Document:

Indenture dated as of October 25, 2004

 Exhibit 10.1 
  

 COSAN S.A. INDÚSTRIA E COMÉRCIO 
 as Issuer 
 the GUARANTORS party
hereto 
 JPMORGAN CHASE BANK 
 as Trustee 
 J.P. MORGAN TRUST BANK LTD. 
 as Principal Paying Agent 
 and 
 J.P. MORGAN BANK LUXEMBOURG S.A. 
 as Luxembourg Paying Agent and Transfer
Agent 
  

 Indenture 
 Dated as of October 25, 2004 
  

 9.00% 
 Senior Notes 
 Due November 1,
2009 
  

 RECITALS 
  

					
	ARTICLE 1
	DEFINITIONS AND INCORPORATION BY REFERENCE
			
	Section 1.01.	  	Definitions	  	2
	Section 1.02.	  	Rules Of Construction	  	21
	
	ARTICLE 2
	THE NOTES
			
	Section 2.01.	  	Form, Dating and Denominations; Legends	  	21
	Section 2.02.	  	Execution and Authentication; Additional Notes	  	22
	Section 2.03.	  	Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust	  	23
	Section 2.04.	  	Replacement Notes	  	24
	Section 2.05.	  	Outstanding Notes	  	25
	Section 2.06.	  	Temporary Notes	  	25
	Section 2.07.	  	Cancellation	  	26
	Section 2.08.	  	CUSIP and ISIN Numbers	  	26
	Section 2.09.	  	Registration, Transfer and Exchange	  	26
	Section 2.10.	  	Restrictions on Transfer and Exchange	  	29
	
	ARTICLE 3
	ADDITIONAL AMOUNTS; REDEMPTION; OFFER TO PURCHASE
			
	Section 3.01.	  	Additional Amounts	  	31
	Section 3.02.	  	No Optional Redemption	  	33
	Section 3.03.	  	Redemption for Taxation Reasons	  	33
	Section 3.04.	  	Method and Effect of Redemption	  	34
	Section 3.05.	  	Offer to Purchase	  	34
	
	ARTICLE 4
	COVENANTS
			
	Section 4.01.	  	Payment Of Notes	  	37
	Section 4.02.	  	Maintenance of Office or Agency	  	38
	Section 4.03.	  	Existence	  	38
	Section 4.04.	  	Payment of Taxes and other Claims	  	39
	Section 4.05.	  	Maintenance of Properties and Insurance	  	39
	Section 4.06.	  	Limitation on Debt and Disqualified or Preferred Stock	  	39
	Section 4.07.	  	Limitation on Restricted Payments	  	42
	Section 4.08.	  	Limitation on Investments	  	45
	Section 4.09.	  	Limitation on Liens	  	45

  

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	Section 4.10.	  	Limitation on Sale and Leaseback Transactions	  	45
	Section 4.11.	  	Limitation on Dividend and other Payment Restrictions Affecting Subsidiaries	  	45
	Section 4.12.	  	Guarantees by Material Subsidiaries	  	47
	Section 4.13.	  	Repurchase of Notes Upon a Change of Control	  	47
	Section 4.14.	  	Limitation on Asset Sales	  	47
	Section 4.15.	  	Limitation on Transactions with Shareholders and Affiliates	  	49
	Section 4.16.	  	Line of Business	  	50
	Section 4.17.	  	Financial Reports	  	50
	Section 4.18.	  	Reports to Trustee	  	52
	Section 4.19.	  	Ranking.	  	52
	Section 4.20.	  	Paying Agent and Transfer Agent	  	52
	
	ARTICLE 5
	CONSOLIDATION, MERGER OR SALE OF ASSETS
			
	Section 5.01.	  	Consolidation, Merger or Sale of Assets by the Company; No Lease of All or Substantially All Assets	  	56
	Section 5.02.	  	Consolidation, Merger Or Sale Of Assets By A Guarantor	  	57
	
	ARTICLE 6
	DEFAULT AND REMEDIES
			
	Section 6.01.	  	Events of Default	  	58
	Section 6.02.	  	Acceleration	  	60
	Section 6.03.	  	Other Remedies	  	61
	Section 6.04.	  	Waiver of Past Defaults	  	61
	Section 6.05.	  	Control by Majority	  	61
	Section 6.06.	  	Limitation on Suits	  	61
	Section 6.07.	  	Rights of Holders to Receive Payment	  	62
	Section 6.08.	  	Collection Suit by Trustee	  	62
	Section 6.09.	  	Trustee May File Proofs of Claim	  	62
	Section 6.10.	  	Priorities	  	63
	Section 6.11.	  	Restoration of Rights and Remedies	  	63
	Section 6.12.	  	Undertaking for Costs	  	63
	Section 6.13.	  	Rights and Remedies Cumulative	  	64
	Section 6.14.	  	Delay or Omission Not Waiver	  	64
	Section 6.15.	  	Waiver of Stay, Extension or Usury Laws	  	64
	
	ARTICLE 7
	THE TRUSTEE
			
	Section 7.01.	  	General	  	64
	Section 7.02.	  	Certain Rights of Trustee	  	65

  

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	Section 7.03.	  	Trustee’s Disclaimer	  	66
	Section 7.04.	  	Notice of Default	  	67
	Section 7.05.	  	Compensation And Indemnity	  	67
	Section 7.06.	  	Replacement of Trustee	  	67
	Section 7.07.	  	Successor Trustee by Merger	  	68
	Section 7.08.	  	Eligibility	  	69
	Section 7.09.	  	Money Held in Trust	  	69
	
	ARTICLE 8
	DEFEASANCE AND DISCHARGE
			
	Section 8.01.	  	Discharge of Company’s and Guarantors’ Obligations	  	69
	Section 8.02.	  	Legal Defeasance	  	70
	Section 8.03.	  	Covenant Defeasance	  	72
	Section 8.04.	  	Application of Trust Money	  	72
	Section 8.05.	  	Repayment to Company	  	73
	Section 8.06.	  	Reinstatement	  	73
	
	ARTICLE 9
	AMENDMENTS, SUPPLEMENTS AND WAIVERS
			
	Section 9.01.	  	Amendments Without Consent of Holders	  	73
	Section 9.02.	  	Amendments With Consent of Holders	  	74
	Section 9.03.	  	Effect of Consent	  	75
	Section 9.04.	  	Trustee’s Rights and Obligations	  	76
	Section 9.05.	  	Payments For Consents	  	76
	
	ARTICLE 10
	GUARANTEE
			
	Section 10.01.	  	The Note Guaranty	  	76
	Section 10.02.	  	Guaranty Unconditional	  	77
	Section 10.03.	  	Discharge; Reinstatement	  	77
	Section 10.04.	  	Waiver by the Guarantors	  	78
	Section 10.05.	  	Subrogation and Contribution	  	78
	Section 10.06.	  	Stay of Acceleration	  	78
	Section 10.07.	  	Limitation on Amount of Guaranty	  	78
	Section 10.08.	  	Execution and Delivery of Guaranty	  	78
	Section 10.09.	  	Release of Guaranty	  	79

  

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	ARTICLE 11
	MISCELLANEOUS
			
	Section 11.01.	  	Noteholder Actions	  	79
	Section 11.02.	  	Notices	  	80
	Section 11.03.	  	Certificate and Opinion as to Conditions Precedent	  	81
	Section 11.04.	  	Statements Required in Certificate or Opinion	  	81
	Section 11.05.	  	Payment Date Other Than a Business Day	  	82
	Section 11.06.	  	Governing Law	  	82
	Section 11.07.	  	Submission to Jurisdiction; Agent for Service; Waiver of Immunities	  	82
	Section 11.08.	  	Judgment Currency	  	83
	Section 11.09.	  	No Adverse Interpretation of Other Agreements	  	84
	Section 11.10.	  	Successors	  	84
	Section 11.11.	  	Duplicate Originals	  	84
	Section 11.12.	  	Separability	  	84
	Section 11.13.	  	Table of Contents and Headings	  	84
	Section 11.14.	  	No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders	  	85

  

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	EXHIBITS	  	
		
	 EXHIBIT A
	  	Form of Note
	 EXHIBIT B
	  	Form of Supplemental Indenture
	 EXHIBIT C
	  	Restricted Legend
	 EXHIBIT D
	  	DTC Legend
	 EXHIBIT E
	  	Regulation S Certificate
	 EXHIBIT F
	  	Rule 144A Certificate

  

 vi 

 INDENTURE, dated as of October 25, 2004, between COSAN S.A. INDÚSTRIA E COMÉRCIO, a
sociedade anônima (corporation) incorporated under the laws of the Federative Republic of Brazil, as the Company, the GUARANTORS party hereto and JPMORGAN CHASE BANK, a New York banking corporation, as Trustee, J.P. MORGAN TRUST BANK
LTD., as Principal Paying Agent, and J.P. MORGAN BANK LUXEMBOURG S.A., as Luxembourg Paying Agent and Transfer Agent. 
 RECITALS

 The Company has duly authorized the execution and delivery of the Indenture to provide for the issuance of up to $200,000,000
aggregate principal amount of the Company’s 9.00% Senior Notes due November 1, 2009, and, if and when issued, any Additional Notes as provided herein (the “Notes”). All things necessary to make the Indenture a valid
agreement of the Company, in accordance with its terms, have been done, and the Company has done all things necessary to make the Notes (in the case of the Additional Notes, when duly authorized), when executed by the Company and authenticated and
delivered by the Trustee and duly issued by the Company, the valid obligations of the Company as hereinafter provided. 
 In addition, the
Guarantors party hereto have duly authorized the execution and delivery of the Indenture as guarantors of the Notes. All things necessary to make the Indenture a valid agreement of each Guarantor, in accordance with its terms, have been done, and
each Guarantor has done all things necessary to make the Note Guarantees, when the Notes are executed by the Company and authenticated and delivered by the Trustee and duly issued by the Company, the valid obligations of such Guarantor as
hereinafter provided. 
 WITNESSETH 
 For and in consideration of the premises and the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the equal and proportionate benefit of all Holders, as follows: 

 ARTICLE 1 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01. Definitions.  
 “Acquired Debt” means Debt of a Person existing at
the time the Person merges with or into or becomes a Subsidiary and not Incurred in connection with, or in contemplation of, the Person merging with or into or becoming a Subsidiary. 
 “Additional Amounts” has the meaning assigned to such term in Section 3.01. 
 “Additional Notes” means any Notes issued under the Indenture in addition to the Original Notes, having the same terms in all respects
as the Original Notes except that interest will accrue on the Additional Notes from their date of issuance. 
 “Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person. For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”) with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Agent” means any Registrar, Paying Agent or Authenticating Agent, as duly appointed by the Company or by the Trustee in the case of the Authenticating Agent. 
 “Agent Member” means a member of, or a participant in, the Depositary. 
 “Asset Sale” means any sale, lease, transfer or other disposition of any assets by the Company or any Subsidiary, including by means of
a merger, consolidation or similar transaction and including any sale or issuance of the Equity Interests of any Subsidiary (each of the above referred to as a “disposition”), provided that the following are not included in the
definition of “Asset Sale”: 
 (i) a disposition to the Company or a Subsidiary, including the sale or issuance by
the Company or any Subsidiary of any Equity Interests of any Subsidiary to the Company or any Subsidiary; 
 (ii) the
disposition by the Company or any Subsidiary in the ordinary course of business of (i) cash and cash management investments, 

  

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(ii) inventory and other assets acquired and held for resale in the ordinary course of business, (iii) damaged, worn out or obsolete assets, or
(iv) rights granted to others pursuant to leases or licenses; 
 (iii) the sale or discount of accounts receivable
arising in the ordinary course of business in connection with the compromise or collection thereof; 
 (iv) a transaction
covered by Section 5.01 or 5.02; 
 (v) a Restricted Payment permitted under Section 4.07 or a Permitted Investment; or

 (vi) any disposition of assets with an aggregate fair market value, taken together with all other dispositions made in
reliance on this clause (vi) on or after the Issue Date, of less than $30.0 million (or the equivalent thereof at the time of determination). 
 “Attributable Debt” means, in respect of a Sale and Leaseback Transaction the present value, discounted at the interest rate implicit in the Sale and Leaseback Transaction, of the total obligations of the lessee for rental
payments during the remaining term of the lease in the Sale and Leaseback Transaction. 
 “Authenticating Agent” refers to
the Trustee’s designee for authentication of the Notes. 
 “Average Life” means, with respect to any Debt, the quotient
obtained by dividing (i) the sum of the products of (x) the number of years from the date of determination to the dates of each successive scheduled principal payment of such Debt and (y) the amount of such principal payment by
(ii) the sum of all such principal payments. 
 “bankruptcy default” has the meaning assigned to such term in Section
6.01. 
 “Board of Directors” means the board of directors or comparable governing body of the Company, or any committee
thereof duly authorized to act on its behalf. 
 “Board Resolution” means a resolution duly adopted by the Board of
Directors which is certified by the Secretary or an Assistant Secretary of the Company and remains in full force and effect as of the date of its certification. 
  

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 “Business Day” means any day except a Saturday, Sunday or other day on which commercial
banks in New York City, São Paulo or in the city where the Corporate Trust Office of the Trustee is located are authorized by law to close. 
 “Capital Lease” means, with respect to any Person, any lease of any property which, in conformity with GAAP, is required to be capitalized on the balance sheet of such Person. 
 “Capital Stock” means, with respect to any Person, any and all shares of stock of a corporation, partnership interests or other
equivalent interests (however designated, whether voting or non-voting) in such Person’s equity, entitling the holder to receive a share of the profits and losses, and a distribution of assets, after liabilities, of such Person. 
 “Cash Equivalents” means: 
 (1) Brazilian reais, Dollars, or money in other currencies received in the ordinary course of business that are readily convertible into Dollars; 
 (2) any evidence of Debt with a maturity of 180 days or less issued or directly and fully guaranteed or insured by the Federative Republic
of Brazil or the United States of America or any agency or instrumentality thereof, provided that the full faith and credit of the Federative Republic of Brazil or the United States of America is pledged in support thereof; 
 (3) (i) demand deposits, (ii) time deposits and certificates of deposit with maturities of one year or less from the date of
acquisition, (iii) bankers’ acceptances with maturities not exceeding one year from the date of acquisition, and (iv) overnight bank deposits, in each case with any bank or trust company organized or licensed under the laws of the
United States or any state thereof having capital, surplus and undivided profits in excess of $500 million whose short-term debt is rated “A-2” or higher by S&P or “P-2” or higher by Moody’s; 
 (4) repurchase obligations with a term of not more than seven days for underlying securities of the type described in clauses (2) and
(3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 
 (5) commercial paper rated at least P-1 by Moody’s or A-1 by S&P and maturing within six months after the date of acquisition; and 
  

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 (6) money market funds at least 95% of the assets of which consist of investments of the
type described in clauses (1) through (5) above. 
 “Certificated Note” means a Note in registered individual form
without interest coupons. 
 “Change of Control” means: 
 (1) the merger or consolidation of the Company with or into another Person or the merger of another Person with or into the Company or the
merger of any Person with or into a Subsidiary of the Company if Capital Stock of the Company is issued in connection therewith, or the sale of all or substantially all the assets of the Company to another Person, (in each case, unless such other
Person is a Permitted Holder) unless holders of a majority of the aggregate voting power of the Voting Stock of the Company, immediately prior to such transaction, hold securities of the surviving or transferee Person that represent, immediately
after such transaction, at least a majority of the aggregate voting power of the Voting Stock of the surviving or transferee Person; or 
 (2) any “person” or “group” (as such terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act), other than Permitted Holders), is or becomes the “beneficial owner” (as
such term is used in Rules 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company; or 
 (3) occupation of the majority of the seats (other than vacant seats) on the Board of Directors of the Company by persons who were neither
(i) nominated by the Permitted Holders or the Board of Directors of the Company nor (ii) appointed by directors so nominated. 
 “Commission” means the U.S. Securities and Exchange Commission. 
 “Common Stock” means Capital
Stock not entitled to any preference on dividends or distributions, upon liquidation or otherwise. 
 “Company” means the
party named as such in the first paragraph of the Indenture or any successor obligor under the Indenture and the Notes pursuant to Section 5.01. 
 “Consolidated Net Income” means, for any period, the aggregate net income (or loss) of the Company and its Subsidiaries for such period determined on a consolidated basis in conformity with GAAP. 
  

 5 

 “Consolidated Net Tangible Assets” means the total amount of assets of the Company and
its Subsidiaries (less applicable depreciation, amortization and other valuation reserves), except to the extent resulting from write-ups of capital assets subsequent to the Issue Date, after deducting therefrom (i) all current liabilities of
the Company and its Subsidiaries (excluding intercompany items) and (ii) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangibles as set forth on the most recent financial statements
delivered by the Company to the Trustee pursuant to Section 4.17. 
 “Consolidated Net Worth” means, at any date of
determination, the consolidated stockholder’s equity of the Company and its Subsidiaries, calculated excluding: 
 (1)
any amounts attributable to Disqualified Stock; 
 (2) treasury stock; and 
 (3) all write-ups (other than write-ups resulting from foreign currency translations and write-ups of tangible assets of a going concern
business made in accordance with GAAP as a result of the acquisition of such business) subsequent to the date of the Indenture in the book value of any asset. 
 “Corporate Trust Office” means the office of the Trustee at which the corporate
trust business of the Trustee is principally administered, which at the date of the Indenture is located at 4 New York Plaza, 15th floor, New York, New York, 10028. 
 “Credit Facilities” means one or more credit facilities with banks or
other lenders providing for revolving credit loans or term loans or the issuance of letters of credit or bankers’ acceptances or the like and any receivables financings. 
 “Debt” means, with respect to any Person, without duplication, 
 (1) all indebtedness of such Person for borrowed money, including advances from customers; 
 (2) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 
 (3) all obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar instruments, excluding
obligations in respect of trade letters of credit or bankers’ acceptances issued in respect of trade accounts payables to the extent not drawn upon or presented, or, if drawn upon or presented, to the extent the resulting obligation of the
Person is paid within 10 Business Days; 
  

 6 

 (4) all obligations of such Person to pay the deferred and unpaid purchase price of
property or services which are recorded as liabilities under GAAP, all conditional sale obligations and all obligations of such person under any title retention agreement, excluding trade payables arising in the ordinary course of business;

 (5) all obligations of such Person as lessee under Capital Leases; 
 (6) all Debt of other Persons Guaranteed by such Person to the extent so Guaranteed; 
 (7) all Debt of other Persons secured by a Lien on any asset of such Person, whether or not such Debt is assumed by such Person; and

 (8) all obligations of such Person under Hedging Agreements. 
 For the avoidance of doubt, “Debt” shall not include any obligations to any Person with respect to “Programa de Recuperação Fiscal – REFIS”, “Programa Especial de
Parcelamento de Impostos – REFIS Estadual” and “Programa de Parcelamento Especial – PAES.” 
 The amount of Debt of any
Person will be deemed to be: 
 (A) with respect to contingent obligations, the maximum liability upon the occurrence of the
contingency giving rise to the obligation; 
 (B) with respect to Debt secured by a Lien on an asset of such Person but not
otherwise the obligation, contingent or otherwise, of such Person, the lesser of (x) the fair market value of such asset on the date the Lien attached and (y) the amount of such Debt; 
 (C) with respect to any Debt issued with original issue discount, the face amount of such Debt less the remaining unamortized portion of
the original issue discount of such Debt; 
 (D) with respect to any Hedging Agreement, the net amount payable if such Hedging
Agreement terminated at that time due to default by such Person; and 
 (E) otherwise, the outstanding principal amount
thereof. 
  

 7 

 The principal amount of any Debt or other obligation that is denominated in any currency other than Dollars (after giving
effect to any Hedging Agreement in respect thereof) shall be the amount thereof, as determined pursuant to the foregoing sentence, converted into Dollars at the Spot Rate in effect on the date of determination. 
 “Default” means any event that is, or after notice or passage of time or both would be, an Event of Default. 
 “Depositary” means the depositary of each Global Note, which will initially be DTC. 
 “Disqualified Equity Interests” means Equity Interests that by their terms or upon the happening of any event are: 
 (1) required to be redeemed or redeemable at the option of the holder prior to the Stated Maturity of the Notes for consideration other
than Qualified Equity Interests; or 
 (2) convertible at the option of the holder into Disqualified Equity Interests or
exchangeable for Debt; 
 provided that Equity Interests will not constitute Disqualified Equity Interests solely because of provisions giving holders
thereof the right to require repurchase or redemption upon an “asset sale” or “change of control” occurring prior to the Stated Maturity of the Notes if those provisions: 
 (A) are no more favorable to the holders than those set forth in Section 4.13 and 4.14; and 
 (B) specifically state that repurchase or redemption pursuant thereto will not be required prior to the Company’s repurchase of the
Notes as required by the Indenture; and 
 provided further that Equity Interests issued to new investors in an aggregate amount of up to $100.0
million (or the equivalent thereof at the time of determination) that otherwise would be deemed Disqualified Equity Interests, will not in any event constitute Disqualified Equity Interests. 
 “Disqualified Stock” means Capital Stock constituting Disqualified Equity Interests. 
 “DTC” means The Depository Trust Company, a New York corporation, and its successors. 
  

 8 

 “DTC Legend” means the legend set forth in Exhibit D. 
 “EBITDA” means, for any period each, as to the Company and its Subsidiaries, on a consolidated basis: 
 (1) consolidated net operating revenues minus; 
 (2) consolidated cost of goods sold and services rendered minus; 
 (3) consolidated selling expenses and general and administrative expenses plus; 
 (4) any depreciation or amortization included in consolidated cost of goods sold and services rendered, selling expenses or general and
administrative expenses; 
 as each such item is reported on the most recent consolidated audited financial statements delivered by the Company to the
Trustee and prepared in accordance with GAAP. 
 “Equity Interests” means all Capital Stock and all warrants or options with
respect to, or other rights to purchase, Capital Stock, but excluding Debt convertible into equity. 
 “Event of Default”
has the meaning assigned to such term in Section 6.01. 
 “Excess Proceeds” has the meaning assigned to such term in Section
4.14. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 
 “GAAP” means generally accepted accounting principles in Brazil, which are based on the Brazilian corporate law, the rules and
regulations of the Brazilian securities commission and the accounting standards issued by the Brazilian Institute of Independent Accountants (Instituto dos Auditores Independentes do Brasil, IBRACON) (whether or not the Company or any of its
Subsidiaries or Affiliates is otherwise subject to such rules) as in effect as of the Issue Date; provided that jointly controlled Persons (other than Guarantors) shall be accounted for on the equity method of accounting. 
 “Global Note” means a Note in registered global form without interest coupons. 
  

 9 

 “Guarantee” means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Debt or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or
supply funds for the purchase or payment of) such Debt or other obligation of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay,
or to maintain financial statement conditions or otherwise) or (ii) entered into for purposes of assuring in any other manner the obligee of such Debt or other obligation of the payment thereof or to protect such obligee against loss in respect
thereof, in whole or in part; provided that the term “Guarantee” does not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning.

 “Guarantor” means (i) each of FBA – Franco Brasileira S.A. Açúcar e Álcool and Usina Da
Barra S/A – Açúcar e Álcool and (ii) each Subsidiary that executes a supplemental indenture in the form of Exhibit B to the Indenture providing for the guaranty of the payment of the Notes, or any successor obligor
under its Note Guaranty pursuant to Section 5.02, in each case unless and until such Guarantor is released from its Note Guaranty pursuant to the Indenture. 
 “Hedging Agreement” means (i) any interest rate swap agreement, interest rate cap agreement or other agreement designed to protect against fluctuations in interest rates or (ii) any foreign
exchange forward contract, currency swap agreement or other agreement designed to protect against fluctuations in foreign exchange rates or (iii) any commodity or raw material futures contract or any other agreement designed to protect against
fluctuations in raw material prices. 
 “Holder” or “Noteholder” means the registered holder of any Note.

 “Incur” means, with respect to any Debt or Capital Stock, to incur, create, issue, assume or Guarantee such Debt or
Capital Stock. If any Person becomes a Subsidiary on any date after the date of the Indenture, the Debt and Capital Stock of such Person outstanding on such date will be deemed to have been Incurred by such Person on such date for purposes of
Section 4.06, but will not be considered the sale or issuance of Equity Interests for purposes of Section 4.07 or Section 4.14. The accretion of original issue discount or payment of interest in kind will not be considered an Incurrence of Debt.
“Incurrence” shall have a corresponding meaning. 
 “Indenture” means this indenture, as amended or
supplemented from time to time. 
  

 10 

 “Initial Notes” means the Notes issued on the date hereof. 
 “Initial Purchasers” means the initial purchasers party to a purchase agreement with the Company relating to the sale of the Notes or
Additional Notes by the Company. 
 “Interest Payment Date” means each May 1 and November 1 of each year,
commencing May 1, 2005. 
 “Investment” means: 
 (1) any direct or indirect advance, loan or other extension of credit to another Person, but excluding any such advance, loan or extension
of credit having a term not exceeding 180 days arising in connection with the sale of inventory or supplies by that Person in the ordinary course of business; 
 (2) any capital contribution to another Person, by means of any transfer of cash or other property or in any other form; 
 (3) any purchase or acquisition of Equity Interests, bonds, notes or other Debt, or other instruments or securities issued by another
Person, any acquisitions of all or substantially all the assets of a Person, including the receipt of any of the above as consideration for the disposition of assets or rendering of services; or 
 (4) any Guarantee of any obligation of other Person. 
 For purposes of this definition, the term “Person” shall not include any Subsidiary or any Person who would become a Subsidiary as a result of any Investment. If the Company or any Subsidiary sells or otherwise disposes of any
Equity Interests of any direct or indirect Subsidiary so that, after giving effect to that sale or disposition, such Person is no longer a Subsidiary of the Company, all remaining Investments of the Company and the Subsidiaries in such Person shall
be deemed to have been made at such time. 
 “Issue Date” means the date on which the Notes are originally issued under the
Indenture. 
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any
conditional sale or other title retention agreement or Capital Lease). 
 “Luxembourg Paying Agent” means J.P. Morgan
Bank Luxembourg S.A., or such other Luxembourg paying agent as the Company shall appoint. 
  

 11 

 “Marketable Securities” means publicly traded debt or equity securities that are listed
for trading on a national securities exchange and that were issued by a corporation with debt securities rated at least “AA-” from S&P or “Aa3” from Moody’s. 
 “Material Subsidiary” means, in respect of the Company, any direct or indirect “significant subsidiary” thereof as such term
is defined in Rule 12b-2 of the Exchange Act and those subsidiaries specifically identified in the Indenture. 
 “Minimum Withholding
Level” has the meaning assigned to such term in Section 3.03. 
 “Moody’s” means Moody’s Investors
Service, Inc. and its successors. 
 “Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds of such Asset
Sale in the form of cash (including (i) payments in respect of deferred payment obligations to the extent corresponding to principal, but not interest, when received in the form of cash, and (ii) proceeds from the conversion of other
consideration received when converted to cash), net of: 
 (1) brokerage commissions and other fees and expenses related to
such Asset Sale, including fees and expenses of counsel, accountants and investment bankers; 
 (2) provisions for taxes as a
result of such Asset Sale taking into account the consolidated results of operations of the Company and its Subsidiaries; 
 (3) payments required to be made to repay Debt (other than revolving credit Borrowings) outstanding at the time of such Asset Sale that is secured by a Lien on the property or assets sold; and 
 (4) appropriate amounts to be provided as a reserve against liabilities associated with such Asset Sale, including pension and other
post-employment benefit liabilities, liabilities related to environmental matters and indemnification obligations associated with such Asset Sale, with any subsequent reduction of the reserve other than by payments made and charged against the
reserved amount to be deemed a receipt of cash. 
 “Net Debt” means, as of any date of determination, the aggregate amount
of Debt of the Company and its Subsidiaries less the sum of (without duplication) advances to suppliers, consolidated cash and cash equivalents and consolidated Marketable Securities recorded as current assets (except for any Capital Stock in any
Person) in all cases determined in accordance with GAAP and as set forth in the most recent consolidated balance sheet of the Company. 
  

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 “Net Debt to EBITDA Ratio” means, on any date (the “transaction date”),
the ratio of: 
 (x) the aggregate amount of Net Debt at that time to 
 (y) EBITDA for the four fiscal quarters immediately prior to the transaction date for which internal financial statements are available
(the “reference period”). 
 In making the foregoing calculation, 
 (1) pro forma effect will be given to any Debt Incurred during or after the reference period to the extent the Debt is outstanding or is
to be Incurred on the transaction date as if the Debt had been Incurred on the first day of the reference period; and 
 (2)
pro forma effect will be given to: 
 (A) the acquisition or disposition of companies, divisions or lines of businesses by the
Company and its Subsidiaries, including any acquisition or disposition of a company, division or line of business since the beginning of the reference period by a Person that became a Subsidiary after the beginning of the reference period; and

 (B) the discontinuation of any discontinued operations; 
 in each case, that have occurred since the beginning of the reference period as if such events had occurred, and, in the case of any disposition, the proceeds thereof applied, on the first day of the reference period.
To the extent that pro forma effect is to be given to an acquisition or disposition of a company, division or line of business, the pro forma calculation will be based upon the most recent four full fiscal quarters for which the relevant financial
information is available. 
 “Non-Recourse Debt” means Debt as to which neither the Company nor any Subsidiary provides any
Guarantee and as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Company or any Subsidiary. 
 “Non-U.S. Person” means a Person that is not a U.S. person, as defined in Regulation S. 
 “Note Guaranty” means the guaranty of the Notes by a Guarantor pursuant to the Indenture. 
  

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 “Notes” has the meaning assigned to such term in the Recitals. 
 “obligations” means, with respect to any Debt, all obligations (whether in existence on the Issue Date or arising afterwards, absolute
or contingent, direct or indirect) for or in respect of principal (when due, upon acceleration, upon redemption, upon mandatory repayment or repurchase pursuant to a mandatory offer to purchase, or otherwise), premium, interest, penalties, fees,
indemnification, reimbursement and other amounts payable and liabilities with respect to such Debt, including all interest accrued or accruing after the commencement of any bankruptcy, insolvency or reorganization or similar case or proceeding at
the contract rate (including, without limitation, any contract rate applicable upon default) specified in the relevant documentation, whether or not the claim for such interest is allowed as a claim in such case or proceeding. 
 “Offering Memorandum” means the final offering memorandum dated October 18, 2004 prepared by the Company in connection with the
Notes. 
 “Offer to Purchase” has the meaning assigned to such term in Section 3.05. 
 “Officer” means the chairman of the Board of Directors, the president or chief executive officer, any vice president, the chief
financial officer, the treasurer or any assistant treasurer, or the secretary or any assistant secretary, of the Company, or any other Person duly appointed by the shareholders of the Company or the Board of Directors to perform corporate duties.

 “Officers’ Certificate” means a certificate of the Company signed in the name of the Company by the chairman of the
Board of Directors, the president or chief executive officer, any vice president, the chief financial officer, the treasurer or any assistant treasurer or the secretary or any assistant secretary. 
 “Offshore Global Note” means a Global Note representing Notes issued and sold pursuant to Regulation S. 
 “Opinion of Counsel” means a written opinion signed by legal counsel, who may be an employee of or counsel to the Company, reasonably
satisfactory to the Trustee. 
 “Original Notes” means the Initial Notes. 
 “Paying Agent” refers to the Principal Paying Agent, the Luxembourg Paying Agent and such other paying agents as the Company shall
appoint. 
 “Permitted Bank Debt” has the meaning assigned to such term in Section 4.06. 
  

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 “Permitted Business” means any of the businesses in which the Company and its
Subsidiaries are engaged on the Issue Date, and any business reasonably related, incidental, complementary or ancillary thereto. 
 “Permitted Debt” has the meaning assigned to such term in Section 4.06. 
 “Permitted Holders”
means any or all of the following: 
 (1) an immediate family member of Rubens Ometto Silveira Mello or any Affiliate or
immediate family member thereof; and 
 (2) any Person both the Capital Stock and the Voting Stock of which (or in the case of
a trust, the beneficial interests in which) are owned 80% by Persons specified in clause (1). 
 “Permitted Investments”
means: 
 (1) any Investment in the Company or in a Subsidiary of the Company that is a Guarantor engaged in a Permitted
Business; 
 (2) any Investment in Cash Equivalents; 
 (3) any Investment by the Company or any Subsidiary of the Company in a Person, if as a result of such Investment; 
 (A) such Person becomes a Substantially Wholly-Owned Subsidiary of the Company that is a Guarantor engaged in a Permitted Business; or

 (B) such Person is merged or consolidated with or into, or transfers or conveys substantially all its assets to, or is
liquidated into, the Company or a Subsidiary that is a Guarantor engaged in a Permitted Business; 
 (4) Investments received
as non-cash consideration in an Asset Sale made pursuant to and in compliance with Section 4.14; 
 (5) Hedging Agreements
otherwise permitted under the Indenture; 
 (6) (i) receivables owing to the Company or any Subsidiary if created or acquired
in the ordinary course of business, (ii) endorsements for collection or deposit in the ordinary course of business, and (iii) securities, instruments or other obligations received in compromise or settlement of debts created in the
ordinary course of business, or by reason of a composition or readjustment of debts or reorganization of another Person, or in satisfaction of claims or judgments; 
  

 15 

 (7) payroll, travel and other loans or advances to, or Guarantees issued to support the
obligations of, officers and employees, in each case in the ordinary course of business not in excess of $1.0 million (or the equivalent thereof at the time of determination) outstanding at any time; 
 (8) extensions of credit to customers and suppliers in the ordinary course of business; and 
 (9) in addition to Investments listed above, Investments in Persons engaged in Permitted Businesses in an aggregate amount, taken together
with all other Investments made in reliance on this clause (9), not to exceed $10.0 million (or the equivalent thereof at the time of determination) (net of, with respect to the Investment in any particular Person made pursuant to this clause (9),
the cash return thereon received after the Issue Date as a result of any sale for cash, repayment, redemption, liquidating distribution or other cash realization (not included in Consolidated Net Income) not to exceed the amount of such Investments
in such Person made after the Issue Date in reliance on this clause (9)). 
 “Permitted Liens” means: 
 (1) Liens existing on the Issue Date; 
 (2) Liens securing the Notes or any Note Guaranty; 
 (3) Liens incurred in the ordinary
course of business not securing Debt and not in the aggregate materially detracting from the value of the properties or their use in the operation of the business of the Company and its Subsidiaries; 
 (4) Liens (including the interest of a lessor under a Capital Lease) on Property that secure Debt Incurred for the purpose of financing
all or any part of the purchase price or cost of construction or improvement of such Property and which attach within 365 days after the date of such purchase or the completion of construction or improvement; 
 (5) Liens on Property of a Person at the time such Person becomes a Subsidiary of the Company, provided that such Liens were not
created in contemplation thereof and do not extend to any other Property of the Company or any Subsidiary; 
  

 16 

 (6) Liens on Property at the time the Company or any of the Subsidiaries acquires such
Property, including any acquisition by means of a merger or consolidation with or into the Company or a Subsidiary of such Person, provided that such Liens were not created in contemplation thereof and do not extend to any other Property of
the Company or any Subsidiary; 
 (7) Liens securing Hedging Agreements so long as such Hedging Agreements relate to Debt that
is, and is permitted to be under the Indenture, secured by a Lien on the same Property securing such Hedging Agreements; 
 (8) extensions, renewals or replacements of any Liens referred to in clauses (1), (2), (5) or (6) in connection with the refinancing of the obligations secured thereby, provided that such Lien does not extend to any other
property and, except as contemplated by the definition of “Permitted Refinancing Debt”, the amount secured by such Lien is not increased; and 
 (9) other Liens securing obligations in an aggregate amount not exceeding the greater of: (i) $100.0 million (or the equivalent thereof at the time of determination) and (ii) 10% of Consolidated Net Tangible
Assets. 
 “Permitted Refinancing Debt” has the meaning assigned to such term in Section 4.06. 
 “Person” means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other entity,
including a government or political subdivision or an agency or instrumentality thereof. 
 “Preferred Stock” means, with
respect to any Person, any and all Capital Stock which is preferred as to the payment of dividends or distributions, upon liquidation or otherwise, over another class of Capital Stock of such Person. 
 “principal” of any Debt means the principal amount of such Debt, (or if such Debt was issued with original issue discount, the face
amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt), together with, unless the context otherwise indicates, any premium then payable on such Debt. 
 “Principal Paying Agent” means J.P. Morgan Trust Bank Ltd., or such other principal paying agent as the Company shall appoint.

  

 17 

 “Productive Assets” means assets (including capital stock or its substantial equivalent
or other Investments) that are used or usable by the Company and its Subsidiaries or by any Guarantor in Permitted Businesses (or in the case of capital stock or its substantial equivalent or other Investments that represent direct, or indirect (via
a holding company), ownership or other interests held by the Company or any Subsidiary or by any Guarantor in entities engaged in Permitted Businesses). 
 “Property” means (i) any mills, land, buildings, machinery and other improvements and equipment located therein; (ii) any executive offices, administrative buildings, and research and
development facilities, including land and buildings and other improvements thereon and equipment located therein; and (iii) any intangible assets, including, without limitation, any brand names, trademarks, copyrights and patents and similar
rights and any income (licensing or otherwise), proceeds of sale or other revenues therefrom. 
 “Qualified Equity
Interests” means all Equity Interests of a Person other than Disqualified Equity Interests. 
 “Qualified Stock”
means all Capital Stock of a Person other than Disqualified Stock. 
 “refinance” has the meaning assigned to such term in
Section 4.06. 
 “Register” has the meaning assigned to such term in Section 2.09. 
 “Registrar” means a Person engaged by the Company to maintain the Register. 
 “Regular Record Date” for the interest payable on any Interest Payment Date means April 15 or October 15 (whether or not a
Business Day) next preceding such Interest Payment Date. 
 “Regulation S” means Regulation S under the Securities Act.

 “Regulation S Certificate” means a certificate substantially in the form of Exhibit E hereto. 
 “Related Party Transaction” has the meaning assigned to such term in Section 4.06. 
 “Relevant Date” means, with respect to any payment on a Note, whichever is the later of: (i) the date on which such payment first
becomes due; and (ii) if the full amount payable has not been received by the Trustee or a Paying Agent on or prior to such due date, the date on which notice is given to the holders that the full amount has been received by the Trustee.

  

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 “Restricted Legend” means the legend set forth in Exhibit C. 
 “Restricted Payment” has the meaning assigned to such term in Section 4.07. 
 “Rule 144A” means Rule 144A under the Securities Act. 
 “Rule 144A Certificate” means (i) a certificate substantially in the form of Exhibit F hereto or (ii) a written certification addressed to the Company and the Trustee to the effect that the
Person making such certification (x) is acquiring such Note (or beneficial interest) for its own account or one or more accounts with respect to which it exercises sole investment discretion and that it and each such account is a qualified
institutional buyer within the meaning of Rule 144A, (y) is aware that the transfer to it or exchange, as applicable, is being made in reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule
144A, and (z) acknowledges that it has received such information regarding the Company as it has requested pursuant to Rule 144A(d)(4) or has determined not to request such information to the extent that the Company is not then subject to
Section 13 or 15(d) of the Exchange Act, or is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act. 
 “S&P” means Standard & Poor’s Ratings Group, a division of McGraw Hill, Inc. and its successors. 
 “Sale and Leaseback Transaction” means, with respect to any Person, an arrangement whereby such Person enters into a lease of property previously transferred by such Person to the lessor. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 
 “Spot Rate” means, for any currency, the spot rate at which that currency is offered for sale against Dollars as published in The
Wall Street Journal on the Business Day immediately preceding the date of determination or, if that rate is not available in that publication, as determined in any publicly available source of similar market data. 
 “Stated Maturity” means (i) with respect to any Debt, the date specified as the fixed date on which the final installment of
principal of such Debt is due and payable or (ii) with respect to any scheduled installment of principal of or interest on any Debt, the date specified as the fixed date on which such installment is due and payable as set forth in the
documentation governing such Debt, not including any contingent obligation to repay, redeem or repurchase prior to the regularly scheduled date for payment. 
  

