.8, as of this date, no
director, manager, officer or employee of the Company has given or received notice terminating his office/employment or expressly demonstrated or notified his intention to terminate his office/employment. 

6.14.9. Except as provided in Schedule 6.14.9, the Company is not bound by or subject to (and none of its
assets or properties are bound by or subject to) any written or oral, express or implied, commitment or arrangement with any labor union or any collective bargaining agreement and no labor union has requested or has sought to represent any of the
employees, representatives or agents of the Company, and there are no controversies, strikes, slowdowns or work stoppages pending, or to the Best Knowledge of the Sellers, threatened between the Company and its employees. 

6.15. Financial Statements and Internal Controls. 

 

	 	(a)	 True and complete copies of the unaudited pro forma balance sheet of the Company at October 31st, 2012 and the related unaudited pro forma statements of results of
operations and bank 

  
 31 

	 	
statements of the Company, together with all related notes and schedules thereto (collectively referred to as the “Company Financial Statements”) are attached as Schedule
6.15.(a). The Company Financial Statements (i) fairly present, in all material respects, the financial position, results of operations and bank statements of the Information Business, (ii) are correct and complete in all material
respects and have been prepared in accordance with the books and records of the Company and (iii) have been prepared in accordance with Brazilian GAAP applied on a consistent basis throughout the periods indicated (except as may be indicated in
the notes thereto). 

  

	 	(b)	 Except as and to the extent adequately accrued or reserved against in the balance sheet of the Company at October 31st, 2012 (“Balance Sheet Date”) contained in the
Company Financial Statements (such balance sheet together with all related notes and schedules thereto included in the Business Financial Statements, the “Balance Sheet”), the Company does not have any Liabilities of any nature
arising out of, relating to or affecting the Information Business, whether accrued, absolute, contingent or otherwise, whether known or unknown and whether or not required by Brazilian GAAP to be reflected in a Balance Sheet or disclosed in the
notes thereto, except for liabilities and obligations, incurred in the Ordinary Course of Business consistent with past practice since the date of the Balance Sheet that are not, individually or in the aggregate, material to the Information Business
or the Company. 

  

	 	(c)	On the Closing Date, the Company will have a minimum cash equivalent to three hundred thousand Reais (R$300,000.00). 

6.16. Actions Since Base Balance Sheet’s Date. Since the Balance Sheet Date, the business of the
Company has been conducted solely in the ordinary course of business. Except as described in Schedule 6.16 of the Disclosure Schedule, without limiting the generality of the foregoing, since the Balance Sheet Date October 31st, 2012 has not: 

(i) incurred any obligation or Liability or entered into any transaction in any case other than in the ordinary course of business;

  
 32 

 (ii) capitalized, satisfied or discharged any lien, or paid any loan, obligation or
Liability other than current liabilities included in the Balance Sheet or notes thereto and current Liabilities incurred since that date in the ordinary course of business, nor has the Company repaid any loan, obligation or Liability to any officer,
director or shareholder, or to any Affiliate of any of the Sellers or made any loan to or provided any guarantee in favor of any Person; 
 (iii) made any general wage or salary increase or any increase in compensation payable or to become payable to any officers or management employees, or entered into any employment contract with any
officer or key salaried employee; 
 (iv) mortgaged, pledged, charged or subjected to lien or other encumbrance any of its
assets; 
 (v) sold or transferred any of its assets or prepaid or canceled any debts or claims, except in each case in the
ordinary course of business; 
 (vi) sold, assigned or granted rights under any patent, trade name, trademark or copyright, or
any application therefore, or any trade secrets for any products currently manufactured or services provided by the Company except in the ordinary course of the Company’s business; 

(vii) waived any rights or claim of material value; 
 (viii) acquired any other business or entered into any licensing arrangement or joint venture; 
 (ix) suffered any material Loss; 
 (x) suffered any damage or destruction, whether
or not covered by insurance, materially and adversely affecting the Company or its assets; 

  
 33 

 (xi) experienced any other event or condition of any character which is, or with the lapse
of time or occurrence of such event or condition would be, adverse to the financial condition, business, assets or operations of the Company; 
 (xii) taken any write-off on any assets, including but not limited to the value of accounts receivable, inventory, fixed assets, or intangibles, of an amount greater than one hundred thousand Reais
(R$100,000.00) in the aggregate; 
 (xiii) declared or paid any dividend; 

(xiii) made any distribution or disbursement of any nature whatsoever to any officer, director or shareholder other than in the ordinary
course of business; 
 (xiv) materially changed the terms and conditions applicable to the sale of its products or the rendering
of its services; 
 (xvi) suffered any Material Adverse Change; 

(xv) approved or performed any issuance or redemption of Shares or engaged in discussions for the merger of the Company into another
legal entity; 
 (xvi) adopted or changed any accounting method or accounting practice, filed any amended Tax Return or claims
for Tax refunds, settled any Tax claim or assessment relating to the Company, surrendered any right to claim refund of Taxes, consented to any extension or waiver of the limitation period applicable to any Tax claim or assessment relating to the
Company, or taken any other action or omitted to take any action, if any such adoption, change, amendment, settlement, surrender, consent or other action or omission would have the effect of increasing the Tax Liability of the Company; and

 (xvii) nor have the Company committed itself to engage in any of the foregoing actions. 

  
 34 

 6.17. Books and Records. At the Closing, the corporate, accounting and fiscal
books and records of the Company (“Books and Records”) will be complete and accurate in all relevant aspects and will reflect all items of income and expense and all Assets and Liabilities required to be reflected therein.

 6.18. Insurance. Schedule 6.18 contains an accurate and complete description of all the insurance
policies relating to the Company. All such insurance policies are currently in full force and effect and will continue to be in force or renewed through the Closing Date. All premiums due and payable under the Company policies have been paid, and no
notice of cancellation or termination has been received with respect to any such policies. 
 6.19. Environmental
Matters. 
 6.19.1. Hazardous Material. The Company has not: (a) operated any underground
storage tanks at any property that the Company has at any time owned, operated, occupied or leased; or (b) released any substance that has been designated by any Laws and the regulations promulgated pursuant to said the Laws to be radioactive,
toxic, hazardous or otherwise a danger to health or the environment, including PCBs, asbestos, petroleum, urea-formaldehyde (“Hazardous Material”), but excluding office and janitorial supplies properly and safely maintained. No
Hazardous Materials are present, as a result of the actions of the Company in, on or under any property, that the Company has at any time owned, operated, occupied or leased. 