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 “Subordinated Debt” means any Debt of the Company or any Guarantor which is subordinated
in right of payment to the Notes or the Note Guaranty of such Guarantor, as applicable, pursuant to a written agreement to that effect. 
 “Subsidiary” means with respect to any Person, any corporation, association or other business entity of which more than 50% of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more
Subsidiaries of such Person (or a combination thereof). Unless otherwise specified, “Subsidiary” means a Subsidiary of the Company. 
 “Substantially Wholly-Owned” means, with respect to any Subsidiary, a Subsidiary of at least 90% of the outstanding Capital Stock of which (other than director’s qualifying shares) is owned by the Company or one or
more Wholly-Owned Subsidiaries (or a combination thereof) of the Company. 
 “Tereos” means Tereos Group which, together
with the Company, controls FBA. 
 “Transfer Agent” means J.P. Morgan Bank Luxembourg S.A., or such other transfer agent as
the Company shall appoint. 
 “Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as amended. 
 “Trustee” means the party named as such in the first paragraph of the Indenture or any successor trustee under the Indenture pursuant to
Article 7. 
 “U.S. Global Note” means a Global Note that bears the Restricted Legend representing Notes issued and sold
pursuant to Rule 144A. 
 “U.S. Government Obligations” means obligations issued or directly and fully guaranteed or insured
by the United States of America or by any agent or instrumentality thereof, provided that the full faith and credit of the United States of America is pledged in support thereof. 
 “Voting Stock” means, with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the
election of directors, managers or other voting members of the governing body of such Person. 
 “Wholly-Owned” means, with
respect to any Subsidiary, a Subsidiary all of the outstanding Capital Stock of which (other than any director’s qualifying shares) is owned by the Company and one or more Wholly-Owned Subsidiaries (or a combination thereof). 
  

 20 

 Section 1.02. Rules Of Construction. Unless the context otherwise requires or except as
otherwise expressly provided, 
 (i) an accounting term not otherwise defined has the meaning assigned to it in accordance
with GAAP; 
 (ii) “herein,” “hereof” and other words of similar import refer to the Indenture as a whole
and not to any particular Section, Article or other subdivision; 
 (iii) all references to “Dollars” and
“$” shall mean the lawful currency of the United States of America; 
 (iv) all references to Sections or Articles
or Exhibits refer to Sections or Articles or Exhibits of or to the Indenture unless otherwise indicated; 
 (v) references to
agreements or instruments, or to statutes or regulations, are to such agreements or instruments, or statutes or regulations, as amended from time to time (or to successor statutes and regulations); 
 (vi) references to the Company and its Subsidiaries on a consolidated basis shall be deemed to include any other Guarantor; and

 (vii) in the event that a transaction meets the criteria of more than one category of permitted transactions or listed
exceptions, the Company may classify such transaction as it, in its sole discretion, determines. 
 ARTICLE 2 
 THE NOTES 
 Section 2.01. Form, Dating and Denominations; Legends. (a) The Notes and the Trustee’s certificate of authentication will be substantially in the form attached as Exhibit A. The terms and provisions contained in the
form of the Notes annexed as Exhibit A constitute, and are hereby expressly made, a part of the Indenture. The Notes may have notations, legends or endorsements required by law, rules of or agreements with national securities exchanges to which the
Company is subject, or usage. Each Note will be dated the date of its authentication. The Notes will be issuable in denominations of $100,000 in principal amount and any multiple of $1,000 in excess thereof. 
  

 21 

 (b) (i) Except as otherwise provided in paragraph (c) below or Section 2.09(b)(iv), each Initial
Note or Additional Note will bear the Restricted Legend. 
 (ii) Each Global Note, whether or not an Initial Note or
Additional Note, will bear the DTC Legend. 
 (iii) Initial Notes and Additional Notes offered and sold in reliance on
Regulation S will be issued as provided herein. 
 (iv) Initial Notes and Additional Notes offered and sold in reliance on any
exception under the Securities Act other than Regulation S and Rule 144A will be issued, and upon the request of the Company to the Trustee, Initial Notes offered and sold in reliance on Rule 144A may be issued, in the form of Certificated Notes.

 (c) If the Company determines (upon the advice of counsel and such other certifications and evidence as the Company may reasonably
require) that a Note is eligible for resale pursuant to Rule 144(k) under the Securities Act (or a successor provision) and that the Restricted Legend is no longer necessary or appropriate in order to ensure that subsequent transfers of the Note (or
a beneficial interest therein) are effected in compliance with the Securities Act, the Company may instruct the Trustee in writing to cancel the Note and issue to the Holder thereof (or to its transferee) a new Note of like tenor and amount,
registered in the name of the Holder thereof (or its transferee), that does not bear the Restricted Legend, and the Trustee will comply with such instruction. 
 (d) By its acceptance of any Note bearing the Restricted Legend (or any beneficial interest in such a Note), each Holder thereof and each owner of a beneficial interest therein acknowledges the restrictions on
transfer of such Note (and any such beneficial interest) set forth in this Indenture and in the Restricted Legend and agrees that it will transfer such Note (and any such beneficial interest) only in accordance with the Indenture and such legend.

 Section 2.02. Execution and Authentication; Additional Notes. (a) An Officer shall execute the Notes for the Company by
facsimile or manual signature in the name and on behalf of the Company. If an Officer whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note will still be valid. 
  

 22 

 (b) A Note will not be valid until the Trustee or the Authenticating Agent (manually or by facsimile)
signs the certificate of authentication on the Note, with the signature constituting conclusive evidence that the Note has been authenticated under the Indenture. 
 (c) At any time and from time to time after the execution and delivery of the Indenture, the Company may deliver Notes executed by the Company to the Trustee or the Authenticating Agent for authentication. The Trustee
or the Authenticating Agent will authenticate and deliver: 
 (i) Notes for original issue in the aggregate principal amount
not to exceed $200 million; and 
 (ii) Additional Notes from time to time for original issue in aggregate principal amounts
specified by the Company, which Additional Notes will be treated as a single class with the Original Notes issued under this Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase; 
 after the following conditions have been met: 
 (A) Receipt by the Trustee of an Officers’ Certificate specifying: 
 (1) the amount of Notes to be
authenticated and the date on which the Notes are to be authenticated; 
 (2) whether the Notes are to be Initial Notes or
Additional Notes; 
 (3) in the case of Additional Notes, that the issuance of such Notes does not contravene any provision
of Article 4; 
 (4) whether the Notes are to be issued as one or more Global Notes or Certificated Notes; and 
 (5) other information the Company may determine to include or the Trustee may reasonably request. 
 Section 2.03. Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust. (a) The Company may appoint one or
more Registrars and one or more Paying Agents, and the Trustee may appoint, with a copy of any such appointment to the Company, an Authenticating Agent, in which 

  

 23 

 
case each reference in the Indenture to the Trustee in respect of the obligations of the Trustee to be performed by that Agent will be deemed to be
references to that Agent. The Company may act as Registrar or (except for purposes of Article 8) Paying Agent. In each case the Company and the Trustee will enter into an appropriate agreement with that Agent implementing the provisions of the
Indenture relating to the obligations of the Trustee to be performed by the Agent and the related rights. The Company initially appoints the Trustee as Registrar and as a Paying Agent. The Registrar shall provide to the Company a current copy of
such register from time to time upon written request of the Company. The Company hereby appoints upon the terms and subject to the conditions herein set forth (i) J.P. Morgan Trust Bank Ltd. as Principal Paying Agent, located and domiciled in
Japan, where Notes may be presented for payment and (ii) J.P. Morgan Bank Luxembourg S.A., as Luxembourg Paying Agent at any time that the Notes are listed on the Luxembourg Stock Exchange, located in Luxembourg where Notes may be presented for
payment. If, and for so long as, the Notes are listed on the Luxembourg Stock Exchange and its rules so require, the Company will publish a notice of any change of Paying Agent in a newspaper having a general circulation in Luxembourg. 

(b) The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of
the Holders or the Trustee all money held by the Paying Agent for the payment of principal of and interest on the Notes and will promptly notify the Trustee of any default by the Company in making any such payment. The Company at any time may
require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any payment default, upon written request to a Paying Agent, require the Paying Agent to
pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent will have no further liability for the money so paid over to the Trustee. 
 Section 2.04. Replacement Notes. If a mutilated Note is surrendered to the Trustee or if a Holder claims that its Note has been lost,
destroyed or wrongfully taken, the Company will issue and the Trustee will authenticate, upon provision of evidence satisfactory to the Trustee that such Note was lost, destroyed or wrongfully taken, a replacement Note of like tenor and principal
amount and bearing a number not contemporaneously outstanding. Every replacement Note is an additional obligation of the Company and entitled to the benefits of the Indenture. If required by the Trustee or the Company, an indemnity must be furnished
that is sufficient in the judgment of both the Trustee and the Company to protect the Company and the Trustee from any loss they may suffer if a Note is replaced. The Company may charge the Holder for the expenses of the Company and the Trustee in
replacing a Note. In case the mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Company in its discretion may pay the Note instead of issuing a replacement Note. 
  

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 Section 2.05. Outstanding Notes. (a) Notes outstanding at any time are all Notes that
have been authenticated by the Trustee except for 
 (i) Notes cancelled by the Trustee or delivered to it for cancellation;

 (ii) any Note which has been replaced pursuant to Section 2.04 unless and until the Trustee and the Company receive proof
satisfactory to them that the replaced Note is held by a bona fide purchaser; and 
 (iii) on or after the maturity
date or any redemption date or date for purchase of the Notes pursuant to an Offer to Purchase, those Notes payable or to be redeemed or purchased on that date for which the Trustee (or Paying Agent, other than the Company or an Affiliate of the
Company) holds money sufficient to pay all amounts then due thereunder. 
 (b) A Note does not cease to be outstanding because the Company or
one of its Affiliates holds the Note, provided that in determining whether the Holders of the requisite principal amount of the outstanding Notes have given or taken any request, demand, authorization, direction, notice, consent, waiver or
other action hereunder, Notes owned by the Company or any Affiliate of the Company will be disregarded and deemed not to be outstanding (it being understood that in determining whether the Trustee is protected in relying upon any such request,
demand, authorization, direction, notice, consent, waiver or other action, only Notes in respect of which the Trustee has received written notice from the Company that such Notes are so owned will be so disregarded). Notes so owned which have been
pledged in good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company or any Affiliate of the Company.

 Section 2.06. Temporary Notes. Until definitive Notes are ready for delivery, the Company may prepare and the Trustee will
authenticate temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have insertions, substitutions, omissions and other variations determined to be appropriate by the Officer executing the temporary Notes, as
evidenced by the execution of the temporary Notes. If temporary Notes are issued, the Company will cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes will be exchangeable
for definitive Notes upon surrender of the temporary Notes at the office or agency of the Company designated for such purpose pursuant to Section 4.02, without 

  

 25 

 
charge to the Holder. Upon surrender for cancellation of any temporary Notes the Company will execute and the Trustee will authenticate and deliver in
exchange therefor a like principal amount of definitive Notes of authorized denominations. Until so exchanged, the temporary Notes will be entitled to the same benefits under the Indenture as definitive Notes. 
 Section 2.07. Cancellation. The Company at any time may, but shall not be obligated to, deliver to the Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Notes previously authenticated hereunder which the Company has not issued and sold.
Any Registrar or Paying Agent will forward to the Trustee any Notes surrendered to it for transfer, exchange or payment. The Trustee will cancel all Notes surrendered for transfer, exchange, payment or cancellation and dispose of them in accordance
with its normal procedures or the written instructions of the Company. The Company may not issue new Notes to replace Notes it has paid in full or delivered to the Trustee for cancellation. 
 Section 2.08. CUSIP and ISIN Numbers. The Company in issuing the Notes may use “CUSIP” and “ISIN” numbers, and the
Trustee will use CUSIP numbers or ISIN numbers in notices of redemption or exchange or in Offers to Purchase as a convenience to Holders, the notice to state that no representation is made as to the correctness of such numbers either as printed on
the Notes or as contained in any notice of redemption or exchange or Offer to Purchase. The Company will promptly notify the Trustee of any change in the CUSIP or ISIN numbers. 
 Section 2.09. Registration, Transfer and Exchange. (a) The Notes will be issued in registered form only, without coupons, and the
Company shall cause the Trustee to maintain a register (the “Register”) of the Notes, for registering the record ownership of the Notes by the Holders and transfers and exchanges of the Notes. 
 (b) (i) Each Global Note will be registered in the name of the Depositary or its nominee and, so long as DTC is serving as the Depositary thereof,
will bear the DTC Legend. 
 (ii) Each Global Note will be delivered to the Trustee as custodian for the Depositary. Transfers
of a Global Note (but not a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depositary, its successors or their respective nominees, except (1) as set forth in Section 2.09(b)(iv) and
(2) transfers of portions thereof in the form of Certificated Notes may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by written 

  

 26 

 
notice given to the Trustee by or on behalf of the Depositary in accordance with customary procedures of the Depositary and in compliance with this Section
and Section 2.10. 
 (iii) Agent Members will have no rights under the Indenture with respect to any Global Note held on their
behalf by the Depositary, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, the
Depositary or its nominee may grant proxies and otherwise authorize any Person (including any Agent Member and any Person that holds a beneficial interest in a Global Note through an Agent Member) to take any action which a Holder is entitled to
take under the Indenture or the Notes, and nothing herein will impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a holder of any security. 
 (iv) If (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for a Global Note and a
successor depositary is not appointed by the Company within 90 days of the notice or (y) an Event of Default has occurred and is continuing and the Trustee has received a request from the Depositary, the Trustee will promptly exchange each
beneficial interest in the Global Note for one or more Certificated Notes in authorized denominations having an equal aggregate principal amount registered in the name of the owner of such beneficial interest, as identified to the Trustee by the
Depositary, and thereupon the Global Note will be deemed canceled. If such Note does not bear the Restricted Legend, then the Certificated Notes issued in exchange therefor will not bear the Restricted Legend. If such Note bears the Restricted
Legend, then the Certificated Notes issued in exchange therefor will bear the Restricted Legend. 
 (c) Each Certificated Note will be
registered in the name of the holder thereof or its nominee. 
 (d) A Holder may transfer a Note (or a beneficial interest therein) to
another Person or exchange a Note (or a beneficial interest therein) for another Note or Notes of any authorized denomination by presenting to the Trustee a written request therefor stating the name of the proposed transferee or requesting such an
exchange, accompanied by any certification, opinion or other document required by Section 2.10. The Trustee will promptly register any transfer or exchange that meets the requirements of this Section by noting the same in the register maintained by
the Trustee for the purpose; provided that 
  

 27 

 (x) no transfer or exchange will be effective until it is registered in such register,
and 
 (y) the Trustee will not be required (i) to issue, register the transfer of or exchange any Note for a period of
15 days before a selection of Notes to be redeemed or purchased pursuant to an Offer to Purchase, (ii) to register the transfer of or exchange any Note so selected for redemption or purchase in whole or in part, except, in the case of a partial
redemption or purchase, that portion of any Note not being redeemed or purchased, or (iii) if a redemption or a purchase pursuant to an Offer to Purchase is to occur after a Regular Record Date but on or before the corresponding Interest
Payment Date, to register the transfer of or exchange any Note on or after the Regular Record Date and before the date of redemption or purchase. Prior to the registration of any transfer, the Company, the Trustee and their agents will treat the
Person in whose name the Note is registered as the owner and Holder thereof for all purposes (whether or not the Note is overdue), and will not be affected by notice to the contrary. 
 From time to time the Company will execute and the Trustee will authenticate additional Notes as necessary in order to permit the registration of a
transfer or exchange in accordance with this Section. 
 No service charge will be imposed in connection with any transfer or exchange of any
Note, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than a transfer tax or other similar governmental charge payable upon exchange pursuant to
subsection (b)(iv)). 
 (e)(i) Global Note to Global Note. If a beneficial interest in a Global Note is transferred or exchanged for a
beneficial interest in another Global Note, the Trustee will (x) record a decrease in the principal amount of the Global Note being transferred or exchanged equal to the principal amount of such transfer or exchange and (y) record a like
increase in the principal amount of the other Global Note. Any beneficial interest in one Global Note that is transferred to a Person who takes delivery in the form of an interest in another Global Note, or exchanged for an interest in another
Global Note, will, upon transfer or exchange, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer and exchange restrictions, if any, and other
procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest. 
 (ii)
Global Note to Certificated Note. If a beneficial interest in a Global Note is transferred or exchanged for a Certificated Note, the 

  

 28 

 
Trustee will (x) record a decrease in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and
(y) deliver one or more new Certificated Notes in authorized denominations having an equal aggregate principal amount to the transferee (in the case of a transfer) or the owner of such beneficial interest (in the case of an exchange),
registered in the name of such transferee or owner, as applicable. 
 (iii) Certificated Note to Global Note. If a
Certificated Note is transferred or exchanged for a beneficial interest in a Global Note, the Trustee will (x) cancel such Certificated Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount
of such transfer or exchange and (z) in the event that such transfer or exchange involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more new Certificated Notes in authorized
denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof. 
 (iv) Certificated Note to Certificated Note. If a Certificated Note is transferred or exchanged for another Certificated Note, the
Trustee will (x) cancel the Certificated Note being transferred or exchanged, (y) deliver one or more new Certificated Notes in authorized denominations having an aggregate principal amount equal to the principal amount of such transfer or
exchange to the transferee (in the case of a transfer) or the Holder of the canceled Certificated Note (in the case of an exchange), registered in the name of such transferee or Holder, as applicable, and (z) if such transfer or exchange
involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more Certificated Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged
portion of the canceled Certificated Note, registered in the name of the Holder thereof. 
 Section 2.10. Restrictions on Transfer
and Exchange. (a) The transfer or exchange of any Note (or a beneficial interest therein) may only be made in accordance with this Section and Section 2.09 and, in the case of a Global Note (or a beneficial interest therein), the applicable
rules and procedures of the Depositary. The Trustee shall refuse to register any requested transfer or exchange that does not comply with the preceding sentence. 
 (b) Subject to paragraph (c), the transfer or exchange of any Note (or a beneficial interest therein) of the type set forth in column A below for a Note (or a beneficial interest therein) of the type set forth
opposite column B below may only be made in compliance with the certification requirements (if any) described in the clause of this paragraph set forth opposite column C below. 
  

 29 

					
	A	  	B	  	C
	U.S. Global Note	  	U.S. Global Note	  	(1)
	U.S. Global Note	  	Offshore Global Note	  	(2)
	U.S. Global Note	  	Certificated Note	  	(3)
	Offshore Global Note	  	U.S. Global Note	  	(4)
	Offshore Global Note	  	Offshore Global Note	  	(1)
	Offshore Global Note	  	Certificated Note	  	(1)
	Certificated Note	  	U.S. Global Note	  	(4)
	Certificated Note	  	Offshore Global Note	  	(2)
	Certificated Note	  	Certificated Note	  	(3)

 (1) No certification is required. 
 (2) The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed and executed
Regulation S Certificate; provided that if the requested transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required. 
 (3) The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee (x) a duly completed and
executed Rule 144A Certificate or (y) a duly completed and executed Regulation S Certificate, and/or an Opinion of Counsel and such other certifications and evidence as the Company may reasonably require in order to determine that the proposed
transfer or exchange is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States; provided that if the requested transfer or exchange is made by the Holder of a Certificated Note
that does not bear the Restricted Legend, then no certification is required. In the event that (i) a duly completed and executed Regulation S Certificate is delivered to the Trustee or (ii) a Certificated Note that does not bear the
Restricted Legend is surrendered for transfer or exchange, upon transfer or exchange the Trustee will deliver a Certificated Note that does not bear the Restricted Legend. 
 (4) The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed and executed Rule
144A Certificate. 
 (c) No certification is required in connection with any transfer or exchange of any Note (or a beneficial interest
therein) after such Note is eligible 

  

 30 

 
for resale pursuant to Rule 144(k) under the Securities Act (or a successor provision); provided that the Company has provided the Trustee with an
Officer’s Certificate to that effect, and the Company may require from any Person requesting a transfer or exchange in reliance upon this clause an Opinion of Counsel and any other reasonable certifications and evidence in order to support such
certificate. 
 Any Certificated Note delivered in reliance upon this paragraph will not bear the Restricted Legend. 
 (d) The Trustee will retain copies of all certificates, opinions and other documents received in connection with the transfer or exchange of a Note (or a
beneficial interest therein), and the Company will have the right to inspect and make copies thereof at any reasonable time upon written notice within a reasonable period of time to the Trustee. 
 ARTICLE 3 
 ADDITIONAL
AMOUNTS; REDEMPTION; OFFER TO PURCHASE 
 Section 3.01.
Additional Amounts. (a) All payments by the Company in respect of the Notes or the Guarantors in respect of the Guarantees will be made without withholding or deduction for or on account of any present or future taxes, duties, assessments,
or other governmental charges of whatever nature imposed or levied by or on behalf of Brazil, or any authority therein or thereof in the case of payments under the Notes or any other jurisdiction in which any Guarantor is organized having power to
tax in the case of payments under the Note Guaranty, unless the Company or the Guarantors are compelled by law to deduct or withhold such taxes, duties, assessments, or governmental charges. In such event, the Company or the Guarantors will make
such deduction or withholding, make payment of the amount so withheld to the appropriate governmental authority and pay such additional amounts as may be necessary to ensure that the net amounts receivable by Holders of Notes after such withholding
or deduction shall equal the respective amounts of principal and interest which would have been receivable in respect of the Notes in the absence of such withholding or deduction (“Additional Amounts”). 
 No such Additional Amounts shall be payable: 
 (i) to, or to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or governmental charges in respect of such note by reason of the existence of any present or former connection between such Holder (or
between a fiduciary, settlor, beneficiary, member or shareholder of such Holder, if such Holder is an estate, a trust, a partnership, or a corporation) and 

  

 31 

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

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

 (b) No Additional Amounts shall be paid with respect to any payment on a Note to a Holder who is a fiduciary, a partnership, a limited
liability 

  

 32 

 
company or other than the sole beneficial owner of that payment to the extent that payment would be required by the laws of Brazil or any political
subdivision thereof to be included in the income, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, an interestholder in a limited liability company or a beneficial owner who would not have
been entitled to the Additional Amounts had that beneficiary, settlor, member or beneficial owner been the Holder. The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation. Except
as specifically provided above, neither the Company nor the Guarantors shall be required to make a payment with respect to any tax, assessment or governmental charge imposed by any government or a political subdivision or taxing authority thereof or
therein. 
 (c) In the event that Additional Amounts actually paid with respect to the Notes are based on rates of deduction or withholding
of withholding taxes in excess of the appropriate rate applicable to the Holder of such Notes, and, as a result thereof such Holder is entitled to make claim for a refund or credit of such excess from the authority imposing such withholding tax,
then such Holder shall, by accepting such Notes, be deemed to have assigned and transferred all right, title, and interest to any such claim for a refund or credit of such excess to the Company. 
 (d) Any reference in this Indenture or the Notes to principal, interest or any other amount payable in respect of the Notes by the Company or the Note
Guaranty by the Guarantors will be deemed also to refer to any Additional Amount, unless the context requires otherwise, that may be payable with respect to that amount under the obligations referred to in this Section. The foregoing obligation will
survive termination or discharge of the Indenture. 
 Section 3.02. No Optional Redemption. Except as set forth in Section 3.03,
the Notes are not redeemable by the Company prior to their Stated Maturity. 
 Section 3.03. Redemption for Taxation Reasons. If
as a result of any change in or amendment to the laws (or any rules or regulations thereunder) of Brazil or any political subdivision or taxing authority thereof or therein affecting taxation, or any amendment to or change in an official
interpretation, administration or application of such laws, treaties, rules, or regulations (including a holding by a court of competent jurisdiction), which change or amendment becomes effective or, in the case of a change in official position, is
announced on or after the issue date of the Notes or on or after the date a successor assumes the obligations under the Notes, the Company or the Guarantors have or will become obligated to pay Additional Amounts in excess of the Additional Amounts
the Company or the Guarantors would be obligated to pay if payments were subject to withholding or deduction at a rate of 15% or at a 

  

 33 

 
rate of 25% in case the Holder of the Notes is resident in a tax haven jurisdiction (i.e., countries which do not impose any income tax or which impose it at
a maximum rate lower than 20% or where the laws impose restrictions on the disclosure of ownership composition or securities ownership) as a result of the taxes, duties, assessments and other governmental charges described above (the
“Minimum Withholding Level”), the Company may, at its option, redeem all, but not less than all, of the Notes, at a redemption price equal to 100% of their principal amount, together with interest accrued to the date fixed for
redemption, upon publication of irrevocable notice to Holders not less than 30 days nor more than 90 days prior to the date fixed for redemption. No notice of such redemption may be given earlier than 90 days prior to the earliest date on which the
Company would, but for such redemption, be obligated to pay the Additional Amounts above the Minimum Withholding Level. The Company shall not have the right to so redeem the Notes in the event it becomes obliged to pay Additional Amounts which are
less than the Additional Amounts payable at the Minimum Withholding Level. Notwithstanding the foregoing, the Company shall not have the right to so redeem the Notes unless: (i) it has taken reasonable measures to avoid the obligation to pay
Additional Amounts; and (ii) it has complied with all necessary regulations of the Central Bank of Brazil to legally effect such redemption. 
 Section 3.04. Method and Effect of Redemption. In the event that the Company elects to so redeem the Notes, it will deliver to the Trustee: (i) a certificate, signed in the name of the Company by any two of its executive
officers or by its attorney-in-fact in accordance with its bylaws, stating that the Company is entitled to redeem the Notes pursuant to their terms and setting forth a statement of facts showing that the condition or conditions precedent to the
right of the Company to so redeem have occurred or been satisfied; and (ii) an Opinion of Counsel to the effect that the Company has or will become obligated to pay Additional Amounts in excess of the Additional Amounts payable at the Minimum
Withholding Level as a result of the change or amendment, that the Company cannot avoid payment of such excess Additional Amounts by taking reasonable measures available to it and that all governmental requirements necessary for the Company to
effect the redemption have been complied with. 
 Section 3.05. Offer to Purchase. (a) An “Offer to
Purchase” means an offer by the Company to purchase Notes as required by the Indenture. An Offer to Purchase must be made by written offer (the “offer”) sent to the Holders, at the address appearing in the register
maintained by the Registrar (and, if the Notes are then listed on the Luxembourg Stock Exchange and its rules so require, the Company will publish a notice in a newspaper having a general circulation in Luxembourg). The Company will notify the
Trustee in writing at least 15 days (or such shorter period as is acceptable to the Trustee) prior to sending the offer to Holders of its obligation to make an Offer to Purchase, and the offer will be sent by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company. 
  

 34 

 (b) The offer must include or state the following as to the terms of the Offer to Purchase: 

(i) the provision of the Indenture pursuant to which the Offer to Purchase is being made; 
 (ii) the aggregate principal amount of the outstanding Notes offered to be purchased by the Company pursuant to the Offer to Purchase
(including, if less than 100%, the manner by which such amount has been determined pursuant to the Indenture) (the “purchase amount”); 
 (iii) the purchase price, including the portion thereof representing accrued interest; 
 (iv)
an expiration date (the “expiration date”) not less than 30 days or more than 60 days after the date of the offer, and a settlement date for purchase (the “purchase date”) not more than five Business Days after the
expiration date; 
 (v) information concerning the business of the Company and its Subsidiaries which the Company in good
faith believes will enable the Holders to make an informed decision with respect to the Offer to Purchase, at a minimum to include: 
 (A) the most recent annual and quarterly financial statements of the Company; 
 (B) a description of any material
developments in the Company’s business subsequent to the date of the latest of the financial statements (including a description of the events requiring the Company to make the Offer to Purchase); and 
 (C) if applicable, appropriate pro forma financial information concerning the Offer to Purchase and the events requiring the Company to
make the Offer to Purchase; 
 (vi) a Holder may tender all or any portion of its Notes, subject to the requirement that any
portion of a Note tendered must be in a multiple of $1,000 principal amount; 
 (vii) the place or places where Notes are to
be surrendered for tender pursuant to the Offer to Purchase; 
  

 35 

 (viii) each Holder electing to tender a Note pursuant to the offer will be required to
surrender such Note at the place or places specified in the offer prior to the close of business on the expiration date (such Note being, if the Company or the Trustee so requires, duly endorsed or accompanied by a duly executed written instrument
of transfer); 
 (ix) interest on any Note not tendered, or tendered but not purchased by the Company pursuant to the Offer to
Purchase, will continue to accrue; 
 (x) on the purchase date the purchase price will become due and payable on each Note
accepted for purchase, and interest on Notes purchased will cease to accrue on and after the purchase date; 
 (xi) Holders
are entitled to withdraw Notes tendered by giving notice, which must be received by the Company or the Trustee not later than the close of business on the expiration date, setting forth the name of the Holder, the principal amount of the tendered
Notes, the certificate number of the tendered Notes and a statement that the Holder is withdrawing all or a portion of the tender; 
 (xii) (x) if Notes in an aggregate principal amount less than or equal to the purchase amount are duly tendered and not withdrawn pursuant to the Offer to Purchase, the Company will purchase all such Notes, and (y) if the Offer to
Purchase is for less than all of the outstanding Notes and Notes in an aggregate principal amount in excess of the purchase amount are tendered and not withdrawn pursuant to the offer, the Company will purchase Notes having an aggregate principal
amount equal to the purchase amount on a pro rata basis, with adjustments so that only Notes with minimum denominations of $100,000 and in multiples of $1,000 principal amount will be purchased; 
 (xiii) if any Note is purchased in part, new Notes equal in principal amount to the unpurchased portion of the Note will be issued; and

 (xiv) if any Note contains a CUSIP or ISIN number, no representation is being made as to the correctness of the CUSIP or
ISIN number either as printed on the Notes or as contained in the offer and that the Holder should rely only on the other identification numbers printed on the Notes. 
 (c) Prior to the purchase date, the Company will accept tendered Notes for purchase as required by the Offer to Purchase and deliver to the Trustee all 

  

 36 

 
Notes so accepted, together with an Officers’ Certificate specifying which Notes have been accepted for purchase. On the purchase date the purchase
price will become due and payable on each Note accepted for purchase, and interest on Notes purchased will cease to accrue on and after the purchase date. The Trustee will promptly return to Holders any Notes not accepted for purchase and send to
Holders new Notes equal in principal amount to any unpurchased portion of any Notes accepted for purchase in part. 
 (d) The Company will
comply with Rule 14e-1 under the Exchange Act and all other applicable laws in making any Offer to Purchase, and the above procedures will be deemed modified as necessary to permit such compliance. Further to the foregoing, to the extent that the
provisions of any securities laws or regulations conflict with this Section 3.05, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 3.05
by virtue thereof. 
 (e) The Company will timely repay Debt or obtain consents all as necessary under, or terminate, any agreements or
instruments that would otherwise prohibit an Offer to Purchase required to be made pursuant to the Indenture. 
 (f) The Company will obtain
all necessary consents and approvals from the Central Bank of Brazil for the remittance of funds outside of Brazil. 
 ARTICLE 4 

COVENANTS 
 Section 4.01. Payment Of Notes. (a) The Company agrees to pay the principal of and interest (including, without limitation, any Additional Amounts, if any) on the Notes on the dates and in the manner provided in the Notes
and the Indenture. Not later than 10:00 A.M. (New York City time) on the Business Day (solely in New York City) immediately prior to the due date of any principal of or interest on any Notes, or any redemption or purchase price of the Notes, the
Company will deposit with the Principal Paying Agent money in immediately available funds sufficient to pay such amounts, provided that if the Company or any Affiliate of the Company is acting as a Paying Agent, it will, on or before each due
date, segregate and hold in a separate trust fund for the benefit of the Holders a sum of money sufficient to pay such amounts until paid to such Holders or otherwise disposed of as provided in the Indenture. In each case the Company will promptly
notify the Trustee in writing of its compliance with this paragraph. 
 (b) An installment of principal or interest will be considered paid
on the date due if the Trustee (or Paying Agent, other than the Company or any Affiliate 

  

 37 

 
of the Company) holds on that date money designated for and sufficient to pay the installment. If the Company or any Affiliate of the Company acts as a
Paying Agent, an installment of principal or interest will be considered paid on the due date only if paid to the Holders. 
 (c) The Company
agrees to pay interest on overdue principal, and to the extent lawful, overdue installments of interest at the rate per annum specified in the Notes (1% per annum in excess of the rate per annum borne by the Notes). 
 (d) Payments in respect of the Notes represented by the Global Notes are to be made by wire transfer of immediately available funds to the accounts
specified by the Depositary, as the Holder of the Global Notes. With respect to Certificated Notes all payments shall be payable at the office of the Principal Paying Agent. 
 Section 4.02. Maintenance of Office or Agency. The Company will maintain in the Borough of Manhattan, the City of New York, an office or
agency where Notes may be surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Company in respect of the Notes and the Indenture may be served. The Company hereby initially
designates the Corporate Trust Office of the Trustee as such office of the Company. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company
fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served to the Trustee. At any time that the Notes are listed on the
Luxembourg Stock Exchange, the Company will maintain an office or agent in Luxembourg to serve as Transfer Agent. The Company initially designates J.P. Morgan Bank Luxembourg S.A. as the Transfer Agent. 
 The Company may also from time to time designate one or more other offices or agencies where the Notes may be surrendered or presented for any of such
purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
 Section 4.03. Existence. The Company will do or cause to be done all things necessary to preserve and keep in full force and effect its
existence and the existence of each Subsidiary in accordance with their respective organizational documents, and the material rights, licenses and franchises of the Company and each Subsidiary, provided that the Company is not required to
preserve any such right, license or franchise, or the existence of any Subsidiary, if the maintenance or preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole; and provided
further that this Section does not prohibit any transaction otherwise permitted by Section 4.14, Section 5.01 or Section 5.02. 
  

 38 

 Section 4.04. Payment of Taxes and other Claims. The Company will pay or discharge, and cause
each of its Subsidiaries to pay or discharge before the same become delinquent (i) all material taxes, assessments and governmental charges levied or imposed upon the Company or any Subsidiary, its income or profits or property, or that may be
due in reason of its business and activities and (ii) all material lawful claims for labor, materials and supplies that, if unpaid, might by law become a Lien upon the property of the Company or any Subsidiary, other than any such tax,
assessment, charge or claim the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and for which adequate reserves have been established. 
 Section 4.05. Maintenance of Properties and Insurance. (a) The Company will cause all properties used or useful in the conduct of its
business or the business of any of its Subsidiaries to be maintained and kept in good condition, repair and working order as in the judgment of the Company may be necessary so that the business of the Company and its Subsidiaries may be properly and
advantageously conducted at all times; provided that nothing in this Section prevents the Company or any Subsidiary from discontinuing the use, operation or maintenance of any of such properties or disposing of any of them, if such
discontinuance or disposal is, in the judgment of the Company, desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole. 
 (b) The Company will provide or cause to be provided, for itself and its Subsidiaries, insurance (including appropriate self-insurance) against loss or damage of the kinds customarily insured against by Brazilian
corporations similarly situated and owning like properties with reputable insurers, in such amounts, with such deductibles and by such methods as are customary for Brazilian corporations similarly situated in the industry in which the Company and
its Subsidiaries are then conducting business. 
 Section 4.06. Limitation on Debt and Disqualified or Preferred Stock.
(a) The Company: 
 (i) will not, and will not permit any of its Subsidiaries to, Incur any Debt; and 
 (ii) will not, and will not permit any Subsidiary to, Incur any Disqualified Stock, and will not permit any of its Subsidiaries to Incur
any Preferred Stock (other than Disqualified or Preferred Stock of Subsidiaries held by the Company or a Subsidiary, so long as it is so held); 
  

 39 

 provided that the Company or any Guarantor may Incur Debt and the Company or any Guarantor may Incur Disqualified
Stock and any Guarantor may Incur Preferred Stock if, on the date of the Incurrence, after giving effect to the Incurrence and the receipt and application of the proceeds therefrom, the Net Debt to EBITDA Ratio shall not exceed 3.5 to 1. 

(b) Notwithstanding the foregoing, the Company and, to the extent provided below, any Subsidiary may Incur the following (“Permitted
Debt”): 
 (i) Debt (“Permitted Bank Debt”) of the Company or any Subsidiary pursuant to Credit
Facilities; provided that the aggregate principal amount at any time outstanding does not exceed $20.0 million (or the equivalent thereof at the time of determination); 
 (ii) Debt of the Company or any Subsidiary or any Guarantor to the Company or a Subsidiary or Guarantor so long as such Debt continues to
be owed to the Company or a Subsidiary or Guarantor and which, if the obligor is the Company or a Guarantor, is subordinated in right of payment to the Notes; provided that any Debt owed to the Company pursuant to this clause (ii) will
not be subordinated; 
 (iii) Debt of the Company pursuant to the Notes (other than Additional Notes) and Debt of any
Guarantor pursuant to a Note Guaranty of the Notes (including Additional Notes); 
 (iv) Debt (“Permitted Refinancing
Debt”) constituting an extension or renewal of, replacement of, or substitution for, or issued in exchange for, or the net proceeds of which are used to repay, redeem, repurchase, refinance or refund, including by way of defeasance, (all of
the above, for purpose of this clause, “refinance”) then outstanding Debt in an amount not to exceed the principal amount of the Debt so refinanced, plus premiums, fees and expenses; provided that 
 (A) in case the Debt to be refinanced is subordinated in right of payment to the Notes, the new Debt, by its terms or by the terms of any
agreement or instrument pursuant to which it is outstanding, is expressly made subordinate in right of payment to the Notes at least to the extent that the Debt to be refinanced is subordinated to the Notes; 
 (B) the new Debt does not have a Stated Maturity prior to the Stated Maturity of the Debt to be refinanced, and the Average Life of the
new Debt is at least equal to the remaining Average Life of the Debt to be refinanced; 
  

 40 

 (C) in no event may Debt of the Company or any Guarantor be refinanced pursuant to this
clause (iv) by means of any Debt of any Subsidiary that is not a Guarantor; and 
 (D) Debt Incurred pursuant to clauses
(i), (ii), (v), (vi), (x) and (xi) of this Section 4.06 may not be refinanced pursuant to this clause (iv); 
 (v)
Hedging Agreements of the Company or any Subsidiary entered into in the ordinary course of business for the purpose of limiting risks associated with the business of the Company and its Subsidiaries and not for speculation; 
 (vi) Debt of the Company or any Subsidiary with respect to letters of credit and bankers’ acceptances issued in the ordinary course
of business and not supporting Debt, including letters of credit supporting performance, surety or appeal bonds; 
 (vii)
Acquired Debt, provided that after giving effect to the Incurrence thereof, the Company could Incur at least $1.00 of Debt under the Net Debt to EBITDA Ratio test set forth in paragraph (a) of this Section 4.06; 
 (viii) Debt of the Company or any Subsidiary outstanding on the Issue Date; 
 (ix) Debt of the Company or any Subsidiary, which may include Capital Leases, Incurred on or after the Issue Date no later than 365 days
after the date of purchase or completion of construction or improvement of Property for the purpose of financing all or any part of the purchase price or cost of construction or improvement, provided that the principal amount of any Debt
Incurred pursuant to this clause may not exceed (A) $20.0 million (or the equivalent thereof at the time of determination) less (B) the aggregate outstanding amount of Permitted Refinancing Debt Incurred to refinance Debt Incurred pursuant
to this clause; 
 (x) Debt of the Company or any Guarantor or Subsidiary consisting of Guarantees of Debt of the Company or
any Guarantor or Subsidiary Incurred under any other clause of this Section 4.06; and 
 (xi) Debt of the Company or any
Subsidiary incurred on or after the Issue Date not otherwise permitted in an aggregate principal amount at any time outstanding not to exceed $50.0 million (or the equivalent thereof at the time of determination). 
  

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 (c) Notwithstanding anything to the contrary in this Section 4.06, the maximum amount of Debt that the
Company and its Subsidiaries may Incur pursuant to this Section 4.06 shall not be deemed to be exceeded, with respect to any outstanding Debt, solely as a result of fluctuations in the exchange rate of currencies. 
 (d) Neither the Company nor any Guarantor may Incur any Debt that is subordinate in right of payment to other Debt of the Company or the Guarantor unless
such Debt is also subordinate in right of payment to the Notes or the relevant Note Guaranty on substantially identical terms. 
 Section 4.07. Limitation on Restricted Payments. (a) The Company will not, and will not permit any Subsidiary to, directly or indirectly (the payments and other actions described in the following clauses of this
Section 4.07 being collectively “Restricted Payments”) 
 (1) declare or pay any dividend or make any
distribution on its Equity Interests (other than dividends or distributions paid in the Company’s Qualified Equity Interests) held by Persons other than the Company or any of its Substantially Wholly-Owned Subsidiaries; 
 (2) purchase, redeem or otherwise acquire or retire for value any Equity Interests of the Company held by Persons other than the Company
or any of its Substantially Wholly-Owned Subsidiaries; or 
 (3) repay, redeem, repurchase, defease or otherwise acquire or
retire for value, or make any payment on or with respect to, any Subordinated Debt except a payment of interest or principal at Stated Maturity; 
 unless,
at the time of, and after giving effect to, the proposed Restricted Payment: 
 (i) no Default has occurred and is continuing;

 (ii) the Company could Incur at least $1.00 of Debt under the Net Debt to EBITDA Ratio test set forth in Section 4.06; and

 (iii) the aggregate amount expended for all Restricted Payments made on or after the Issue Date would not, subject to
Section 4.07(d), exceed the sum of: 
 (A) 50% of the aggregate amount of the Consolidated Net Income (or, if the
Consolidated Net Income is a loss, minus 100% of the amount of the loss) accrued on a cumulative basis during the period, taken as one accounting period, beginning on May 1, 2004 and ending on the last day of the Company’s most recently
completed fiscal quarter for which financial statements have been provided (or if not timely provided, required to be provided) pursuant to the Indenture; plus 
  

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 (B) subject to Section 4.07(c), the aggregate net cash proceeds received by the
Company (other than from a Subsidiary) after the Issue Date from: 
 (1) the issuance and sale of its Qualified Equity
Interests, including by way of issuance of its Disqualified Equity Interests or Debt to the extent since converted into Qualified Equity Interests of the Company; or 
 (2) as a contribution to its common equity; plus 
 (C) the cash return, after the Issue Date, on any other Investment made after the Issue Date pursuant to this Section 4.07(a), as a
result of any sale for cash, repayment, redemption, liquidating distribution or other cash realization (not included in Consolidated Net Income), not to exceed the amount of such Investment so made; plus 
 (D) $20.0 million (or the equivalent thereof at the time of determination). 
 The amount expended in any Restricted Payment, if other than in cash, will be deemed to be the fair market value of the relevant non-cash assets, as determined in good
faith by the Board of Directors, whose determination will be conclusive and evidenced by a Board Resolution. 
 (b) Clauses (i) and
(ii) of Section 4.07 will not prohibit the declaration and payment of mandatory dividends, in an amount equivalent to not more than 25% of the Company’s adjusted Net Income (as defined under Brazilian corporate law), including in the
form of interest on the Company’s outstanding capital, provided that the payment of such amounts is in compliance with the Brazilian Corporate Law and the Company’s by-laws and that the Company’s Board of Directors, with the
approval of its fiscal council, as applicable, has not reported to the general shareholders’ meeting that the distribution would be inadvisable given the financial condition of the Company; 
  

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 (c) The foregoing will not prohibit: 
 (i) the payment of any dividend after the date of declaration thereof if, at the date of declaration, such payment would comply with
Section 4.07 (a); 
 (ii) dividends or distributions by a Subsidiary payable, on a pro rata basis or on a basis more
favorable to the Company, to all holders of any class of Capital Stock of such Subsidiary a majority of which is held, directly or indirectly through Subsidiaries, by the Company; 
 (iii) the repayment, redemption, repurchase, defeasance or other acquisition or retirement for value of Subordinated Debt with the
proceeds of, or in exchange for, Permitted Refinancing Debt; 
 (iv) the purchase, redemption or other acquisition or
retirement for value of Equity Interests of the Company or any Subsidiary in exchange for, or out of the proceeds of a substantially concurrent offering of, Qualified Equity Interests of the Company or of a cash contribution to the common equity of
the Company; 
 (v) the repayment, redemption, repurchase, defeasance or other acquisition or retirement of Subordinated Debt
of the Company in exchange for, or out of the proceeds of, a substantially concurrent offering of, Qualified Equity Interests of the Company or of a cash contribution to the common equity of the Company; or 
 (vi) the purchase, redemption or other acquisition or retirement for value of Equity Interests of the Company held by officers, directors
or employees or former officers, directors or employees (or their estates or beneficiaries under their estates), of the Company upon death, disability, retirement, severance or termination of employment or pursuant to any agreement under which the
Equity Interests were issued; provided that the aggregate cash consideration paid therefor in any twelve-month period after the Issue Date does not exceed an aggregate amount of $5.0 million (or the equivalent thereof at the time of
determination). 
 provided that, in the case of clause (vi) no Default has occurred and is continuing or would occur as a result thereof.

 (d) Restricted Payments permitted pursuant to clauses (ii), (iii), (iv), (v) or (vi) of Section 4.07 (c) will not be
included in making the calculations under clause (iii) of Section 4.07 (a). 
  

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 Not later than the date of making any Restricted Payment, the Company will deliver to the Trustee an Officers’
Certificate stating that the Restricted Payment is permitted and setting forth the basis upon which the calculations required by this Section 4.07 were made. 
 Section 4.08. Limitation on Investments. The Company will not, and will not permit any Subsidiary to, directly or indirectly make any Investment other than a Permitted Investment unless, at the time of,
and after giving effect to, the proposed Investment: (i) no Default has occurred and is continuing, and (ii) the Company could incur at least U.S.$1.00 of Debt under Section 4.06. 
 Section 4.09. Limitation on Liens. The Company will not, and will not permit any Subsidiary to, directly or indirectly, incur or permit to
exist any Lien of any nature whatsoever on any of its properties or assets, whether owned at the Issue Date or thereafter acquired, other than Permitted Liens, without effectively providing that the Notes are secured equally and ratably with (or, if
the obligation to be secured by the Lien is subordinated in right of payment to the Notes or any Note Guaranty, prior to) the obligations so secured for so long as such obligations are so secured. 
 Section 4.10. Limitation on Sale and Leaseback Transactions. The Company will not, and will not permit any Subsidiary to, enter into any Sale
and Leaseback Transaction with respect to any Property unless the Company or such Subsidiary would be entitled to: 
 (i)
Incur Debt in an amount equal to the Attributable Debt with respect to such Sale and Leaseback Transaction pursuant to Section 4.06; and 
 (ii) create a Lien on such Property securing such Attributable Debt without equally and ratably securing the Notes pursuant to Section 4.09, 
 in which case, the corresponding Debt and Lien will be deemed incurred pursuant to those provisions. 
 Section 4.11. Limitation on Dividend and other Payment Restrictions Affecting Subsidiaries. (a) Except as provided in
Section 4.11(b), the Company will not, and will not permit any Subsidiary to, create or otherwise cause or permit to exist or become effective any encumbrance or restriction of any kind on the ability of any Subsidiary to: 
 (i) pay dividends or make any other distributions on any Equity Interests of the Subsidiary owned by the Company or any other Subsidiary;

  

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 (ii) pay any Debt or other obligation owed to the Company or any other Subsidiary;

 (iii) make loans or advances to the Company or any other Subsidiary; or 
 (iv) transfer any of its property or assets to the Company or any other Subsidiary. 
 (b) The provisions of Section 4.11(a) do not apply to any encumbrances or restrictions: 
 (i) existing on the Issue Date as provided for in the Indenture or any other agreements in effect on the Issue Date, and any extensions,
renewals, replacements or refinancings of any of the foregoing; provided that the encumbrances and restrictions in the extension, renewal, replacement or refinancing are, taken as a whole, no less favorable in any material respect to the
Noteholders than the encumbrances or restrictions being extended, renewed, replaced or refinanced; 
 (ii) existing under or
by reason of applicable law; or 
 (iii) existing with respect to any Person, or to the Property of any Person, at the time
the Person is acquired by the Company or any Subsidiary; 
 which encumbrances or restrictions: (i) are not applicable to any other
Person or the Property of any other Person; and (ii) were not put in place in anticipation of such event, and any extensions, renewals, replacements or refinancings of any of the foregoing; provided that the encumbrances and restrictions
in the extension, renewal, replacement or refinancing are, taken as a whole, no less favorable in any material respect to the Noteholders than the encumbrances or restrictions being extended, renewed, replaced or refinanced; 
 (iv) of the type described in clause (a)(iv) arising or agreed to in the ordinary course of business: (x) that restrict in a
customary manner the subletting, assignment or transfer of any Property that is subject to a lease or license or (y) by virtue of any Lien on, or agreement to transfer, option or similar right with respect to any Property of, the Company or any
Subsidiary; 
 (v) with respect to a Subsidiary and imposed pursuant to an agreement that has been entered into for the sale
or disposition of all or substantially all of the Capital Stock of, or Property of, the Subsidiary that is permitted by Section 4.14; 
  

 46 

 (vi) with respect to a Subsidiary and imposed pursuant to a customary provision in a
joint venture or other similar agreement with respect to such Subsidiary that was entered into in the ordinary course of business; 
 (vii) imposed by the standard loan documentation in connection with loans from Banco Nacional de Desenvolvimento Econômico e Social — BNDES (the Brazilian National Development Bank) to any Subsidiary; or 
 (viii) required pursuant to the Indenture. 
 Section 4.12. Guarantees by Material Subsidiaries. If the Company or any of its Subsidiaries acquires or creates a Material Subsidiary or any existing Person becomes a Material Subsidiary after the date of
this Indenture, the new Material Subsidiary must unconditionally guarantee, on an unsecured basis, all of the obligations of the Company under the Notes up to an amount equal to the Company’s beneficial interest in such Material Subsidiary and,
if such Material Subsidiary is also a Substantially Wholly-Owned Subsidiary, an unconditional guarantee, on an unsecured basis, for all of the obligations of the Company under the Notes. If any Material Subsidiary is acquired or created as a result
of a contribution of assets by Tereos or any of its Affiliates to the Company or any of its Subsidiaries in connection with an issuance of Equity Interests (or other capital increase), then notwithstanding any other provision of the Indenture,
(i) the guaranty of such Material Subsidiary shall be at least 20% of the aggregate principal amount of the Notes and (ii) all or any portion of the Capital Stock of such Material Subsidiary (and/or its assets) can be sold, transferred or
otherwise disposed of by the Company or its Subsidiaries in connection with a cancellation of Equity Interests (or other capital reduction), and consequently, such entity will no longer be required to guarantee the Notes if it ceases to be a
Subsidiary (except for FBA, which shall continue to guarantee up to 20% of the aggregate principal amount). 
 Section 4.13.
Repurchase of Notes Upon a Change of Control. (a) Not later than 30 days following a Change of Control, the Company will make an Offer to Purchase all outstanding Notes at a purchase price equal to 101% of the principal amount plus accrued
interest to the date of purchase. 
 Section 4.14. Limitation on Asset Sales. (a) The Company will not, and will not permit
any Subsidiary to, make any Asset Sale unless the following conditions are met: 
 (i) The Asset Sale is for fair market
value, as determined in good faith by the Board of Directors; 
  

 47 

 (ii) At least 75% of the consideration consists of cash received at closing. (For
purposes of this clause (ii), the assumption by the purchaser of Debt or other obligations (other than Subordinated Debt) of the Company or a Subsidiary pursuant to a customary novation agreement, and instruments or securities received from the
purchaser that are promptly, but in any event within 90 days of the closing, converted by the Company to cash, to the extent of the cash actually so received, shall be considered cash received at closing); 
 (iii) Within 360 days after the receipt of any Net Cash Proceeds from an Asset Sale, the Net Cash Proceeds may be used: 
 (A) to permanently repay Debt other than Subordinated Debt of the Company or a Guarantor or any Debt of a Subsidiary that is not a
Guarantor (and in the case of a revolving credit, permanently reduce the commitment thereunder by such amount), in each case owing to a Person other than the Company or any Subsidiary; 
 (B) to acquire all or substantially all of the assets of a Permitted Business, or a majority of the Voting Stock of another Person that
thereupon becomes a Subsidiary engaged in a Permitted Business, or to make capital expenditures or otherwise acquire long-term assets that are to be used in a Permitted Business; or 
 (C) to acquire Productive Assets for the Company or any of its Subsidiaries; 
 (iv) Notwithstanding clauses (i)-(iii) of this Section 4.14, the Company and its Subsidiaries will be permitted to consummate an
Asset Sale without complying with such clauses to the extent: 
 (A) at least 75% of the consideration for such Asset Sale
constitutes Productive Assets, cash, Cash Equivalents and/or Marketable Securities; and 
 (B) the Asset Sale is for fair
market value, as determined in good faith by the Board of Directors; 
 provided that any consideration not constituting Productive
Assets received by the Company or any Subsidiary in connection with any Asset 

  

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Sale permitted to be consummated under this clause (iv) shall be applied (in the case of cash, Cash Equivalents and Marketable Securities within 360
days after the receipt thereof) in accordance with the provisions of Section 4.14 (iii) above. 
 (v) The Net Cash
Proceeds of an Asset Sale not applied pursuant to Section 4.14 (iii) within 360 days of the Asset Sale shall constitute “Excess Proceeds”. Excess Proceeds of less than $20.0 million (or the equivalent thereof at the time
of determination) will be carried forward and accumulated. When accumulated Excess Proceeds equals or exceeds $20.0 million, the Company must, within 30 days and subject to the provisions of Section 3.05(f) above, make an Offer to Purchase
Notes having a principal amount equal to: 
 (A) accumulated Excess Proceeds, multiplied by 
 (B) a fraction (x) the numerator of which is equal to the then outstanding principal amount of the Notes and (y) the denominator
of which is equal to the then outstanding principal amount of the Notes and all pari passu Debt similarly required to be repaid, redeemed or tendered for in connection with the Asset Sale, rounded down to the nearest $1,000. 
 The purchase price for the Notes will be 100% of the principal amount plus accrued interest to the date of purchase. If the Offer to Purchase is for less
than all of the outstanding Notes and Notes in an aggregate principal amount in excess of the purchase amount are tendered and not withdrawn pursuant to the offer, the Company will purchase Notes having an aggregate principal amount equal to the
purchase amount on a pro rata basis, with adjustments so that only Notes in multiples of $1,000 with a minimum denomination of $100,000 will be purchased. Upon completion of the Offer to Purchase, Excess Proceeds will be reset at zero. 

Section 4.15. Limitation on Transactions with Shareholders and Affiliates. (a) The Company will not, and will not permit any
Subsidiary to, directly or indirectly, enter into, renew or extend any transaction or arrangement (including, without limitation, the purchase, sale, lease or exchange of Property, or the rendering of any service) with (x) any holder, or any
Affiliate of any holder, of 5% or more of any class of Capital Stock of the Company or (y) any Affiliate of the Company or any Subsidiary (a “Related Party Transaction”), except upon fair and reasonable terms no less favorable
to the Company or the Subsidiary than could be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate of the Company. 
  

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 (b) In any Related Party Transaction or series of Related Party Transactions with an aggregate value in
excess of $1.0 million (or the equivalent thereof at the time of determination), the Company must first deliver to the Trustee an Officer’s Certificate to the effect that such transaction or series of related transactions are on fair and
reasonable terms no less favorable to the Company or such Subsidiary than could be obtained in a comparable arm’s-length transaction and is otherwise compliant with the terms of this Indenture. Prior to entering into any Related Party
Transaction or series of Related Party Transactions with an aggregate value in excess of $15.0 million (or the equivalent thereof at the time of determination), the Company must in addition obtain and deliver to the Trustee a favorable written
opinion from an independent nationally recognized Brazilian or internationally recognized investment banking, auditing or consulting firm as to the fairness of the transaction to the Company and its Subsidiaries from a financial point of view.

 (c) The foregoing paragraphs do not apply to: 
 (i) any transaction between the Company and any Guarantor or Subsidiary or between Subsidiaries and Guarantors; 
 (ii) the payment of reasonable and customary regular fees to directors of the Company who are not employees of the Company; 
 (iii) any Restricted Payments of a type described in clauses (a)(i) and (a)(ii) under Section 4.07, if permitted by that covenant;

 (iv) transactions or payments pursuant to any employee, officer or director compensation or benefit plans or arrangements
entered into in the ordinary course of business; and 
 (v) transactions pursuant to agreements in effect on the date of the
Indenture and described in the Offering Memorandum, as amended, modified or replaced from time to time so long as the amended, modified or new agreements, taken as a whole, are no less favorable to the Company and its Subsidiaries than those in
effect on the date of the Indenture. 
 Section 4.16. Line of Business. The Company will not, and will not permit any of its
Subsidiaries, to engage in any business other than a Permitted Business, except to an extent that so doing would not be material to the Company and its Subsidiaries, taken as a whole. 
 Section 4.17. Financial Reports. (a) The Company shall furnish to the Trustee (and will also provide the Trustee with sufficient copies
of the following reports referred to in clauses (i) and (ii) below for distribution, at the Company’s expense, to all holders of Notes) and to the Luxembourg Paying Agent; 
  

 50 

 (i) as soon as available and in any event by no later than 120 days after the end of each
fiscal year of the Company, annual audited consolidated financial statements in English of the Company, prepared in accordance with the Brazilian GAAP and accompanied by an opinion of internationally recognized independent public accountants
selected by the Company, which opinion shall be based upon an examination made in accordance with generally accepted auditing standards in Brazil; and 
 (ii) as soon as available and in any event by no later than 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Company, quarterly unaudited consolidated financial statements in
English of the Company prepared in accordance with the Brazilian corporate law method and the rules and regulations of the Brazilian securities commission (to the extent subject to such rules) accompanied by a “limited review”
(revisão limitada) report of internationally recognized independent public accountants selected by the Company, which report shall be based upon an examination made in accordance with the specific applicable rules issued by the
Instituto Brasileiro dos Auditores Independentes – IBRACON (Brazilian Accountants Institute) and the Conselho Federal de Contabilidade (Federal Accounting Counsel). 
 In addition, the Company will make the information and reports available to securities analysts and prospective investors upon request. For so long as
any of the Notes are listed on the Luxembourg Stock Exchange and the rules of such exchange require, copies of such information will also be available during normal business hours at the office of the Luxembourg Paying Agent. 
 For so long as the Notes are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, the Company will furnish to
any Noteholder, or to any prospective purchasers designated by such Noteholder, financial and other information described in paragraph (d)(4) of Rule 144A with respect to the Company and the Guarantors unless the Company is then subject to
Section 13 or 15(d) of the Exchange Act, or is exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act. 
 (b) Delivery
of these reports and information to the Trustee is for informational purposes only and the Trustee’s receipt of them will not constitute constructive notice of any information contained therein or determinable for information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
  

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 Section 4.18. Reports to Trustee. (a) The Company will deliver to the Trustee within 120
days after the end of each fiscal year an Officer’s Certificate stating that the officer has conducted or supervised a review of the activities of the Company and its Subsidiaries and their performance under the Indenture and that to the best
of his or her knowledge the Company has fulfilled its obligations hereunder or, if there has been a Default, specifying the Default and a description of the event and what action that Company is taking or proposes to take with respect thereto.

 (b) The Company will deliver to the Trustee, as soon as possible and in any event within 30 days after the Company becomes aware or should
reasonably become aware of the occurrence of a Default, an Officers’ Certificate setting forth the details of the Default, and the action which the Company proposes to take with respect thereto. 
 (c) The Company will provide prior written notice to the Trustee when any Notes are listed on any Brazilian, U.S. or foreign national securities exchange
and of any delisting. 
 Section 4.19. Ranking. (a) The Company and each of the Guarantors will ensure that its respective
obligations under the Indenture, the Notes and the Note Guarantees will at all times constitute direct and unconditional obligations of the Company or the applicable Guarantor, ranking at all times at least pari passu in priority of payment,
in right of security and in all other respects among themselves and with all other Debt of such Person, except to the extent any such other Debt ranks above such obligations by reason of Liens permitted under Section 4.09. 
 Section 4.20. Paying Agent and Transfer Agent.  
 (a) The Company agrees, for the benefit of the Holders from time to time of the Notes, that, until all of the Notes are no longer outstanding or until moneys for the payment of all of the principal of and interest on
all Notes (and Additional Amounts, if any) shall have been made available at the principal office of the Trustee, and shall have been returned to the Company as provided herein, whichever occurs earlier, there shall at all times be a Principal
Paying Agent and Transfer Agent hereunder. The Principal Paying Agent and the Transfer Agent shall have the powers and authority granted to and conferred upon it herein and in the Notes. 
  

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 (b) The Company hereby initially appoints the Paying Agents and Transfer Agent defined in this Indenture
as such. The Principal Paying Agent shall arrange with the Paying Agent for the payment, from funds furnished by the Company to the Principal Paying Agent pursuant to this Indenture, of the principal of and interest on the Notes (and Additional
Amounts, if any, with respect to the Notes) and of the compensation of such paying agency or agencies for their services as such. 
 (c) The
Principal Paying Agent, Paying Agent and Transfer Agent each accepts their respective obligations set forth herein and in the Notes upon the terms and conditions hereof and thereof, including the following, to all of which the Company agrees and to
all of which the rights of the holders from time to time of the Notes shall be subject: 
 (i) The Paying Agents and Transfer
Agent each shall each be entitled to the compensation to be agreed upon with the Company for all services rendered by it, and the Company agrees promptly to pay such compensation and to reimburse each of the Paying Agents and Transfer Agent for
their reasonable out-of-pocket expenses (including fees and expenses of counsel) incurred by it in connection with the services rendered by it hereunder. The Company also agrees to indemnify each of the Paying Agents and Transfer Agent for, and to
hold each of them harmless against, any loss, liability or expense incurring out of or in connection with their acting as Paying Agents or Transfer Agent of the Company hereunder, except to the extent such loss, liability or expense results from
such Paying Agents’ or Transfer Agent’s own gross negligence, bad faith or willful misconduct. The obligations of the Company under this subsection (i) shall survive the payment of the Notes and the resignation or removal of the
Paying Agents and Transfer Agent as the case may be; 
 (ii) In acting under this Indenture and in connection with the Notes,
the Paying Agents and Transfer Agent are each acting solely as agent of the Company and do not assume any obligation towards or relationship of agency or trust for or with any of the Holders except that all funds held by a Paying Agent for the
payment of the principal of and interest on (and Additional Amounts, if any, with respect to) the Notes, shall be held in trust by it and applied as set forth herein and in the Notes, but need not be segregated from other funds held by it, except as
required by law; 
 (iii) The Principal Paying Agent may consult with counsel and any advice or written opinion of counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or opinion; 
  

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 (iv) Each Paying Agent and Transfer Agent shall be protected and shall incur no liability
for or in respect of any action taken or omitted to be taken or thing suffered by it in reliance upon any Note, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to
have been presented or signed by the proper party or parties; 
 (v) Each Paying Agent and Transfer Agent may, in its
individual capacity or any capacity, become the owner of, or acquire any interest in, any Notes or other obligations of the Company with the same rights that it would have if it were not the Paying Agent or Transfer Agent, and may engage or be
interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of holders of Notes or other obligations of the Company as freely as if it were not the Paying Agent or
Transfer Agent; 
 (vi) Neither the Paying Agents nor the Transfer Agent shall be under any liability for interest on any
moneys received by it pursuant to any of the provisions of this Indenture or the Notes; 
 (vii) The recitals contained herein
and in the Notes shall be taken as the statements of the Company, and the Paying Agents and Transfer Agent assume no responsibility for the correctness of the same. Neither the Paying Agent nor the Transfer Agent makes any representation as to the
validity or sufficiency of this Indenture or the Notes. Neither the Paying Agents nor the Transfer Agent shall be accountable for the use or application by the Company of any of the Notes or the proceeds thereof; 
 (viii) The Paying Agents and Transfer Agent shall be obligated to perform such duties and only such duties as are herein and in the Notes
specifically set forth, and no implied duties or obligations shall be read into this Indenture or the Notes against the Paying Agents or Transfer Agent. Neither the Paying Agents nor the Transfer Agent shall be under any obligation to take any
action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it; and 
 (ix) Unless otherwise specifically provided herein or in the Notes, any order, certificate, notice, request, direction or other
communication from the Company made or given under any provision of this Indenture shall be sufficient if signed by an authorized officer or any duly authorized attorney-in-fact. 
  

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 Anything in this Section to the contrary notwithstanding, the agreements to hold sums in trust as
provided in this Section are subject to the provisions of Section 8.05. 
 (d) Any Paying Agent or Transfer Agent may at any time resign
by giving written notice of its resignation mailed to the Company specifying the date on which its resignation shall become effective; provided that such date shall be at least 60 days after the date on which such notice is given unless the
Company agrees to accept less notice. Upon receiving such notice of resignation, the Company shall promptly appoint a successor Paying Agent or Transfer Agent, qualified as aforesaid, by written instrument in duplicate signed on behalf of the
Company, one copy of which shall be delivered to the resigning Paying Agent or Transfer Agent and one copy to the successor Paying Agent or Transfer Agent. Such resignation shall become effective upon the earlier of (i) the effective date of
such resignation or (ii) the acceptance of appointment by the successor Paying Agent or Transfer Agent as provided in Section 4.20 (e). The Company may, at any time and for any reason, and shall, upon any event set forth in the next
succeeding sentence, remove a Paying Agent or Transfer Agent and appoint a successor Paying Agent or Transfer Agent, qualified as aforesaid, by written instrument in duplicate signed on behalf of the Company, one copy of which shall be delivered to
the Paying Agent or Transfer Agent being removed and one copy to the successor Paying Agent or Transfer Agent. A Paying Agent or Transfer Agent shall be removed as aforesaid if it shall become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or a receiver of the Paying Agent or Transfer Agent or of its property shall be appointed, or any public officer shall take charge or control of it or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation. Any removal of a Paying Agent or Transfer Agent and any appointment of a successor Paying Agent or Transfer Agent shall become effective upon acceptance of appointment by the successor Paying Agent or Transfer Agent as provided in
Section 4.20 (e). Upon its resignation or removal, the Paying Agent or Transfer Agent shall be entitled to the payment by the Company of its compensation for the services rendered hereunder and to the reimbursement of all reasonable
out-of-pocket expenses incurred in connection with the services rendered by it hereunder (including, to the extent that the Paying Agent or Transfer Agent is being removed, all reasonable out-of-pocket expenses incurred in connection with such
removal, including fees and expenses of counsel). 
 (e) Any successor Paying Agent or Transfer Agent appointed as provided in
Section 4.20 (d) shall execute and deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon 

  

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such successor Paying Agent or Transfer Agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and
obligations of its predecessor hereunder, with like effect as if originally named as Paying Agent or Transfer Agent hereunder, and such predecessor, upon payment of its compensation and out-of-pocket expenses then unpaid, shall pay over to such
successor agent all moneys or other property at the time held by it hereunder, if any. 
 (f) Any corporation or bank into which the Paying
Agent or Transfer Agent may be merged or converted, or with which the Paying Agent or Transfer Agent may be consolidated, or any corporation or bank resulting from any merger, conversion or consolidation to which the Paying Agent or Transfer Agent
shall be a party, or any corporation or bank succeeding to the agency business of the Paying Agent or Transfer Agent shall be the successor to the Paying Agent or Transfer Agent hereunder (provided that such corporation or bank shall be qualified as
aforesaid) without the execution or filing of any paper or any further act on the part of any of the parties hereto. 
 ARTICLE 5 

CONSOLIDATION, MERGER OR SALE OF ASSETS 
 Section 5.01. Consolidation, Merger or Sale of Assets by the Company; No Lease of All or Substantially All Assets. (a) The Company will
not: 
 (i) consolidate with or merge with or into any Person; or 
 (ii) sell, convey, transfer, or otherwise dispose of all or substantially all of its assets as an entirety or substantially an entirety,
in one transaction or a series of related transactions, to any Person; or 
 (iii) permit any Person to merge with or into the
Company; 
 unless: 
 (A) either (x) the Company is the continuing Person or (y) the resulting, surviving or transferee Person is a corporation organized and validly existing under the laws of the Federative Republic of Brazil or any political
subdivision thereof or any other country member of the Organization for Economic Co-operation and Development (OECD) and expressly assumes by supplemental indenture all of the obligations of the Company under the Indenture and the Notes; 

 

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 (B) immediately after giving effect to the transaction, no Default has occurred and is
continuing; 
 (C) immediately after giving effect to the transaction on a pro forma basis, the Company or the resulting,
surviving or transferee Person has a Consolidated Net Worth without taking into account any purchase accounting adjustments equal to or greater than the Consolidated Net Worth of the Company immediately prior to the transaction; 
 (D) immediately after giving effect to the transaction on a pro forma basis, the Company or the resulting surviving or transferee Person
could Incur at least $1.00 of Debt under the Net Debt to EBITDA Ratio test set forth in clause (a) of Section 4.06; and 
 (E) the Company or the resulting surviving or transferee Person delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that the consolidation, merger or transfer and the supplemental indenture (if any)
comply with the Indenture; 
 provided that clauses (B), (C) and (D) do not apply to the consolidation or merger of the Company with or into
a Wholly-Owned Subsidiary or the consolidation or merger of a Wholly-Owed Subsidiary with or into the Company. 
 (b) The Company shall not
lease all or substantially all of its assets, whether in one transaction or a series of transactions, to one or more other Persons, except to the extent permitted under Section 4.10. 
 (c) Upon the consummation of any transaction effected in accordance with these provisions, if the Company is not the continuing Person, the resulting,
surviving or transferee Person will succeed to, and be substituted for, and may exercise every right and power of, the Company under the Indenture and the Notes with the same effect as if such successor Person had been named as the Company in the
Indenture. Upon such substitution, unless the successor is one or more of the Company’s Subsidiaries, the Company will be released from its obligations under the Indenture and the Notes. 
 Section 5.02. Consolidation, Merger Or Sale Of Assets By A Guarantor. (a) No Guarantor may: 
 (i) consolidate with or merge with or into any Person; or 
  

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 (ii) sell, convey, transfer or dispose of, all or substantially all its assets as an
entirety or substantially as an entirety, in one transaction or a series of related transactions, to any Person; or 
 (iii)
permit any Person to merge with or into the Guarantor 
 unless: 
 (A) the other Person is the Company or any Subsidiary that is a Guarantor or becomes a Guarantor concurrently with the transaction; or

 (B) (1) either (x) the Guarantor is the continuing Person or (y) the resulting, surviving or transferee Person
expressly assumes by supplemental indenture, substantially in the form of Exhibit B, all of the obligations of the Guarantor under its Note Guaranty; and 
 (2) immediately after giving effect to the transaction, no Default has occurred and is continuing; or 
 (C) the transaction constitutes a sale or other disposition (including by way of consolidation or merger) of the Guarantor or the sale or disposition of all or substantially all the assets of the Guarantor (in each
case other than to the Company or a Subsidiary) otherwise permitted by the Indenture. 
 ARTICLE 6 
 DEFAULT AND REMEDIES 
 Section 6.01. Events of Default. An “Event of Default” occurs if 
 (a) the
Company defaults in the payment of the principal of (including, without limitation, any Additional Amounts, if any, on) any Note when the same becomes due and payable at maturity, upon acceleration or redemption, or otherwise (other than pursuant to
an Offer to Purchase); 
 (b) the Company defaults in the payment of interest (including Additional Amounts, if any) on any Note when the
same becomes due and payable, and the default continues for a period of 30 days; 
 (c) the Company fails to make an Offer to Purchase and
thereafter to accept and pay for Notes tendered when and as required pursuant to the covenants described in Section 4.13 or 4.14, or the Company or any Guarantor fails to comply with the covenants described in Section 3.05(f), Section 4.06, 4.07,
5.01 or 5.02; 
  

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 (d) the Company defaults in the performance of or breaches any other covenant or agreement of the Company
in the Indenture or under the Notes and the default or breach continues for a period of 60 consecutive days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of 25% or more in aggregate principal
amount of the Notes; 
 (e) there occurs with respect to any Debt of the Company or any of its Subsidiaries having an outstanding principal
amount of $10.0 million (or the equivalent thereof at the time of determination) or more in the aggregate for all such Debt of all such Persons (i) an event of default that results in such Debt being due and payable prior to its scheduled
maturity or (ii) failure to make a principal payment when due and such defaulted payment is not made, waived or extended within the applicable grace period; 
 (f) one or more final judgments or orders for the payment of money in the aggregate are rendered against the Company or any of its Subsidiaries and are not paid or discharged, and there is a period of 60 consecutive
days following entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders outstanding and not paid or discharged against all such Persons to exceed $10.0 million or the equivalent thereof at the time
of determination (in excess of amounts which the Company’s insurance carriers have agreed to pay under applicable policies) during which a stay of enforcement, by reason of a pending appeal or otherwise, is not in effect; 
 (g) an involuntary case or other proceeding is commenced against the Company or any Subsidiary with respect to it or its debts under any bankruptcy,
insolvency or other similar law then in effect seeking the appointment of a trustee, receiver, síndico, liquidator, custodian or other similar official of it or any substantial part of its Property, and such involuntary case or other
proceeding remains undismissed and unstayed for a period of 60 days; or an order for relief is entered against the Company or any Subsidiary under the applicable bankruptcy laws then in effect, and such order is not being contested by the Company or
such Subsidiary, as the case may be, in good faith, or has not been dismissed, discharged or otherwise stayed, in each case within 60 days of being made; 
 (h) the Company or any of its Subsidiaries (i) commences a voluntary case or other proceeding seeking liquidation, reorganization, concordata or other relief with respect to itself or its Debts under any
applicable bankruptcy, insolvency or other similar law then in effect, or consents to the entry of an order for relief in an involuntary case under any such law, (ii) consents to the appointment of or taking possession by a receiver,
síndico, liquidator, assignee, 

  

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custodian, trustee, sequestrator or similar official of the Company or any of its Subsidiaries or for all or substantially all of the Property of the Company
or any of its Subsidiaries or (iii) effects any general assignment for the benefit of creditors (an event of default specified in clause (g) or (h) a “bankruptcy default”); 
 (i) any Note Guaranty ceases to be in full force and effect, other than in accordance the terms of the Indenture, or a Guarantor denies or disaffirms its
obligations under its Note Guaranty; 
 (j) any event occurs that under the laws of Brazil or any political subdivision thereof or any other
country has substantially the same effect as any of the events referred to in any of clause (g) or (h); or 
 (k) all or substantially
all of the undertaking, assets and revenues of the Company or any Guarantor is condemned, seized or otherwise appropriated by any Person acting under the authority of any national, regional or local government or the Company is prevented by any such
Person from exercising normal control over all or substantially all of the undertaking, assets and revenues of the Company or any Guarantor. 
 For purposes of each Event of Default, each reference to “Subsidiary” or “Subsidiaries” in this Section 6.01 shall be deemed to include FBA. 
 Section 6.02. Acceleration. (a) If an Event of Default, other than a bankruptcy
default with respect to the Company, occurs and is continuing under the Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written notice to the Company (and to the Trustee if the
notice is given by the Holders), may, and the Trustee at the request of such Holders shall, declare the principal of and accrued interest on the Notes to be immediately due and payable. Upon a declaration of acceleration, such principal and interest
will become immediately due and payable. If a bankruptcy default occurs with respect to the Company, the principal of and accrued interest on the Notes then outstanding will become immediately due and payable without any declaration or other act on
the part of the Trustee or any Holder. In this case, the Company will comply with any and all then applicable regulations of the Central Bank of Brazil for remittance of funds outside of Brazil. 
 (b) The Holders of a majority in principal amount of the outstanding Notes by written notice to the Company and to the Trustee may waive all past
defaults and rescind and annul a declaration of acceleration and its consequences if: 
 (i) all existing Events of Default,
other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have become due solely by the declaration of acceleration, have been cured or waived; and 
  

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 (ii) the rescission would not conflict with any judgment or decree of a court of
competent jurisdiction. 
 Section 6.03. Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue,
in its own name or as trustee of an express trust, any available remedy by proceeding at law or in equity to collect the payment of principal of and interest on the Notes or to enforce the performance of any provision of the Notes or the Indenture.
The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. 
 Section 6.04. Waiver of Past Defaults. Except as otherwise provided in Section 6.02, 6.07 or 9.02, the Holders of a majority in principal amount of the outstanding Notes may, by notice to the Trustee, waive an existing Default
and its consequences. Upon such waiver, the Default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured, but no such waiver will extend to any subsequent or other Default or impair any right consequent
thereon. 
 Section 6.05. Control by Majority. The Holders of a majority in aggregate principal amount of the outstanding Notes
may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or
the Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders not joining in the giving of such direction, and the Trustee may take any other action
it deems proper that is not inconsistent with any such direction received from Holders. 
 Section 6.06. Limitation on Suits. A
Holder may not institute any proceeding, judicial or otherwise, with respect to the Indenture or the Notes, or for the appointment of a receiver or trustee, or for any other remedy under the Indenture or the Notes, unless: 
 (i) the Holder has previously given to the Trustee written notice of a continuing Event of Default; 
 (ii) Holders of at least 25% in aggregate principal amount of outstanding Notes have made written request to the Trustee to institute such
proceedings in respect of the Event of Default in its own name as Trustee under the Indenture; 
  

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 (iii) Holders have offered to the Trustee indemnity reasonably satisfactory to the
Trustee against any costs, liabilities or expenses to be incurred in compliance with such request; 
 (iv) the Trustee for 60
days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (v)
during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes have not given the Trustee a direction that is inconsistent with such written request. 
 Section 6.07. Rights of Holders to Receive Payment. Notwithstanding anything to the contrary, the right of a Holder of a Note to receive
payment of principal of or interest on its Note on or after the Stated Maturities thereof, or to bring suit for the enforcement of any such payment on or after such respective dates, may not be impaired or affected without the consent of that
Holder. 
 Section 6.08. Collection Suit by Trustee. If an Event of Default in payment of principal or interest specified in
clause (a) or (b) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust for the whole amount of principal and accrued interest remaining unpaid, together with interest
on overdue principal and, to the extent lawful, overdue installments of interest, in each case at the rate specified in the Notes, and such further amount as is sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee hereunder. 
 Section 6.09. Trustee May File Proofs of Claim. The Trustee may file proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee hereunder) and the Holders allowed in any judicial proceedings relating to the Company or any Guarantor or their
respective creditors or property, and is entitled and empowered to collect, receive and distribute any money, securities or other property payable or deliverable upon conversion or exchange of the Notes or upon any such claims. Any custodian,
receiver, síndico, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, if the Trustee consents to the

  

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making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agent and counsel, and any other amounts due the Trustee hereunder. Nothing in the Indenture will be deemed to empower the Trustee to authorize or consent to, or accept or adopt on behalf of any Holder, any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10. Priorities. If the Trustee collects any money pursuant to this Article, it shall pay out the money in the following order:

 First: to the Trustee for all amounts due to it hereunder; 
 Second: to Holders for amounts then due and unpaid for principal of and interest on the Notes, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal
and interest; and 
 Third: to the Company or, to the extent the Trustee collects any amounts from any Guarantor, to such Guarantor or as a
court of competent jurisdiction may direct. 
 The Trustee, upon written notice to the Company, may fix a record date and payment date for
any payment to Holders pursuant to this Section 6.10. 
 Section 6.11. Restoration of Rights and Remedies. If the Trustee or
any Holder has instituted a proceeding to enforce any right or remedy under the Indenture and the proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to the Holder, then, subject to any
determination in the proceeding, the Company, the Guarantors, the Trustee and the Holders will be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Company, the Guarantors, the
Trustee and the Holders will continue as though no such proceeding had been instituted. 
 Section 6.12. Undertaking for Costs.
In any suit for the enforcement of any right or remedy under the Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court may require any party litigant in such suit (other than the Trustee) to file
an undertaking to pay the costs of the suit, and the court may assess reasonable costs, including reasonable attorneys fees, against any party litigant (other than the Trustee) in the suit having due regard to the merits and good faith of the claims
or defenses made by the party litigant. This Section 6.12 does not apply to a suit by a Holder to enforce payment of 

  

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principal of or interest on any Note on the respective due dates pursuant to Section 6.12, or a suit by Holders of more than 10% in principal amount of
the outstanding Notes except for any proceeding brought before a Brazilian court, which case the Holder may be required to post a bond to cover legal fees and court expenses. 
 Section 6.13. Rights and Remedies Cumulative. No right or remedy conferred or reserved to the Trustee or to the Holders under this Indenture
is intended to be exclusive of any other right or remedy, and all such rights and remedies are, to the extent permitted by law, cumulative and in addition to every other right and remedy hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or exercise of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or exercise of any other right or remedy. 
 Section 6.14. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default will impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the
Trustee or by the Holders, as the case may be. 
 Section 6.15. Waiver of Stay, Extension or Usury Laws. The Company and each
Guarantor covenants, to the extent that it may lawfully do so, that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that
would prohibit or forgive the Company or the Guarantor from paying all or any portion of the principal of, or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or
the performance of the Indenture. The Company and each Guarantor hereby expressly waives, to the extent that it may lawfully do so, all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE 7 
 THE TRUSTEE 
 Section 7.01. General. (a) The duties and responsibilities of the Trustee are as set forth herein. Whether or not expressly so provided, every provision of the Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee is subject to this Article. 
  