6.19.2. Hazardous Materials Activities. The Company has not transported, stored, used, manufactured,
disposed of, released or exposed its employees or others to Hazardous Materials in violation of any Laws, nor have the Company disposed of, transported, sold, or manufactured any product containing a Hazardous Material (any or all of the foregoing
being collectively referred to as “Hazardous Materials Activities”), in violation of any Laws promulgated to prohibit, regulate or control Hazardous Materials or any Hazardous Materials Activity. No part of any real property used by
the Company is in a condition which would require cleanup of Hazardous Materials pursuant to applicable environmental Laws that could result in such a Lien. 
 6.19.3. Environmental Liabilities. No action, proceeding (including administrative proceedings), investigation, revocation proceeding, amendment procedure, writ, injunction or claim is
pending or, to the Best Knowledge, threatened, concerning any Permit, Hazardous Material or any Hazardous Materials Activity of the Company. There are no written claims pending against the Company that relate to Liability of any Person for claims
arising out of the release of Hazardous 

  
 35 

 
Material into the environment or any other claims under environmental Laws with respect to which the Company agreed to indemnify such Person nor has the Company agreed to indemnify any other
Person for such claim or agreed to assume Liability for such claims. There is no fact or circumstance that would reasonably be expected to involve the Company in any environmental litigation or impose upon the Company or the Assets any environmental
Liability. 
 6.20. Expenses. No consideration was promised or warranted by the Company as commissions or
brokerage fees, compensation and other amounts payable in any way to any third parties that have provided services in respect of the Transaction contemplated hereby. 
 6.21. Contracts and Commitments. Schedule 6.21.(a) contains a true and complete list which identifies all material written and oral contracts, agreements, leases, free leases,
partnership agreements, guarantees or commitments relating to or necessary for the Company (“Assumed Contracts”). Such Assumed Contracts constitute all contracts which are required for the conduct of the Information Business in the
Ordinary Course. All such Assumed Contracts have been entered into or executed in the Ordinary Course of Business and are valid, binding and in full force and effect and are enforceable by the Company, in accordance with their terms, and, subject to
the relevant third parties’ consent, when required, shall continue in full force and effect upon consummation of the Transaction contemplated herein. The Company has performed all material obligations required to be performed by it to date
under the Assumed Contracts, and is not in breach or default in any material respect thereof and no other party to the Assumed Contracts is in breach or default in any material respect thereof. 

6.21.1. Schedule 6.21 (a) lists all material contracts of the Company which accurate and complete copies of them have
been delivered or made available through the virtual data room by the Sellers to the Purchaser through the virtual data room (“Material Contracts”). 
 (i) all contracts and agreements relating to indebtedness other than trade indebtedness of the Company, including any contracts and agreements in which the Company is a guarantor of indebtedness;

 (ii) all contracts and agreements with any Governmental Body to which the Company is a party; 

  
 36 

 (iii) all contracts and agreements that limit or purport to limit the ability of the Company
to compete in any line of business or with any Person or in any geographic area or during any period of time; 
 (iv) all
contracts and agreements between the Company, on the one hand, and the Sellers or any Affiliate of the Sellers or of the Company, on the other hand; 
 (v) all contracts and agreements relating to the voting and any rights or obligations of a shareholder of the Company; 
 (vi) all contracts regarding the acquisition, issuance or transfer of any securities and each contract affecting or dealing with any securities of the Company, including, without limitation, any
restricted stock agreements or escrow agreements; 
 (vii) all contracts providing for indemnification of any officer, director,
employee or agent of the Company; and 
 (vii) any agreement of the Company that is terminable upon or prohibits assignment or a
change of ownership or control of the Company. 
 6.21.2. Each Material Contract (i) is valid and binding on the
Company, and, to the Best Knowledge of the Sellers, on the other parties thereto, and is in full force and effect, and (ii) upon consummation of the transactions contemplated by this Agreement, shall continue in full force and effect without
penalty or other adverse consequence, except as disclosed in Schedule 6.21.2. The Company is not in breach or violation of, or default under, any Material Contract and, to the Best Knowledge of the Sellers, no other party to any Material
Contract is in breach or violation thereof or default thereunder. 
 6.21.3. No event has occurred, and no circumstance
or condition exists, that (with or without notice or lapse of time) will, or could reasonably be expected to, (i) result in a breach or violation of, or default under, any Material Contract, (ii) give any entity the right to declare a
default, seek damages or exercise any other remedy under any Material Contract, (iii) give any entity the right to accelerate the maturity or performance of any Material Contract or (iv) give any entity the right to cancel, terminate or
modify any Material Contract. 

  
 37 

 6.22. Accounts Receivable. The accounts receivable reflected in the Company
Financial Statement represent all the accounts receivable of the Company resulting from sales made or services rendered by the Company in the Ordinary Course. These accounts receivables are net, collectible and are not subject to any significant
correction or decrease, except for provisioned amounts reflected in the Financial Statements. 
 6.23. Relationship
with Clients and Suppliers. No client of the Company, nor any supplier of the Company, with material relevance, has expressly notified its intention to terminate or reduce its respective business with the Company as a result of the consummation
of the Transaction contemplated in this Agreement. 
 6.24. Ownership of Software. The Company owns or otherwise
has valid and legally enforceable rights to use, license, assign, transfer or otherwise make available the Company Software, as described in Schedule 6.24 (the “Software”). 

6.25. Ownership of Intellectual Property. Except as described in Schedule 6.25(a), the Company owns or otherwise has
valid and legally enforceable rights to use, license, assign, transfer or otherwise make available all of the Intellectual Property used in or necessary to conduct the business as conducted and planned to be conducted by the Company including, but
not limited to the Software Intellectual Property. Schedule 6.25(b) hereto contains a description of all trademarks, domain names, software, trade names, logos and other intellectual property owned or used by the Company. 

6.26. No Restrictions on the Company’s Intellectual Property. Except as described in Schedule 6.25(a), the
Company’s Intellectual Property is free of all payment obligations and other claims, procedures, encumbrances, rights of third parties and restrictions of any kind, and is not subject to any limitations or restrictions on use or otherwise.
There is no judicial, arbitration or other Litigation, order, agreement or other arrangement either temporary or definitive that prohibits or restricts the Company from carrying on its business in Brazil or from any use of the Company’s
Intellectual Property. No Person has any rights in the Company’s Intellectual Property that could cause any: (a) reversion or renewal of rights in favor of that Person; (b) termination of the Company’s rights in the
Company’s Intellectual Property; or (c) restriction of the Company’s rights in the Company’s Intellectual Property. 

  
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 6.27. Inbound Licenses and Rights. Schedule 6.27 lists all Intellectual
Property that any third Person has licensed to the Company or otherwise authorized the Company to use (the “Third Party Intellectual Property”). The Company has not breached any of the agreements governing Third Party Intellectual
Property and, to the Best Knowledge of Sellers and the Company, no other party to those agreements has breached those agreements. 
 6.28. Information Technology. 
 (a) Schedule 6.28(a) contains
brief particulars of all material IT systems, IT services and material IT contracts. All IT systems are either owned or validly hired or licensed pursuant to IT contracts by the Company, except for those IT systems licenses set forth in Schedule
6.28(b), which will be acquired by the Company in accordance with the proposed schedule prepared by the Seller and delivered to the Purchaser on the date hereof. All the IT contracts are valid and binding. None of the IT contracts have been
subject of any breach or default, or any event which (with notice or lapse of time or both) would constitute a default. 
 (b)
All IT systems are in good working order, function materially in accordance with all applicable specifications, and have been properly and regularly maintained and replaced. No part of the IT systems has materially failed to function at any time
during the one (1) year prior to the date hereof. No part of the IT systems is infected by any virus or other extraneously-induced malfunction that can materially disrupt the Company’s operations, and no person has unauthorized access to
the IT systems or any data stored thereon. 
 (c) All IT services are being provided materially in accordance with all applicable
specifications. 
 (d) The Company has full and unrestricted access to and use of the IT systems, and no third party agreements
or consents are required to enable the Company to continue such access and use following completion of the transaction contemplated by this Agreement. 
 (e) No Seller nor any employee of or consultant to the Company owns any IT systems or provides any IT services used by the Company. 