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 (b) Except during the continuance of an Event of Default, the Trustee needs perform only those duties
that are specifically set forth in the Indenture and no others, and no implied covenants or obligations will be read into the Indenture against the Trustee. In case an Event of Default has occurred and is continuing, the Trustee shall exercise those
rights and powers vested in it by the Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
 (c) No provision of the Indenture shall be construed to relieve the Trustee from liability for its own gross negligence, bad faith or willful misconduct.

 Section 7.02. Certain Rights of Trustee.  
 (a) In the absence of bad faith on its part, the Trustee may rely, and will be protected in acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter
stated in the document, but, in the case of any document which is specifically required to be furnished to the Trustee pursuant to any provision hereof, the Trustee shall examine the document to determine whether it conforms to the requirements of
the Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). The Trustee, in its discretion, may make further inquiry or investigation into such facts or matters as it sees fit.

 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel conforming to
Section 11.03 and the Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion. 
 (c) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by the Indenture at the request or direction of any of
the Holders, unless such Holders have offered to the Trustee security, reasonably satisfactory to it, or indemnity against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. 
  

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 (e) The Trustee will not be liable for any action it takes or omits to take in good faith that it
believes to be authorized or within its rights or powers or for any action it takes or omits to take in accordance with the direction of the Holders in accordance with Section 6.05 relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under the Indenture. 
 (f) The Trustee
may consult with counsel, and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon. 
 (g) No provision of the Indenture will require the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of its duties hereunder, or in the exercise of its rights or powers, unless it receives indemnity satisfactory to it against any loss, liability or expense. In no event shall the Trustee be liable for special, indirect
or consequential loss or damage of any kind whatsoever (including, but not limited to, lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 Section 7.03. Individual Rights of Trustee. The Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes
and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to Trust Indenture Act Sections 310(b) and 311. For
purposes of Trust Indenture Act Section 311(b)(4) and (6): 
 (a) “cash transaction” means any
transaction in which full payment for goods or securities sold is made within seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand; and 
 (b) “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated
or incurred for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or
merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with the creation of the creditor relationship
arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation. 
  

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 Section 7.04. Trustee’s Disclaimer. The Trustee (i) makes no representation as to
the validity or adequacy of the Indenture or the Notes; (ii) is not accountable for the Company’s use or application of the proceeds from the Notes; and (iii) is not responsible for any statement in the Notes other than its
certificate of authentication. 
 Section 7.05. Notice of Default. The Trustee is not to be charged with knowledge of any Default
or Event of Default or knowledge of any cure of any Default or Event of Default with respect to the Notes unless either (i) an attorney or agent of the Trustee with direct responsibility for this Indenture, had actual knowledge of such Default
or Event of Default or (ii) written notice of such Default or Event of Default has been given to the Trustee by the Company or any Holder. If any Default occurs and is continuing and is known to the Trustee, the Trustee will send notice of the
Default to each Holder within 90 days after it occurs, unless the Default has been cured; provided that, except in the case of a default in the payment of the principal of or interest on any Note, the Trustee may withhold the notice if and so
long as the board of directors, the executive committee or a trust committee of directors of the Trustee in good faith determines that withholding the notice is in the interest of the Holders. 
 Section 7.06. Compensation And Indemnity. (a) The Company will pay the Trustee compensation as agreed upon in writing between the
Company of the Trustee for the Trustee’s services. The compensation of the Trustee is not limited by any law on compensation of a Trustee of an express trust. The Company will reimburse the Trustee upon request for all reasonable out-of-pocket
expenses, disbursements and advances incurred or made by the Trustee, including the compensation and expenses of the Trustee’s agents and counsel. 
 (b) The Company will indemnify the Trustee for, and hold it harmless against, any loss or liability or expense incurred by it without gross negligence, or bad faith or willful misconduct on its part arising out of or
in connection with the acceptance or administration of the Indenture and its duties under the Indenture and the Notes, including the costs and expenses of defending itself against any claim or liability and of complying with any process served upon
it or any of its officers in connection with the exercise or performance of any of its powers or duties under the Indenture and the Notes. 
 (c) To secure the Company’s payment obligations in this Section, the Trustee will have a lien prior to the Notes on all money or property held or collected by the Trustee, in its capacity as Trustee, except money or property held in
trust to pay principal of, and interest on particular Notes. 
 (d) If the Trustee incurs expenses or renders services in connection with an
Event of Default as specified herein, the expenses (including charges and 

  

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expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable bankruptcy,
reorganization, insolvency or similar law now or hereafter in effect. 
 Section 7.07. Replacement of Trustee.
(a) (i) The Trustee may resign at any time by written notice to the Company. 
 (ii) The Holders of a majority
in principal amount of the outstanding Notes may remove the Trustee by written notice to the Trustee. 
 (iii) If the Trustee
is no longer eligible under Section 7.09, any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (iv) The Company may remove the Trustee if: (i) the Trustee is no longer eligible under Section 7.09; (ii) the Trustee is
adjudged a bankrupt or an insolvent; (iii) a receiver or other public officer takes charge of the Trustee or its property; or (iv) the Trustee becomes incapable of acting. 
 A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. 
 (b) If the Trustee has been removed by the Holders, Holders of a majority in principal amount of the Notes may appoint a successor Trustee with the
consent of the Company. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a successor Trustee. If the successor Trustee does not deliver its written
acceptance within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of a majority in principal amount of the outstanding Notes may petition any court of competent jurisdiction for the
appointment of a successor Trustee. 
 (c) Upon delivery by the successor Trustee of a written acceptance of its appointment to the retiring
Trustee and to the Company, (i) the retiring Trustee will transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.06, (ii) the resignation or removal of the retiring Trustee will
become effective, and (iii) the successor Trustee will have all the rights, powers and duties of the Trustee under the Indenture. Upon request of any successor Trustee, the Company will execute any and all instruments for fully and vesting in
and confirming to the successor Trustee all such rights, powers and trusts. The Company will give notice of any resignation and any removal of the 

  

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Trustee and each appointment of a successor Trustee to all Holders, and include in the notice the name of the successor Trustee and the address of its
Corporate Trust Office. 
 (d) Notwithstanding replacement of the Trustee pursuant to this Section, the Company’s obligations under
Section 7.06 will continue for the benefit of the retiring Trustee. 
 Section 7.08. Successor Trustee by Merger. If the Trustee
consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation or national banking association, the resulting, surviving or transferee corporation or national banking
association without any further act will be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee in the Indenture. 
 Section 7.09. Eligibility. The Indenture must always have a Trustee that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $25,000,000 as set
forth in its most recent published annual report of condition and its Corporate Trust Office in The City of New York, New York. 
 Section 7.10. Money Held in Trust. The Trustee will not be liable for interest on any money received by it except as it may agree with the Company. Money held in trust by the Trustee need not be segregated from other funds
except to the extent required by law and except for money held in trust under Article 8. 
 ARTICLE 8 
 DEFEASANCE AND DISCHARGE 
 Section 8.01. Discharge of Company’s and Guarantors’ Obligations. (a) Subject to paragraph (b), the Company’s obligations under the Notes and the Indenture, and each Guarantor’s
obligations under its Note Guaranty, will terminate if: 
 (i) all Notes previously authenticated and delivered (other than
(A) destroyed, lost or stolen Notes that have been replaced or (B) Notes that are paid pursuant to Section 4.01 or (C) Notes for whose payment money or U.S. Government Obligations have been held in trust and then repaid to the Company
pursuant to Section 8.05) have been delivered to the Trustee for cancellation and the Company has paid all sums payable by it hereunder; or 
  

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 (ii)(A) the Company irrevocably deposits in trust with the Trustee, as trust funds solely
for the benefit of the Holders, money or U.S. Government Obligations in Dollars or a combination thereof sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certificate delivered to the
Trustee, without consideration of any reinvestment, to pay principal of and interest on the Notes to maturity or redemption, as the case may be, and to pay all other sums payable by it hereunder; 
 (B) no Default has occurred and is continuing on the date of the deposit; 
 (C) the deposit will not result in a breach or violation of, or constitute a default under, the Indenture or any other agreement or
instrument to which the Company is a party or by which it is bound; and 
 (D) the Company delivers to the Trustee an
Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating to the satisfaction and discharge of the Indenture have been complied with. 
 (b) After satisfying the conditions in clause (a)(i), only the Company’s obligations under Section 7.06 will survive. After satisfying the
conditions in clause (a)(ii), only the Company’s obligations in Article 2 and Section 3.01,Section 4.01, 4.02, 7.06, 7.07, 8.05 and 8.06 will survive. In either case, the Trustee upon request will acknowledge in writing the discharge of the
Company’s obligations under the Notes and the Indenture other than the surviving obligations. 
 Section 8.02. Legal Defeasance.
After the 123rd day following the deposit referred to in clause (i) below, the Company will be deemed to have paid and will be discharged from its obligations in respect of the Notes and the Indenture, other than its obligations in Article
2 and Section 3.01, Section 4.01, 4.02, 7.06, 7.07, 8.05 and 8.06, and each Guarantor’s obligations under its Note Guaranty will terminate, provided the following conditions have been satisfied: 
 (i) The Company has irrevocably deposited in trust with the Trustee, as trust funds solely for the benefit of the Holders, money or U.S.
Government Obligations or a combination thereof sufficient, in the opinion of an internationally recognized firm of independent public accountants expressed in a written certificate thereof delivered to the Trustee, without consideration of any
reinvestment, to pay principal of and interest on the Notes to maturity or redemption, as the case may be, provided that any redemption before maturity has been irrevocably provided for under arrangements satisfactory to the Trustee.

  

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 (ii) No Default has occurred and is continuing on the date of the deposit or occurs at
any time during the 123-day period following the deposit. 
 (iii) The deposit will not result in a breach or violation of, or
constitute a default under, the Indenture or any other agreement or instrument to which the Company is a party or by which it is bound. 
 (iv) The Company has delivered to the Trustee 
 (A) either (x) a ruling received from
the Internal Revenue Service to the effect that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the defeasance and will be subject to U.S. federal income tax on the same amount and in the same
manner and at the same times as would otherwise have been the case or (y) an Opinion of Counsel, based on a change in law after the date of the Indenture, to the same effect as the ruling described in clause (x); 
 (B) an Opinion of Counsel to the effect that (i) the creation of the defeasance trust does not violate the Investment Company Act of
1940, as amended, (ii) the Holders have a valid first priority Note interest in the trust funds (subject to customary exceptions), and (iii) after the passage of 123 days following the deposit, the trust funds will not be subject to the
effect of Section 547 of the United States Bankruptcy Code or Section 15 of the New York Debtor and Creditor Law; and 
 (C) an Opinion of Counsel from Brazil and any other jurisdiction in which the Company is conducting business in a manner which causes the Holders of the Notes to be liable for taxes on payments under the Notes for which they would not have
been so liable but for such conduct of business in such other jurisdiction, to the effect that the Holders will not recognize income, gain or loss in the relevant jurisdiction as a result of such deposit and the defeasance and will be subject to
taxes in the relevant jurisdiction (including withholding taxes) (as applicable) on the same amount and in the same manner and at the same times as would otherwise have been the case if such deposit and defeasance had not occurred. 
  

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 (v) If the Notes are listed on a U.S. national securities exchange, the Company has
delivered to the Trustee an Opinion of Counsel to the effect that the deposit and defeasance will not cause the Notes to be delisted. 
 (vi) The Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating to the defeasance have been
complied with. 
 Prior to the end of the 123-day period, none of the Company’s obligations under the Indenture will be discharged.
Thereafter, the Trustee upon request will acknowledge in writing the discharge of the Company’s obligations under the Notes and the Indenture except for the surviving obligations specified above. 
 Section 8.03. Covenant Defeasance. After the 123rd day following the deposit referred to in Section 8.01(a)(ii), the Company’s
obligations set forth in Section 4.06 through 4.18, inclusive and clauses (C) and (D) of Section 5.01(a)(iii), and each Guarantor’s obligations under its Note Guaranty, will terminate, and clauses (c), (d), (e), (f) and
(i) of Section 6.01 will no longer constitute Events of Default, provided that the following conditions have been satisfied: 
 (i) The Company has complied with clauses (i), (ii), (iii), (iv)(B), (v) and (vi) of Section 8.02; and 
 (ii) the Company has delivered to the Trustee an Opinion of Counsel to the effect that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the defeasance and will be
subject to U.S. federal income tax on the same amount and in the same manner and at the same times as would otherwise have been the case. 
 Except as specifically stated above, none of the Company’s obligations under the Indenture will be discharged. 
 Section 8.04. Application of Trust Money. Subject to Section 8.05, the Trustee will hold in trust the money or U.S. Government Obligations deposited with it pursuant to Section 8.01, 8.02 or 8.03, and apply the deposited money
and the proceeds from deposited U.S. Government Obligations to the payment of principal of and interest on the Notes in accordance with the Notes and the Indenture. Such money and U.S. Government Obligations need not be segregated from other funds
except to the extent required by law. 
  

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 Section 8.05. Repayment to Company. Subject to Section 7.06, 8.01, 8.02 and 8.03, the Trustee
and the Paying Agents will promptly pay to the Company upon request any excess money held by the Trustee and the Paying Agents at any time and thereupon be relieved from all liability with respect to such money. The Trustee or such Paying Agent will
pay to the Company upon request any money held for payment with respect to the Notes that remains unclaimed for two years; provided that before making such payment the Trustee or such Paying Agent may at the expense of the Company publish
once in a newspaper of general circulation in New York City, or send to each Holder entitled to such money, notice that the money remains unclaimed and that after a date specified in the notice (at least 30 days after the date of the publication or
notice) any remaining unclaimed balance of money will be repaid to the Company. After payment to the Company, Holders entitled to such money must look solely to the Company for payment, unless applicable law designates another Person, and all
liability of the Trustee and the Paying Agents with respect to such money will cease. 
 Section 8.06. Reinstatement. If and for
so long as the Trustee is unable to apply any money or U.S. Government Obligations held in trust pursuant to Section 8.01, 8.02 or 8.03 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Company’s and Guarantor’s obligations under the Indenture and the Notes will be reinstated as though no such deposit in trust had been made. If the Company or the
Guarantors make any payment of principal of or interest on any Notes because of the reinstatement of its obligations, they will be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government
Obligations held in trust. 
 ARTICLE 9 
 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
 Section 9.01. Amendments
Without Consent of Holders. (a) The Company and the Trustee may amend or supplement the Indenture or the Notes without notice to or the consent of any Noteholder: 
 (i) to cure any ambiguity, defect or inconsistency in the Indenture or the Notes; 
 (ii) to comply with Section 5.01 and 5.02; 
 (iii) to evidence and provide for the acceptance of an appointment hereunder by a successor Trustee; 
  

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 (iv) to provide for uncertificated Notes in addition to or in place of Certificated
Notes; 
 (v) to provide for any Guarantee of the Notes, to secure the Notes or to confirm and evidence the release,
termination or discharge of any Guarantee of or Lien securing the Notes when such release, termination or discharge is permitted by the Indenture; 
 (vi) to provide for or confirm the issuance of Additional Notes; or 
 (vii) to make any other
change that does not materially and adversely affect the rights of any Holder or to conform this Indenture to the description of the Notes in the Offering Memorandum. 
 Each Guarantor must consent to any amendment or supplement hereunder. 
 Section 9.02. Amendments
With Consent of Holders. (a) Except as otherwise provided in Section 6.02 through 6.07 or paragraph (b) of this Section 9.02, the Company and the Trustee may amend the Indenture and the Notes with the written consent of the Holders of
a majority in principal amount of the outstanding Notes, and the Holders of a majority in principal amount of the outstanding Notes by written notice to the Trustee may waive future compliance by the Company with any provision of the Indenture or
the Notes. 
 (b) Notwithstanding the provisions of paragraph (a), without the consent of each Holder affected, an amendment or waiver may
not: 
 (i) reduce the principal amount of or change the Stated Maturity of the principal of any Note; 
 (ii) reduce the rate of or change the Stated Maturity of any interest payment on any Note; 
 (iii) reduce the amount payable upon the redemption of any Note or change the time of any mandatory redemption or; 
 (iv) after the time an Offer to Purchase is required to have been made, reduce the purchase amount or purchase price, or extend the latest
expiration date or purchase date thereunder; 
 (v) make any Note payable in currency other than that stated in the Note;

  

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 (vi) impair the right of any Holder of Notes to receive any principal payment or interest
payment on such Holder’s Notes, on or after the Stated Maturity thereof, or to institute suit for the enforcement of any such payment; 
 (vii) make any change in the percentage of the principal amount of the Notes required for amendments or waivers; 
 (viii) modify or change any provision of the Indenture affecting the ranking of the Notes or any Note Guaranty in a manner adverse to the Holders of the Notes; or 
 (ix) make any change in any Note Guaranty that would adversely affect the Noteholders; 
 provided that the provisions of Sections 4.13 and 4.14 may, except as provided above, be amended or waived
with the consent of Holders holding not less than 66 2/3% in aggregate principal amount of the Notes. 
 (c) It is not necessary for Noteholders to approve the particular form of any proposed amendment, supplement or waiver, but is sufficient if their
consent approves the substance thereof. 
 (d) An amendment, supplement or waiver under this Section will become effective on receipt by the
Trustee of written consents from the Holders of the requisite percentage in principal amount of the outstanding Notes. After an amendment, supplement or waiver under this Section becomes effective, the Company will send to the Holders affected
thereby a notice briefly describing the amendment, supplement or their written waiver. The Company will send supplemental indentures to Holders upon request. Any failure of the Company to send such notice, or any defect therein, will not, however,
in any way impair or affect the validity of any such supplemental indenture or waiver. 
 (e) Each Guarantor must consent to the amendment,
supplement or waiver under this Section. 
 Section 9.03. Effect of Consent. (a) After an amendment, supplement or waiver
becomes effective, it will bind every Holder unless it is of the type requiring the consent of each Holder affected. If the amendment, supplement or waiver is of the type requiring the consent of each Holder affected, the amendment, supplement or
waiver will bind each Holder that has consented to it and every subsequent Holder of a Note that evidences the same debt as the Note of the consenting Holder. 
  

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 (b) If an amendment, supplement or waiver changes the terms of a Note, the Trustee may require the Holder
to deliver it to the Trustee so that the Trustee may place an appropriate notation of the changed terms on the Note and return it to the Holder, or exchange it for a new Note that reflects the changed terms. The Trustee may also place an appropriate
notation on any Note thereafter authenticated. However, the effectiveness of the amendment, supplement or waiver is not affected by any failure to annotate or exchange Notes in this fashion. 
 Section 9.04. Trustee’s Rights and Obligations. The Trustee is entitled to receive, and will be fully protected in relying upon, an
Opinion of Counsel stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article is authorized or permitted by the Indenture. If the Trustee has received such an Opinion of Counsel, it shall sign the
amendment, supplement or waiver so long as the same does not adversely affect the rights of the Trustee. The Trustee may, but is not obligated to, execute any amendment, supplement or waiver that affects the Trustee’s own rights, duties or
immunities under the Indenture. 
 Section 9.05. Payments For Consents. Neither the Company nor any of its Subsidiaries or
Affiliates may, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of the
Indenture or the Notes unless such consideration is offered to be paid or agreed to be paid to all Holders of the Notes that consent, waive or agree to amend such term or provision within the time period set forth in the solicitation documents
relating to the consent, waiver or amendment. 
 ARTICLE 10 
 GUARANTEE 
 Section 10.01. The Note Guaranty. Subject to the provisions of this
Article, each Guarantor hereby irrevocably and unconditionally guarantees, jointly and severally, on an unsecured basis, the full and punctual payment (whether at Stated Maturity, upon redemption, purchase pursuant to an Offer to Purchase or
acceleration, or otherwise) of the principal of, premium, if any, and interest on, and all other amounts payable under, each Note, and the full and punctual payment of all other amounts payable by the Company under the Indenture; provided,
however, that the guarantee of FBA – Franco Brasileira S.A. Açúcar e Álcool is limited up to an amount equal to 20.0% of the original aggregate principal amount of the Notes. Upon failure by the Company to pay
punctually any such amount, each Guarantor shall forthwith on demand pay the amount not so paid at the place and in the manner specified in this Indenture. 
  

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 Section 10.02. Guaranty Unconditional. The obligations of each Guarantor hereunder are
unconditional and absolute and, without limiting the generality of the foregoing, will not be released, discharged or otherwise affected by: 
 (i) any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of the Company under this Indenture or any Note, by operation of law or otherwise; 
 (ii) any modification or amendment of or supplement to this Indenture or any Note; 
 (iii) any change in the corporate existence, structure or ownership of the Company, or any insolvency, bankruptcy, reorganization or other
similar proceeding affecting the Company or its assets or any resulting release or discharge of any obligation of the Company contained in this Indenture or any Note; 
 (iv) the existence of any claim, set-off or other rights which the Guarantor may have at any time against the Company, the Trustee or any
other Person, whether in connection with the Indenture or any unrelated transactions; provided that nothing herein prevents the assertion of any such claim by separate suit or compulsory counterclaim; 
 (v) any invalidity or unenforceability relating to or against the Company for any reason of this Indenture or any Note, or any provision
of applicable law or regulation purporting to prohibit the payment by the Company of the principal of or interest on any Note or any other amount payable by the Company under the Indenture; or 
 (vi) any other act or omission to act or delay of any kind by the Company, the Trustee or any other Person or any other circumstance
whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to such Guarantor’s obligations hereunder. 
 Section 10.03. Discharge; Reinstatement. Each Guarantor’s obligations hereunder will remain in full force and effect until the principal of, premium, if any, and interest on the Notes and all other
amounts payable by the Company under the Indenture have been paid in full. If at any time any payment of the principal of, premium, if any, or interest on any Note or any other amount payable by the Company under this Indenture is rescinded or must
be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Company or otherwise, each Guarantor’s obligations hereunder with respect to such payment will be reinstated as though such payment had been due but not
made at such time. 
  

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 Section 10.04. Waiver by the Guarantors. Each Guarantor irrevocably waives acceptance hereof,
presentment, demand, protest and any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against the Company or any other Person. 
 Section 10.05. Subrogation and Contribution. Upon making any payment with respect to any obligation of the Company under this Article, the
Guarantor making such payment will be subrogated to the rights of the payee against the Company with respect to such obligation; provided that the Guarantor may not enforce either any right of subrogation, or any right to receive payment in
the nature of contribution, or otherwise, from any other Guarantor, with respect to such payment so long as any amount payable by the Company hereunder or under the Notes remains unpaid. 
 Section 10.06. Stay of Acceleration. If acceleration of the time for payment of any amount payable by the Company under this Indenture or the
Notes is stayed upon the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration under the terms of this Indenture are nonetheless payable by the Guarantors hereunder forthwith on demand by the
Trustee or the Holders. 
 Section 10.07. Limitation on Amount of Guaranty. Notwithstanding anything to the contrary in this
Article, each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guaranty of such Guarantor not constitute a fraudulent conveyance under applicable fraudulent conveyance
provisions of the laws of Brazil, the United States Bankruptcy Code or any comparable provision of state law. To effectuate that intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor
under its Note Guaranty are limited to the maximum amount that would not render the Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of the laws of Brazil, the United States Bankruptcy Code or any
comparable provision of state law. 
 Section 10.08. Execution and Delivery of Guaranty. The execution by each Guarantor of this
Indenture (or a supplemental indenture in the form of Exhibit B) evidences the Note Guaranty of such Guarantor, whether or not the person signing as an officer of the Guarantor still holds that office at the time of authentication of any Note.
The delivery of any Note by the Trustee after authentication constitutes due delivery of the Note Guaranty set forth in this Indenture on behalf of each Guarantor. 
  

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 Section 10.09. Release of Guaranty. The Note Guaranty of a Guarantor will terminate upon:

 (i) a sale or other disposition (including by way of consolidation or merger) of the Guarantor or the sale or disposition
of all or substantially all the assets of the Guarantor (in each case other than to the Company or a Subsidiary) otherwise permitted by this Indenture; 
 (ii) if the Note Guaranty was required pursuant to the terms of this Indenture, the cessation of the circumstances requiring the Note Guaranty; or 
 (iii) defeasance or discharge of the Notes, as provided in Article 8. 
 Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the foregoing effect, the Trustee will execute
any documents reasonably requested by the Company in writing in order to evidence the release of the Guarantor from its obligations under its Note Guaranty. 
 ARTICLE 11 
 MISCELLANEOUS 
 Section 11.01. Noteholder Communications; Noteholder Actions. (a) The rights of Holders to communicate with other Holders with respect
to the Indenture or the Notes are as provided by the Trust Indenture Act, and the Company, the Guarantors and the Trustee shall comply with the requirements of Trust Indenture Act Sections 312(a) and 312(b). Neither the Company, the Guarantors nor
the Trustee will be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 
 (b)(i) Any request, demand, authorization, direction, notice, consent to amendment, supplement or waiver or other action provided by this Indenture to be given or taken by a Holder (an “act”) may be
evidenced by an instrument signed by the Holder delivered to the Trustee. The fact and date of the execution of the instrument, or the authority of the person executing it, may be proved in any manner that the Trustee deems sufficient. 

(ii) The Trustee may make reasonable rules for action by or at a meeting of Holders, which will be binding on all the Holders.

 (c) Any act by the Holder of any Note binds that Holder and every subsequent Holder of a Note that evidences the same debt as the Note of
the 

  

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acting Holder, even if no notation thereof appears on the Note. Subject to paragraph (c), a Holder may revoke an act as to its Notes, but only if the Trustee
receives the notice of revocation before the date the amendment or waiver or other consequence of the act becomes effective. 
 (c) The
Company may, but is not obligated to, fix a record date for the purpose of determining the Holders entitled to act with respect to any amendment or waiver or in any other regard, except that during the continuance of an Event of Default, only the
Trustee may set a record date as to notices of default, any declaration or acceleration or any other remedies or other consequences of the Event of Default. If a record date is fixed, those Persons that were Holders at such record date and only
those Persons will be entitled to act, or to revoke any previous act, whether or not those Persons continue to be Holders after the record date. No act will be valid or effective for more than 90 days after the record date. 
 Section 11.02. Notices. (a) Any notice or communication to the Company will be deemed given if in writing (i) when delivered in
person or (ii) an internationally recognized overnight courier service, or (iii) when sent by facsimile transmission, with transmission confirmed. Notices or communications to a Guarantor will be deemed given if given to the Company. Any
notice to the Trustee will be effective only upon receipt. In each case the notice or communication should be addressed as follows: 
 if
to the Company: 
 Av. Pres. Juscelino Kubitschek, 1726 - 6o andar 
 04543-000 – São Paulo, SP 
 Brasil

 Attention: Paulo Diniz 
 Facsimile: (55 11) 3897-9799 
 With a copy to: 
 White & Case LLP 
 Al. Santos, 1940 – 3rd Floor 
 01418-200 – São Paulo, SP 
 Brasil

 Attention: Donald Baker 
 Facsimile: (55 11) 3147-5611 
 if to the Trustee, the Principal Paying Agent, the Luxembourg Paying Agent or the Transfer
Agent: 
 JPMorgan Chase Bank 
 4 New York Plaza 
 Institutional Trust Services, 15th Floor, 
 New York,
New York, 10028 
 Fax: (212) 623-6207 
  

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 The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices
or communications. 
 (b) Except as otherwise expressly provided with respect to published notices, any notice or communication to a Holder
will be deemed given when mailed to the Holder at its address as it appears on the Register by first class mail or, as to any Global Note registered in the name of DTC or its nominee, as agreed by the Company, the Trustee and DTC; provided,
that, at any time when the Notes are listed on the Luxembourg Stock Exchange and its rules so require, the Company will publish any such notice of communication sent to the Holders in a newspaper having a general circulation in Luxembourg. Copies of
any notice or communication to a Holder, if given by the Company, will be mailed to the Trustee at the same time. Defect in mailing a notice or communication to any particular Holder will not affect its sufficiency with respect to other Holders.

 (c) Where the Indenture provides for notice, the notice may be waived in writing by the Person entitled to receive such notice, either
before or after the event, and the waiver will be the equivalent of the notice. Waivers of notice by Holders must be filed with the Trustee, but such filing is not a condition precedent to the validity of any action taken in reliance upon such
waivers. 
 Section 11.03. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to
the Trustee to take any action under this Indenture, the Company will furnish to the Trustee: 
 (i) an Officers’
Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in the Indenture relating to the proposed action have been complied with; and 
 (ii) an Opinion of Counsel stating that all such conditions precedent have been complied with. 
 Section 11.04. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture must include: 
 (i) a statement that each person signing the certificate or opinion
has read the covenant or condition and the related definitions; 
  

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 (ii) a brief statement as to the nature and scope of the examination or investigation
upon which the statement or opinion contained in the certificate or opinion is based; 
 (iii) a statement that, in the
opinion of each such person, that person has made such examination or investigation as is necessary to enable the person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (iv) a statement as to whether or not, in the opinion of each such person, such condition or covenant has been complied with,
provided that an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials with respect to matters of fact. 
 Section 11.05. Payment Date Other Than a Business Day. If any payment with respect to a payment of any principal of, premium, if any, or interest on any Note (including any payment to be made on any date
fixed for redemption or purchase of any Note) is due on a day which is not a Business Day, then the payment need not be made on such date, but may be made on the next Business Day with the same force and effect as if made on such date, and no
interest will accrue for the intervening period. 
 Section 11.06. Governing Law. The Indenture, including any Note Guaranty, and
the Notes shall be governed by, and construed in accordance with, the laws of the State of New York 
 Section 11.07. Submission to
Jurisdiction; Agent for Service; Waiver of Immunities.  
 (a) The Company and each of the Guarantors agree that any suit, action or
proceeding against any of them brought by any Noteholder or the Trustee arising out of or based upon this Indenture, the Notes or the Guarantee may be instituted in any state or Federal court in the Borough of Manhattan in The City of New York, New
York, and waive any objection which each of them may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submit to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. 
 (b) By the execution and delivery of this Indenture or any amendment or supplement hereto, each of the Company and each of the Guarantors
(i) acknowledges that it hereby designates and appoints CT Corporation System, currently located at 111 Eighth Avenue, New York, New York 10011, as its authorized agent upon which process may be served in any suit, action or proceeding with
respect to, arising out of, or relating to, the Notes, this Indenture 

  

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or the Guarantee, that may be instituted in any Federal or state court in the State of New York, The City of New York, the Borough of Manhattan, or brought
under Federal or state securities laws or brought by the Trustee (whether in its individual capacity or in its capacity as Trustee hereunder), and acknowledges that CT Corporation System has accepted such designation, (ii) submits to the
non-exclusive jurisdiction of any such court in any such suit, action or proceeding, and (iii) agrees that service of process upon CT Corporation System shall be deemed in every respect effective service of process upon the Company or such
Guarantor, as the case may be, in any such suit, action or proceeding. The Company and each of the Guarantors further agree to take any and all action, including the execution and filing of any and all such documents and instruments as may be
necessary to continue such designation and appointment of CT Corporation System in full force and effect so long as this Indenture shall be in full force and effect; provided that the Company and each of the Guarantors may and shall (to the extent
CT Corporation System ceases to be able to be served on the basis contemplated herein), by written notice to the Trustee, designate such additional or alternative agents for service of process under this Section 11.07 that (i) maintains an
office located in the Borough of Manhattan, The City of New York in the State of New York, (ii) are either (x) counsel for the Company and each of the Guarantors or (y) a corporate service company which acts as agent for service of
process for other Persons in the ordinary course of its business and (iii) agrees to act as agent for service of process in accordance with this Section 11.07. Such notice shall identify the name of such agent for process and the address
of such agent for process in the Borough of Manhattan, The City of New York, State of New York. Upon the request of any Noteholder, the Trustee shall deliver such information to such Noteholder. Notwithstanding the foregoing, there shall, at all
times, be at least one agent for service of process for the Company and the Guarantors appointed and acting in accordance with this Section 11.07. 
 (c) To the extent that the Company or any of the Guarantors has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to
judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, the Company and each of the Guarantors hereby irrevocably waive such immunity in respect of their obligations under this Indenture, the Notes
and the Guarantee, to the extent permitted by law. 
 Section 11.08. Judgment Currency. 
 (a) Dollars are the sole currency of account and payment for all sums due and payable by the Company and the Guarantors under this Indenture, the Notes
and the Guarantees. If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum due hereunder in Dollars into another currency, the Company and the Guarantors will agree, to the fullest extent that they may 

  

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legally and effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Trustee determines a
Person could purchase Dollars with such other currency in New York, New York, on the business day immediately preceding the day on which final judgment is given. 
 (b) The obligation of each of the Company and the Guarantors in respect of any sum due to any Noteholder or the Trustee in Dollars shall, to the extent permitted by applicable law, notwithstanding any judgment in a
currency other than Dollars, be discharged only to the extent that on the Business Day following receipt of any sum adjudged to be so due in the judgment currency such Noteholder or Trustee may in accordance with normal banking procedures purchase
Dollars in the amount originally due to such Person with the judgment currency. If the amount of Dollars so purchased is less than the sum originally due to such Person, each of the Company and the Guarantors agrees, jointly and severally, as a
separate obligation and notwithstanding any such judgment, to indemnify such Person against the resulting loss; and if the amount of Dollars so purchased is greater than the sum originally due to such Person, such Person will, by accepting a Note,
be deemed to have agreed to repay such excess. 
 Section 11.09. No Adverse Interpretation of Other Agreements. This Indenture
may not be used to interpret another indenture or loan or debt agreement of the Company or any Subsidiary of the Company, and no such indenture or loan or debt agreement may be used to interpret this Indenture. 
 Section 11.10. Successors. All agreements of the Company or any Guarantor in this Indenture and the Notes will bind its successors. All
agreements of the Trustee in the Indenture will bind its successor. 
 Section 11.11. Duplicate Originals. The parties may sign
any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 Section 11.12. Separability. In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or
impaired thereby. 
 Section 11.13. Table of Contents and Headings. The Table of Contents, Cross-Reference Table and headings of
the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of the Indenture and in no way modify or restrict any of the terms and provisions of this Indenture. 
  

 84 

 Section 11.14. No Liability of Directors, Officers, Employees, Incorporators, Members and
Stockholders. No director, officer, employee, incorporator, member or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or such Guarantor under the Notes, any Note Guaranty or this
Indenture or for any claim based on, in respect of, or by reason of, such obligations. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are an integral part of the consideration for issuance of
the Notes execution and delivery of Note Guarantees. 
  

 85 

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

			
	 COSAN S.A. INDÚSTRIA E COMÉRCIO
 as Issuer

		
	By:	 	 /s/ Rubens Ometto Silveira Mello

	Name:	 	Rubens Ometto Silveira Mello
	Title:	 	President
		
	By:	 	 /s/ Pedro Isamu Mizutani

	Name:	 	Pedro Isamu Mizutani
	Title:	 	C.O.O

  

			
	 USINA DA BARRA S/A – AÇÚCAR E ÁLCOOL
 as Guarantor

		
	By:	 	 /s/ Rubens Ometto Silveira Mello

	Name:	 	Rubens Ometto Silveira Mello
	Title:	 	
		
	By:	 	 /s/ Pedro Isamu Mizutani

	Name:	 	Pedro Isamu Mizutani
	Title:	 	C.O.O

  

			
	 FBA – FRANCO BRASILEIRA S.A. AÇÚCAR E ÁLCOOL
 as Guarantor

		
	By:	 	 /s/ Rubens Ometto Silveira Mello

	Name:	 	
	Title:	 	
		
	By:	 	 /s/ Benito Carlos Coletta

	Name:	 	
	Title:	 	
		
	By:	 	 /s/ Armando Vieira Viotti

	Name:	 	
	Title:	 	

  

 86 

			
	 JPMORGAN CHASE BANK
 as
Trustee

		
	By:	 	 /s/ Susy P. Pestana

	Name:	 	Susy P. Pestana
	Title:	 	Assistant Vice President

  

			
	 J.P. MORGAN TRUST BANK LTD.
 as Principal
Paying Agent

		
	By:	 	 /s/ Susy P. Pestana

	Name:	 	Susy P. Pestana
	Title:	 	Assistant Vice President

  

			
	 J.P. MORGAN BANK LUXEMBOURG S.A.
 as
Luxembourg Paying Agent and Transfer Agent

		
	By:	 	 /s/ Susy P. Pestana

	Name:	 	Susy P. Pestana
	Title:	 	Assistant Vice President

  

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

 On October 25, 2004, before me, James M. Foley, a Notary Public, personally appeared Susy P. Pestana, an Assistant
Vice President of JPMorgan Chase Bank, JPMorgan Trust Bank Ltd. and J.P. Morgan Bank Luxembourg S.A. personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name is subscribed to the within instrument
and acknowledged to me that she executed the same in her authorized capacity, and that by her signature(s) the instrument, the person, or the entity upon behalf of which the person(s) acted, executed the instrument. 
 [Notarial Seal] 

	
	s/ James M. Foley
	 Notary Public
 COMMISSION EXPIRES

  

 87 

 EXHIBIT A 
 [FACE OF NOTE] 
 COSAN S.A. INDÚSTRIA E COMÉRCIO 
 9.00% Senior Note Due November 1, 2009 
 [CUSIP] [ISIN]
                     
  

			
	No.	  	$                    

 COSAN S.A. INDÚSTRIA E COMÉRCIO, a Brazilian corporation (the
“Company”, which term includes any successor under the Indenture hereinafter referred to), for value received, promises to pay to
                                        ,
or its registered assigns, the principal sum of                      DOLLARS
($            ) [or such other amount as indicated on the Schedule of Exchange of Notes attached hereto] on November 1, 2009. 
 Interest Rate: 9.00% per annum. 
 Interest Payment Dates: May 1 and November 1, commencing May 1, 2005. 
 Regular Record Dates: April 15 and
October 15. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which will for all
purposes have the same effect as if set forth at this place. 
  

 A-1 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly
authorized officers. 
  

									
	Date:	 	  
	 		 	COSAN S.A. INDÚSTRIA E COMÉRCIO
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

  

 A-2 

 (Form of Trustee’s Certificate of Authentication) 
 This is one of the 9.00% Senior Notes Due November 1, 2009 described in the Indenture referred to in this Note. 
  

			
	JPMORGAN CHASE BANK, as Trustee
		
	By:	 	  

		 	Authorized Officer

  

 A-3 

 [REVERSE SIDE OF NOTE] 
 COSAN S.A. INDÚSTRIA E COMÉRCIO 
 9.00% Senior Note Due November 1, 2009 
  

	1.	Principal and Interest. 

 The Company promises to
pay the principal of this Note on November 1, 2009. 
 The Company promises to pay interest on the principal amount of this Note on each
Interest Payment Date, as set forth on the face of this Note, at the rate of 9.00% per annum. 
 Interest will be payable semiannually
(to the holders of record of the Notes at the close of business on the April 15 or October 15 immediately preceding the Interest Payment Date) on each Interest Payment Date, commencing May 1, 2005. 
 Interest on this Note will accrue from the most recent date to which interest has been paid on this Note (or, if there is no existing default in the
payment of interest and if this Note is authenticated between a regular record date and the next Interest Payment Date, from such Interest Payment Date) or, if no interest has been paid, from the Issue Date. Interest will be computed in the basis of
a 360-day year of twelve 30-day months. 
 The Company will pay interest on overdue principal, premium, if any, and, to the extent lawful,
interest at a rate per annum that is 1% per annum in excess of the rate per annum borne by this Note. Interest not paid when due and any interest on principal, premium or interest not paid when due will be paid to the Persons that are Holders
on a special record date, which will be the 15th day preceding the date fixed by the Company for the payment of such interest, whether or not such day is a Business Day. At least 15 days before a special record date, the Company will send to each
Holder and to the Trustee a notice that sets forth the special record date, the payment date and the amount of interest to be paid. 
  

	2.	Indentures; Note Guaranty. 

 This is one of the
Notes issued under an Indenture dated as of October 25, 2004 (as amended from time to time, the “Indenture”), among the Company, the Guarantors party thereto, and JPMorgan Chase Bank, as Trustee, J.P. Morgan Trust Bank Ltd., as
Principal Paying Agent and J.P. Morgan Bank Luxembourg S.A., as Luxembourg Paying Agent and Transfer Agent. Capitalized terms used herein are used as defined in the Indenture unless otherwise indicated. The terms 

  

 A-4 

 
of the Notes include those stated in the Indenture, as may be amended from time to time. The Notes are subject to all such terms, and Holders are referred to
the Indenture for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture will control. 
 The Notes are general unsecured obligations of the Company. The Indenture limits the original aggregate principal amount of the Notes to $200,000,000,
but Additional Notes may be issued pursuant to the Indenture, and the originally issued Notes and all such Additional Notes vote together for all purposes as a single class. This Note is guaranteed as set forth in the Indenture. 
  

	3.	Redemption and Repurchase; Discharge Prior to Redemption or Maturity. 

 This Note may be the subject of an Offer to Purchase, as further described in the Indenture. There is no sinking fund or mandatory redemption applicable to this Note. 
 The Note is subject to redemption for tax reasons as described in Section 3.03. 
 Additional Amounts will be paid in respect of any payments of interest or principal so that the amount a holder receives after Brazilian withholding tax,
or in the case of payments by a Guarantor, after applicable withholding tax, will equal the amount that the holder would have received if no withholding tax had been applicable, to the extent described in Section 3.01. 
 If the Company deposits with the Trustee money or U.S. Government Obligations sufficient to pay the then outstanding principal of, premium, if any, and
accrued interest on the Notes to redemption or maturity, the Company may in certain circumstances be discharged from the Indenture and the Notes or may be discharged from certain of its obligations under certain provisions of the Indenture.

  

	4.	Registered Form; Denominations; Transfer; Exchange. 

 The Notes are in registered form without coupons in denominations of $100,000 principal amount and any multiple of $1,000 in excess thereof. A Holder may register the transfer or exchange of Notes in accordance with the Indenture. The
Trustee may require a Holder to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. Pursuant to the Indenture, there are certain periods during which the Trustee will
not be required to issue, register the transfer of or exchange any Note or certain portions of a Note. 
  

 A-5 

	5.	Defaults and Remedies. 

 If an Event of Default, as
defined in the Indenture, occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Notes may declare all the Notes to be due and payable. If a bankruptcy default with respect to the Company occurs and is
continuing, the Notes automatically become due and payable. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes.
Subject to certain limitations, Holders of a majority in principal amount of the Notes then outstanding may direct the Trustee in its exercise of remedies. 
  

	6.	Amendment and Waiver. 

 Subject to certain
exceptions, the Indenture and the Notes may be amended, or default may be waived, with the consent of the Holders of a majority in principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the Company and the Trustee
may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or inconsistency if such amendment or supplement does not adversely affect the interests of the Holders in any material respect. 
  

	7.	Authentication. 

 This Note is not valid until the
Trustee (or Authenticating Agent) signs the certificate of authentication on the other side of this Note. 
  

	8.	Governing Law. 

 This Note shall be governed by, and
construed in accordance with, the laws of the State of New York. Reference is hereby made to the further provisions of submission to jurisdiction, agent for service, waiver of immunities and judgment currency set forth in the Indenture, which will
for all purposes have the same effect as if set forth herein. 
  

	9.	Abbreviations. 

 Customary abbreviations may be used
in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A/ (= Uniform Gifts
to Minors Act). 
 The Company will furnish a copy of the Indenture to any Holder upon written request and without charge. 
  

 A-6 

 NOTATION OF GUARANTEE 
 For value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set forth in the Indenture and subject to the
provisions in the Indenture dated as of dated as of October 25, 2004 (as amended from time to time, the “Indenture”), among the Company, the Guarantors party thereto, and JPMorgan Chase Bank, as Trustee, J.P. Morgan Trust Bank
Ltd., as Principal Paying Agent, J.P. Morgan Bank Luxembourg S.A., as Luxembourg Paying Agent and Transfer Agent, (a) the due and punctual payment of the principal of, premium, if any, and interest and any Additional Amounts on the Notes (as
defined in the Indenture), whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of and interest on the Notes, if any, if lawful, and the due and punctual performance of all
other obligations of the Company to the Holders or the Trustee all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity (as defined in the Indenture), by acceleration or otherwise. The obligations of the Guarantors to the Holders of Notes
and to the Trustee pursuant to the Note Guaranty and the Indenture are expressly set forth in Article 10 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Note Guaranty. 
  

 A-7 

 IN WITNESS WHEREOF, each Guarantor has caused its Guarantee to be duly executed. 
  

			
	 USINA DA BARRA S/A – AÇÚCAR E ÁLCOOL
 as Guarantor

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 FBA – FRANCO BRASILEIRA S.A. AÇÚCAR E ÁLCOOL
 as Guarantor

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 A-8 

 [FORM OF TRANSFER NOTICE] 
 FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 
  

	
	 Insert Taxpayer Identification No.

	  
  
  
 Please print or typewrite name and address including
zip code of assignee
  
  
 the within Note and all rights thereunder, hereby irrevocably constituting and appointing
  

  
 attorney to transfer said Note on the books
of the Company with full power of substitution in the premises. 
  

 A-9 

 [THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND] 
 In connection with any transfer of this Note occurring prior to
                                , the undersigned confirms that such transfer is
made without utilizing any general solicitation or general advertising and further as follows: 
 Check One 
  ̈        (1) This Note
is being transferred to a “qualified institutional buyer” in compliance with Rule 144A under the U.S. Securities Act of 1933, as amended, and certification in the form of Exhibit F to the Indenture is being furnished herewith. 

 ̈        (2) This
Note is being transferred to a Non-U.S. Person in compliance with the exemption from registration under the U.S. Securities Act of 1933, as amended, provided by Regulation S thereunder, and certification in the form of Exhibit E to the Indenture is
being furnished herewith. 
 or 
  ̈        (3) This Note is being transferred other than in accordance with (1) or
(2) above and documents are being furnished which comply with the conditions of transfer set forth in this Note and the Indenture. 
 If
none of the foregoing boxes is checked, the Trustee is not obligated to register this Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in the
Indenture have been satisfied. 
  

									
	Date:	 	  
	 		 	  

		 		 		 	Seller
					
		 		 		 	By	 	  

  

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

  

 A-10 

			
	 Signature Guarantee:5
	 	  

  

			
	By	 	  

	To be executed by an executive officer

	 5
	 Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or participation in the Securities Transfer Association Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  

 A-11 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you wish to have all of this Note purchased by the Company pursuant to Section 4.14 or Section 4.13 of the Indenture, check the box: 9 
 If you wish to have a portion of this Note purchased by the Company pursuant to Section 4.14 or Section 4.13 of the Indenture, state the amount (in
original principal amount) below: 
 $                                . 
 Date:                     
 Your
Signature:                                      
   
 (Sign exactly as your name appears on the other side of this Note) 
 Signature Guarantee:1                                     
    

	 1
	 Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Trustee, which requirements include membership or participation in the Securities Transfer Association Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined
by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  

 A-12 

 SCHEDULE OF EXCHANGES OF NOTES1 
 The following
exchanges of a part of this Global Note for Physical Notes or a part of another Global Note have been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease
in principal amount
of this Global
Note
	  	 Amount of increase
in principal amount
of this Global
Note
	  	 Principal amount of
this Global Note
following such
decrease
(or
increase)
	  	 Signature of
authorized officer of
Trustee

  

	 1
	 For Global Notes 

  

 A-13 

 EXHIBIT B 
 SUPPLEMENTAL INDENTURE 
 dated as of
            ,          
 among 
 COSAN S.A. INDÚSTRIA E COMÉRCIO, 
  
 the [ADDITIONAL GUARANTOR(S)] Party Hereto 
 JPMORGAN CHASE BANK, 
 as Trustee 

J.P. MORGAN TRUST BANK LTD. 
 as Principal
Paying Agent 
 and 
 J.P. MORGAN
BANK LUXEMBOURG S.A. 
 as Luxembourg Paying Agent and Transfer Agent 
  

 9.00% 
 SENIOR Notes due 
 November 1, 2009 

 THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into as of
            ,         , among Cosan S.A. Indústria e Comércio, a Brazilian corporation (the “Company”),
[Additional Guarantor(s)] (each an “Undersigned”), J.P. Morgan Trust Bank Ltd., as Principal Paying Agent, J.P. Morgan Bank Luxembourg S.A., as Luxembourg Paying Agent and Transfer Agent, and JPMorgan Chase Bank, as trustee (the
“Trustee”). 
 RECITALS 
 WHEREAS, the Company, the Guarantors party thereto and the Trustee entered into the Indenture, dated as of October 25, 2004 (the “Indenture”), relating to the Company’s 9.00% Senior Notes
due November 1, 2009 (the “Notes”); 
 WHEREAS, as a condition to the Trustee entering into the Indenture and the
purchase of the Notes by the Holders, the Company agreed pursuant to the Indenture to cause any newly acquired or created Subsidiaries to provide Guarantee in certain circumstances. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises and mutual
covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows: 
 Section 1. Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture. 
 Section 2. Each Undersigned, by its execution of this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article
110 thereof. [Specify % to be guaranteed, if less than 100%.] 
 Section 3. This Supplemental Indenture shall be governed by, and
construed in accordance with, the laws of the State of New York. 
 Section 4. This Supplemental Indenture may be signed in various
counterparts which together will constitute one and the same instrument. 
 Section 5. This Supplemental Indenture is an amendment
supplemental to the Indenture, and the Indenture and this Supplemental Indenture will henceforth be read together. 
  

 B-1 

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

			
	 COSAN S.A. INDÚSTRIA E COMÉRCIO
 as Issuer

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 [ADDITIONAL GUARANTOR]
 as
Guarantor

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 JPMORGAN CHASE BANK
 as
Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 B-2 

			
	 J.P. MORGAN TRUST BANK LTD.
 as Principal
Paying Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 J.P. MORGAN BANK LUXEMBOURG S.A.
 as
Luxembourg Paying Agent and Transfer Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 B-3 

 EXHIBIT C 
 RESTRICTED LEGEND 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER 
 (1) REPRESENTS THAT 
 (A) IT
AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, OR 
 (C) IT IS NOT A U.S. PERSON (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT) AND 
 (2) AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT
IN ACCORDANCE WITH THE SECURITIES ACT AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ONLY 
 (A) TO
THE COMPANY, 
 (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, 
 (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, 
 (D) IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, 
 (E) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
  

 C-1 

 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(C) ABOVE OR (2)(D) ABOVE, A
DULY COMPLETED AND EXECUTED CERTIFICATE (THE FORM OF WHICH MAY BE OBTAINED FROM THE TRUSTEE) MUST BE DELIVERED TO THE TRUSTEE. PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH ABOVE, THE COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY
OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS
MADE AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
  

 C-2 

 EXHIBIT D 
 DTC LEGEND 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 
 TRANSFERS OF
THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE. 
  

 D-1 

 EXHIBIT E 
 Regulation S Certificate 
             ,          
 JPMorgan
Chase Bank 
 4 New York Plaza 
 Institutional Trust Services, 15th Floor, 
 New York, New York, 10028 
 Attention: Corporate Trust Administration

  

	 	Re:	COSAN S.A. INDÚSTRIA E COMÉRCIO, as Issuer 9.00% Senior Notes due November 1, 2009 (the “Notes”) Issued under the Indenture (the
“Indenture”) dated as of October 25, 2004 relating to the Notes 

	 	

 Ladies and Gentlemen: 
 Terms are used in this Certificate as used in Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), except as otherwise stated herein. 
 [CHECK A OR B AS APPLICABLE.] 
  

	 	 ̈  A.	This Certificate relates to our proposed transfer of $             principal amount of Notes issued under the
Indenture. We hereby certify as follows: 

  

	 	1.	The offer and sale of the Notes was not and will not be made to a person in the United States (unless such person is excluded from the definition of “U.S. person” pursuant
to Rule 902(k)(2)(vi) or the account held by it for which it is acting is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(h)(3)) and such offer and sale was not and
will not be specifically targeted at an identifiable group of U.S. citizens abroad. 

  

	 	2.	 Unless the circumstances described in the parenthetical in paragraph 1 above are applicable, either (a) at the time the buy order was originated, the buyer was
outside the United 

  

 E-1 

	 	 
States or we and any person acting on our behalf reasonably believed that the buyer was outside the United States or (b) the transaction was executed
in, on or through the facilities of a designated offshore securities market, and neither we nor any person acting on our behalf knows that the transaction was pre-arranged with a buyer in the United States; 

  

	 	3.	Neither we, any of our affiliates, nor any person acting on our or their behalf, has made any directed selling efforts in the United States with respect to the Notes;

  

	 	4.	The proposed transfer of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act; and 

  

	 	5.	If we are an officer or director of the Company or an Initial Purchaser (as defined in the Indenture), we certify that the proposed transfer is being made in accordance with the
provisions of Rule 904(b) of Regulation S. 

  

	 	 ̈  B.	This Certificate relates to our proposed exchange of $             principal amount of Notes issued under the
Indenture for an equal principal amount of Notes to be held by us. We hereby certify as follows: 

  

	 	1.	At the time the offer and sale of the Notes was made to us, either (i) we were not in the United States or (ii) we were excluded from the definition of “U.S.
person” pursuant to Rule 902(k)(2)(vi) or the account held by us for which we were acting was excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(h)(3); and we were
not a member of an identifiable group of U.S. citizens abroad; 

  

	 	2.	Unless the circumstances described in paragraph 1(ii) above are applicable, either (a) at the time our buy order was originated, we were outside the United States or
(b) the transaction was executed in, on or through the facilities of a designated offshore securities market, and we did not pre-arrange the transaction in the United States.; and 

  

	 	3.	The proposed exchange of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

  

 E-2 

 You and the Company are entitled to rely upon this Certificate and are irrevocably authorized to produce
this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
  

			
	Very truly yours,
	
	 [NAME OF SELLER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]

		
	By:	 	  

	Name:	 	
	Title:	 	
	Address:	 	

 Date:
                     
  

 E-3 

 EXHIBIT F 
 Rule 144A Certificate 
             ,          
 JPMorgan
Chase Bank 
 4 New York Plaza 
 Institutional Trust Services, 15th Floor, 
 New York, New York, 10028 
  

	 	Re:	COSAN S.A. INDÚSTRIA E COMÉRCIO, as Issuer 9.00% Senior Notes due November 1, 2009 (the “Notes”) Issued under the Indenture (the
“Indenture”) dated as of October 25, 2004 relating to the Notes 

	 	

 Ladies and Gentlemen: 
 TO BE COMPLETED BY PURCHASER IF (1) ABOVE IS CHECKED. 
 This Certificate relates to: 
  

	 	[CHECK	A OR B AS APPLICABLE.] 

  

	 	 ̈  A.	Our proposed purchase of $____ principal amount of Notes issued under the Indenture. 

  

	 	 ̈  B.	Our proposed exchange of $____ principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us. 

 We and, if applicable, each account for which we are acting in the aggregate owned and invested more than $100,000,000 in securities of issuers that are
not affiliated with us (or such accounts, if applicable), as of             , 200  , which is a date on or since close of our most recent fiscal year. We and, if
applicable, each account for which we are acting, are a qualified institutional buyer within the meaning of Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”). If we are acting on behalf
of an account, we exercise sole investment discretion with respect to such account. We are aware that the transfer of Notes to us, or such exchange, as applicable, is being made in reliance upon the exemption from the provisions of Section 5 of
the Securities Act provided by Rule 144A. Prior to the date of this Certificate we 

  

 F-1 

 
have received such information regarding the Company as we have requested pursuant to Rule 144A(d)(4) to the extent that the Company is not then subject to
Section 13 or 15(d) of the Exchange Act, or is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act or have determined not to request such information. 
 You and the Company are entitled to rely upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any
interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
  

			
	Very truly yours,
	
	 [NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]

		
	By:	 	  

	Name:	 	
	Title:	 	
	Address:	 	

 Date:
                     
  

 F-2Indenture dated as of February 6, 2006

 Exhibit 10.2 

 COSAN S.A. INDÚSTRIA E COMÉRCIO 
 as Issuer 
 the GUARANTORS party hereto 
 JPMORGAN CHASE BANK, N.A., 
 as Trustee, Registrar and Transfer Agent 
 J.P. MORGAN TRUST BANK LTD., 
 as Principal
Paying Agent 
 J.P. MORGAN BANK LUXEMBOURG S.A., 
 as Paying Agent and Transfer Agent 
  

 INDENTURE 
 Dated as of February 6, 2006 
  

 8.25% Perpetual Notes

 TABLE OF CONTENTS 

  

					
	 	  	 	  	PAGE
	ARTICLE 1
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION
			
	Section 1.01.	  	Definitions.	  	1
	Section 1.02.	  	Rules of Construction	  	10
	Section 1.03.	  	Table of Contents; Headings	  	10
	Section 1.04.	  	Form of Documents Delivered to Trustee	  	11
	Section 1.05.	  	Acts of Holders	  	11
	
	ARTICLE 2
	THE NOTES
			
	Section 2.01.	  	Form and Dating	  	12
	Section 2.02.	  	Execution, Authentication and Delivery	  	12
	Section 2.03.	  	Transfer Agent, Registrar and Paying Agent	  	14
	Section 2.04.	  	Paying Agent to Hold Money in Trust	  	15
	Section 2.05.	  	Payment of Principal and Interest; Principal and Interest Rights Preserved	  	15
	Section 2.06.	  	Holder Lists	  	16
	Section 2.07.	  	Transfer and Exchange	  	16
	Section 2.08.	  	Replacement Notes	  	19
	Section 2.09.	  	Temporary Notes	  	19
	Section 2.10.	  	Cancellation	  	19
	Section 2.11.	  	Defaulted Interest	  	19
	Section 2.12.	  	CUSIP and ISIN Numbers	  	20
	Section 2.13.	  	Open Market Purchases	  	20
	
	ARTICLE 3
	REDEMPTION
			
	Section 3.01.	  	Right of Redemption	  	20
	Section 3.02.	  	Applicability of Article	  	21
	Section 3.03.	  	Election to Redeem; Notice to Trustee	  	21
	Section 3.04.	  	Notice of Redemption by the Company	  	21
	Section 3.05.	  	Deposit of Redemption Price	  	22
	Section 3.06.	  	Effect of Notice of Redemption	  	22
	
	ARTICLE 4
	COVENANTS
			
	Section 4.01.	  	Payment of Principal and Interest Under the Notes	  	23
	Section 4.02.	  	Maintenance of Office or Agency	  	23
	Section 4.03.	  	Money for Note Payments to Be Held in Trust	  	23
	Section 4.04.	  	Maintenance of Corporate Existence	  	25

					
	 Section 4.05.
	  	Payment of Taxes and Claims	  	25
	 Section 4.06.
	  	Payment of Additional Amounts	  	25
	 Section 4.07.
	  	Reporting Requirements	  	27
	 Section 4.08.
	  	Available Information	  	28
	 Section 4.09.
	  	Limitation on Liens	  	28
	 Section 4.10.
	  	Waiver of Certain Covenants	  	30
	
	ARTICLE 5
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
			
	 Section 5.01.
	  	Limitation on Consolidation, Merger or Transfer of Assets	  	31
	 Section 5.02.
	  	Successor Substituted	  	31
	 Section 5.03.
	  	Notes to Be Secured in Certain Events	  	32
	 Section 5.04.
	  	Consolidation, Merger Or Sale Of Assets By A Guarantor	  	32
	
	ARTICLE 6
	EVENTS OF DEFAULT AND REMEDIES
			
	 Section 6.01.
	  	Events of Default	  	33
	 Section 6.02.
	  	Acceleration of Maturity, Rescission and Amendment	  	34
	 Section 6.03.
	  	Collection Suit by Trustee	  	35
	 Section 6.04.
	  	Other Remedies	  	35
	 Section 6.05.
	  	Trustee May Enforce Claims Without Possession of Notes	  	35
	 Section 6.06.
	  	Application of Money Collected	  	36
	 Section 6.07.
	  	Limitation on Suits	  	36
	 Section 6.08.
	  	Rights of Holders to Receive Principal and Interest	  	36
	 Section 6.09.
	  	Restoration of Rights and Remedies	  	37
	 Section 6.10.
	  	Trustee May File Proofs of Claim	  	37
	 Section 6.11.
	  	Delay or Omission Not Waiver	  	37
	 Section 6.12.
	  	Control by Holders	  	37
	 Section 6.13.
	  	Waiver of Past Defaults and Events of Default	  	38
	 Section 6.14.
	  	Rights and Remedies Cumulative	  	38
	 Section 6.15.
	  	Waiver of Stay or Extension Laws	  	38
	
	ARTICLE 7
	TRUSTEE AND PRINCIPAL PAYING AGENT
			
	 Section 7.01.
	  	Duties of Trustee and Principal Paying Agent	  	38
	 Section 7.02.
	  	Rights of Trustee	  	39
	 Section 7.03.
	  	Individual Rights of Trustee	  	41
	 Section 7.04.
	  	Trustee’s Disclaimer	  	41
	 Section 7.05.
	  	Notice of Defaults and Events of Default	  	41
	 Section 7.06.
	  	Compensation and Indemnity	  	41
	 Section 7.07.
	  	Replacement of Trustee	  	43
	 Section 7.08.
	  	Successor Trustee by Merger	  	43
	 Section 7.09.
	  	Eligibility; Disqualification	  	44

  

 ii 

					
	ARTICLE 8
	DISCHARGE OF INDENTURE; DEFEASANCE
			
	 Section 8.01.
	  	Discharge of Liability on Notes	  	44
	 Section 8.02.
	  	Conditions to Defeasance	  	45
	 Section 8.03.
	  	Application of Trust Money	  	46
	 Section 8.04.
	  	Repayment to Company	  	46
	 Section 8.05.
	  	Indemnity for U.S. Governmental Obligations	  	46
	 Section 8.06.
	  	Reinstatement	  	47
	
	ARTICLE 9
	AMENDMENTS
			
	 Section 9.01.
	  	Without Consent of Holders	  	47
	 Section 9.02.
	  	With Consent of Holders	  	48
	 Section 9.03.
	  	Revocation and Effect of Consents and Waivers	  	49
	 Section 9.04.
	  	Notation on or Exchange of Notes	  	49
	 Section 9.05.
	  	Trustee to Sign Amendments	  	50
	 Section 9.06.
	  	Payment for Consent	  	50
	
	ARTICLE 10
	GUARANTEE
			
	 Section 10.01.
	  	The Note Guaranty	  	50
	 Section 10.02.
	  	Guaranty Unconditional	  	50
	 Section 10.03.
	  	Discharge; Reinstatement	  	51
	 Section 10.04.
	  	Waiver by the Guarantors	  	51
	 Section 10.05.
	  	Subrogation and Contribution	  	51
	 Section 10.06.
	  	Stay of Acceleration	  	51
	 Section 10.07.
	  	Limitation on Amount of Guaranty	  	51
	 Section 10.08.
	  	Execution and Delivery of Guaranty	  	52
	 Section 10.09.
	  	Release of Guaranty	  	52
	
	ARTICLE 11
	MEETINGS OF HOLDERS
			
	 Section 11.01.
	  	Purposes for Which Meetings May Be Called	  	52
	 Section 11.02.
	  	Manner of Calling Meetings	  	53
	 Section 11.03.
	  	Call of Meetings by Company or Holders	  	53
	 Section 11.04.
	  	Who May Attend and Vote at Meetings	  	53
	 Section 11.05.
	  	Regulations May Be Made by Trustee; Conduct of the Meeting; Voting Rights; Adjournment	  	54
	 Section 11.06.
	  	Voting at the Meeting and Record to Be Kept	  	54
	 Section 11.07.
	  	Exercise of Rights of Trustee or Holders May Not Be Hindered or Delayed by Call of Meeting	  	55
	 Section 11.08.
	  	Procedures Not Exclusive	  	55

  

 iii 

					
	ARTICLE 12
	MISCELLANEOUS
			
	 Section 12.01.
	  	Provisions of Indenture and Notes for the Sole Benefit of Parties and Holders of Notes	  	55
	 Section 12.02.
	  	Notices	  	55
	 Section 12.03.
	  	Officers’ Certificate and Opinion of Counsel as to Conditions Precedent	  	57
	 Section 12.04.
	  	Statements Required in Officers’ Certificate or Opinion of Counsel	  	57
	 Section 12.05.
	  	Rules by Trustee, Registrar Paying Agent and Transfer Agents	  	57
	 Section 12.06.
	  	Currency Indemnity	  	57
	 Section 12.07.
	  	No Recourse Against Others	  	58
	 Section 12.08.
	  	Legal Holidays	  	58
	 Section 12.09.
	  	Governing Law	  	58
	 Section 12.10.
	  	Consent to Jurisdiction; Waiver of Immunities	  	58
	 Section 12.11.
	  	Successors and Assigns	  	60
	 Section 12.12.
	  	Multiple Originals	  	60
	 Section 12.13.
	  	Severability Clause	  	60
	 Section 12.14.
	  	Force Majeure	  	60

  

					
	 EXHIBITS:
	 		 	
			
	 EXHIBIT A
	 	–	 	 Form of Note

	 EXHIBIT B
	 	–	 	 Form of Supplemental Indenture

	 EXHIBIT C
	 	–	 	 Form of Transfer Notice

	 EXHIBIT D
	 	–	 	 Form of Certificate for Transfer from Restricted Global Note or Certificated Note Bearing a Securities Act Legend to Regulation S Global
Note or Certificated Note Not Bearing a Securities Act Legend

	 EXHIBIT E
	 	–	 	 Form of Transfer Certificate for Transfer from Regulation S Global Note or Certificated Note Not Bearing a Securities Act Legend to
Restricted Global Note or Certificated Note Bearing a Securities Act Legend

	 EXHIBIT F
	 	–	 	 Form of Certificate for Removal of the Securities Act Legend on a Certificated Note

  

 iv 

 INDENTURE, dated as of February 6, 2006, among COSAN S.A. INDÚSTRIA E COMÉRCIO, a
sociedade anônima (corporation) incorporated under the laws of the Federative Republic of Brazil, as the Company, the GUARANTORS party hereto (the “Guarantors”), JPMORGAN CHASE BANK, N.A., as Trustee, J.P. MORGAN TRUST
LTD., as Principal Paying Agent and J.P. MORGAN BANK LUXEMBOURG S.A., as Paying Agent and Transfer Agent. 
 RECITALS 
 The Company has duly authorized the issue of 8.25% Perpetual Notes (the “Notes”), initially in an aggregate principal amount of
U.S.$300,000,000, and has duly authorized the execution and delivery of this Indenture. 
 All things necessary have been done to make the
Notes when executed and authenticated and delivered hereunder and duly issued, the valid obligations of the Company, and to make this Indenture a valid agreement of the Company. 
 In addition, the Guarantors party hereto have duly authorized the execution and delivery of the Indenture as guarantors of the Notes. 
 Each Guarantor has done all things necessary to make the Note Guarantees, when the Notes are executed by the Company and authenticated and delivered by
the Trustee and duly issued by the Company, the valid obligations of such Guarantor, and to make the Indenture a valid agreement of such Guarantor. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Notes by the
Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders, as follows: 
 ARTICLE 1

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

  

 1 

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

  

 2 

 
Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease
may be terminated by the lessee without payment of a penalty. 
 “Capital Stock” means, with respect to any Person, any and
all shares of stock, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated, whether voting or non-voting), such person’s equity including any preferred stock, but excluding
any debt securities convertible into or exchangeable for such equity. 
 “Certificated Note” has the meaning specified in
Section 2.01. 
 “Clearstream Banking” means Clearstream Banking, société anonyme. 
 “Closing Date” means February 6, 2006 or such later date on which the Notes are issued hereunder. 
 “Company” means Cosan S.A. Indústria e Comércio until replaced by a successor thereof, and, thereafter, includes the
successor for purposes of any provision contained herein. 
 “Company Order” means a written order signed in the name of the
Company by an Officer. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its
corporate trust business shall be principally administered (which office as of the date of this Indenture is located at 4 New York Plaza, 15th Floor, New York, New York 10004). 
 “covenant defeasance option” has the meaning specified in Section 8.01. 
 “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 “CVM” means the Brazilian Securities Commission (Comissão de Valores Mobiliários). 
 “Debt” means, with respect to any Person, without duplication: 
 (i) the principal of and premium, if any, in respect of (a) indebtedness of such Person for money borrowed and (b) indebtedness evidenced by
notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; 
 (ii) all Capital
Lease Obligations of such Person; 
 (iii) all obligations of such Person issued or assumed as the deferred purchase price of property, all
conditional sale obligations of such Person and all obligations of such Person under any title retention agreement (but excluding trade accounts payable or other short term obligations to suppliers payable within 180 days, in each case arising in
the ordinary course of business); 
  

 3 

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

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

 “guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Debt or
other obligation of any Person and any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation of such Person
(whether 

  

 4 

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

 “issue” means issue, assume, guarantee, incur or otherwise become liable for; provided, however, that any
Debt or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be issued by such Subsidiary at the time it becomes a Subsidiary; and the term
“issuance” has a corresponding meaning. 
  

 5 

 “legal defeasance option” has the meaning specified in Section 8.01. 
 “Lien” means any mortgage, pledge, security interest, conditional sale or other title retention agreement or other similar lien.

 “Maturity” means, when used with respect to any Note, the date on which the outstanding principal of and interest on such
Note becomes due and payable as therein or herein provided, whether by declaration of acceleration, call for redemption or otherwise. 
 “Note Guaranty” means the guaranty of the Notes by a Guarantor pursuant to the Indenture. 
 “Notes” has the meaning specified in the first paragraph of the Recitals in this Indenture and shall be in the form of Note set forth in Exhibit A. 
 “Officer” means the president or chief executive officer, any vice president, the chief financial officer, the treasurer or any
assistant treasurer, or the secretary or any assistant secretary, of the Company, or any other Person duly appointed by the shareholders of the Company or the Board of Directors to perform corporate duties. 
 “Officers’ Certificate” means a certificate signed by any two Officers of the Company and delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion of legal counsel of recognized standing (who may be an employee of or counsel to the
Company) and who shall be reasonably acceptable to the Trustee, which opinion is reasonably satisfactory to the Trustee. 
 “Outstanding” means, when used with respect to Notes, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture, except: 
 (i) Notes theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (ii) Notes for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than
the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Notes; provided that, if such Notes are to be redeemed pursuant to Section 3.01(b),
notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 
 (iii) Notes, except to the extent provided in Sections 8.01 and 8.02, with respect to which the Company has effected legal defeasance and/or covenant defeasance as provided in Article 8; and 
 (iv) Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes in
respect of which there shall have been presented to the Trustee proof satisfactory to it that such Notes are held by a bona fide purchaser in whose hands such Notes are valid obligations of the Company; 
  

 6 

 provided, however, that in determining whether the Holders of the requisite principal amount of Outstanding
Notes have given any request, demand, authorization, direction, consent, notice or waiver hereunder, Notes owned by the Company or any of its Affiliates shall be disregarded and deemed not to be Outstanding, except that, in determining whether the
Trustee shall be protected in relying upon any such request, demand, authorization, direction, consent, notice or waiver, only Notes which the Trustee has received written notice at its address specified herein of being so owned shall be so
disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not
the Company, or any other obligor upon the Notes or any of its Affiliates or such other obligor. 
 “Paying Agent” means
J.P. Morgan Bank Luxembourg S.A. and any other Person authorized by the Company to pay the principal of or interest on any Notes on behalf of the Company hereunder, including the Principal Paying Agent. 
 “Payment Date” means the date on which payment of interest on and/or principal of the Notes is due. 
 “Payment Default” has the meaning specified in Section 6.01. 
 “Person” means any individual, corporation, partnership, joint venture, trust, unincorporated organization or government or any agency,
department or political subdivision thereof. 
 “principal” of a Note means the principal amount of such Note (including any
Additional Amounts payable by the Company in respect of such principal). 
 “Principal Paying Agent” means J.P. Morgan Trust
Bank Ltd., until a successor Principal Paying Agent shall have become such pursuant to the applicable provisions of this Indenture, and, thereafter, “Principal Paying Agent” shall mean such successor Principal Paying Agent. 
 “Proceeding” has the meaning specified in Section 12.10. 
 “Process Agent” has the meaning specified in Section 12.10. 
 “Record Date” means, when used with respect to the interest on the Notes payable on any Interest Payment Date, the
February 1, May 1, August 1 and November 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. 
 “Redemption Date” means, when used with respect to any Note to be redeemed pursuant to Section 3.01(b), the date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price” means, when used with respect to any Notes to be redeemed pursuant to Section 3.01(b), the price at which it is
to be redeemed pursuant to this Indenture. 
 “Register” has the meaning specified in Section 2.03. 
  

 7 

 “Registrar” means JPMorgan Chase Bank, N.A., until a successor Registrar shall have
become such pursuant to the applicable provisions of this Indenture, and, thereafter, “Registrar” shall mean such successor Registrar. 
 “Regulation S” means Regulation S under the Securities Act, as in effect from time to time. 
 “Regulation
S Global Note” means one or more permanent Global Notes in definitive fully registered form without interest coupons representing Notes sold outside of the United States pursuant to Regulation S. 
 “Relevant Date” means, with respect to any payment on a Note, whichever is the later of: (i) the date on which such payment first
becomes due; and (ii) if the full amount payable has not been received by the Trustee or a Paying Agent on or prior to such due date, the date on which notice is given to the holders that the full amount has been received by the Trustee.

 “Relevant Withholding Taxes” has the meaning specified in Section 4.06. 
 “Responsible Officer” means any officer of the Trustee or the Principal Paying Agent in Corporate Trust Administration with direct
responsibility for the administration of this Indenture. 
 “Restricted Global Note” means one or more permanent Global
Notes in definitive fully registered form without interest coupons sold to “qualified institutional buyers” (as such term is defined in Rule 144A) pursuant to Rule 144A. 
 “Rule 144A” means Rule 144A under the Securities Act, as in effect from time to time. 
 “SEC” means the U.S. Securities and Exchange Commission. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 
 “Securities
Act Legend” means the following legend, printed in capital letters: 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES FOR THE BENEFIT OF COSAN INDÚSTRIA E COMÉRCIO THAT THIS NOTE OR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) TO COSAN INDÚSTRIA E COMÉRCIO, (II) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A) IN ACCORDANCE WITH RULE 144A, (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE
501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE NOTE FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL
AMOUNT OF THE NOTES OF U.S.$100,000, FOR INVESTMENT 

  

 8 

 
PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (IV) IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (V) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AFFORDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (VI) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, REPRESENTS
AND AGREES THAT IT SHALL NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE. 
 THE FOREGOING LEGEND MAY
BE REMOVED FROM THIS NOTE ON SATISFACTION OF THE CONDITIONS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN. 
 “Significant
Subsidiary” means any Subsidiary of the Company which at the time of determination either (i) had assets which, as of the date of the Company’s most recent quarterly consolidated balance sheet, constituted at least 10% of the
Company’s total assets on a consolidated basis as of such date or (ii) had revenues for the 12 month period ending on the date of the Company’s most recent quarterly consolidated statement of income which constituted at least 10% of
the Company’s total revenues on a consolidated basis for such period. 
 “Stated Maturity” means, with respect to any
security, the date specified in such security as the fixed date on which the principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such
security at the option of the Holder thereof upon the happening of any contingency unless such contingency has occurred). 
 “Subsidiary” means any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled
(without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) the Company, (ii) the Company and one or more
Subsidiaries or (iii) one or more Subsidiaries. 
 “Total Consolidated Assets” means the total amount of assets of the
Company and its Subsidiaries prepared in accordance with Brazilian GAAP. 
 “Transfer Agent” means JPMorgan Bank Luxembourg
S.A. and any other Person authorized by the Company to effectuate the exchange or transfer of any Note on behalf of the Company hereunder. 
 “Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as amended. 
  