  
 39 

 (f) To the Best Knowledge of the Sellers in order to operate the business of the Company as
currently operated as of the data of this Agreement: (i) it is not necessary or desirable to incur any further expenditure on the notification, development, expansion or replacement of the IT systems; and (ii) the present capacity of the
IT systems is sufficient in order to satisfy the requirements of the Company. 
 (g) All fees payable in relation to computer
systems, including software licenses have been paid up to date (save for current periods) and properly reflected in the Financial Statements. 
 6.29. Personal Property. The Company validly own and/or are legally entitled to use all buildings, machinery, equipment and other tangible assets necessary for the conduct of its operations
and business as presently conducted (“Personal Property”). All of such buildings, machinery, equipment and other tangible assets are in good working condition (except for those assets currently subject to minor repair in the normal
course of maintenance), and all have been maintained by the Company in accordance with sound and prudent maintenance practices. 

6.30. Title to Personal Property. Except as described in Schedule 6.30 of the Disclosure Schedule, the Company have
good and marketable title to all of the Personal Property which it use or intend to use in the conduct of its operations and businesses, subject to no mortgages, liens, pledges, security interests, encumbrances or charges of any kind. Immediately
after the Closing, the Company will continue to be the sole owner of, will have valid title to or will have the full right to use, as the case may be, all the Personal Property in the same manner and on the same terms that the Company had
immediately prior to the Closing. Neither Sellers nor the Company are legally bound by any agreements or obligations under which the occurrence of the Closing could: (a) obligate the Company, Sellers or Purchaser to license or otherwise grant
rights to any other Person in any of the Personal Property (whether owned or used by Sellers or Purchaser); (b) result in a claim, right or restriction on the Personal Property; or (c) otherwise increase any burdens or decrease any rights
relating to the Personal Property. 
 6.31. Restrictions on Business Activities. There is no agreement or
judgment, injunction, order or decree, in either case to which the Company or any Seller is a party, subject or otherwise bound, that would reasonably be expected to prohibit, impair or otherwise limit: (a) any business practice of the Company
with respect to the Information Business or the Assets; (b) any acquisition of property (tangible or intangible) by the Company or any Seller or the Assets; (c) the conduct of business by the Company with respect to the Information
Business or to the Assets; or (d) the freedom of the Company or any Seller or to the Assets to engage in any line of business or to compete or 

  
 40 

 
do business with any Person. Without limiting the generality of the foregoing, except as contemplated by this Agreement, neither the Company nor any Seller has (x) entered into any agreement
under which the Company is restricted from providing Company services to users, in any geographic area, during any period of time, or in any segment of the market, or (y) entered into any agreement that will bind the Purchaser or any of its
Affiliates with respect to the Purchaser’s or the Purchaser’s Affiliates’ own users or services. 
 6.32.
Business User Information. Except as described in Schedule 6.32 of the Disclosure Schedule, the Company is in compliance with its stated policies, including any policies contained on any websites maintained by it related to the
Information Business. The Company’s systems and services with respect to the Information Business are adequate and sufficient to protect the privacy and confidentiality of all third-Person information in compliance with all applicable Laws and
agreements to which the Company is a party. 
 6.33. Insolvency, Bankruptcy and Reorganization. The Company and/or
each one of Sellers have never: (a) admitted in writing or orally their inability to pay its debts generally as they become due; (b) instituted proceedings to be adjudicated voluntarily bankrupt or insolvent, or consented to the filing of
a petition of bankruptcy of insolvency against it/him; (c) been adjudicated by a court of competent jurisdiction as being bankrupt or insolvent; (d) seeked reorganization under any bankruptcy act, or consented to the filing of a petition
seeking such reorganization; and (e) had a decree entered against it by a court of competent jurisdiction appointing a receiver, liquidator, trustee, or assignee in bankruptcy or in insolvency covering all or substantially all of the Company
and/or Sellers’ assets (which appointment has not been vacated within sixty (60) days of the entry of the order of appointment) or providing for the liquidation of the Company and/or Sellers’ assets or business affairs. 

6.34. Fraud against Creditors (Fraude a Credores). The execution and delivery of this Agreement by Sellers and the
consummation of the transactions contemplated herein do not and will not constitute fraud against Sellers’ respective creditors or a fraud against foreclosure proceedings (Fraude à Execução). 

6.35. Legal Compliance. The Company is now and has been in all material respects in compliance with all Laws. The Company
has not received any complaint, citation or notice of violation from any Government Body, and none are threatened, alleging that they have violated any such Laws. 

  
 41 

 6.36. Anti-bribery. 

(a) The United States Foreign Corrupt Practices Act (the “US FCPA”) prohibits giving money or items of value to
non-United States officials to influence a non-United States government. The US FCPA also prohibits giving money or items of value to any person or firm when there is reason to believe the gift will be passed on to a government official in an
attempt to influence a non-United States government. The Anti-Corruption and Economic Crimes Act, 2003 (the US FCPA referred to in this Section 6.36 as the “Anti-Bribery Act”) also prohibit conduct which improperly
influences governmental authorities. The Sellers represent and warrant to the Purchaser that they shall (and shall use their commercially reasonable best efforts to procure that the company, each other member of the group and each of their employees
and other representatives shall) respect the Anti-Bribery Acts and the Purchaser’s compliance policy and compliance program which will be delivered to them by the Purchaser at the Closing. 

(b) The Sellers further represent, warrant and undertake that the Company and each other member of the group shall not engage and has not
engaged, in the following conducts: making of payments or transfers of value, offers, promises or giving of any financial or other advantage, or requests, agreements to receive or acceptances of any financial or other advantage, either directly or
indirectly, which have the purpose or effect of public or commercial bribery or acceptance of or acquiescence in bribery, extortion, facilitation payments or other unlawful or improper means of obtaining or retaining business, commercial advantage
or the improper performance of any function or activity. 
 (c) The Parties agree that any and all Losses resulting from the
breach of the provisions of this Section 6.36 will constitute a material breach of a fundamental condition of the agreement and the Purchaser shall, notwithstanding any contrary provision of this agreement, have the right to rescind this
agreement with immediate effect and without opportunity to cure by written notice to the sellers and, without prejudice to its other rights resulting from such breach, to recover all such sums as have been paid to the Sellers as at the date of
rescission. 

  
 42 

 (d) The parties agree that this Section 6.36 shall survive changes to, and
rescission or termination of this Agreement. 
 6.37. Full Disclosure. 

(a) To their Best Knowledge, the Sellers are not aware of any facts pertaining to the Information Business, the Assets, the Intellectual
Property or the Assumed Contracts which could reasonably be expected to have a Material Adverse Change and which have not been disclosed in this Agreement, its Schedules, Exhibits or the Company Financial Statement. 

(b) No representation or warranty of the Sellers in this Agreement, nor any statement or certificate furnished or to be furnished to the
Purchaser pursuant to this Agreement, or in connection with the Transaction contemplated by this Agreement, contains or will contain any untrue statement of a material fact, or omits or will omit to state a material fact necessary to make the
statements contained herein or therein not misleading. 
  

	7.	INDEMNIFICATION 

 7.1.
Indemnification by Sellers. Subject to Section 7.3 to Section 7.4 below, Sellers agree to jointly and severally defend, indemnify, reimburse and hold the Purchaser, the Company and their Representatives
(“Purchaser’s Indemnified Parties”) harmless from any and all Losses incurred or suffered by any of the Purchaser’s Indemnified Parties, or to which the Purchaser’s Indemnified Parties could otherwise be subject, in
connection with, relating to or as a result of: 
  

	 	(a)	any breach of or inaccuracy in any representations and warranties given by Sellers or the Company in Section 6 hereof. For purposes of calculating Losses
(but not determining whether a breach has occurred), any limitation as to material, materiality, Material Adverse Change, or similar qualification contained in the relevant representations or warranties (or both) will be ignored;

  

	 	(b)	any breach by Sellers of any covenant or agreement contained in this Agreement; 

  
 43 

	 	(c)	any and all Taxes and Liabilities for Taxes of the Company or its successor; and/or 

 

	 	(d)	any and all Liabilities related to the Company, whether disclosed or not, contingent or actual, of any kind. 