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 “Trustee” means JPMorgan Chase Bank, N.A., until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture and, thereafter, “Trustee” shall mean such successor Trustee. 
 “United States” and “U.S.” means the United States of America (including the States and the District of Columbia) and its territories, its possessions and other areas subject to its jurisdiction.

 “U.S. Dollars” and “U.S.$” each mean the currency of the United States. 
 “U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in such obligations) of the
United States (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States is pledged and which are not callable at the issuer’s option. 
 “Wholly-Owned Subsidiary” means a Subsidiary all of the Capital Stock of which (other than directors’ qualifying shares) is owned
by the Company or another Wholly-Owned Subsidiary. 
 Section 1.02. Rules of Construction. (a) For all purposes of this
Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (i) the terms defined in this
Article have the meanings assigned to them in this Article and include the plural as well as the singular; 
 (ii) the words
“herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 
 (iii) “or” is not exclusive; and 
 (iv) “including” means including, without limitation; 
 (v) any reference to an
“Article”, a “Section” or an “Exhibit” refers to an Article, a Section or an Exhibit, as the case may be, of this Indenture. 
 (b) All accounting terms not otherwise defined herein shall have the meanings assigned to them in accordance with Brazilian GAAP. 
 (c) For purposes of the definitions set forth in Article 1 and this Indenture generally, all calculations and determinations shall be made in accordance with Brazilian GAAP and shall be based upon the consolidated
financial statements of the Company and its Subsidiaries prepared in accordance with Brazilian GAAP. 
 Section 1.03. Table of
Contents; Headings. The table of contents and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of
the terms or provisions hereof. 
  

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 Section 1.04. Form of Documents Delivered to Trustee. In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 Any certificate or opinion of an Officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is
based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer or Officers of the Company stating that the information with
respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 1.05. Acts of
Holders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in Person or by agents duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where
it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or
instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this
Section 1.05. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit
of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof.
Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing,
or the authority of the Person executing the same, may also be proved in any other manner that the Trustee reviewing such instrument or writing deems sufficient. 
 (c) The principal amount and serial numbers of Notes held by any Person, and the date of holding the same, shall be proved by the Register. 
  

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 (d) If the Company solicits from the Holders of Notes any request, demand, authorization, direction,
notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other Act, but the Company shall not have any obligation to do so. Such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior to the
first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be
given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Notes have
authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Notes shall be computed as of such record date; provided that no such
authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date. 
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the
same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether
or not notation of such action is made upon such Note. 
 ARTICLE 2 
 THE NOTES 
 Section 2.01. Form and Dating.
The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Note set forth in Exhibit A, which is hereby incorporated in and expressly made a part of this Indenture. The Notes may have such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such notations, legends or endorsements as may be required to comply
with any law, stock exchange rule, agreement to which the Company is subject, if any, or usage, provided that any such notation, legend or endorsement is in a form acceptable to the Company. 
 Each Global Note shall be dated the Closing Date. Each definitive certificated Note (“Certificated Note”) shall be dated the date of its
authentication. 
 The Notes shall be printed, lithographed or engraved or produced by any combination of these methods or may be produced in
any other manner permitted by the rules of any stock exchange on which the Notes may be listed, if any, all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
 Section 2.02. Execution, Authentication and Delivery. (a) Two Officers of the Company shall sign the Notes for the Company by manual or
facsimile signature. 
  

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 (i) If an Officer whose signature is on a Note no longer holds that office at the time
the Trustee authenticates the Note, the Note shall be valid nevertheless. 
 (ii) A Note shall not be valid until an
authorized signatory of the Trustee or an authenticating agent manually signs the certificate of authentication on the Note upon Company Order. Such signature shall be conclusive evidence that the Note has been authenticated under this Indenture.
Such Company Order shall specify the amount of the Notes to be authenticated and the date on which the original issue of Notes is to be authenticated. 
 (iii) The Trustee or an authenticating agent shall initially authenticate and deliver Notes in an aggregate principal amount of up to U.S.$300,000,000. 
 (iv) The Company may from time to time, without the consent of the Holders of the Notes, create and issue additional Notes having the same
terms and conditions as the Notes in all respects, except for issue date, issue price and the first payment of interest thereon. Additional Notes issued in this manner shall be consolidated with and shall form a single series with the previously
outstanding Notes. 
 (v) The Notes shall be issued in fully registered form without coupons attached in minimum denominations
of U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof (each, an “Authorized Denomination”). 
 (b) The
Trustee may appoint an authenticating agent, with a copy of such appointment to the Company, to authenticate the Notes (the “Authenticating Agent”). Unless limited by the terms of such appointment, an Authenticating Agent may
authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by an Authenticating Agent. An Authenticating Agent has the same rights as the Registrar or any Transfer
Agent or Paying Agent or agent for service of notices and demands. 
 (i) Any corporation into which any Authenticating Agent
may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust
business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation.

 (ii) Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and the
Company. The Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Company. Upon receiving such notice of resignation or upon such a termination, the
Trustee may appoint a successor Authenticating Agent reasonably acceptable to the Company and shall give written notice of such appointment to the Company. 
 (iii) The Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services and reimbursement for its reasonable expenses relating thereto and the Trustee shall be entitled
to be promptly reimbursed by the Company for such payments. 
  

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 Section 2.03. Transfer Agent, Registrar and Paying Agent. (a) Subject to such reasonable
regulations as the Company may prescribe, the books of the Company for the exchange, registration, and registration of transfer of Notes shall be kept at the office of the Registrar (such books maintained in such office and in any other office or
agency designated for such purpose being herein referred to as the “Register”). The Company shall also cause the Trustee to maintain books for the exchange, registration and registration of transfer of Notes. The Trustee shall
notify the Registrar and the Registrar shall notify the Trustee, when necessary, upon any exchange, registration or registration of transfer of any Notes and shall cause their respective books to be amended accordingly. The Company may have one or
more co registrars and one or more additional Transfer Agents or Paying Agents. The terms “Transfer Agent” and “Paying Agent” include any additional transfer agent or paying agent, as the case may be. The term
“Registrar” includes any co-registrar. 
 (i) For so long as the Notes are listed on the Luxembourg Stock
Exchange, Euro MTF and such stock exchange shall so require, the Company shall maintain a Paying Agent and Transfer Agent in Luxembourg. 
 (ii) The Company shall enter into any appropriate agency agreements with any Registrar, Transfer Agent or Paying Agent not a party to this Indenture, which shall implement the provisions of this Indenture that relate
to such agent. The Company shall notify the Trustee of the name and address of any such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor
pursuant to Section 7.06. The Company initially appoints the Trustee as Registrar and Transfer Agent, J.P. Morgan Trust Bank Ltd. as Principal Paying Agent, and J.P. Morgan Bank Luxembourg S.A. as Paying Agent and Transfer Agent in Luxembourg
in connection with the Notes. 
 (b) The Trustee shall keep a record of all the Notes and shall make such record available during regular
business hours for inspection upon the request of the Company provided a reasonable amount of time prior to such inspection. Such books and records shall include notations as to whether such Notes have been redeemed, or otherwise paid or cancelled,
and, in the case of mutilated, destroyed, defaced, stolen or lost Notes, whether such Notes have been replaced. In the case of the replacement of any of the Notes, the Trustee shall keep a record of the Note so replaced, and the Notes issued in
replacement thereof. In the case of the cancellation of any of the Notes, the Trustee shall keep a record of the Note so cancelled and the date on which such Note was cancelled. Each Transfer Agent shall notify the Trustee of any transfers or
exchanges of Notes effected by it. The Trustee shall not be required to register the transfer of or exchange Certificated Notes for a period of 15 days preceding any date of selection of Notes for redemption, or register the transfer of or exchange
any Certificated Notes previously called for redemption. 
 (c) All Notes surrendered for payment, redemption, registration of transfer or
exchange shall be cancelled by the relevant Transfer Agent or Paying Agent or the Trustee, as the case may be. Each Registrar and Transfer Agent shall notify the Trustee of the surrender and cancellation 

  

 14 

 
of such Notes and shall deliver such Notes to the Trustee. The Trustee may destroy or cause to be destroyed all such Notes surrendered for payment,
redemption, registration of transfer or exchange and, if so destroyed, shall promptly deliver a certificate of destruction to the Company. 
 (d) The Paying Agent shall comply with applicable backup withholding tax and information reporting requirements under the U.S. Internal Revenue Code of 1986, as amended, and the U.S. Treasury Regulations promulgated thereunder with respect
to payments made under the Notes (including, to the extent required, the collection of Internal Revenue Service Forms W-8 and W-9 and the filing of U.S. Internal Revenue Service Forms 1099 and 1096). 
 Section 2.04. Paying Agent to Hold Money in Trust. By 10:00 A.M. New York time, no later than one Business Day prior to each Payment Date on
any Note, the Company shall deposit with the Principal Paying Agent in immediately available funds a sum sufficient to pay such principal and interest when so becoming due (including any amounts under Section 4.06). The Company shall request
that the bank through which such payment is to be made agree to supply to the Principal Paying Agent by 10:00 A.M. (New York time) two Business Days prior to the due date from any such payment an irrevocable confirmation (by tested telex) of its
intention to make such payment. The Company shall require each Paying Agent (other than the Trustee, J.P. Morgan Trust Bank Ltd. and J.P. Morgan Bank Luxembourg S.A.) to agree in writing that such Paying Agent shall hold in trust, for the benefit of
Holders or the Trustee, all money held by such Paying Agent for the payment of principal and interest on the Notes and shall notify the Trustee of any default by the Company in making any such payment. The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee and to account for any funds disbursed by it. Upon complying with this Section 2.04, the Paying Agent shall have no further liability for the money delivered to the Trustee. 
 Each payment in full of principal, redemption amount, additional amounts and/or interest payable under the Notes and this Indenture in respect of any
Note made by or on behalf of the Company to or to the order of the Principal Paying Agent in the manner specified herein or in the Notes on the date due shall be valid and effective to satisfy and discharge the obligation of the Company to make
payment of principal, redemption amount, additional amounts and/or interest payable hereunder and under the Notes on such date, provided, however, that the liability of the Principal Paying Agent hereunder shall not exceed any amounts paid to it by
the Company, or held by it, on behalf of the Holders hereunder; and provided further that, in the event that there is a default by the Principal Paying Agent in any payment of principal, redemption amount, additional amounts and/or interest in
respect of any Note in accordance with the terms hereof, the Company shall pay on demand such further amounts as will result in receipt by the Holder of such amounts as would have been received by it had no such default occurred. 
 Section 2.05. Payment of Principal and Interest; Principal and Interest Rights Preserved. (a) Except as otherwise provided herein for
the redemption of the Notes, the payment of principal of or interest on the Notes shall be allocated on a pro rata basis among all Outstanding Notes, without preference or priority of any kind among the Notes. 
 (b) Final payments in respect of any Note (whether upon redemption, declaration of acceleration or otherwise) shall be made only against presentation and
surrender of such Note at the Corporate Trust Office, at the offices of the Trustee and, subject to any fiscal or other laws and regulations applicable thereto, at the specified offices of any other Paying Agent appointed by the Company. 

 

 15 

 (c) Payment of the principal of any Note on a relevant Payment Date shall be made to the Person in whose
name such Note is registered in the Register at the close of business on the fifteenth day (whether or not a Business Day) immediately preceding such Payment Date, by U.S. Dollar check drawn on a bank in The City of New York and mailed to the
Person entitled thereto at its address as it appears on the Register, or by wire transfer to a U.S. Dollar account maintained by the payee with a bank in The City of New York, provided that such Holder so elects by giving written notice
to such effect designating such account, upon application to the Trustee at least 15 days prior to such Payment Date. 
 (d) Payment of
interest on each Interest Payment Date with respect to any Note shall be made to the Person in whose name such Note is registered on the Record Date immediately preceding such Interest Payment Date by U.S. Dollar check drawn on a bank in The
City of New York and mailed to the Person entitled thereto at its address as it appears on the Register, or by wire transfer to a U.S. Dollar account maintained by the payee with a bank in The City of New York, provided that the Holder
so elects by giving written notice to such effect designating such account, which is received by the Trustee or a Paying Agent no later than the Record Date immediately preceding such Interest Payment Date. Unless such designation is revoked, any
such designation made by such Holder with respect to such Note shall remain in effect with respect to any future payments with respect to such Note payable to such Holder. The Company shall pay any administrative costs imposed by banks in connection
with making payments by wire transfer. 
 If the Payment Date in respect of any Note is not a business day at the place in which it is
presented for payment, the Holder thereof shall not be entitled to payment of the amount due until the next succeeding business day at such place and shall not be entitled to any further interest or other payment in respect of any such delay.

 Notwithstanding the provisions of this Section 2.05, payments on Notes registered in the name of DTC or its nominee shall be effected
in accordance with the Applicable Procedures. 
 Section 2.06. Holder Lists. The Trustee shall preserve in as current a form as
is reasonably practicable, the most recent list available to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee in writing, at least ten Business Days before each Interest Payment
Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders. 
 Section 2.07. Transfer and Exchange. (a) Interests in the Regulation S Global Note and the Restricted Global Note shall be exchangeable
or transferable, as the case may be, for physical delivery of Certificated Notes if (i) DTC notifies the Company that it is unwilling or unable to continue as depositary for such Global Note, or DTC ceases to be a “clearing agency”
registered under the Exchange Act, and a successor depositary is not appointed by the Company within 90 days, or (ii) an Event of Default has occurred and is continuing with respect to such Notes, provided that such transfer or exchange
is made in accordance with the provisions of this Indenture and the Applicable Procedures. 
  

 16 

 Upon receipt of notice by DTC or the Trustee, as the case may be, regarding the occurrence of any of the
events described in the preceding paragraph, the Company shall use its best efforts to make arrangements with DTC for the exchange of interests in the Global Notes for individual Certificated Notes, and cause the requested individual Certificated
Notes to be executed and delivered to the Trustee in sufficient quantities and authenticated by the Trustee for delivery to Holders. In the case of Certificated Notes issued in exchange for the Restricted Global Note, such Certificated Notes shall
bear the Securities Act Legend. Upon the transfer, exchange or replacement of Notes bearing such Securities Act Legend, or upon specific request for removal of the Securities Act Legend on a Note, the Company shall deliver only Notes that bear such
Securities Act Legend, or shall refuse to remove such Securities Act Legend, as the case may be, unless there is delivered to the Company a certificate in the form of Exhibit D or Exhibit F, as the case may be, or such satisfactory evidence as may
reasonably be required by the Company, which may include an Opinion of Counsel, that neither the Securities Act Legend nor the restrictions on transfer set forth therein are required to ensure compliance with the provisions of the Securities Act.
The Trustee shall exchange a Note bearing the Securities Act Legend for a Note not bearing such Securities Act Legend only if it has been directed to do so in writing by the Company, upon which direction it may conclusively rely. 
 (b) On or prior to the 40th day after the Closing Date, transfers by an owner of a beneficial interest in the Regulation S Global Note to a transferee
who takes delivery of such interest through the Restricted Global Note shall be made only in Authorized Denominations in accordance with the Applicable Procedures and upon receipt by the Trustee or Transfer Agent of a written certification from the
transferor of the beneficial interest in the form of Exhibit E to the effect that such transfer is being made to a Person who the transferor reasonably believes is a “qualified institutional buyer” within the meaning of Rule 144A in a
transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction. After such 40th day, such certification requirement shall no longer apply to such
transfers. 
 (c) Transfers by an owner of a Certificated Note bearing the Securities Act Legend or of a beneficial interest in the
Restricted Global Note to a transferee who takes delivery of such interest through the Regulation S Global Note or in the form of a Certificated Note not bearing the Securities Act Legend shall be made only in Authorized Denominations upon receipt
by the Trustee or Transfer Agent of a written certification from the transferor in the form of Exhibit D to the effect that such transfer is being made in accordance with Regulation S. 
 Beneficial interests in the Global Notes shall be shown on, and transfers thereof shall be effected only through records maintained by DTC and its direct
and indirect participants, including Euroclear and Clearstream Banking. 
 Transfers between participants in DTC shall be effected in the
ordinary way in accordance with the Applicable Procedures and shall be settled in DTC’s Same Day Funds Settlement System and secondary market trading activity in such Notes shall therefore settle in immediately available funds. There can be no
assurance as to the effect, if any, of settlements in 

  

 17 

 
immediately available funds on trading activity in the Notes. Transfers between participants in Euroclear and Clearstream Banking shall be effected in the
ordinary way in accordance with Applicable Procedures. 
 (d) Certificated Notes may be exchanged or transferred in whole or in part in the
principal amount of Authorized Denominations by surrendering such Certificated Notes at the office of the Trustee or any Transfer Agent with a written instrument of transfer as provided in this Indenture in the form of Exhibit B hereto duly executed
by the Holder thereof or his attorney duly authorized in writing. 
 In exchange for any Certificated Note properly presented for transfer,
the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered at the Corporate Trust Office, to the transferee, or send by mail (at the risk of the transferee) to such address as the transferee may request, a
Certificated Note or Notes, as the case may require, registered in the name of such transferee, for the same aggregate principal amount as was transferred. In the case of the transfer of any Certificated Note in part, the Trustee shall also promptly
authenticate and deliver or cause to be authenticated and delivered at the Corporate Trust Office, to the transferor, or send by mail (at the risk of the transferor) to such address as the transferor may request, a Certificated Note or Notes, as the
case may require, registered in the name of such transferor, for the aggregate principal amount that was not transferred. No transfer of any Notes shall be made unless the request for such transfer is made by the registered Holder or his attorney
duly authorized in writing at the Corporate Trust Office and is accompanied by a completed instrument of transfer in the form of Exhibit C attached to the Note presented for transfer. 
 (e) Transfer, registration and exchange of any Note or Notes shall be permitted and executed as provided in this Section 2.07 without any charge to
the Holder of any such Note or Notes other than any taxes or governmental charges or insurance charges payable on transfers or any expenses of delivery by other than regular mail, but subject to such reasonable regulations as the Company, the
Registrar and the Trustee may prescribe. 
 The costs and expenses of effecting any exchange or registration of transfer pursuant to the
foregoing provisions, except for the expense of delivery by other than regular mail (if any) and except for the payment of a sum sufficient to cover any tax or other governmental charges or insurance charges that may be imposed in relation thereto,
shall be borne by the Company. 
 All Certificated Notes issued upon any exchange or registration of transfer of Notes shall be valid
obligations of the Company, evidencing the same debt, and entitled to the same benefits, as the Notes surrendered upon exchange or registration of transfer. 
 (f) The Trustee or the Transfer Agent shall effect transfers of Global Notes and Certificated Notes. In addition, the Registrar shall keep the Register for the ownership, exchange and transfer of any Notes. The
Transfer Agent shall give prompt notice to the Registrar and the Registrar shall likewise give prompt notice to the Trustee of any exchange or transfer of such Notes. Neither the Trustee nor any Transfer Agent shall register the exchange or the
transfer of interests during the period of 15 days ending on the Record Date. The Trustee shall give prompt notice to the Company of any replacement, transfer, cancellation or destruction of the Notes. 
  

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 (g) Upon any such exchange of all or a portion of any Global Note for a Certificated Note or an interest
in either the Restricted Global Note or the Regulation S Global Note, the Global Note to be so exchanged shall be marked to reflect the reduction of its principal amount by the aggregate principal amount of such Certificated Note or the interest to
be so exchanged for an interest in a Regulation S Global Note or a Restricted Global Note, as the case may be. Until so exchanged in full, the Note shall in all respects be entitled to the same benefits under this Indenture as the Notes
authenticated and delivered hereunder. 
 Section 2.08. Replacement Notes. If any Note at any time becomes mutilated, defaced,
destroyed, stolen or lost, such Note may be replaced at the cost of the applicant (including reasonable legal fees of the Company, the Trustee, the Transfer Agents, the Registrar and the Paying Agents) at the office of the Trustee or any Transfer
Agent, upon provision of, in the case of destroyed, stolen or lost Notes, evidence satisfactory to the Trustee and the Company that such Note was destroyed, stolen or lost, together with such indemnity as the Trustee and the Company may require.
Mutilated or defaced Notes must be surrendered before replacements shall be issued. 
 Each Note authenticated and delivered in exchange for
or in lieu of any such Note shall carry rights to accrued and unpaid interest and to interest to accrue equivalent to the rights that were carried by such Note before such Note was mutilated, defaced, destroyed, stolen or lost. 
 Every replacement Note is an additional obligation of the Company and shall be entitled to the benefits at this Indenture. 
 Section 2.09. Temporary Notes. Subject to the provisions of Section 2.07(a), until Certificated Notes are ready for delivery, the
Company may prepare and the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Certificated Notes but may have variations that the Company considers appropriate for temporary Notes. As necessary, the
Company shall prepare and the Trustee shall authenticate Certificated Notes and deliver them in exchange for temporary Notes at the office or agency of the Company or the Trustee, without charge to the Holder. Until so exchanged, the temporary Notes
shall be entitled to the same benefits under this Indenture as Certificated Notes. 
 Section 2.10. Cancellation. The Company at
any time may deliver Notes to the Trustee for cancellation. The Transfer Agents and the Paying Agents shall forward to the Trustee any Notes surrendered to them for transfer, exchange or payment. The Trustee or a Paying Agent and no one else shall
cancel and the Trustee shall destroy in accordance with its customary procedures (subject to the record-retention requirements of the Exchange Act) all Notes surrendered for transfer, exchange, payment or cancellation and, if so destroyed, deliver a
certificate of such destruction to the Company unless the Company directs the Trustee in writing to deliver cancelled Notes to the Company. The Company may not issue new Notes to replace Notes it has redeemed, paid or delivered to the Trustee for
cancellation. 
 Section 2.11. Defaulted Interest. If the Company defaults in a payment of interest on the Notes, the Company
shall pay the defaulted interest (plus interest on such defaulted interest at the rate specified in Section 4.01 to the extent lawful) in any lawful manner not inconsistent with the requirements of any stock exchange on which the Notes may be
listed, and upon such notice 

  

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as may be required by such exchange, if, after written notice given by the Company to the Trustee of the proposed payment pursuant to this Section 2.11,
such manner of payment shall be deemed practicable by the Trustee. 
 The Company may pay the defaulted interest to the Persons who are
Holders on a subsequent special record date, which date shall be at least five Business Days prior to the payment date of such defaulted interest. The Company shall fix or cause to be fixed any such special record date and payment date, and, at
least 15 days before any such special record date, the Company shall deliver to each Holder, with a copy to the Trustee, a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 
 Section 2.12. CUSIP and ISIN Numbers. The Company in issuing the Notes may use CUSIP and ISIN numbers (if then generally in use) and, if so,
the Trustee shall use CUSIP and ISIN numbers in notices as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes
or as contained in any notice and that reliance may be placed only on the other identification numbers printed on the Notes, and any such notice shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify
the Trustee of any change in CUSIP or ISIN numbers. 
 Section 2.13. Open Market Purchases. The Company or any of its Affiliates
may at any time purchase Notes in the open market or otherwise at any agreed upon price. All Notes so purchased may not be reissued or resold, except in accordance with applicable securities and other laws. 
 ARTICLE 3 
 REDEMPTION

 Section 3.01. Right of Redemption. (a) Except as described in this Section 3.01 and Paragraph 10 of the form of Note
set forth in Exhibit A, the Notes may not be redeemed. 
 (b) The Notes shall be redeemable, at the option of the Company, in whole, but not
in part, on any Interest Payment Date on or after February 15, 2011, upon giving not less than 30 nor more than 60 days’ notice to the Holders (which notice shall be irrevocable), at 100% of the principal amount thereof, plus accrued
interest and any Additional Amounts payable with respect thereto. 
 (c) Redemption for Taxation Reasons. If as a result of any change
in or amendment to the laws (or any rules or regulations thereunder) of Brazil or any political subdivision or taxing authority thereof or therein affecting taxation, or any amendment to or change in an official interpretation, administration or
application of such laws, treaties, rules, or regulations (including a holding by a court of competent jurisdiction), which change or amendment becomes effective or, in the case of a change in official position, is announced on or after the issue
date of the Notes or on or after the date a successor assumes the obligations under the Notes, the Company or the Guarantors have or will become obligated to pay Additional Amounts (as defined below in Section 4.06) in excess of the Additional
Amounts the Company or the Guarantors would be 

  

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obligated to pay if payments were subject to withholding or deduction at a rate of 15% or at a rate of 25% in case the Holder of the Notes is resident in a
tax haven jurisdiction (i.e., countries which do not impose any income tax or which impose it at a maximum rate lower than 20% or where the laws impose restrictions on the disclosure of ownership composition or securities ownership) as a result of
the taxes, duties, assessments and other governmental charges described above (the “Minimum Withholding Level”), the Company or the Guarantors may, at their option, redeem all, but not less than all, of the Notes, at a redemption
price equal to 100% of their principal amount, together with interest accrued to the date fixed for redemption, upon publication of irrevocable notice to Holders not less than 30 days nor more than 90 days prior to the date fixed for redemption. No
notice of such redemption may be given earlier than 90 days prior to the earliest date on which the Company or the Guarantors would, but for such redemption, be obligated to pay the Additional Amounts above the Minimum Withholding Level. The Company
shall not have the right to so redeem the Notes in the event it becomes obliged to pay Additional Amounts which are less than the Additional Amounts payable at the Minimum Withholding Level. Notwithstanding the foregoing, the Company shall not have
the right to so redeem the Notes unless: (i) it has taken reasonable measures to avoid the obligation to pay Additional Amounts; and (ii) it has complied with all necessary regulations of the Central Bank of Brazil to legally effect such
redemption. 
 In the event that the Company elects to so redeem the Notes pursuant to Section 3.01(c), it will deliver to the Trustee:
(i) a certificate, signed in the name of the Company by any two of its executive officers or by its attorney-in-fact in accordance with its bylaws, stating that the Company is entitled to redeem the Notes pursuant to their terms and setting
forth a statement of facts showing that the condition or conditions precedent to the right of the Company to so redeem have occurred or been satisfied; and (ii) an Opinion of Counsel to the effect that the Company has or will become obligated
to pay Additional Amounts in excess of the Additional Amounts payable at the Minimum Withholding Level as a result of the change or amendment, that the Company cannot avoid payment of such excess Additional Amounts by taking reasonable measures
available to it and that all governmental requirements necessary for the Company to effect the redemption have been complied with. 
 Section 3.02. Applicability of Article. Redemption of Notes at the option of the Company, as permitted by Section 3.01 or required by any provision of this Indenture, shall be made in accordance with such provision and this
Article 3. 
 Section 3.03. Election to Redeem; Notice to Trustee. The election of the Company to redeem the Notes pursuant to
Section 3.01(b) or 3.01(c) shall be evidenced by a Board Resolution. In case of any redemption of Notes at the election of the Company, the Company shall, at least 70 days prior to the Redemption Date fixed by the Company (unless a shorter
notice shall be satisfactory to the Trustee), notify the Trustee in writing of such Redemption Date. 
 Section 3.04. Notice of
Redemption by the Company. In the case of redemption of Notes pursuant to Section 3.01(b) or 3.01(c), notice of redemption shall be mailed at least 30 but not more than 60 days before the Redemption Date to each Holder of any Note to be
redeemed by first-class mail at its registered address and such notice shall be irrevocable. In addition, so long as the Notes continue to be listed on the Luxembourg Stock Exchange, Euro MTF, notices shall be published in English in a leading
newspaper having general circulation in Luxembourg. 
  

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 The notice shall state: 
 (i) the Redemption Date; 
 (ii) the Redemption Price; 
 (iii) the name and address of the Paying Agents; 
 (iv) that Notes called for redemption must be surrendered to a Paying Agent to collect the Redemption Price; 
 (v) that, unless the Company defaults in making such redemption payment or the Paying Agent is prohibited from making such payment
pursuant to the terms of this Indenture, interest on Notes called for redemption ceases to accrue on and after the Redemption Date; 
 (vii) the CUSIP or ISIN number, if any; and 
 (viii) that no representation is made as to the correctness or
accuracy of the CUSIP or ISIN number, if any, listed in such notice or printed on the Notes. 
 At the Company’s election and at its
request, made in writing to the Trustee at least 60 days before a date for redemption of Notes, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense; provided that the Company shall
deliver to the Trustee, at least 70 days prior to the Redemption Date, an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph.

 Section 3.05. Deposit of Redemption Price. By 10:00 A.M. New York City time, no later than one Business Day prior to the
Redemption Date, the Company shall deposit with the Principal Paying Agent money sufficient to pay the Redemption Price of and accrued interest on the Notes other than Notes that have been delivered by the Company to the Trustee at least 15 days
prior to the Redemption Date for cancellation. The Company shall request that the bank through which such payment is to be made agree to supply to the Principal Paying Agent by 10:00 A.M. (New York time) two Business Days prior to the due date from
any such payment an irrevocable confirmation (by tested telex) of its intention to make such payment. 
 Section 3.06. Effect of
Notice of Redemption. Notice of redemption having been given as aforesaid, the Notes shall, on the Redemption Date, become due and payable at the applicable Redemption Price (together with accrued interest, if any, to the Redemption Date), and
from and after such date (except in the event of a default in the payment of the Redemption Price and accrued interest) such Notes shall cease to bear interest. Upon surrender of any such Note for redemption in accordance with such notice, such Note
shall be paid by the Company at the Redemption Price, together with accrued interest, if any, to the Redemption Date; provided, however, that installments of interest whose Payment Date is on or prior to the Redemption Date shall be
payable to the Holders of such Notes registered as such at the close of business on the relevant Record Dates according to their terms. 
  

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

 23 

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

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 Section 4.04. Maintenance of Corporate Existence. The Company shall, and shall cause each of
its Subsidiaries to, (i) maintain in effect its corporate existence and all registrations necessary therefor, provided that these restrictions shall not prohibit any transactions permitted by Article 5 or the merger of any Subsidiary
with or into the Company or with or into any other Wholly-Owned Subsidiary of the Company; (ii) take all reasonable actions to maintain all rights, privileges, titles to property, franchises and the like necessary in the normal conduct of its
business, activities or operations; and (iii) maintain or cause to be maintained in good repair, working order and condition (normal wear and tear excepted) all properties used in their business; provided, however, that neither
the Company nor its Subsidiaries shall be prevented from discontinuing those operations (including through the transfer or dissolution of a Subsidiary) or suspending the maintenance of those properties (including through the sale thereof) which, in
the reasonable judgment of the Company are no longer necessary in the conduct of the Company’s business, or that of its Subsidiaries; and provided, further, that such discontinuation of operations or suspension of maintenance
shall not be materially disadvantageous to the Holders of the Notes. 
 Section 4.05. Payment of Taxes and Claims. The Company
shall, and shall cause each of its Subsidiaries to, pay all taxes, assessments and other governmental charges imposed upon it or any of its property in respect of any of its franchises, businesses, income or profits before any penalty or interest
accrues thereon, and pay all claims (including claims for labor, services, materials and supplies) for sums which have become due and payable and which by law have or might become a Lien upon its property; provided, however, that any
such payment shall not be required unless the failure to make such payment would have a material adverse effect upon the financial condition of the Company and its Subsidiaries considered as one enterprise or a material adverse effect on the
performance of the Company’s obligations hereunder; and provided, further, that no such charge or claim need be paid while it is being contested in good faith by appropriate proceedings and if appropriate reserves or other
provisions shall have been made therefor. 
 Section 4.06. Payment of Additional Amounts. (a) All payments by the Company in
respect of the Notes or the Guarantors in respect of the Note Guaranty will be made without withholding or deduction for or on account of any present or future taxes, duties, assessments, or other governmental charges of whatever nature imposed or
levied by or on behalf of Brazil, or any authority therein or thereof in the case of payments under the Notes or any other jurisdiction in which any Guarantor is organized having power to tax in the case of payments under the Note Guaranty, unless
the Company or the Guarantors are compelled by law to deduct or withhold such taxes, duties, assessments, or governmental charges. In such event, the Company or the Guarantors will make such deduction or withholding, make payment of the amount so
withheld to the appropriate governmental authority and pay such additional amounts as may be necessary to ensure that the net amounts receivable by Holders of Notes after such withholding or deduction shall equal the respective amounts of principal
and interest which would have been receivable in respect of the Notes in the absence of such withholding or deduction (“Additional Amounts”). No such Additional Amounts shall be payable: 
  

 25 

 (i) to, or to a third party on behalf of, a Holder who is liable for such taxes, duties,
assessments or governmental charges in respect of such Note by reason of the existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of such Holder, if such Holder is an
estate, a trust, a partnership, or a corporation) and Brazil, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member or shareholder) being or having been a citizen or resident thereof or being or having been
engaged in a trade or business or present therein or having, or having had, a permanent establishment therein, other than the mere holding of the Note or enforcement of rights and the receipt of payments with respect to the Note; 
 (ii) in respect of Notes surrendered (if surrender is required) more than 30 days after the Relevant Date except to the extent that
payments under such Note would have been subject to withholdings and the Holder of such Note would have been entitled to such Additional Amounts, on surrender of such Note for payment on the last day of such period of 30 days; 
 (iii) where such Additional Amount is imposed on a payment to an individual and is required to be made pursuant to any law implementing or
complying with, or introduced in order to conform to, any European Union Directive on the taxation of savings; 
 (iv) to, or
to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or other governmental charges by reason of such Holder’s failure to comply with any certification, identification or other reporting requirement
concerning the nationality, residence, identity or connection with Brazil, or a successor jurisdiction or applicable political subdivision or authority thereof or therein having power to tax, of such Holder, if (1) compliance is required by
such jurisdiction, or any political subdivision or authority thereof or therein having power to tax, as a precondition to, exemption from, or reduction in the rate of, the tax, assessment or other governmental charge and (2) the Company has
given the Holders at least 30 days’ notice that Holders will be required to provide such certification, identification or other requirement; 
 (v) in respect of any estate, inheritance, gift, sales, transfer, capital gains, excise or personal property or similar tax, assessment or governmental charge; 
 (vi) in respect of any tax, assessment or other governmental charge which is payable other than by deduction or withholding from payments
of principal of or interest on the Note or by direct payment by the Company or the Guarantors in respect of claims made against the Company or the Guarantors; or 
 (vii) in respect of any combination of the above. 
 (b) No Additional Amounts shall be paid with respect to any payment on a Note to a Holder who is a fiduciary, a partnership, a limited liability company or other than the sole beneficial owner of that payment to the
extent that payment would be required by the laws of Brazil or any political subdivision thereof to be included in the income, for tax purposes, of a 

  

 26 

 
beneficiary or settlor with respect to the fiduciary, a member of that partnership, an interestholder in a limited liability company or a beneficial owner
who would not have been entitled to the Additional Amounts had that beneficiary, settlor, member or beneficial owner been the Holder. 
 (c)
The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation. Except as specifically provided above, neither the Company nor the Guarantors shall be required to make a payment with
respect to any tax, assessment or governmental charge imposed by any government or a political subdivision or taxing authority thereof or therein. 
 (d) In the event that Additional Amounts actually paid with respect to the Notes are based on rates of deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the Holder of such Notes, and, as a result
thereof such Holder is entitled to make claim for a refund or credit of such excess from the authority imposing such withholding tax, then such Holder shall, by accepting such Notes, be deemed to have assigned and transferred all right, title, and
interest to any such claim for a refund or credit of such excess to the Company. 
 (e) Any reference in this Indenture or the Notes to
principal, interest or any other amount payable in respect of the Notes by the Company or the Note Guaranty by the Guarantors will be deemed also to refer to any Additional Amount, unless the context requires otherwise, that may be payable with
respect to that amount under the obligations referred to in this Section. 
 (f) The foregoing obligation will survive termination or
discharge of the Indenture. 
 Section 4.07. Reporting Requirements. (a) The Company shall provide the Trustee with the
following reports (and shall also provide the Trustee with sufficient copies, as required, of the reports referred to in clauses (i), (ii), (iii) and (iv) for distribution, at the Company’s expense, to all Holders of Notes):

 (i) an English language version of its annual audited consolidated financial statements prepared in accordance with
Brazilian GAAP promptly upon such financial statements becoming available but not later than 120 days after the close of its fiscal year; 
 (ii) an English language version of its unaudited quarterly financial statements prepared in accordance with Brazilian GAAP promptly upon such statements becoming available but not later than 60 days after the close
of each fiscal quarter (other than the last fiscal quarter of its fiscal year); 
 (iii) simultaneously with the delivery of
each set of financial statements referred to in clauses (i) and (ii) of this Section 4.07(a), an Officers’ Certificate stating whether a Default or Event of Default exists on the date of such certificate and, if a Default or
Event of Default exists, setting forth the details thereof and the action which the Company is taking or proposes to take with respect thereto; 
 (iv) without duplication, English language versions or summaries of such other reports or notices as may be filed or submitted by (and promptly after filing or submission by) the Company with the Luxembourg Stock
Exchange, Euro MTF or any 

  

 27 

 
other stock exchange on which the Notes may be listed (in each case, to the extent that any such report or notice is generally available to securityholders
of the Company or the public in Brazil); and 
 (v) as soon as practicable and in any event within 30 calendar days after any
director or executive officer of the Company becomes aware of the existence of a Default or Event of Default, an Officers’ Certificate setting forth the details thereof and the action which the Company is taking or proposes to take with respect
thereto. 
 Delivery of the above reports to the Trustee is for informational purposes only and the Trustee’s receipt of such reports
shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the compliance of the Company with any of its covenants in this Indenture (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates). 
 (b) Within 60 days of the close of each of the first three fiscal quarters
and within 90 days of the close of each fiscal year, for so long as any of the Notes remain outstanding, (i) the Company shall request from DTC, a current list of the names and addresses of each DTC participant which is a Holder of an interest
in a Global Note and (ii) at the Company’s written request, the Trustee shall provide the Company with the names and addresses of each Holder of a Certificated Note, if any. 
 Section 4.08. Available Information. The Company shall take all action necessary to provide information to permit resales of the Notes
pursuant to Rule 144A, including furnishing to any Holder of a Note or owner of a beneficial interest in a Global Note, or to any prospective purchaser designated by such a Holder or beneficial owner, upon request to such Holder or beneficial owner,
financial and other information required to be delivered under paragraph (d)(4) of Rule 144A (as amended from time to time and including any successor provision) unless, at the time of such request, the Company is subject to the reporting
requirements of Section 13 or Section 15(d) of the Exchange Act or is exempt from such requirements pursuant to Rule 12g3-2(b) under the Exchange Act (as amended from time to time and including any successor provision). 
 Section 4.09. Limitation on Liens. The Company shall not, and shall not permit any Subsidiary to, create or suffer to exist any Lien upon any
of its property or assets now owned or hereafter acquired by it or on any Capital Stock of the Company or any Subsidiary, securing any obligation unless contemporaneously therewith effective provision is made to secure the Notes and the Note
Guaranty equally and ratably with such obligation for so long as such obligation is so secured. The preceding sentence shall not require the Company or any Subsidiary to equally and ratably secure the Notes and the Note Guaranty if the Lien consists
of the following: 
 (i) any Lien existing on the date of this Indenture, and any extension, renewal or replacement thereof or
of any Lien referred to in clause (ii), (iii) or (iv) below; provided, however, that the total amount of Debt so secured is not increased; 
 (ii) any Lien on any property or assets (including Capital Stock of any Person) securing Debt incurred solely for purposes of financing
the acquisition, construction or 

  

 28 

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

  

 29 

 
imperfections in title that do not materially impair the value or use of the property or assets affected thereby, and any leases and subleases of real
property that do not interfere with the ordinary conduct of the business of the Company or any Subsidiary, and which are made on customary and usual terms applicable to similar properties; 
 (x) any rights of set-off of any Person with respect to any deposit account of the Company or any Subsidiary arising in the ordinary
course of business; 
 (xi) any Liens granted to secure borrowings from, directly or indirectly, (A) Banco Nacional de
Desenvolvimento Econômico e Social–BNDES, or any other Brazilian governmental development bank or credit agency or (B) any international or multilateral development bank, government-sponsored agency, export-import bank or official
export-import credit insurer; 
 (xii) any Liens on the inventory or receivables of the Company or any Subsidiary securing the
obligations of such Person under any lines of credit or working capital facility or in connection with any structured export or import financing or other trade transaction; provided that the aggregate principal amount of Debt incurred that is
secured by receivables that shall fall due in any calendar year shall not exceed (A) with respect to transactions secured by receivables from export sales, 80% of the Company’s consolidated gross revenues from export sales for the
immediately preceding calendar year or (B) with respect to transactions secured by receivables from domestic (Brazilian) sales, 80% of such Person’s consolidated gross revenues from sales within Brazil for the immediately preceding
calendar year; and provided, further, that Advance Transactions shall not be deemed transactions secured by receivables for purpose of the above calculation; 
 (xiii) Liens securing Hedging Agreements; provided such Hedging Agreements are entered into for bona fide, non-speculative
purposes; and 
 (xiv) in addition to the foregoing Liens set forth in clauses (i) through (xiii) above, Liens
securing Debt of the Company or any Subsidiary (including, without limitation, guarantees of the Company or any Subsidiary) which do not in aggregate principal amount, at any time of determination, exceed the greater of U.S.$200,000,000 or 15.0% of
the Company’s Total Consolidated Assets. 
 Section 4.10. Waiver of Certain Covenants. The Company may omit in any
particular instance to comply with any term, provision or condition set forth in Section 5.03 or Sections 4.07 or 4.09, if before or after the time for such compliance the Holders of at least a majority in principal amount of the outstanding
Notes, by Act of such Holders, waive such compliance in such instance with such term, provision or condition, or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or
condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provisions or condition shall remain in full force and
effect. 
  

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 ARTICLE 5 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
 Section 5.01. Limitation on Consolidation, Merger or Transfer of Assets. The Company shall not consolidate with or merge with or into, or
convey, transfer or lease all or substantially all its assets to, any Person, unless: 
 (i) the resulting, surviving or
transferee Person (if not the Company) shall be a Person organized and existing under the laws of Brazil, or the United States of America, any State thereof or the District of Columbia, or any other country that is a member country of the European
Union or of the Organisation for Economic Co-operation and Development on the date of this Indenture, and such Person expressly assumes, by an indenture supplemental to this Indenture, executed and delivered to the Trustee, all the obligations of
the Company under this Indenture and the Notes and the Note Guaranty; 
 (ii) the resulting, surviving or transferee person
(if not the Company), if not organized and existing under the laws of Brazil, undertakes, in such supplemental indenture, to pay such Additional Amounts in respect of principal (and premium, if any) and interest as may be necessary in order that
every net payment made in respect of the Notes and the Note Guaranty after deduction or withholding for or on account of any present or future tax, penalty, fine, duty, assessment or other governmental charge imposed by such other country or any
political subdivision or taxing authority thereof or therein shall not be less than the amount of principal (and premium, if any) and interest then due and payable on the Notes and the Note Guaranty subject to the same exceptions set forth under
Sections 4.06(a)(i), 4.06(a)(ii) and 4.06(a)(iii) but replacing references in such clause to Brazil with references to such other country; 
 (iii) immediately prior to such transaction and immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and 
 (iv) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such supplemental indenture, if any, comply with this Indenture. 
 The Trustee shall be entitled to
rely exclusively on and shall accept such Officers’ Certificate and Opinion of Counsel as sufficient evidence of the satisfaction of the conditions precedent set forth in this Section 5.01, in which event it shall be conclusive and binding
on the Holders. 
 Section 5.02. Successor Substituted. Upon any consolidation or merger, or any sale, assignment, conveyance,
transfer, lease or disposition of all or substantially all of the properties and assets of the Company in accordance with Section 5.01 in which the Company is not the continuing obligor under this Indenture, the surviving or transferor Person
shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor had been named as the Company therein. When a successor assumes all the obligations of
its predecessor under this Indenture and the Notes, the 

  

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predecessor shall be released from those obligations; provided that in the case of a transfer by lease, the predecessor shall not be released from the
payment of principal and interest on the Notes. 
 Section 5.03. Notes to Be Secured in Certain Events. If, upon any such
consolidation of the Company with or merger of the Company into any other corporation, or upon any conveyance, lease or transfer of the property of the Company substantially as an entirety to any other Person, any property or assets of the Company
would thereupon become subject to any Lien, then unless such Lien could be created pursuant to Section 4.09 without equally and ratably securing the Notes, the Company, prior to or simultaneously with such consolidation, merger, conveyance,
lease or transfer, shall as to such property or assets, secure the Outstanding Notes (together with, if the Company so determines, any other Debt of the Company now existing or hereinafter created which is not subordinate in right of payment to the
Notes) equally and ratably with or prior to the Debt which upon such consolidation, merger, conveyance, lease or transfer is to become secured as to such property or assets by such Lien, or shall cause such Notes to be so secured 
 Section 5.04. Consolidation, Merger Or Sale Of Assets By A Guarantor. (a) No Guarantor may: 
 (i) consolidate with or merge with or into any Person; or 
 (ii) sell, convey, transfer or dispose of, all or substantially all its assets as an entirety or substantially as an entirety, in one
transaction or a series of related transactions, to any Person; or 
 (iii) permit any Person to merge with or into the
Guarantor 
 unless: 
 (A) the other Person is the Company or any Subsidiary that is a Guarantor or becomes a Guarantor concurrently with the transaction; or 
 (B) (1) either (x) the Guarantor is the continuing Person or (y) the resulting, surviving or transferee Person expressly assumes by supplemental indenture, substantially in the form of Exhibit B, all of the
obligations of the Guarantor under its Note Guaranty; (2) immediately after giving effect to the transaction, no Default or Event of Default has occurred and is continuing; and (3) the applicable Guarantor shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each to the effect that such consolidation, merger or transfer and such supplemental indenture, if any, comply with this Indenture. 
 The Trustee shall be entitled to rely exclusively on and shall accept such Officer’s Certificate and Opinion of Counsel as sufficient evidence of
the satisfaction of the conditions precedent set forth in this Section 5.04, in which event it shall be conclusive and binding on the Holders. 
  

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 ARTICLE 6 
 EVENTS OF DEFAULT AND REMEDIES 
 Section 6.01. Events of Default. The term “Event of Default” means, when used herein, any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to, or as a result of any failure to obtain, any authorization, order, rule, regulation, judgment or decree of any governmental or administrative body or court): 
 (a) The Company defaults in any payment of interest (including any Additional Amounts) on any Note when the same becomes due and payable, and such Default
continues for a period of 30 days; 
 (b) The Company defaults in the payment of the principal (including any Additional Amounts) of any Note
when the same becomes due and payable upon redemption or otherwise; 
 (c) The Company or any Guarantor fails to comply with any of its
covenants or agreements in the Notes or this Indenture (other than those referred to in clauses (a) and (b) or of this Section 6.01), and such failure continues for 60 days after the notice specified below; 
 (d) The Company, any Guarantor or any Significant Subsidiary defaults under any mortgage, indenture or instrument under which there may be issued or by
which there may be secured or evidenced any Debt for money borrowed by the Company, any such Guarantor or any such Significant Subsidiary (or the payment of which is guaranteed by the Company, any such Guarantor or any such Significant Subsidiary)
whether such Debt or guarantee now exists, or is created after the date of this Indenture, which default (i) is caused by failure to pay principal of or premium, if any, or interest on such Debt after giving effect to any grace period provided
in such Debt on the date of such default (“Payment Default”) or (i) results in the acceleration of such Debt prior to its express maturity and, in each case, the principal amount of any such Debt, together with the principal
amount of any other such Debt under which there has been a Payment Default or the maturity of which has been so accelerated, totals U.S.$20,000,000 (or the equivalent thereof at the time of determination) or more in the aggregate; 
 (e) One or more final judgments or decrees for the payment of money in excess of U.S.$20,000,000 (or the equivalent thereof at the time of determination)
in the aggregate are rendered against the Company, any Guarantor or any Significant Subsidiary and are not paid (whether in full or in installments in accordance with the terms of the judgment) or otherwise discharged and, in the case of each such
judgment or decree, either (i) an enforcement proceeding has been commenced by any creditor upon such judgment or decree and is not dismissed within 30 days following commencement of such enforcement proceedings or (ii) there is a period
of 60 days following such judgment during which such judgment or decree is not discharged, waived or the execution thereof stayed; or 
 (f)
an involuntary case or other proceeding is commenced against the Company, any Guarantor or any Significant Subsidiary with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect seeking the
appointment of a trustee, receiver, síndico, liquidator, custodian or other similar official of it or any substantial part of its 

  

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Property, and such involuntary case or other proceeding remains undismissed and unstayed for a period of 60 days; or an order for relief is entered against
the Company, any Guarantor or any Significant Subsidiary under the bankruptcy laws now or hereafter in effect, and such order is not being contested by the Company, any Guarantor or any Significant Subsidiary, as the case may be, in good faith, or
has not been dismissed, discharged or otherwise stayed, in each case within 60 days of being made; 
 (g) the Company, any Guarantor or any
Significant Subsidiary (i) commences a voluntary case or other proceeding seeking liquidation, reorganization, concordata or other relief with respect to itself or its Debts under any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such law, (ii) consents to the appointment of or taking possession by a receiver, síndico, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Company, any Guarantor or any Significant Subsidiary or for all or substantially all of the Property of the Company, any Guarantor or any Significant Subsidiary or (iii) effects any
general assignment for the benefit of creditors (an event of default specified in clause (g) or (h) a “bankruptcy default”); 
 (h) any event occurs that under the laws of Brazil or any political subdivision thereof or any other country has substantially the same effect as any of the events referred to in any of clause (f) or (g); or

 (i) the Note Guaranty ceases to be in full force and effect, other than in accordance the terms of this Indenture, or a Guarantor denies
or disaffirms its obligations under the Note Guaranty. 
 A Default under clause (c) of this Section 6.01 shall not constitute an
Event of Default until the Trustee or the Holders of at least 25% in principal amount of the Outstanding Notes notify the Company of the Default and the Company does not cure such Default within the time specified after receipt of such notice.

 Section 6.02. Acceleration of Maturity, Rescission and Amendment. If an Event of Default (other than an Event of Default
specified in Section 6.01(f), Section 6.01(g) or Section 6.01(h) occurs and is continuing, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare all unpaid principal of and accrued
interest on all Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee, if the notice is given by the Holders), stating that such notice is an “acceleration notice,” and upon any such declaration
such amounts shall become due and payable immediately. If an Event of Default specified in Section 6.01(f), Section 6.01(g) or Section 6.01(h) occurs and is continuing, then the principal of and accrued interest on all Notes shall
become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 
 At any time after
a declaration of acceleration has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article, the Holders of a majority in principal amount of the Notes by written
notice to the Company and the Trustee may rescind or annul such declaration if: 
  

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 (i) the Company has paid or deposited with the Trustee a sum sufficient to pay
(A) all overdue interest on Outstanding Notes, (B) all unpaid principal of the Notes that has become due otherwise than by such declaration of acceleration, (C) to the extent that payment of such interest on the Notes is lawful,
interest on such overdue interest (including any Additional Amounts) as provided herein and (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel; and 
 (ii) all Events of Default have been cured or waived as provided in Section 6.13 other than the
nonpayment of principal that has become due solely because of acceleration. 
 No such rescission shall affect any subsequent Default or
Event of Default or impair any right consequent thereto. 
 Section 6.03. Collection Suit by Trustee. If an Event of Default
specified in Section 6.01(a) or 6.01(b) occurs, the Trustee, in its own name as trustee of an express trust, (i) may institute a judicial proceeding for the collection of the whole amount then due and payable on such Notes for principal
and interest (including Additional Amounts), and interest on any overdue principal and, to the extent that payment of such interest (including Additional Amounts) shall be legally enforceable, upon any overdue installment of interest (including
Additional Amounts), at the rate borne by the Notes, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, (ii) may prosecute such proceeding to judgment or final decree and (iii) may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be
payable in the manner provided by law out of the property of the Company or any other obligor upon the Notes, wherever situated. 
 If an
Event of Default occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders by any available proceeding at law or in equity, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
 Section 6.04. Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of or interest (including Additional Amounts) on the Notes or to
enforce the performance of any provision of the Notes or this Indenture. 
 Section 6.05. Trustee May Enforce Claims Without
Possession of Notes. All rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any proceeding relating thereto, and any
such proceeding instituted by the Trustee shall be brought in its own name and as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes in respect of which such judgment has been recovered. 
  

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

 (ii) the Holders of at least 25% in principal amount of the Notes have made a written request to the Trustee to pursue the
remedy in respect of such Event of Default; 
 (iii) such Holder or Holders has offered and provided to the Trustee security
or indemnity reasonably satisfactory to the Trustee against any cost, loss, liability or expense to be incurred in compliance with such request; 
 (iv) the Trustee does not comply with the request within 60 days after receipt of the request and the offer and provision of security or indemnity; and 
 (v) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a
majority in principal amount of the Notes outstanding. 
 A Holder may not use this Indenture to prejudice the rights of another Holder or to
obtain a preference or priority over another Holder. 
 Section 6.08. Rights of Holders to Receive Principal and Interest.
Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of and interest on the Notes held by such Holder, on or after the respective Payment Dates expressed in the Notes, or to institute
suit for the enforcement of any such payment on or after such respective dates, shall not be impaired of affected without the consent of such Holder. 
  

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 Section 6.09. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted
any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company, the Guarantors, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall
continue as though no such proceeding had been instituted. 
 Section 6.10. Trustee May File Proofs of Claim. The Trustee may
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, and any other amounts due to the trustee hereunder) and the Holders allowed in any judicial proceedings relative to the Company or any Guarantor, their respective creditors or their respective properties and, unless prohibited by law or
applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments
to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and its counsel, and any other amounts due the Trustee under Section 7.06. Nothing herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 6 or by law to the Trustee or to the Holders may be
exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 6.12. Control by Holders. The Holders of a majority in principal amount of the Outstanding Notes may direct in writing the time, method and place of conducting any proceeding for any remedy available to the Trustee or of
exercising any trust or power conferred on the Trustee. However, the Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of the Holders if such request or direction conflicts
with any law or with this Indenture or, subject to Section 7.01, if the Trustee determines it is unduly prejudicial to the rights of other Holders (it being understood that, subject to Sections 7.01 and 7.02, the Trustee shall have no duty to
ascertain whether or not such actions or forbearance are unduly prejudicial to such Holders) or would involve the Trustee in personal liability or expense; provided, however, that the Trustee may take any other action deemed proper by
the Trustee that is not inconsistent with such request or direction. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all costs, losses, liabilities and expenses
caused by taking or not taking such action. 
  

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 Section 6.13. Waiver of Past Defaults and Events of Default. The Holders of a majority in
principal amount of the Outstanding Notes by notice to the Trustee may waive an existing Default or Event of Default and its consequences except (i) a Default or Event of Default in the payment of the principal of or interest on a Note or
(ii) a Default or Event of Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Holder affected. When a Default or Event of Default is waived, it is deemed cured, but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any consequent right. 
 Section 6.14. Rights and Remedies
Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is
intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 6.15. Waiver of Stay or Extension Laws. The Company and each Guarantor covenant (to the extent that it may lawfully do so) that it
shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture or the Notes; and the Company and each Guarantor (to the extent that it may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein
granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE 7

 TRUSTEE AND PRINCIPAL PAYING AGENT 
 Section 7.01. Duties of Trustee and Principal Paying Agent. (a) If an Event of Default has occurred and is continuing and a Responsible
Officer has actual knowledge thereof, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the
conduct of such Person’s own affairs. 
 (b) Except during the continuance of an Event of Default, (i) the Trustee and Principal
Paying Agent undertake to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee or the Principal Paying Agent; and
(ii) in the absence of bad faith on the part of the Trustee or the Principal Paying Agent, the Trustee or the Principal Paying Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein,
upon certificates or opinions furnished to the Trustee or the Principal Paying Agent and conforming to the requirements of this Indenture. However, in the case of any certificates or opinions which by any provision hereof are specifically required
to be furnished to the Trustee or 

  

 38 

 
the Principal Paying Agent, the Trustee and the Principal Paying Agent shall examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture (but need not confirm or investigate the accuracy of the mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from liability for its own gross negligence, bad faith or willful misconduct, except that: 
 (i) this Section 7.01(c) does not limit the effect of Section 7.01(b); 
 (ii) the Trustee and the Principal Paying Agent shall not be liable for any error of judgment made in good faith by a Responsible Officer
unless it is proved that the Trustee or the Principal Paying Agent was grossly negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee and the Principal Paying Agent shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.07 or exercising any trust or
power conferred upon the Trustee or the Principal Paying Agent, under this Indenture. 
 (d) The Trustee and the Principal Paying Agent shall
not be liable for interest on any money received by it except as the Trustee and the Principal Paying Agent may agree in writing with the Company. 
 (e) Money held in trust by the Trustee, the Principal Paying Agent or any Paying Agent need not be segregated from other funds except to the extent required by law. 
 (f) No provision of this Indenture shall require the Trustee or the Principal Paying Agent to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds and/or adequate indemnity against such risk or
liability is not satisfactorily assured to it. 
 (g) Every provision of this Indenture relating to the conduct or affecting the liability of
or affording protection to the Trustee and the Principal Paying Agent shall be subject to the provisions of this Section 7.01. 
 Section 7.02. Rights of Trustee. (a) The Trustee and the Principal Paying Agent may rely upon, and shall be protected in acting or refraining from acting based upon, any document believed by it to be genuine and to have
been signed or presented by the proper Person. The Trustee and the Principal Paying Agent need not investigate any fact or matter stated in any such document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate, the written advice of a qualified tax expert or an Opinion of Counsel. The Trustee shall not be liable for any action
it takes or omits to take in good faith in reliance on the Officers’ Certificate, the qualified tax expert’s written advice or Opinion of Counsel. 
  

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 (c) The Trustee may act through agents and shall not be responsible for the willful misconduct or gross
negligence of any agent appointed with due care. 
 (d) Any request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by an Officers’ Certificate of the Company (unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors of the Company may be evidenced to the Trustee or the
Principal Paying Agent by copies thereof certified by the Secretary or an Assistant Secretary (or equivalent officer) of the Company. 
 (e)
The Trustee and the Principal Paying Agent shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture at the request, order or direction of any of the Holders pursuant to the provisions of this Indenture,
unless such Holders shall have offered to the Trustee or the Principal Paying Agent security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred thereby. 
 (f) The Trustee and the Principal Paying Agent shall not be liable for any action taken or omitted by it in good faith and believed by it to be
authorized or within the discretion, rights or powers conferred upon it by this Indenture. 
 (g) The Trustee and the Principal Paying Agent
shall not be liable for any action they take or omit to take in good faith which they believe to be authorized or within their rights or powers; provided that the conduct of the Trustee or the Principal Paying Agent does not constitute
willful misconduct, gross negligence or bad faith. 
 (h) The Trustee and the Principal Paying Agent may consult with counsel, and the advice
or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and
in accordance with the advice or opinion of such counsel. 
 (i) The Trustee and the Principal Paying Agent shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document
unless requested in writing by the Holders of not less than a majority in aggregate principal amount of the Notes Outstanding; provided that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely
to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not satisfactorily assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require from the Holders indemnity
satisfactory to the Trustee against such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such investigation shall be paid by the Company or, if paid by the Trustee, shall be reimbursed by the Company upon
demand. 
 (j) Neither the Trustee nor any Paying Agent shall be required to invest, or shall be under any liability for interest, on any
moneys at any time received by it pursuant to any of the provisions of this Indenture or the Notes except as the Trustee or any Paying Agent may otherwise agree with the Company. Such moneys need not be segregated from other funds except to the
extent required by mandatory provisions of law. 
  

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 (k) In no event shall the Trustee be liable for special, indirect or consequential loss or damage of any
kind whatsoever (including, but not limited to, lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 (l) The permissive rights of the Trustee enumerated herein shall not be construed as duties of the Trustee. 
 Section 7.03. Individual Rights of Trustee. The Trustee and any Paying Agent, Registrar or co-registrar or any other agent of the Company or
of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee, Paying Agent, Registrar or such
other agent. 
 Section 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as
to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Company in this Indenture or in any document
issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. 
 Section 7.05. Notice of Defaults and Events of Default. If a Default or Event of Default occurs and is continuing, and if it is known to the Responsible Officer, the Trustee shall mail to each Holder notice of the Default or
Event of Default within 90 days after a Responsible Officer acquires actual knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Note, the Trustee may
withhold the notice and shall be protected from withholding the notice if and so long as a committee of its Responsible Officers of the Trustee in good faith determines that withholding the notice is in the interests of Holders. For all purposes of
this Indenture and the Notes, the Trustee shall not be deemed to have knowledge of a Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof. 
 Section 7.06. Compensation and Indemnity. The Company agrees to pay to the Trustee and the Principal Paying Agent from time to time such
compensation as shall be agreed upon in writing for its services. The Trustee’s compensation shall not be limited by any law regarding compensation of a trustee of an express trust. The Company agrees to reimburse promptly the Trustee and the
Principal Paying Agent upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and
expenses, disbursements and advances of the Trustee’s and the Principal Paying Agent’s agents, counsel, accountants and experts. Payments of any such expenses by the Company to the Trustee or the Principal Paying Agent, as the case may be,
shall be made free and clear of and without withholding or deduction for or on account of any present or future taxes, duties, assessments, fees or other governmental charges of whatever nature (and any fines, penalties or interest related thereto)
imposed or levied by or on behalf of Brazil or any political subdivision or authority thereof or therein having power 

  

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to tax, unless such withholding or deduction is required by law. In that event, the Company shall pay to the Trustee or the Principal Paying Agent, as the
case may be, such additional amounts as may be necessary in order that every net payment made by the Company to the Trustee and Principal Paying Agent, as the case may be, after deducting or withholding for or on account of any present or future
tax, penalty, fine, duty, assessment or other governmental charge imposed upon or as a result of such payment by Brazil or any political subdivision or taxing authority thereof or therein shall not be less than the amount then due and payable to the
Trustee or the Principal Paying Agent, as the case may be. The Company shall indemnify each of the Trustee and the Principal Paying Agent against any and all loss, liability or expense (including reasonable attorneys’ fees and expenses)
incurred by it without gross negligence or bad faith on its part arising out of and in connection with the administration of this Indenture and the performance of its respective duties hereunder, including, without limitation, the costs and expenses
of defending itself against any claim or liability and of complying with any process served upon it or any of its officers in connection with the exercise or performance of any of its powers or duties under this Indenture. The Company undertakes to
indemnify each of the Paying Agents and their affiliates against all losses, liabilities, including any and all tax liabilities, which, for the avoidance of doubt, shall include both Brazilian and Japanese taxes and associated penalties, costs,
claims, actions, damages, expenses or demands which any of them may incur or which may be made against any of them as a result of or in connection with the appointment of or the exercise of the powers and duties by any Paying Agent or its affiliates
under this Indenture except as may result from its own default, gross negligence or bad faith or that of its directors, officers or employees or any of them, or breach by it of the terms of this Indenture. The Trustee shall notify the Company
promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company is entitled to participate in the Trustee’s defense of the claim and
the Trustee may have separate counsel and the Company shall pay the fees and expenses of such counsel. 
 To secure the payment obligations
of the Company in this Section 7.06, the Trustee shall have a lien prior to the Notes on all money or property held or collected by the Trustee or the Principal Paying Agent, except that held in trust to pay principal of and interest on
particular Notes. 
 The obligations of the Company pursuant to this Section 7.06 shall survive the satisfaction and discharge of this
Indenture. When the Trustee or the Principal Paying Agent incurs expenses after the occurrence of a Default or Event of Default specified in Section 6.01(h), the expenses are intended to constitute expenses of administration under the
Bankruptcy Law. 
 The Company acknowledges that the Principal Paying Agent makes no representations as to the interpretation or
characterization of the transactions herein undertaken for tax or any other purpose, in any jurisdiction. The Company represents that it has fully satisfied itself as to any tax impact of this Indenture before agreeing to the terms herein, and is
responsible for any and all federal, state, local, income, franchise, withholding, value added, sales, use, transfer, stamp or other taxes imposed by any jurisdiction in respect of this Indenture. 
 The Company agrees to pay any and all stamp and other documentary taxes or duties which may be payable in connection with the execution, delivery,
performance and enforcement of this Indenture by the Paying Agents. 
  

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 Section 7.07. Replacement of Trustee. The Trustee may resign at any time by so notifying the
Company in writing. The Holders of a majority in principal amount of the Notes may remove the Trustee by so notifying the Trustee in writing and may appoint a successor Trustee. The Company shall remove the Trustee if: 
 (i) the Trustee fails to comply with Section 7.09; 
 (ii) the Trustee is adjudged a bankrupt or insolvent; 
 (iii) a receiver or other public officer takes charge of the Trustee or its property; or 
 (iv) the Trustee otherwise becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee) the Company shall promptly appoint a
successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.
Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its
succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.06. 
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the
Holders of a majority in principal amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee fails to comply with Section 7.09, any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 Notwithstanding the replacement of the Trustee pursuant to this Section 7.07, the Company’s obligation under Section 7.06 shall continue
for the benefit of the retiring Trustee. 
 Section 7.08. Successor Trustee by Merger. If the Trustee consolidates with, merges
or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee.

 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created
by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at
that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such adopted
certificates shall have the full force of all provisions within the Notes or in this Indenture relating to the certificate of the Trustee. 
  

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 Section 7.09. Eligibility; Disqualification. The Trustee hereunder shall at all times be a
corporation, bank or trust company organized and doing business under the laws of the United States or any state thereof (i) which is authorized under such laws to exercise corporate trust power, (ii) is subject to supervision or
examination by governmental authorities, (iii) shall have at all times a combined capital and surplus of at least U.S.$50,000,000 as set forth in its most recent published annual report of condition and (iv) shall have its Corporate Trust
Office in The City of New York. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.09, it shall resign immediately in the manner and with the effect specified in Section 7.07.

 ARTICLE 8 
 DISCHARGE OF INDENTURE; DEFEASANCE 
 Section 8.01. Discharge of
Liability on Notes. (a) When (i) the Company delivers to the Trustee all Outstanding Notes (other than Notes replaced pursuant to Section 2.08) for cancellation or (ii) all Outstanding Notes have become due and payable and
the Company deposits in trust, for the benefit of the Holders, with the Trustee finally collected funds sufficient to pay at Maturity all Outstanding Notes and interest thereon (other than Notes replaced pursuant to Section 2.08), and if in any
such case the Company pays all other sums payable hereunder by the Company, then this Indenture, and the obligations of the Company and the Guarantors pursuant hereto, shall, subject to Sections 8.01(d) and 8.06, cease to be of further effect. The
Trustee shall acknowledge satisfaction and discharge of this Indenture on demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel (each stating that all conditions precedent herein provided relating to the
satisfaction and discharge of this Indenture have been complied with) and at the cost and expense of the Company. 
 (b) Subject to Sections
8.01(d), 8.02 and 8.06, the Company at any time may terminate (i) all its obligations under this Indenture and the Notes (“legal defeasance option”) or (ii) its obligations under Sections 4.07, 4.08, 4.09, 5.01(iii) and
5.03 and the operation of Sections 6.01(a), 6.01(b), 6.01(c) and 6.01(d) (“covenant defeasance option”). The legal defeasance option may be exercised notwithstanding any prior exercise of the covenant defeasance option. Upon
exercise by the Company of the legal defeasance option or the covenant defeasance option, each Guarantor’s obligations under its Note Guaranty will terminate. 
 If the legal defeasance option is exercised, payment of the Notes may not be accelerated because of an Event of Default with respect thereto. If the covenant defeasance option is exercised, payment of the Notes may
not be accelerated because of an Event of Default specified in Section 6.01(a), 6.01(b) or 6.01(c). 
 Upon satisfaction of the
conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in writing the discharge of the obligations of the Company hereunder except those specified in Section 8.01(c). 
  

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 (c) Notwithstanding Sections 8.01(b) and 8.01(c), the Company’s obligations pursuant to Sections
2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 4.06, 7.06, 7.07, 8.04, 8.05 and 8.06 shall survive until the Notes have been paid in full. Thereafter, the obligations of the Company pursuant to Sections 7.06, 7.07, 8.04 and 8.05 shall survive. Furthermore,
each Guarantor’s obligations to pay fully and punctually all amounts payable by the Company to the Trustee under this Indenture shall survive. 
 Section 8.02. Conditions to Defeasance. The Company may exercise the legal defeasance option or the covenant defeasance option only if: 
 (a) The Company irrevocably deposits or causes to be deposited with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders (the
“defeasance trust”) pursuant to an irrevocable trust and security agreement in form and substance satisfactory to the Trustee, money or U.S. Government Obligations, or a combination thereof, sufficient for the payment of principal
of and interest on all the Notes to Maturity or redemption; 
 (b) The Company delivers to the Trustee a certificate from an internationally
recognized firm of independent accountants expressing their opinion that the payments of principal of and interest on the Notes when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without
investment and after payment of all federal, state and local taxes or other charges or assessments in respect thereof payable by the Trustee shall provide cash at such times and in such amounts as shall be sufficient to pay principal of and interest
on all the Notes when due at Maturity or on redemption, as the case may be; 
 (c) 123 days pass after the deposit is made in accordance with
the terms of Section 8.02(a) and during such 123-day period no Default or Event of Default specified in Section 6.01(h) occurs which is continuing at the end of the period; 
 (d) no Default or Event of Default has occurred and is continuing on the date of such deposit and after giving effect thereto; 
 (e) the deposit does not constitute a default or event of default under any other agreement binding on the Company; 
 (f) The Company delivers to the Trustee an Opinion of Counsel to the effect that the trust resulting from the deposit does not constitute, or is not
qualified as, a regulated investment company under the U.S. Investment Company Act of 1940, as amended; 
 (g) The Company delivers to the
Trustee Opinions of Counsel stating that, under Brazilian law, Holders (other than Brazilian persons) shall not recognize gain for Brazilian tax purposes and payments from the defeasance trust to any such Holder shall not be subject to withholding
payments under Brazilian law; 
 (h) in the case of the legal defeasance option, the Company delivers to the Trustee an Opinion of Counsel
stating that (i) the Company has received from, or there has been published by, the U.S. Internal Revenue Service a ruling, or (ii) since the date of this Indenture there has 

  

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been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that,
the Holders shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such deposit and defeasance had not occurred; 
 (i) in the case of the covenant defeasance option, the Company
delivers to the Trustee an Opinion of Counsel to the effect that the Holders shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance and shall be subject to U.S. federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred; 
 (j) the
Company delivers to the Trustee an Opinion of Counsel, in form and substance reasonably satisfactory to Trustee, to the effect that, after the passage of 123 days following the deposit, the trust funds shall not be subject to any applicable
bankruptcy, insolvency, reorganization or similar law affecting creditors’ rights generally; and 
 (k) the Company delivers to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Notes as contemplated by this Article 8 have been complied with. 
 Before or after a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of Notes at a future date in accordance with
Article 3. 
 Section 8.03. Application of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations
deposited with it pursuant to Section 8.02. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent or Paying Agents and in accordance with this Indenture to the payment of principal of and
interest on the Notes. 
 Section 8.04. Repayment to Company. Upon termination of the trust established pursuant to
Section 8.02, the Trustee and each Paying Agent shall promptly pay to the Company upon request, any excess cash or U.S. Government Obligations held by them. 
 Subject to any applicable abandoned property law, the Trustee and each Paying Agent shall pay to the Company, upon request, any money held by them for the payment of principal of or interest on the Notes that remains
unclaimed for two years after the due date for such payment of principal or interest, and, thereafter, the Trustee and each Paying Agent, as the case may be, shall not be liable for payment of such amounts hereunder and the Holders shall be entitled
to such recovery of such amounts only from the Company. 
 Section 8.05. Indemnity for U.S. Governmental Obligations. The Company
shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 
  

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 Section 8.06. Reinstatement. If the Trustee or any Paying Agent is unable to apply any money
or U.S. Government Obligations in accordance with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the
obligations of the Company and the Guarantors under this Indenture, the Notes and the Note Guaranties shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or such Paying Agent is
permitted to apply all such money or U.S. Government Obligations in accordance with this Article 8; provided, however, that, if the Company or any Guarantor has made any payment of principal of or interest on any Notes because of the
reinstatement of its obligations, the Company and the Guarantors shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or such Paying Agent.

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

 (vi) to surrender any right herein conferred upon the Company; 
 (vii) to evidence and provide for the acceptance of an appointment by a successor Trustee; 
 (viii) to provide for the issuance of additional Notes; or 
 (ix) to make any other change that does not materially and adversely affect the rights of any Holder or to conform this Indenture to the
description of the Notes in the Offering Memorandum; 
  

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 provided that, in the case of clause (i) or (ii) above, the Company has delivered to the Trustee an
Opinion of Counsel and an Officers’ Certificate, each stating that such amendment or supplement complies with the provisions of this Section 9.01. 
 Upon the written request of the Company, accompanied by a Board Resolution authorizing the execution of any supplemental indenture, and upon receipt by the Trustee of the documents described in Section 9.05, the
Trustee shall join with the Company in the execution of any supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations which may be therein contained, but the Trustee
shall not be obligated to enter into any such supplemental indenture which affects its own rights, duties or immunities under this Indenture or otherwise. 
 Each Guarantor must consent to any amendment or supplement hereunder. 
 Section 9.02. With Consent
of Holders. Except as specified in Section 9.01, the Company, when authorized by a Board Resolution, and the Trustee, together, may amend or supplement this Indenture or the Notes with the written consent of the Holders of at least a
majority in principal amount of the Outstanding Notes for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or modifying in any manner the rights of the Holders under this
Indenture, and the Holders of at least a majority in principal amount of the Outstanding Notes may, except as set forth below, waive any past Default or compliance with any provision of this Indenture; provided, however, that, without
the consent of each Holder affected, an amendment may not: 
 (i) reduce the rate of or extend the time for payment of
interest on any Note; 
 (ii) reduce the principal of any Note; 
 (iii) reduce the amount payable upon the redemption of any Note or change the time at which any Note may be redeemed; 
 (iv) change the currency for payment of principal of or interest on any Note; 
 (v) impair the right to institute suit for the enforcement of any payment on or with respect to any Note; 
 (vi) waive a Default or Event of Default in payment of principal of and interest on the Notes; 
 (vii) reduce the principal amount of Notes whose Holders must consent to any amendment, supplement or waiver; 
 (viii) make any change in this first paragraph of this Section 9.02; or 
 (ix) modify or change any provision of the Indenture affecting the ranking of the Notes or any Note Guaranty in a manner adverse to the
Holders of the Notes; or 
  

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 (x) make any change in any Note Guaranty that would adversely affect the Noteholders.

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

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

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

  

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confirms that it is the intention of all such parties that the Note Guaranty of such Guarantor not constitute a fraudulent conveyance under applicable
fraudulent conveyance provisions of the laws of Brazil, the United States Bankruptcy Code or any comparable provision of state law. To effectuate that intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the
obligations of each Guarantor under its Note Guaranty are limited to the maximum amount that would not render the Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of the laws of Brazil, the United
States Bankruptcy Code or any comparable provision of state law. 
 Section 10.08. Execution and Delivery of Guaranty. The
execution by each Guarantor of this Indenture (or a supplemental indenture in the form of Exhibit B) evidences the Note Guaranty of such Guarantor, whether or not the person signing as an officer of the Guarantor still holds that office at the
time of authentication of any Note. The delivery of any Note by the Trustee after authentication constitutes due delivery of the Note Guaranty set forth in this Indenture on behalf of each Guarantor. 
 Section 10.09. Release of Guaranty. The Note Guaranty of a Guarantor will terminate upon: 
 (i) a sale or other disposition (including by way of consolidation or merger) of the Guarantor or the sale or disposition of all or
substantially all the assets of the Guarantor (in each case other than to the Company or a Subsidiary) otherwise permitted by this Indenture; 
 (ii) if the Note Guaranty was required pursuant to the terms of this Indenture, the cessation of the circumstances requiring the Note Guaranty; or 
 (iii) defeasance or discharge of the Notes, as provided in Article 8. 
 Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the foregoing effect, the Trustee will execute
any documents reasonably requested by the Company in writing in order to evidence the release of the Guarantor from its obligations under its Note Guaranty. 
 ARTICLE 11 
 MEETINGS OF HOLDERS 
 Section 11.01. Purposes for Which Meetings May Be Called. A meeting of Holders may be called at any time and from time to time pursuant to
the provisions of this Article 11 for any of the following purposes: 
 (a) to give any notice to the Company or to the Trustee, or to give
any directions to the Trustee, or to waive or to consent to the waiving of any Default or Event of Default hereunder and its consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article 6;

  

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

 (c) to consent to an amendment, supplement or waiver pursuant to the provisions of Section 9.02; or 
 (d) to take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the Notes under any
other provision of this Indenture, or authorized or permitted by law. 
 Section 11.02. Manner of Calling Meetings. The Trustee
may at any time call a meeting of Holders to take any action specified in Section 11.01, to be held at such time and at such place in The City of New York, New York or elsewhere as the Trustee shall determine. Notice of every meeting of
Holders, setting forth the time and place of such meeting and in general terms the action proposed to be taken at such meeting, shall be mailed by the Trustee, first-class postage prepaid, to the Company and to the Holders at their last addresses as
they shall appear on the registration books of the Registrar not less than 10 nor more than 60 days prior to the date fixed for a meeting. 
 Any meeting of Holders shall be valid without notice if the Holders of all Outstanding Notes are present in Person or by proxy, or if notice is waived before or after the meeting by the Holders of all Outstanding Notes, and if the Company
and the Trustee are either present by duly authorized representatives or have, before or after the meeting, waived notice. 
 Section 11.03. Call of Meetings by Company or Holders. In case at any time the Company, pursuant to a Board Resolution, or the Holders of not less than 10% in aggregate principal amount of the Outstanding Notes shall have
requested the Trustee to call a meeting of Holders to take any action specified in Section 11.01, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the
notice of such meeting within 20 days after receipt of such request, then the Company or the Holders of Notes in the amount above specified may determine the time and place in The City of New York, New York or elsewhere for such meeting and may call
such meeting for the purpose of taking such action, by mailing or causing to be mailed notice thereof as provided in Section 11.02, or by causing notice thereof to be published at least once in each of two successive calendar weeks (on any
Business Day during such week) in a newspaper or newspapers printed in the English language, customarily published at least five days a week of a general circulation in The City of New York, New York and in Luxembourg, the first such publication to
be not less than 10 nor more than 60 days prior to the date fixed for the meeting. 
 Section 11.04. Who May Attend and Vote at
Meetings. To be entitled to vote at any meeting of Holders, a Person shall (i) be a registered Holder of one or more Notes, or (ii) be a Person appointed by an instrument in writing as proxy for the registered Holder or Holders of
Notes. The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives
of the Company and its counsel. 
  