7.1.1. For the avoidance of doubt, Sellers are fully responsible and shall fully comply with their obligation to indemnify Purchaser for any and
all Losses, which cause started exclusively on or prior to, but never after, the Closing Date, regardless of the moment when the effects of the Losses take place and for all Liabilities. Compliance with any new Laws enacted after the Closing Date
does not give cause to a Loss. 
 7.2. Indemnification by Purchaser. Subject to Section 7.3 to
Section 7.5 below, the Purchaser agrees to defend, indemnify, reimburse and hold Sellers (“Seller’s Indemnified Parties”) harmless from any and all Losses incurred or suffered by any of the Seller’s Indemnified
Parties in connection with, relating to or as a result of: 
  

	 	(a)	any breach of any representations and warranties given by the Purchaser in Section 5 hereof; and/or 

 

	 	(b)	any breach by the Purchaser of its covenants or agreements contained in this Agreement. 

7.3. Survival of Indemnification Obligations. The right to claim for any indemnification due under this Agreement shall
remain in full force and effect for the following terms: 
  

	 	(a)	with respect to any and all Losses resulting from Tax and social security related undisclosed Liabilities, for a maximum period of six (6) years as of the date
hereof; 

  

	 	(b)	with respect to any and all Losses resulting from labor issues, for a maximum period of three (3) years as of the date hereof; and/or 

 

	 	(c)	for all other cases, for the period of their respective statute of limitations set forth in applicable Law. 

  
 44 

 7.3.1. For all Losses brought within the statutes of limitation for
any matter shall suspend the expiration of the respective statute of limitation until its final and unappealable decision and only in respect to such individual Loss. 

7.3.2. For the avoidance of doubt, the indemnification obligation set forth in this Section 7 shall
encompass all Losses that are the subject matter of Claims filed within the time limits established in Section 7.3 above, notwithstanding the fact that the obligation to make payments or disbursements only becomes enforceable after such
dates. 
 7.4. Basket. The Parties agree that the Indemnifying Party’s indemnification obligation towards any
of the Indemnified Parties for Losses under this Section 7 shall be triggered only if the amount of such Losses exceeds five hundred thousand Reais (R$500,000.00), individually or in the aggregate, provided, however, that if the
aggregate amount of Losses ever reaches such figure, then the Indemnifying Party shall be liable for the total amount of Losses, therefore including the aforementioned amount of five hundred thousand Reais (R$500,000.00). If the amount of Losses has
not reached five hundred thousand Reais (R$500,000.00) on the third anniversary of this Agreement, then the amount of Losses accrued until that date will become immediately due and payable and this Section 7.4 will no longer be
applicable. 
 7.5. Indemnification Procedure for Third Party Claims. In the event that any action, suit,
proceeding, demand, assessment or other notice of claim (“Claim”) is at any time instituted against or made upon any Purchaser’s Indemnified Party or Seller’s Indemnified Party, as the case may be (“Indemnified
Party”), for which indemnification or reimbursement may be due from either Purchaser or Sellers, as the case may be (“Indemnifying Party”), pursuant to Section 7.1 and Section 7.2 above, as the case
may be, then: 
  

	 	(a)	such Indemnified Party shall, within half the time period legally required for the presentation of the defense to the Claim, notify the Indemnifying Party in writing
(if by e-mail with delivery confirmation) about the institution of the Claim, with a description of the Claim and a description of its subject matter in reasonable details; 

 

	 	(b)	the Indemnifying Party may either decide to present a defense or counterclaim or pay the amount sought under the Claim; 

  
 45 

	 	(c)	in the event that the Indemnifying Party elects to defend the Claim, the Indemnifying Party (i) inform the Indemnified Party, as the case may be, no later than two
thirds (2/3) of the term for presenting defense or in twenty four (24) hours in case such term is less than five (5) days, in writing and delivered to the Indemnified Party in accordance with the requirements for notice of
Section 10 of its election to defend the Claim; (ii) shall select and appoint legal counsel (to whom the Indemnified Party shall approve and grant powers of attorney as may be required for the appropriate defense);
(iii) support all costs and expenses in connection with the defense of the Claim and be responsible for the required guarantees and pledges, if any; (iv) shall keep the Indemnified Party informed on all of the occurrences and events
related to the Claim; and (v) shall not take a defense strategy that may cause any damage or restriction to the Indemnified Party (including, without limitation, obstacle the issuance of debts clearance certificate) or that may in any way
increase the Company’s liabilities (whether pre-closing or post-closing liabilities); 

  

	 	(d)	in the event that the Indemnifying Party, within two thirds (2/3) of the period available for the presentation of the relevant defense, does not present a defense,
counterclaim or pay the amount sought under the Claim or upon a request of the Indemnified Party to this effect or does not fulfill the procedures for notice of the option established in item (c) above (or if, after initially assuming the
defense the Indemnifying Party fails to do so in a diligent manner), then the Indemnified Party shall assume the defense of the Claim, at the cost and responsibility of the Indemnifying Party, provided that the Indemnifying Party shall remain
responsible for providing the collateral requested in connection with such Claim, if necessary; and the Indemnifying Party shall make available for the Indemnified Party all of the documents and materials that are in possession or under control of
the Indemnifying Party that could be necessary for the defense in the Claim; 

  

	 	(e)	 neither the Indemnifying Party nor the Indemnified Party may settle a third party Claim without the prior approval of the other Party, which approval
will not be unreasonably withheld nor delayed. Any Loss resulting from such settlement will be immediately indemnified by the Indemnifying Party to the Indemnified Party in the full value of such Loss. However, irrespective of the Party who is
directly contesting the third party Claim, the Indemnified Party shall be entitled to settle (or request the Indemnifying Party to do so) any third party Claim that: (i) has resulted in a Lien with respect to an asset (or several assets)

  
 46 

	 	
worth, individually or in the aggregate involving the same third party Claim, five hundred thousand Reais (R$500,000.00) or more, provided that such Lien has not been replaced by the Indemnifying
Party within fifteen (15) days of its creation or has caused the freezing of any asset of the Indemnified Party or any of its Affiliates, shareholders or managers worth five hundred thousand Reais (R$500,000.00) or more, provided that such
freeze has not been removed and cancelled by the Indemnifying Party within fifteen (15) days of its imposition; (ii) has resulted in an injunction or other similar court order that may materially adversely affect the ongoing business of
the Indemnified Party or any of its Affiliates, quotaholders, shareholders or managers, or impose an obligation to omit or perform an action (obrigação de fazer ou obrigação de não fazer) which may cause an
economic impact five hundred thousand Reais (R$500,000.00), or (iii) has generated a material disturbance to the ongoing business of the Indemnified Party or any of its Affiliates, shareholders or managers; 

 

	 	(f)	in the event the Indemnified Party is ordered, by a final court decision, an injunction or any other administrative or judicial order with immediate disruption effect
on the Information Business (for the purposes hereof, the events listed in Section 7.5(e)(i)-(iii) are considered immediate disruption effects), to pay any amount relating to any Claim for which the Indemnifying Party is liable,
then the Indemnifying Party shall fund or reimburse such amount to the Indemnified Party within five (5) days counted as of the receipt, by the Indemnifying Party of written notification with evidence of such fact; and 

 

	 	(g)	if there is a delay in any payment owed by an Indemnifying Party to an Indemnified Party hereunder, then the Party failing to timely pay the indemnification amount will
incur a fine equal to five percent (5%) of the outstanding amount and arrears interest equivalent to the SELIC rate on the overdue amount, from the first day overdue until the date of effective payment. 