 53 

 Section 11.05. Regulations May Be Made by Trustee; Conduct of the Meeting; Voting Rights;
Adjournment. Notwithstanding any other provision of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any action by or any meeting of Holders, in regard to proof of the holding of Notes and of the
appointment of proxies, and in regard to the appointment and duties of inspectors of votes, and submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting
as it shall think appropriate. Such regulations may fix a record date and time for determining the Holders of record of Notes entitled to vote at such meeting, in which case those and only those Persons who are Holders of Notes at the record date
and time so fixed, or their proxies, shall be entitled to vote at such meeting whether or not they shall be such Holders at the time of the meeting. 
 The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided in Section 11.03, in which case the
Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Holders of a majority in principal
amount of the Notes represented at the meeting and entitled to vote. 
 At any meeting each Holder or proxy shall, subject to the provisions
of Section 11.04, be entitled to one vote for each U.S.$1,000 principal amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Notes challenged
as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman may adjourn any such meeting if he is unable to determine whether any Holder or proxy shall be entitled to vote at such meeting. The chairman of the
meeting shall have no right to vote other than by virtue of Notes held by him or instruments in writing as aforesaid duly designating him as the proxy to vote on behalf of other Holders. Any meeting of Holders duly called pursuant to the provisions
of Section 11.02 or Section 11.03 may be adjourned from time to time by vote of the Holders of a majority in aggregate principal amount of the Notes represented at the meeting and entitled to vote, and the meeting may be held as so
adjourned without further notice. 
 Section 11.06. Voting at the Meeting and Record to Be Kept. The vote upon any resolution
submitted to any meeting of Holders shall be by written ballots on which shall be subscribed the signatures of the Holders of Notes or of their representatives by proxy and the principal amount of the Notes voted by the ballot. The permanent
chairman of the meeting shall appoint two inspectors of votes, who shall count all votes cast at the meeting for or against any resolution and shall make and file with the secretary of the meeting their verified written reports in duplicate of all
votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to such record the original reports of the inspectors of votes on any vote
by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts, setting forth a copy of the notice of the meeting and showing that such notice was mailed as provided in Section 11.02. The record shall be signed and
verified by the affidavits of the permanent chairman and the secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the
ballots voted at the meeting. 
  

 54 

 Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

Section 11.07. Exercise of Rights of Trustee or Holders May Not Be Hindered or Delayed by Call of Meeting. Nothing contained in this
Article 11 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights
conferred upon or reserved to the Trustee or to the Holders under any of the provisions of this Indenture or of the Notes. 
 Section 11.08. Procedures Not Exclusive. The procedures set forth in this Article 11 are not exclusive and the rights and obligations of the Company, the Trustee and the Holders under other Articles of this Indenture (including,
without limitation, Articles 6, 7, 8 and 9) shall in no way be limited by the provisions of this Article 11. 
 ARTICLE 12 
 MISCELLANEOUS 
 Section 12.01. Provisions of Indenture and Notes for the Sole Benefit of Parties and Holders of Notes. Nothing in this Indenture or the Notes, expressed or implied, shall be given to any Person other than the parties hereto and
their successors hereunder and the Holders of the Notes any benefit or any legal or equitable right, remedy or claim under this Indenture or the Notes. 
 Section 12.02. Notices. Any request, demand, authorization, direction, notice, consent, waiver or other communication or document provided or permitted by this Indenture to be made upon, given, provided or
furnished to, or filed with, any party to this Indenture shall, except as otherwise expressly provided herein, be deemed to have been received only upon actual receipt thereof by prepaid first class mail, courier or telecopier, addressed to the
relevant party as follows: 
 To the Company: 
 Av. Pres. Juscelino Kubitschek, 1726 – 6o andar 
 04543-000 – São Paulo, SP 

Brasil 
 Attention: Paulo Diniz 

Facsimile: (55 11) 3897-9799 
 With a copy
to: 
 White & Case LLP Al. Santos, 1940 – 3o andar 
 01418-200 – São Paulo, SP 
 Brasil

 Attention: Donald Baker 
 Facsimile: (55 11) 3147-5611 
  

 55 

 To the Trustee: 
 JPMorgan Chase Bank, N.A. 
 4 New York Plaza 
 15th Floor 
 New York, New York 10004

 Attention: Institutional Trust Services 
 Telephone: 1-212-623-5162 
 Telecopy: 1-212-623-6207 
 To the Principal Paying Agent: 
 J.P.
Morgan Trust Bank Ltd. 
 Alaska Park Building, 13th Floor 
 2-20, Akasaka 5-chome 
 Minato-ku 
 Tokyo 107-6151 
 Japan 
 Attention: Institutional Trust Services 
 Telephone: 81-3-5570-9234 
 Telecopy: 81-3-5570-8246 
 With a copy to JPMorgan Chase Bank, N.A. 
 To the Paying Agent and Transfer Agent in Luxembourg:

 J.P. Morgan Bank Luxembourg S.A. 
 6, Route de Treves 
 L-2633 Senningerberg 
 Luxembourg 
 Attention: Institutional Trust Services 
 Telecopy: 35-246-268-5804 
 Notices or
communications to a Guarantor will be deemed given if given to the Company 
 Any party by notice to the other parties may designate
additional or different addresses for subsequent notices or communications. 
 Where this Indenture provides for the giving of notice to
Holders, such notice shall be deemed to have been given upon (i) the mailing of first class mail, postage prepaid, of such notice to Holders of the Notes at their registered addresses as recorded in the Register; and (ii) for so long as
the Notes are listed on the Luxembourg Stock Exchange, Euro MTF and it is required by the rules of the Luxembourg Stock Exchange, publication of such notice to the Holders of the Notes in English in a leading newspaper having general circulation in
Luxembourg or, if such publication is not practicable, in one other leading English language daily newspaper with general circulation in Europe, such newspaper being published on each Business Day in morning editions, whether or not it shall be
published in Saturday, Sunday or holiday editions. 
  

 56 

 The Company shall also cause all other such publications of such notices as may be required from time to
time by applicable Brazilian law, including, without limitation, those required under the applicable regulations issued by the CVM. 
 Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed to a Holder in the manner provided above, it is duly given,
whether or not the addressee receives it. 
 Section 12.03. Officers’ Certificate and Opinion of Counsel as to Conditions
Precedent. Upon any request or application by the Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 
 (i) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set
forth in Section 12.04) stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
 (ii) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in
Section 12.04) stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 Section 12.04. Statements Required in Officers’ Certificate or Opinion of Counsel. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include:

 (i) a statement that each Person making or rendering such Officers’ Certificate or Opinion of Counsel has read such
covenant or condition and the related definitions; 
 (ii) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such Officers’ Certificate or Opinion of Counsel are based; 
 (iii) a statement that, in the opinion of each such Person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with;
and 
 (iv) a statement as to whether or not, in the opinion of each such Person, such covenant or condition has been complied
with. 
 Section 12.05. Rules by Trustee, Registrar Paying Agent and Transfer Agents. The Trustee may make reasonable rules for
action by or a meeting of Holders. The Registrar, the Paying Agents and the Transfer Agents may make reasonable rules for their functions. 
 Section 12.06. Currency Indemnity. U.S. Dollars are the sole currency of account and payment for all sums payable by the Company or the Guarantors under or in connection with the Notes and the Note Guaranties, including damages.
Any amount received or recovered in a currency other than U.S. Dollars (whether as a result of, or of the enforcement of, a judgment or 

  

 57 

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

  

 58 

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

  

 59 

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

 60 

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

			
	 COSAN S.A. INDÚSTRIA E COMÉRCIO
 as Issuer

		
	By:	 	 /s/ Rubens Ometto Silveira Mello

	Name:	 	 Rubens Ometto Silveira Mello

	Title:	 	 Chief Executive Officer

		
	By:	 	 /s/ Paulo Sergio de Oliveira Diniz

	Name:	 	 Paulo Sergio de Oliveira Diniz

	Title:	 	 Chief Financial Officer

	
	 USINA DA BARRA S/A – AÇÚCAR E ÁLCOOL
 as Guarantor

		
	By:	 	 /s/ Rubens Ometto Silveira Mello

	Name:	 	Rubens Ometto Silveira Mello
	Title:	 	 Chief Executive Officer

		
	By:	 	 /s/ Paulo Sergio de Oliveira Diniz

	 Name:
	 	 Paulo Sergio de Oliveira Diniz

	 Title:
	 	 Chief Financial Officer

	
	 FBA – FRANCO BRASILEIRA S.A. AÇÚCAR E ÁLCOOL
 as Guarantor

		
	 By:
	 	 /s/ Rubens Ometto Silveira Mello

	 Name:
	 	 Rubens Ometto Silveira Mello

	 Title:
	 	
		
	By:	 	 /s/ Paulo Sergio de Oliveira Diniz

	Name:	 	 Paulo Sergio de Oliveira Diniz

	Title:	 	

			
	 JPMORGAN CHASE BANK, N.A.
     as Trustee, Registrar and Transfer Agent

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

	 Name:
	 	 John T. Needham, Jr.

	 Title:
	 	 Vice President

  

			
	 J.P. MORGAN TRUST BANK LTD.,
     as Principal Paying Agent

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

	 Name:
	 	John T. Needham, Jr.
	 Title:
	 	 Vice President

  

			
	 J.P. MORGAN BANK LUXEMBOURG S.A.,
     as Paying Agent and Transfer Agent

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

	 Name:
	 	 John T. Needham, Jr.

	 Title:
	 	 Vice President

  

			
	Witnesses:
		
	 By:
	 	 /s/ William Potes

	 Name:
	 	 William Potes

		
	 By:
	 	 /s/ Lucia Jaklitsch

	 Name:
	 	 Lucia Jaklitsch

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

 On the 6th day of February, 2006, before me personally came John T. Needham, Jr., to me known,
who, being by me duly sworn, did depose and say that he is a Vice President of JPMorgan Chase Bank, N.A., one of the corporations described in and which executed the foregoing instrument; that he knows the seal of said corporation; that the seal
affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation; and that he signed his name thereto by like authority. 
 [Notarial Seal] 
  

	
	 /s/ Emily Joy

	Notary Public
	 COMMISSION EXPIRES
 December 31,
2009

  

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

 On the 6th day of February, 2006, before me personally came John T. Needham, Jr., to me known,
who, being by me duly sworn, did depose and say that he is a true end lawful attorney-in-fact of J.P. Morgan Trust Bank Ltd., one of the corporations described in and which executed the foregoing instrument; that he knows the seal of said
corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation; and that he signed his name thereto by like authority. 
 [Notarial Seal] 
  

	
	 /s/ Emily Joy

	Notary Public
	 COMMISSION EXPIRES
 December 31,
2009

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

 On the day 6th of February, 2006, before me personally came John T. Needham, Jr., to me known,
who, being by me duly sworn, did depose and say that he is a Vice-President of JPMorgan Bank Luxembourg S.A., one of the corporations described in and which executed the foregoing instrument; that he knows the seal of said corporation; that the seal
affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation; and that he signed his name thereto by like authority. 
 [Notarial Seal] 
  

	
	 /s/ Emily Joy

	Notary Public
	 COMMISSION EXPIRES
 December 31, 2009

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

  

 A-1 

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

 A-2 

 COSAN S.A. INDÚSTRIA E COMÉRCIO 
 U.S.$300,000,000 
 8.25% Perpetual Notes

 [RESTRICTED GLOBAL NOTE] 
 [REGULATION S GLOBAL NOTE] 
 [CERTIFICATED NOTE] 
 Representing U.S.$                     
 8.25% Perpetual Notes 
 No. [R-1] [S-1] 
  

			
	CUSIP No. [22111Y AB 1] [P31573 AB 7]	  	Principal Amount
	ISIN No. [US22111YAB11] [USP31573AB77]	  	U.S.$                      

 COSAN S.A. INDÚSTRIA E COMÉRCIO, a corporation organized under the laws of the
Federative Republic of Brazil (the “Company”, which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
                                        ,
or registered assigns, U.S.$            , upon presentment and surrender of this Note on such date or dates as the then relevant principal sum may become payable in accordance with
the provisions hereof and in the Indenture. 
 Interest on the outstanding principal amount shall be borne at the rate of 8.25% per
annum payable quarterly in arrears on each February 15, May 15, August 15 and November 15 (each such date an “Interest Payment Date”), commencing on May 15, 2006, all subject to and in accordance
with the terms and conditions set forth herein and in the Indenture; provided, however, that in the event that the Company shall at any time default on the payment of interest or such other amounts as any may be payable in respect of
the Notes, the Company shall pay interest on overdue principal or installments of interest, to the extent lawful, at the rate borne by the Notes plus 1% per annum. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  

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

			
	COSAN S.A. INDÚSTRIA E COMÉRCIO
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Witnesses:
		
	 By:
	 	  

	 Name:
	 	
		
	 By:
	 	  

	 Name:
	 	

  

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

			
	 JPMORGAN CHASE BANK, N.A.,
 as
Trustee

	 By:
	 	  

		 	Authorized Officer

  

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 [FORM OF REVERSE SIDE OF NOTE] 
 8.25% Perpetual Notes 
 TERMS AND CONDITIONS OF THE NOTES 
 This Note is one of a duly authorized issue of 8.25% Perpetual Notes of the Company. The Notes constitute unsecured unsubordinated obligations of the
Company, initially in an aggregate principal amount of U.S.$300,000,000. 
 1. Indenture; Note Guaranty. 
 The Notes are, and shall be, issued under an Indenture, dated as of February 6, 2006 (the “Indenture”), among the Company, the
Guarantors party thereto, JPMorgan Chase Bank, N.A., as trustee (the “Trustee”), J.P. Morgan Trust Bank Ltd., as principal paying agent (the “Principal Paying Agent”) and J.P. Morgan Bank Luxembourg S.A., as
Luxembourg Paying Agent and Transfer Agent. The terms of the Notes include those stated in the Indenture. The Holders of the Notes shall be entitled to the benefit of, be bound by and be deemed to have notice of, all provisions of the Indenture.
Reference is hereby made to the Indenture and all supplemental indentures thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, the Principal Paying Agent and the
Holders of the Notes and the terms upon which the Notes, are, and are to be, authenticated and delivered. All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. Copies of the
Indenture and each Global Note shall be available for inspection at the offices of the Trustee and each Paying Agent. 
 The Company may from
time to time, without the consent of the Holders of the Notes, create and issue additional Notes having the same terms and conditions as the Notes in all respects, except for issue date, issue price and the first payment of interest thereon.
Additional Notes issued in this manner shall be consolidated with and shall form a single series with the previously outstanding Notes. 
 The Indenture imposes certain limitations on the creation of Liens by the Company or its Subsidiaries, and consolidation, merger and certain other transactions involving the Company. In addition, the Indenture requires the maintenance of
insurance for the Company and its Subsidiaries, the maintenance of the existence of the Company and its Subsidiaries, the payment of certain taxes and claims and reporting requirements applicable to the Company. 
 2. Interest. 
 The Notes bear interest
at the rate per annum shown above from February 6, 2006, or from the most recent Interest Payment Date (as defined below) to which interest has been paid or provided for, payable quarterly in arrears on
February 15, May 15, August 15 and November 15 of each year (each such date, an “Interest Payment Date”), commencing on May 15, 2006. Interest on the Notes shall be computed on the basis of a
360-day year of twelve 30-day months. The Company shall pay interest on overdue principal or installments of interest, to the extent lawful, at the rate borne by the Notes plus 1% per annum. 
  

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 3. Method of Payment. 
 Payments of interest in respect of each Note shall be made on each Interest Payment Date by the Paying Agents to the Persons shown on the Register at the
close of business on February 1, May 1, August 1 and November 1, as the case may be (each, a “Record Date”), next preceding such Interest Payment Date. 
 Payments in respect of each Note shall be made by U.S. Dollar check drawn on a bank in The City of New York and may be mailed to the Holder of such
Note at its address appearing in the Register. Upon written application by the Holder to the specified office of any Paying Agent not less than 15 days before the due date for any payment in respect of a Note, such payment may be made by wire
transfer to a U.S. Dollar account maintained by the payee with a bank in The City of New York. Payment of principal in respect of each Note shall be made on any Payment Date for such principal to the Person shown on the Register at the close of
business on the fifteenth day immediately preceding such Payment Date. 
 All payments on this Note are subject in all cases to any
applicable tax or other laws and regulations, but without prejudice to the provisions of Paragraph 5 hereof. Except as provided in Section 2.08 of the Indenture, no fees or expenses shall be charged to the Holders in respect of such payments.

 If the Payment Date in respect of any Note is not a business day at the place in which it is presented for payment, the Holder thereof
shall not be entitled to payment of the amount due until the next succeeding business day at such place and shall not be entitled to any further interest or other payment in respect of any such delay. 
 If the amount of principal or interest which is due on the Notes is not paid in full, the Registrar shall annotate the Register with a record of the
amount of interest, if any, in fact paid. 
 4. Registrar, Paying Agent and Transfer Agent. 
 The Trustee shall act as Registrar and Transfer Agent. J.P. Morgan Trust Bank Ltd. shall act as Principal Paying Agent of the Notes. The Company may
appoint and change any Registrar, Paying Agent or Transfer Agent without notice. For so long as the Notes are listed on the Luxembourg Stock Exchange, Euro MTF and such stock exchange shall so require, the Company shall maintain a Paying Agent and a
Transfer Agent in Luxembourg. J.P. Morgan Bank Luxembourg S.A. shall initially act as Paying Agent and Transfer Agent in Luxembourg. 
 5.
Additional Amounts. 
 All payments by the Company in respect of the Notes or the Guarantors in respect of the Guarantees will be made
without withholding or deduction for or on account of any present or future taxes, duties, assessments, or other governmental charges of whatever nature imposed or levied by or on behalf of Brazil, or any authority therein or thereof in the case of
payments under the Notes or any other jurisdiction in which any Guarantor is organized having power to tax in the case of payments under the Note Guaranty, unless the Company or the Guarantors are compelled by law to deduct or withhold such taxes,
duties, assessments, or governmental charges. In such event, the Company or the Guarantors will make such deduction or withholding, make 

  

 A-7 

 
payment of the amount so withheld to the appropriate governmental authority and pay such additional amounts as may be necessary to ensure that the net
amounts receivable by Holders of Notes after such withholding or deduction shall equal the respective amounts of principal and interest which would have been receivable in respect of the Notes in the absence of such withholding or deduction
(“Additional Amounts”). No such Additional Amounts shall be payable: 
 (i) to, or to a third party on behalf
of, a Holder who is liable for such taxes, duties, assessments or governmental charges in respect of such note by reason of the existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member
or shareholder of such Holder, if such Holder is an estate, a trust, a partnership, or a corporation) and Brazil, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member or shareholder) being or having been a
citizen or resident thereof or being or having been engaged in a trade or business or present therein or having, or having had, a permanent establishment therein, other than the mere holding of the Note or enforcement of rights and the receipt of
payments with respect to the Note; 
 (ii) in respect of Notes surrendered (if surrender is required) more than 30 days after
the Relevant Date except to the extent that payments under such Note would have been subject to withholdings and the Holder of such Note would have been entitled to such Additional Amounts, on surrender of such Note for payment on the last day of
such period of 30 days; 
 (iii) where such Additional Amount is imposed on a payment to an individual and is required to be
made pursuant to any law implementing or complying with, or introduced in order to conform to, any European Union Directive on the taxation of savings; 
 (iv) to, or to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or other governmental charges by reason of such Holder’s failure to comply with any certification,
identification or other reporting requirement concerning the nationality, residence, identity or connection with Brazil, or a successor jurisdiction or applicable political subdivision or authority thereof or therein having power to tax, of such
Holder, if (1) compliance is required by such jurisdiction, or any political subdivision or authority thereof or therein having power to tax, as a precondition to, exemption from, or reduction in the rate of, the tax, assessment or other
governmental charge and (2) the Company has given the Holders at least 30 days’ notice that Holders will be required to provide such certification, identification or other requirement; 
 (v) in respect of any estate, inheritance, gift, sales, transfer, capital gains, excise or personal property or similar tax, assessment or
governmental charge; 
  

 A-8 

 (vi) in respect of any tax, assessment or other governmental charge which is payable
other than by deduction or withholding from payments of principal of or interest on the Note or by direct payment by the Company or the Guarantors in respect of claims made against the Company or the Guarantors; or 
 (vii) in respect of any combination of the above. 
 No Additional Amounts shall be paid with respect to any payment on a Note to a Holder who is a fiduciary, a partnership, a limited liability company or other than the sole beneficial owner of that payment to the
extent that payment would be required by the laws of Brazil or any political subdivision thereof to be included in the income, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, an
interestholder in a limited liability company or a beneficial owner who would not have been entitled to the Additional Amounts had that beneficiary, settlor, member or beneficial owner been the Holder. 
 The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation. Except as specifically
provided above, neither the Company nor the Guarantors shall be required to make a payment with respect to any tax, assessment or governmental charge imposed by any government or a political subdivision or taxing authority thereof or therein.

 In the event that Additional Amounts actually paid with respect to the Notes are based on rates of deduction or withholding of withholding
taxes in excess of the appropriate rate applicable to the Holder of such Notes, and, as a result thereof such Holder is entitled to make claim for a refund or credit of such excess from the authority imposing such withholding tax, then such Holder
shall, by accepting such Notes, be deemed to have assigned and transferred all right, title, and interest to any such claim for a refund or credit of such excess to the Company. 
 Any reference in the Indenture or the Notes to principal, interest or any other amount payable in respect of the Notes by the Company or the Note
Guaranty by the Guarantors will be deemed also to refer to any Additional Amount, unless the context requires otherwise, that may be payable with respect to that amount under the obligations referred to in this Paragraph 5. 
 The foregoing obligation will survive termination or discharge of the Indenture. 
 6. Open Market Purchases. 
 The
Company or any of its Affiliates may at any time purchase Notes in the open market or otherwise at any agreed upon price. All Notes so purchased may not be reissued or resold, except in accordance with applicable securities and other laws.

 7. Redemption. 
 Except
as described in Section 3.01 of the Indenture and this Paragraph 7, the Notes may not be redeemed. 
 The Notes shall be redeemable, at
the option of the Company, in whole, but not in part, on any Interest Payment Date on or after February 15, 2011, upon giving not less than 30 nor 

  

 A-9 

 
more than 60 days’ notice to the Holders (which notice shall be irrevocable), at 100% of the principal amount thereof, plus accrued interest and any
Additional Amounts payable with respect thereto. 
 If as a result of any change in or amendment to the laws (or any rules or regulations
thereunder) of Brazil or any political subdivision or taxing authority thereof or therein affecting taxation, or any amendment to or change in an official interpretation, administration or application of such laws, treaties, rules, or regulations
(including a holding by a court of competent jurisdiction), which change or amendment becomes effective or, in the case of a change in official position, is announced on or after the issue date of the Notes or on or after the date a successor
assumes the obligations under the Notes, the Company or the Guarantors have or will become obligated to pay Additional Amounts (as defined above) in excess of the Additional Amounts the Company or the Guarantors would be obligated to pay if payments
were subject to withholding or deduction at a rate of 15% or at a rate of 25% in case the Holder of the Notes is resident in a tax haven jurisdiction (i.e., countries which do not impose any income tax or which impose it at a maximum rate lower than
20% or where the laws impose restrictions on the disclosure of ownership composition or securities ownership) as a result of the taxes, duties, assessments and other governmental charges described above (the “Minimum Withholding
Level”), the Company or the Guarantors may, at their option, redeem all, but not less than all, of the Notes, at a redemption price equal to 100% of their principal amount, together with interest accrued to the date fixed for redemption,
upon publication of irrevocable notice to Holders not less than 30 days nor more than 90 days prior to the date fixed for redemption. No notice of such redemption may be given earlier than 90 days prior to the earliest date on which the Company
would, but for such redemption, be obligated to pay the Additional Amounts above the Minimum Withholding Level. The Company shall not have the right to so redeem the Notes in the event it becomes obliged to pay Additional Amounts which are less than
the Additional Amounts payable at the Minimum Withholding Level. Notwithstanding the foregoing, the Company shall not have the right to so redeem the Notes unless: (i) it has taken reasonable measures to avoid the obligation to pay Additional
Amounts; and (ii) it has complied with all necessary regulations of the Central Bank of Brazil to legally effect such redemption. 
 In
the event that the Company elects to so redeem the Notes pursuant to Section 3.01(c), it will deliver to the Trustee: (i) a certificate, signed in the name of the Company by any two of its executive officers or by its attorney-in-fact in
accordance with its bylaws, stating that the Company is entitled to redeem the Notes pursuant to their terms and setting forth a statement of facts showing that the condition or conditions precedent to the right of the Company to so redeem have
occurred or been satisfied; and (ii) an Opinion of Counsel to the effect that the Company has or will become obligated to pay Additional Amounts in excess of the Additional Amounts payable at the Minimum Withholding Level as a result of the
change or amendment, that the Company cannot avoid payment of such excess Additional Amounts by taking reasonable measures available to it and that all governmental requirements necessary for the Company to effect the redemption have been complied
with. 
 8. Denominations; Transfer; Exchange. 
 The Notes are in registered form without coupons in minimum denominations of U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof. 
  

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 A Holder may transfer or exchange Notes in accordance with the Indenture. The Trustee or Transfer Agent,
as the case may be, may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. 
 The Trustee or Transfer Agent, as the case may be, need not register the transfer or exchange of any Notes selected for redemption or any Notes for a
period of 15 days before a selection of Notes to be redeemed or before an Interest Payment Date. 
 9. Persons Deemed Owners.

 The registered Holder of this Note may be treated as the owner thereof for all purposes. 
 10. Unclaimed Money. 
 Subject to
applicable law, the Trustee and the Paying Agents shall pay to the Company upon request any monies held by them for the payment of principal or interest that remains unclaimed for two years, and thereafter, Holders entitled to such monies must look
to the Company for payment as general creditors. 
 11. Defeasance. 
 Subject to the terms of the Indenture, the Company at any time may terminate some or all of its obligations under the Notes and the Indenture if the
Company irrevocably deposits in trust with the Trustee money or U.S. Government Obligations sufficient for the payment of principal of and interest on all the Notes to Maturity or redemption. At such time, each Guarantor’s obligations under its
Note Guaranty will terminate. 
 12. Amendment; Waiver. 
 Subject to certain exceptions set forth in the Indenture, the Indenture or the Notes may be amended or supplemented without notice to any Holder but with the written consent of the Holders of at least a majority in
principal amount of the Notes then outstanding, and any past Default or compliance with any provision may be waived with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding. However, subject to certain
exceptions set forth in the Indenture, without the consent of each Holder of an outstanding Note affected thereby, no amendment may, among other things: 
 (i) reduce the rate of or extend the time for payment of interest on any Note; 
 (ii) reduce
the principal of any Note; 
 (iii) reduce the amount payable upon the redemption of any Note or change the time at which any
Note may be redeemed; 
 (iv) change the currency for payment of principal of or interest on any Note; 
  

 A-11 

 (v) impair the right to institute suit for the enforcement of any payment on or with
respect to any Note; 
 (vi) waive a Default or Event of Default in payment of principal of and interest on the Notes;

 (vii) reduce the principal amount of Notes whose Holders must consent to any amendment, supplement or waiver; 

(viii) make any change in this first paragraph of this Section; or 
 (ix) modify or change any provision of the Indenture affecting the ranking of the Notes or any Note Guaranty in a manner adverse to the
Holders of the Notes; or 
 (x) make any change in any Note Guaranty that would adversely affect the Noteholders. 

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

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

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

 A-13 

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

  

 A-14 

 
interest on all Notes to be due and payable immediately, by a notice in writing to the Company, and upon any such declaration such amounts shall become due
and payable immediately. If an Event of Default specified in clause (vi), (vii) or (viii) above occurs and is continuing, then the principal of, and accrued interest on, all Notes shall become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder. 
 Subject to the provisions of the Indenture relating to the duties of
the Trustee in case an Event of Default shall occur and be continuing, the Trustee shall be under no obligation to exercise any of its rights or powers under the Indenture at the request or direction of any of the Holders, unless such Holders shall
have offered to the Trustee indemnity reasonably satisfactory to it. Subject to such provision for the indemnification of the Trustee, the Holders of a majority in aggregate principal amount of the outstanding Notes shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee. 
 At any time after a declaration of acceleration has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as provided in the Indenture, the Holders of a majority in
principal amount of the Notes by written notice to the Company and the Trustee may rescind or annul a declaration of acceleration if (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all overdue interest (including
any Additional Amounts) on Outstanding Notes, all unpaid principal of the Notes that has become due otherwise than by such declaration of acceleration, interest on such overdue interest (including any Additional Amounts) as provided in the Indenture
and all sums paid or advanced by the Trustee under the Indenture and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and (ii) all Events of Default have been cured or waived except
nonpayment of principal that has become due solely because of acceleration. 
 No such rescission shall affect any subsequent Default or
Event of Default or impair any right consequent thereto. 
 14. Trustee Dealings with the Company. 
 Subject to certain limitations imposed by the Indenture, the Trustee in its individual or any other capacity, may become the owner or pledgee of Notes and
may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
 15. Governing Law. 
 THE INDENTURE AND
THIS NOTE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 16. No Recourse Against Others. 
 No director, officer, employee or shareholder, as such, of the Company or the Trustee shall have any liability for any obligations of the Company under
the Notes or any obligations of the Company or the Trustee under the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The
waiver and release are part of the consideration for the issue of the Notes. 
  

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 17. CUSIP and ISIN Numbers. 
 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP or ISIN numbers, as
applicable, to be printed on the Notes and has directed the Trustee to use CUSIP or ISIN numbers, as applicable, in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture, which includes the form of this Note. Requests may be made to: 
 Cosan Indústria e Comércio 
 Av. Pres. Juscelino Kubitschek, 1726 - 6o andar 
 04543-000 – São Paulo, SP

 Brasil 
 Attention: Paulo Diniz 
 Facsimile: (55 11) 3897-9799 
  

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 EXHIBIT B 
 SUPPLEMENTAL INDENTURE 
 dated as of
            ,          
 among 
 COSAN S.A. INDÚSTRIA E COMÉRCIO, 
 the [ADDITIONAL GUARANTOR(S)] Party Hereto 
 JPMORGAN CHASE BANK, N.A. 
 as Trustee 
 J.P. MORGAN TRUST BANK LTD.,

 as Principal Paying Agent 
 and

 J.P. MORGAN BANK LUXEMBOURG S.A., 
 as Luxembourg Paying Agent and Transfer Agent 
  

 8.25% 
 Perpetual Notes 

 THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into as of
            ,         , among Cosan S.A. Indústria e Comércio, a Brazilian corporation (the “Company”),
[Additional Guarantor(s)] (each an “Undersigned”), JPMorgan Chase Bank, N.A., as trustee (the “Trustee”), J.P. Morgan Trust Bank Ltd., as principal paying agent (the “Principal Paying Agent”) and
J.P. Morgan Bank Luxembourg S.A., as Luxembourg Paying Agent and Transfer Agent (the “Luxembourg Paying Agent and Transfer Agent”). 
 RECITALS 
 WHEREAS, the Company, the Guarantors party thereto, JPMorgan Chase Bank, N.A., as Trustee, J.P. Morgan Trust Bank
Ltd., as Principal Paying Agent, and J.P. Morgan Bank Luxembourg S.A., as Luxembourg Paying Agent and Transfer Agent, entered into the Indenture, dated as of February 6, 2006 (the “Indenture”), relating to the Company’s
8.25% Perpetual Notes (the “Notes”); 
 WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase
of the Notes by the Holders, the Company agreed pursuant to the Indenture to cause any newly acquired or created Subsidiaries to provide Guarantees in certain circumstances. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises and mutual
covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows: 
 Section 1. Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture. 
 Section 2. Each Undersigned, by its execution of this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article
10 thereof. [Specify % to be guaranteed, if less than 100%.] 
 Section 3. This Supplemental Indenture shall be governed by, and
construed in accordance with, the laws of the State of New York. 
 Section 4. This Supplemental Indenture may be signed in various
counterparts which together will constitute one and the same instrument. 
 Section 5. This Supplemental Indenture is an amendment
supplemental to the Indenture, and the Indenture and this Supplemental Indenture will henceforth be read together. 
  

 B-1 

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

			
	 COSAN S.A. INDÚSTRIA E COMÉRCIO
 as Issuer

		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 [ADDITIONAL GUARANTOR]
 as
Guarantor

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 JPMORGAN CHASE BANK, N.A.
     as Trustee, Registrar and Transfer Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 J.P. MORGAN TRUST BANK LTD.,
     as Principal Paying Agent

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 B-2 

			
	 J.P. MORGAN BANK LUXEMBOURG S.A.
     as Luxembourg Paying Agent and Transfer Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 B-3 

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

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

 this Note and all rights hereunder, hereby irrevocably constituting and appointing 
                                       
   attorney to transfer said Note on the books of Cosan Indústria e Comércio with full power of substitution in the premises. 
  

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

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

	 *
	 Include in Restricted Note. 

	 †
	 Include in Regulation S
Note. 

  

 C-1 

 in each of cases (a) through (e) above, in accordance with any applicable securities laws of any State of the
United States. 
 If none of the foregoing boxes is checked, the Transfer Agent shall not be obligated to register this Note in the name of
any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.07 of the Indenture shall have been satisfied. 
 Date:                      
  

	
	  

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

  

 C-2 

 EXHIBIT D 
 FORM OF CERTIFICATE 
 FOR TRANSFER FROM RESTRICTED GLOBAL 
 NOTE OR CERTIFICATED NOTE BEARING 
 A SECURITIES
ACT LEGEND TO REGULATION S 
 GLOBAL NOTE OR CERTIFICATED NOTE 
 NOT BEARING A SECURITIES ACT LEGEND 
 JPMorgan Chase Bank, N.A. 
 4 New York Plaza 
 15th Floor 
 New York, New York 10004 
 Attn: Corporate Trust Department 
  

	 	Re:	8.25% Perpetual Notes (the “Notes”) 

 Reference is hereby made to the Indenture, dated February 6, 2006 (the “Indenture”), among Cosan Indústria e Comércio, the Guarantors party thereto, JPMorgan Chase Bank, N.A., as Trustee, and J.P. Morgan
Trust Bank Ltd., as Principal Paying Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 This letter relates to U.S.$                     principal amount of Notes which are held in the form of [a beneficial interest in
the Restricted Global Note with the Depositary in the name of the undersigned] [a Certificated Note bearing a Securities Act Legend]. 
 The undersigned has requested a transfer of such [beneficial interest] [Certificated Note] to a
Person who shall take delivery thereof in the form of [a beneficial interest of equal principal amount in the Regulation S Global Note (ISIN No. USP31573AB77) to be held with [Euroclear]* [Clearstream Banking]* (Common Code No. 024270696) through the Depositary] [a Certificated Note of equal principal
amount not bearing a Securities Act Legend]. In connection with such transfer, the undersigned does hereby certify that such transfer has been effected in accordance with the transfer restrictions set forth in the Indenture and the Notes and
pursuant to and in accordance with Rule 903 or 904 of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the undersigned further certifies that: 
 (1) the offer of the Notes was not made to a U.S. Person (as defined under Regulation S); 
 [(2) at the time the buy order was originated, the transferee was outside the United States or the
undersigned and any Person acting on behalf of the undersigned reasonably believed that the transferee was outside the United States;]† 
  

	 *
	 Indicate appropriate
clearing system. 

	 †
	 Insert one of the two
provisions. 

  

 D-1 

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

			
	[INSERT NAME OF TRANSFEROR]
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Dated:             ,
         
 cc:    Cosan Indústria e Comércio 
  

	 ‡
	 Insert one of the two
provisions. 

  

 D-2 

 EXHIBIT E 
 FORM OF TRANSFER CERTIFICATE 
 FOR TRANSFER FROM REGULATION S GLOBAL 
 NOTE OR CERTIFICATED NOTE NOT BEARING 
 A
SECURITIES ACT LEGEND TO RESTRICTED GLOBAL 
 NOTE OR CERTIFICATED NOTE BEARING 
 A SECURITIES ACT LEGEND 
 (PRIOR TO 40TH DAY AFTER CLOSING DATE) 
 JPMorgan Chase Bank, N.A. 
 4 New York Plaza 
 15th Floor 
 New York, New York 10004 
 Attn: Corporate Trust Department 
  

	 	Re:	8.25% Perpetual Notes (the “Notes”) 

 Reference is hereby made to the Indenture, dated February 6, 2006 (the “Indenture”), among Cosan Indústria e Comércio, the Guarantors party thereto, JPMorgan Chase Bank, N.A., as Trustee, and J.P. Morgan
Trust Bank Limited, as Principal Paying Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 This letter relates to U.S.$             principal amount of Notes which are held in the form of [a beneficial interest in the Regulation S Global
Note (ISIN No. USP31573AB77) with the Depositary in the name of the undersigned] [a Certificated Note not bearing the Securities Act Legend]. 
 The undersigned has requested a transfer of such [beneficial interest] [Certificated Note] to a Person who shall take delivery thereof in the form of [a beneficial interest in the Restricted Global Note (CUSIP No. 22111Y AB 1) to be
held through the Depositary] [a Certificated Note bearing the Securities Act Legend]. In connection with such transfer, the undersigned does hereby confirm that such transfer has been effected in accordance with the transfer restrictions set forth
in the Indenture and the Notes and pursuant to and in accordance with Rule 144A under the U.S. Securities Act of 1933, as amended, and accordingly, the undersigned represents that: 
 (1) the Notes are being transferred to a transferee that the undersigned reasonably believes is purchasing the Notes for its own account or one or more
accounts with respect to which the transferee exercises sole investment discretion; and 
 (2) the transferee and any such account is a
“qualified institutional buyer” within the meaning of Rule 144A, in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction.

 This certificate and the statements contained herein are made for your benefit and for the benefit of Cosan Indústria e
Comércio. 
  

 E-1 

			
	 [INSERT NAME OF TRANSFEROR]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Dated:             ,
         
 cc:    Cosan Indústria e Comércio 
  

 E-2 

 EXHIBIT F 
 FORM OF CERTIFICATE FOR REMOVAL 
 OF THE SECURITIES ACT LEGEND ON A CERTIFICATED NOTE 
 JPMorgan Chase Bank, N.A. 
 4 New York Plaza 
 15th Floor 
 New York, New York 10004 
 Attn: Corporate Trust Department 
  

	 	Re:	8.25% Perpetual Notes (the “Notes”) 

 Reference is hereby made to the Indenture, dated February 6, 2006 (the “Indenture”), among Cosan Indústria e Comércio, the Guarantors party thereto, JPMorgan Chase Bank, N.A., as Trustee, and J.P. Morgan
Trust Bank Ltd., as Principal Paying Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 This letter relates to
U.S.$             principal amount of Notes which are held in the form of [a beneficial interest in the Restricted Global Note (CUSIP No. 22111Y AB 1) with the Depositary] [[a]
Certificated Note(s) in the name of the undersigned.]* 
 The undersigned has requested for the
restrictive Legend on the Certificated Note(s) to be removed. 
 In connection with such transfer, the undersigned does hereby certify that
such transfer has been effected only (i) in an offshore transaction in accordance with Rule 904 under the Securities Act, (ii) pursuant to an exemption from registration under the Securities Act provided by Rule 144 thereunder (if
available) or (iii) pursuant to an effective registration statement under the Securities Act, in each of cases (i) through (iii) in accordance with any applicable securities laws of any State of the United States. 

	 *
	 Indicate form in which Notes are held. 

  

 F-1 

 This certificate and the statements contained herein are made for your benefit and for the benefit of and
Cosan Indústria e Comércio. 
  

			
	[NAME OF UNDERSIGNED]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:             ,
         
 cc:    Cosan Indústria e Comércio 
  

 F-2

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