7.5.1. The failure or delay by an Indemnified Party to notify a Claim to the Indemnifying Party within the period
of time set forth in Section 7.5(a) above shall not release the Indemnifying Party from its indemnification obligation under this Section 7. 

  
 47 

 7.6 Indemnification Procedure for Claims Not Involving Third Parties. In the
event that a Party receives a Claim from the other Party for the events subject to indemnification pursuant to Section 7.1 and Section 7.2 above, the relevant Indemnifying Party shall inform the Indemnified Party, in writing,
within a period of five (5) days counted from the date of receipt of the relevant Claim notice if the Indemnifying Party’s: (a) agrees to pay the value indicated in the notice, in which case the applicable payment shall be made within
five (5) days after the Indemnifying Party receipt of the respective notice; or (b) reject the Claim as an event subject to indemnification, in which case such rejection notice shall contain in sufficient detail the reasons for the
Indemnifying Party to have rejected the indemnification notice. 
 7.6.1. If the Indemnifying Party fails
to timely notify the Indemnified Party, then it shall be considered as if the Indemnifying Party agrees to pay the amount claimed in the respective notice, and payment thereof shall be made by the Indemnifying Party to the Indemnified Party, as
provided in Section 7.5 above. 
 7.6.2. If the Indemnifying Party rejects an indemnification
notice, as provided in Section 7.5(b) above, the Parties shall in good faith promote discussions of the disputed matter trying to reach an agreement, within a period of up to thirty (30) days counted from the receipt of the notice
by the Indemnifying Party. If such an agreement is reached, the Indemnifying Party shall make the respective payment to the Indemnified Party within a period of up to five (5) days counted from the date such agreement is reached. If the Parties
fail to reach an agreement, the Indemnified Party may, at its sole discretion, take any measures it deems necessary to defend its rights and seek to obtain the relevant indemnification, in accordance with the dispute resolution procedure set forth
in Section 12. 
 7.7. At the Closing, the Sellers and the Purchaser shall enter into the Escrow Agreement
with the Escrow Agent. Any amounts owed to the Purchaser Indemnified Parties by the Sellers Indemnifying Parties relating to any Losses and/or any and all interest thereon shall first be paid from the Escrow Amount being retained by the Escrow Agent
in accordance with the Escrow Agreement, the agreed form of which is attached hereto as Schedule 9.1. If the Escrow Amount is insufficient to satisfy the Losses and/or interest thereon payable to the Purchaser Indemnified Parties, then the
Purchaser Indemnified Parties shall be paid full amount of the Escrow Amount and the remaining amount necessary to satisfy the Losses in full shall be paid by the Sellers Indemnifying Parties, within the terms established in Section 7.5
and Section 7.6, (i) by the transfer of the amount of shares owned by the Sellers to the Purchaser, as described in Section 2.2, in the proportional amount required

  
 48 

 
to pay the remaining amount necessary to satisfy the Losses; or (ii) in cash to the Purchaser Indemnified Parties. The Sellers Indemnifying Parties may choose, at its sole discretion, to pay
the remaining amount necessary to satisfy the Losses by means of item (i) or item (ii) referred in this Section 7.7. 
 7.7.1. For the purpose of Section 7.7, the valuation of the twenty (20%) shares owned by the Sellers shall be equal to the greater of (i) the Company’s 10.5 x EBITDA of
the last twelve (12) months or (ii) twelve million Reais (R$12,000,000.00). 
 7.7.2. The Escrow
Account shall be maintained until December 26, 2017, in accordance with the terms of the Escrow Agreement and the provisions below. 
 7.7.3. The first release of the Escrow Account will only be made on December 28, 2015 (the “First Release Date”), in an amount equal to two million Reais (R$2,000,000.00) plus
any interest accrued and available until that date (the “First Release”). 
 7.7.4. On
December 26, 2017 (“Final Release Date”) , any and all amounts remaining in the Escrow Account, including, but not limited to the interest accrued, shall be released to the Sellers (“Final Release”).

 7.7.5. The First Release and the Final Release of the Escrow Amount to the Sellers shall be subject to
the following provisions: 
  

	 	(i)	On the First Release Date there are no outstanding Claims by Purchaser in excess of two million Reais (R$2,000,000.00) (including any penalties and interest applicable
thereto); and 

  

	 	(ii)	if on the First Release Date and Final Release Date there are any outstanding Claims by Purchaser, the amount corresponding to the value of the outstanding Claims shall
be deducted from the amount to be released to the Sellers on the relevant release date and shall not be released from the Escrow Account until the Claims are settled. 

7.7.6. Any and all expenses and costs in connection with the Escrow Agent and/or the Escrow Account shall be solely
borne by the Purchaser. 

  
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 7.8. Indemnity Limit. All amounts to be paid by any Indemnifying Party under
this Agreement shall be limited to the maximum amount, individually or in the aggregate, of thirty million Reais (R$30,000,000.00) (the Escrow Amount, pledge of shares and cash indemnification being included in this amount) (“Indemnity
Limit”). 
 7.9. All amounts payable by any Indemnifying Party under this Agreement shall be paid without any
right of counterclaim or set-off, and without any deduction or withholding on any grounds whatsoever, save only as is required by Law. If any such deduction or withholding is required by Law, the Indemnifying Party shall pay the amount necessary to
ensure that the Indemnified Party will, after any such deduction or withholding has been made, receive an amount that is equal to the amount that the Indemnified Party would have received in the absence of such deduction or withholding. The amount
of any Loss for which indemnification is provided under this Section 7 shall be increased to take into account any net Tax cost to the Indemnified Party arising from receipt of the indemnity payments hereunder (grossed up for such
increase) and reduced to take into account any net Tax benefit realized by the Indemnified Party arising from the incurrence or payment of the Loss. Any indemnity payment under this Agreement shall be treated as an adjustment to the Purchase Price
for Tax purposes, unless, and then only to the extent, otherwise required by a final judicial or administrative determination. 

7.10. Additional Guarantee. In order to ensure full and timely payment of any amounts owed to the Purchaser Indemnified
Parties by the Sellers Indemnifying Parties relating to any Losses, the Sellers create a pledge over the twenty (20%) shares owned by them in favor of the Purchaser Indemnified Parties, in accordance with Articles 1.431 and following of the
Brazilian Civil Code, and Articles 39, 100 and 113 of the Corporations Law (“Additional Guarantee”). 
 7.10.1. The Additional Guarantee is created as a first-ranking pledge and will have priority over any other lien, encumbrance or any other guarantee created over the twenty (20%) shares owned
by the Sellers. 
  

	8.	NON-COMPETE AND NON-SOLICITATION OBLIGATIONS 

 8.1. Considering Sellers’ involvement and importance for the Company’s business, each Seller hereby covenants, effective as of the date of execution of this Agreement and for a period of
two (2) years after the later of (i) termination of Seller’s employment agreements or (ii) the sale of Seller’s remaining interest in the Company, that it will not (A) directly or indirectly, own, manage, operate,
Control or participate in the ownership, management or 

  
 50 

 
Control of, or be connected as an officer, employee, partner, director, consultant or otherwise with, or have any financial interest in, or aid or assist anyone else in the conduct of, any
Person, including but not limited to Serasa S.A. and Boa Vista Serviços S.A., which is engaged in any business which competes with the business of the Company as conducted at the Closing Date anywhere within the Brazilian territory;
(B) directly or indirectly, in any capacity or through any Affiliate, solicit, entice, persuade or induce any: (x) customer, to terminate, reduce or refrain from renewing or extending its contractual or other relationship with the Company;
or enter into any contractual or other relationship with each of the Sellers or any their Affiliates, with respect to any activity that is competitive with any of the activities performed by the Company on behalf of its customers; and
(y) individual who is an employee, officer and/or independent contractor of the Company to leave the Company or terminate their contractual or other relationship with the Company; or render services to any entity other than the Company; and
(C) directly or indirectly, in any capacity or through any Affiliate, hire a employee of the Company within twelve (12) months of that employee’s departure from the Company. The mere ownership of five percent (5%) or less of the
outstanding stock of any publicly-traded corporation, as long as the Seller does not actually Control such corporation, shall not be deemed a violation of this Section 8.1 by such Seller. 

8.2. The Sellers shall be indemnified for the non-competition and non-solicitation obligations set forth herein by a portion of
the Purchase Price, as provided in Section 3.1. 
 8.3. If any of the Sellers, during their respective
non-competition period, breaches any of the obligations provided under the Section 8.1.1 (A), Section 8.1.1 (B) and Section 8.1.1 (C) above, the Purchaser will be entitled to receive from each such
breaching Seller liquidated damages in the amount of five million Reais (R$ 5,000,000.00) (“Non-Competition Liquidated Damages”). 
 8.4. The Non-Competition Liquidated Damages shall be the only indemnification to be paid by the Sellers for Non-Competition and Non-Solicitation obligations under this Agreement and the Sellers
shall not be liable for any other costs, expenses, losses or damages related to such obligations. 
 8.5. The
Non-Competition Liquidated Damages shall be construed as an extra-judicial executive obligation pursuant to article 585, II, of the Brazilian Code of Civil Procedure. 

  
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 8.6. It is hereby mutually agreed that the restraint upon Sellers’ business
activities, as well as the time period and geographical area of the covenants set forth in this Section 8, are reasonable and acceptable to the Parties hereto. With respect to each and every breach or violation by the Sellers of any of
the covenants set forth herein, the Sellers acknowledge and agree that any breach of such covenants may result in irreparable damage to Purchaser and/or the Company, and in the event of such breach, in addition to all other relief or remedies
available at Law, including specific enforcement of the provisions hereof, Purchaser and/or the Company shall be entitled to enjoin the commencement or continuance thereof and may apply to any court of competent jurisdiction for entry of an
immediate restraining order or injunction against any such breach or violation. Purchaser and/or the Company may pursue any of the remedies described herein concurrently or consecutively in any order as to any such breach or violation, and the
pursuit of one of such remedies at any time will not be deemed an election of remedies or waiver of the right to pursue any other remedies. 
 8.7. Should a court of competent jurisdiction declare any of the covenants contained in this Section 8 unenforceable due to an unreasonable restriction upon engaging in a competing
business, the duration of non competition or non-solicitation, or the geographical area of restraint, it shall have the express authority of the Parties to change the covenants to the maximum term and geographic area deemed reasonable by such court
and/or to grant Purchaser and/or the Company any and all other relief, at Law or in equity, reasonably necessary to protect the Purchaser’s and/or the Company’s interests. If any provision of this Section 8 or the applicability of
such provision to any person or circumstance is held to be invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof. Sellers
expressly recognize and agree that the covenants set forth in this Section 8 are for the purpose of restricting their activities only to the extent necessary for protection of the legitimate business interests of Purchaser and the
Company, and the Parties agree that said covenants are reasonable for that purpose. 
 8.8. While it remains a
shareholder of the Company and for a period of two (2) years after Purchaser ceases to be a shareholder, Purchaser undertakes not to compete with the Company in the Information Business activities. 

 

	9.	ANCILLARY AGREEMENTS 

9.1. Escrow Agreement. At the Closing, the Parties shall enter into an Escrow Agreement with the Escrow Agent, in the form
of the draft attached hereto as Schedule 9.1, whereby the Escrow Amount will be held in escrow to guarantee the payment of any amounts owed to the Purchaser by the Sellers relating to any Losses, which cause started on or prior to the Closing
Date, regardless of the moment when the effects of the Losses take place. 

  
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 9.2. Quotaholders’ Agreement. At the Closing, the Parties shall enter
into a shareholders’ agreement, to govern the relationship among the shareholders of the Company, according to the draft attached hereto as Schedule 9.2 (“Quotaholders’ Agreement”). 

9.3. Non-Employee Officer Agreements. At the Closing, each of the Sellers shall enter into a Non-Employee Officer
Agreements, to govern the relationship among the shareholders of the Company, according to the draft attached hereto as Schedule 4.2(h) and Schedule 4.2(i) (“Non-Employee Officer Agreements”). 

9.4. Quota Pledge Agreement. At the Closing, the Parties shall enter into a Quota Pledge Agreement, in the form of the
draft attached hereto as Schedule 9.4., in order to ensure full and timely payment of any amounts owed to the Purchaser Indemnified Parties by the Sellers Indemnifying Parties relating to any Losses, as described in Section 7.10
of this Agreement (“Quota Pledge Agreement”). 
  

	10.	ADDITIONAL COVENANTS 

10.1. From and after the date hereof, the Parties agree jointly and severally to hold, and to cause their Representatives to hold,
in confidence, all confidential documents and information concerning the Company and/or the Parties, including without limitation, certain non-public information about the proposed or potential business strategy, operations, financial matters and
other matters relating to the Information Business (“Confidential Information”), except to the extent that such information can be shown to have been (a) in the public domain through no fault of any of the Parties or
(b) later lawfully acquired by any of the Parties from other sources without any breach of any Law or confidentiality obligation. Confidential Information may only be disclosed in the event that any of the Parties is compelled to disclose such
Confidential Information by Law enacted by a Governmental Authority to which such Party is subject or as a result of judicial or administrative process in connection with any action, suit, proceeding or investigation. In any event Confidential
Information is disclosed, the disclosing Party shall previously inform the other Party and agree upon the contents of such disclosure. 

  
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 10.1.1. From and after the date hereof, the Parties agree to hold,
and to cause their Representatives to hold, in confidence, any and all information regarding the terms and conditions of this Agreement. The terms and conditions of this Agreement may only be disclosed in the event that any of the Parties is
compelled to disclose such information by Law enacted by a Governmental Authority to which the Party is subject or as a result of judicial or administrative process in connection with any action, suit, proceeding or investigation. In any event the
terms and conditions of this Agreement are disclosed, the disclosing Party shall previously inform the other Party and consult upon the contents of such disclosure. 

10.1.2. Notwithstanding the foregoing, the Parties agree that any provisions of this Agreement shall not interfere
or restrict Purchaser’s (or any of its Affiliates’) ability to comply with applicable Laws, in such a manner that if Purchaser (or any of its Affiliates) is required by applicable Law or stock exchange regulations to which it is subject to
disclose any information regarding the content of this Agreement and/or the Company’s business and transactions, it may do so, and may consult with the other Party at its own discretion. 

10.2. The Parties agree to consult with each other before issuing any press release or making any public statement with respect to
this Agreement or the Transaction contemplated hereby and will not issue any such press release or make any such public statement prior to consultation on the content of such press release or public announcement. The provisions of this
Section 10.2 do not apply to disclosures made in accordance with securities laws and regulations applicable to any of the Parties. 
 10.3. Notice to CADE. The Parties agree to jointly submit the Transaction contemplated by this Agreement for CADE’s approval within 15 (fifteen) days as from the date hereof. The
Parties hereby agree to fully cooperate with each other throughout the entire process, providing all information and documents necessary for the preparation of notice and fulfillment of potential additional information/clarification requests by
CADE, in order to obtain such approval as soon as possible. Each Party is hereby responsible for potential fines, penalties, responsibilities and expenses resulting from the breach caused thereby. All process related costs with CADE shall be borne
by the Purchaser, except the costs related to the representation of each of the Parties before CADE which shall be borne respectively by each Party. 
 10.4. Tax Cooperation. Each of the Parties shall provide the other Party with tax information and records as may reasonably be requested by such other Party in connection with the
preparation of any tax return or any audit or other proceeding that relates to the Company or Purchaser. 

  
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 TERMINATION 
 11.1. Termination. This Agreement may be terminated at any time prior to the Closing: 
 (a) by the mutual written consent of the Parties; 
 (b) by either Party in the
event that any Governmental Authority shall have issued an order, decree or ruling or taken any other action which is in effect and has the effect of making the Transaction contemplated by this Agreement illegal, provided that such order,
decree, ruling or other action shall have become final and unappealable; 
 (c) by any of the Parties if any of the other Parties
breaches any provision of this Agreement and: (i) such breach prevents the fulfillment of the Purchaser’s Conditions to Close or the Sellers’ Condition to Close provided for in Section 4.3, and Section 4.4, as
the case may be, or otherwise prevents the performance of any of the Closing acts as provided for in Section 4.2; and (ii) such breach is not cured within thirty (30) days after proper notice; 

(d) by the Purchaser if the Purchaser’s Conditions to Close provided for in Section 4.3 hereunder are not fulfilled or
waived in writing on or before April 30, 2013, it being certain that any Party that caused such delay shall not be entitled to terminate this Agreement; and/or 
 (e) by the Sellers if the Sellers’ Conditions to Close provided for in Section 4.4 hereunder are not fulfilled or waived in writing on or before April 30, 2013, it being certain that
any Party that caused such delay shall not be entitled to terminate this Agreement. 
 11.2. Effects of
Termination. If this Agreement is terminated as provided under this Section 11, this Agreement shall immediately cease to be in force and effect and there shall be no liability on the part of any Party to this Agreement, except that:

 (a) the obligations under Section 10.1, Section 10.1.1, Section 10.2 and
Section 14 will survive; and 

  
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 (b) nothing in this Section 11 shall relieve either Party from liability for any
breach, failure to perform or comply with this Agreement which has given the right to the other Party to exercise a right of termination pursuant to Section 11.1 of this Agreement. 

11.3. Waivers. At any time prior to or at the Closing, either Party may: 

(a) waive any inaccuracies in the representations and warranties made to it under this Agreement or in any document delivered pursuant to
this Agreement; or 
 (b) waive compliance with any of the agreements or conditions contained for its benefit in this Agreement.

 11.4. No Other Termination – Sole Remedy. This Agreement may only be terminated prior to Closing and in
accordance with Section 11.1 of this Agreement. After the Closing has taken place, the indemnification rights provided for in Section 7 of this Agreement shall be the sole and ultimate remedy available to the Parties with
respect to any breach of the representations and warranties of the Parties in this Agreement. 
 11.5 Specific
Performance. Subject to the provisions of Section 14, the commitments and obligations assumed hereunder by each of the Parties are subject to specific performance, according to articles 461, 462, 466-A et seq. of the Code of
Civil Procedure (Law 5869/73), it being certain that the stipulation of liquidated damages will not constitute adequate and sufficient remedy. For this purpose, the Parties acknowledge that this Agreement, duly signed by two (2) witnesses,
constitutes an extrajudicial enforcement instrument (título executivo extrajudicial) for all purposes and effects of article 585, II of the Code of Civil Procedure. 

11.6. Break up Penalty. Should either Sellers fail to meet with the Sellers’ Conditions to Close or the Purchaser
fails to meet with the Purchaser’s Conditions to Close, as the case may be, that are under the control of the Parties (which expressly excludes any acts depending on any Person other than the Parties, including any and all counterparties
approvals) or refuse to proceed with the Closing as provided in Section 4 hereof in spite of all the Purchaser’s Conditions to Close or the Sellers’ Conditions to Close, as the case may be, having been met (the
“Refusing Party”), then the other Party shall have the option of either seeking specific performance pursuant to Section 11.5 or demanding that such Refusing Party pay a break up penalty of seven million Reais
(R$7,000,000.00) within five (5) days as of receipt by the Refusing Party of a notice from the innocent Party to such effect. In the event that the Refusing 

  
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Party is one or more of the Sellers, then each Seller (who is a Refusing Party) shall be severally responsible for a portion of the break up penalty such that the aggregate break up penalty
payable by such Sellers shall be equal to seven million Reais (R$7,000,000.00). Such portion shall be pro rata to percentages of Transaction Shares to be sold by each such Seller that refused to proceed with the Closing, excluding the ownership
percentage of any Seller that is not a Refusing Party. 
  

	12.	NOTICES 

 12.1. All
notices, requests, claims, demands and/or other communications required or permitted to be made in accordance with this Agreement shall be in writing and shall be given or made by delivery in person, by a nationally recognized overnight courier
service, by facsimile, by email or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties hereto at the following addresses: 

If to PURCHASER, to: 
 Attn.: Ramon Fernandez Aracil Filho 
 Address: Alameda Joaquim Eugênio de
Lima, No. 187, 9th floor, 
 ZIP CODE 01403-001, Jardim Paulista, São Paulo – SP, Brazil. 

Fax: +5511 3101—1480 
 e-mail: ramon@mcsa.adv.br 
 With copies to: 

TransUnion Corp. 

Attn.: General Counsel 
 Address: 555 W. Adams St. Chicago, IL 60661, United States of America. 
 If to
SELLERS, to: 
 Alexandre Costa Aldighieri 
 Address: Rua Ferreira de Araújo, No. 516, apartment 516 
 Zip Code:
05428-001, Pinheiros, São Paulo – SP, Brazil 
 Fax: +5511 3817-4484 

e-mail: alexandre.costa@zipcode.com.br 
 and 

  
 57 

 Ricardo Carvalho Sleiman 

Address: Rua Manoel Antônio Pinto, No. 1200 
 Zip Code: 05663-020, São Paulo – SP, Brazil 
 Fax: +5511 3507-4919

 e-mail: ricardo.sleiman@zipcode.com.br / rsleiman@me.com 

with copy, which shall not constitute a notice, to: 
 Machado Meyer Sendacz e Opice Advogados 
 Avenida Brigadeiro Faria Lima, 3144

 Facsimile: +55 11 3150-7071 
 Attn.: José Samurai Saiani 
 e-mail: jsaiani@machadomeyer.com.br 

or to such other address furnished in writing by such Party. 
 12.2. All such notices, requests, claims, demands and/or other communications will be deemed to have been duly delivered: (a) at the time it is delivered by hand, if delivered in person;
(b) on the subsequent day it is delivered, if sent by a nationally recognized overnight courier service; and (c) at the time it is received, if faxed or sent by registered or certified mail and/or e-mail. 

 

	13.	APPLICABLE LAW 

 13.1.
The interpretation, construction and enforcement of this Agreement, and all matters relating hereto, shall be governed by the Laws of the Federative Republic of Brazil. 

 

	14.	ARBITRATION 

 14.1.
The Parties shall try to settle any disputes, controversies and claims arising out of and/or in connection with this Agreement (“Dispute”), in an amicable way, by means of direct negotiations held in good faith. In addition, any of
the Parties may elect to have such discussions mediated for a period of up to sixty (60) days by a mediator appointed by the President of the Arbitration and Mediation Center of the Brazil-Canada Chamber of Commerce (“CCBC”),
whose costs and expenses shall be equally divided by the Parties. 

  
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 14.2. If, however, a mutually satisfactory solution to the Dispute is not amicably
reached by means of direct negotiation or mediation, then such Party may notify the other Party of its intent to submit the Dispute to arbitration (“Dispute Notice”). 

14.2.1. Concurrently with the Dispute Notice, the interested Party shall also notify the CCBC of its intent to
submit the Dispute to arbitration, declaring forthwith upon, the nature of the Dispute, the estimated amount involved and the name and relevant data of the other Party, and attach a copy of this Agreement. 

14.2.2. The arbitration shall take place in the city of São Paulo, where the arbitration award shall be
rendered, on a confidential basis and be in the English language, in accordance with the arbitration rules of the CCBC, which provisions are deemed to be part of this Agreement. 

14.2.3. The arbitration panel shall be composed of three (3) arbitrators to be appointed in accordance with
the arbitration rules of the CCBC. 
 14.2.4. The arbitration award shall be final and binding on the
Parties. To the fullest extent permitted by applicable Law, the Parties waive their right to seek any remedies against the arbitration award and any defenses against its enforcement. The decision of the arbitration panel may be enforced in any
jurisdiction. 
 14.3. Without prejudice to the arbitration, the Parties shall not be barred from resorting to the
Brazilian courts to seek injunctive relief whether preventive, provisory or permanent, but shall not request such courts to take action on the merits of the Dispute other than as strictly necessary to grant injunctive relief or similar legal remedy.
The provisions of this Section 14 shall not limit the rights of the Parties under Sections 32 and 33 of Law No. 9,307 of September 23, 1996. 

14.3.1. For the sole purpose of Section 14.3 above, the courts of the city of São Paulo, State
of São Paulo, Brazil, are hereby elected by the Parties, with the exclusion of any other, no matter how privileged it may be, except for the arbitration panel authority to issue injunctive relief. 

14.4. The Parties shall equally share the responsibility for making the deposits and advances, if any, required by the CCBC in
connection with the arbitration procedure, but all other fees, charges, compensation and expenses (including attorneys’ fees) incurred in connection therewith shall be borne by the 

  
 59 

 
Parties in the proportion of the difference between the amount claimed by the relevant Party under the Dispute and the actual amount established in the arbitration award. When the granted award
does not represent an amount or value to be paid by one Party to the other, such as an obligation to (or not to) carry out an act all other fees, charges, compensation and expenses (including attorneys’ fees) incurred in connection therewith
shall be borne by the defeated party in the arbitration process. 
  

	15.	MISCELLANEOUS 

 15.1.
Binding Effect; Third Party Beneficiaries. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the Parties hereto and their respective successors. No provision of this Agreement is intended to
confer upon any Person other than the Parties hereto any rights or remedies hereunder. 
 15.2. Assignability. No
Party hereto may assign any of its rights or obligations under this Agreement unless the other Party hereto shall have consented in writing thereto in its sole and absolute discretion. 

15.3. Waiver. No delay or omission in the exercise of any power, remedy or right herein provided or otherwise available to
any Party hereto will impair or affect the right of such Party thereafter to exercise the same. Any extension of time or other indulgence granted to any Party hereunder will not otherwise alter or affect any power, remedy or right of any other Party
hereto, or the obligations of the Party to whom such extension or indulgence is granted. This Agreement may not be amended without the express written consent of all of the Parties hereto or their respective successors. 

15.4. Severability. Should any of the provisions of this Agreement for any reason be held to be invalid, illegal or
unenforceable in any respect in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement which shall remain in full force and effect, but this Agreement shall be construed in any such
jurisdiction as if such invalid or illegal or unenforceable provision thereof had been reformed so that it would be valid, legal and enforceable to the maximum extent permitted in such jurisdiction. 

15.5. Headings. The headings of the Sections of this Agreement are included for convenience purposes and will not in any
way affect the meaning or the interpretation of this Agreement. 

  
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 15.6. Further Assurances. Each of the Parties hereto shall use its best
efforts, without further consideration, to take or cause to be taken all actions to do or cause to be done all things necessary, proper or advisable to consummate and make effective the Transaction contemplated by this Agreement and to assist and
cooperate with the other Party hereto. 
 15.7. Expenses. Except as otherwise specified in this Agreement, all
costs and expenses incurred in connection with this Agreement and the Transaction contemplated hereby shall be paid by the Party incurring such costs and expenses. 
 15.8. Entire Agreement. This Agreement (including the exhibits and schedules attached hereto) constitutes the entire understanding of the Parties. 

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed by their respective authorized officers, as of the day and year
below, in three (3) counterparts and in the presence of the two (2) witnesses named below. 
 São Paulo,
December 26, 2012. 
 [the remainder of the page was intentionally left blank] 

  
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 SIGNATURE PAGE OF THE SHARE PURCHASE AND SALE AGREEMENT OF DATA SOLUTIONS SERVIÇOS DE
INFORMÁTICA LTDA. 
 PURCHASER: 

 

					
		 	SINGIDA PARTICIPAÇÕES LTDA.	  	
			
	By:	 	 /s/ Ramon Fernandez Aracil Filho
	  	
		 	Name: Ramon Fernandez Aracil Filho	  	
		 	Title: Officer	  	

  
 62 

 SIGNATURE PAGE OF THE SHARE PURCHASE AND SALE AGREEMENT OF DATA SOLUTIONS SERVIÇOS DE
INFORMÁTICA LTDA. 
 SELLERS: 
  

					
		 	RICARDO CARVALHO SLEIMAN	  	
			
		 	 /s/ Ricardo Carvalho Sleiman
	  	
			
		 	ALEXANDRE COSTA ALDIGHIERI	  	
			
		 	 /s/ Alexandre Costa Aldighieri
	  	

  
 63 

 SIGNATURE PAGE OF THE SHARE PURCHASE AND SALE AGREEMENT OF DATA SOLUTIONS SERVIÇOS DE
INFORMÁTICA LTDA. 
 INTERVENING PARTIES: 

 

					
		 	DATA SOLUTIONS SERVIÇOS DE INFORMÁTICA LTDA.	  	
			
	By:	 	 /s/ Alexandre Costa Aldighieri and Ricardo Carvalho Sleiman
	  	
		 	Name: Alexandre Costa Aldighieri and Ricardo Carvalho Sleiman	  	
		 	Title: Officers	  	
			
		 	MARISA TORRESAN RAPACCI SLEIMAN	  	
			
		 	 /s/ Marisa Torresan Rapacci Sleiman
	  	
			
		 	PATRÍCIA JUNQUEIRA FRANCO GUARNIERI	  	
			
		 	 /s/ Patrícia Junqueira Franco Guarnieri
	  	

 WITNESSES: 

 

									
	1.	 	 /s/ Aline de Andrade
	 		 	2.	  	 /s/ João Miranda de Oliveira Brandão

		 	Name: Aline de Andrade	 		 		  	Name: João Miranda de Oliveira Brandão
		 	I.D.:42905494-4	 		 		  	I.D.:09739070-86

  
 64

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