Document:

EX-10.24

 Exhibit 10.24 
 PRIVATE DEED INSTRUMENT CONCERNING THE THIRD ISSUANCE OF SIMPLE DEBENTURES, NON–CONVERTIBLE INTO SHARES, IN A SINGLE UNSECURED SERIES, WITH THIRD PARTY GUARANTEES, FOR PUBLIC DISTRIBUTION WITH
RESTRICTED PLACEMENT EFFORTS OF VOTORANTIM CIMENTOS S.A. 
 By this private instrument, the parties described below: 

VOTORANTIM CIMENTOS S.A., a privately–held company based in the City of São Paulo, in the State of São
Paulo, address Praça Prof. Jose Lanes, No. 40, 9° andar, registered with the CNPJ/MF under number 01.637.895./0001–32, represented in this writ in the form of its Company Statutes (“Issuer”); 

OLIVERIA TRUST DISTRIBUIDORA DE TITULOS E VALORES MOBILIÁRIOS S.A., a privately held company based in the City of Rio de Janeiro in the
State of Rio de Janeiro, on Avenida das Américas, no. 500, Bloco 13, Grupo 205, in the Condomínio Downtown, registered with the CNPJ/MF under number 01.637.895./0001–32 (“Trustee”), represented in this writ in the
form of its Company Statutes, this instrument having been appointed to represent the assembly of Bondholder interests in this Third Issue of Simple Debentures, Non–convertible into Shares, in a Single Unsecured Series, with Third Party
Guarantees, for Public Distribution with Restricted Placement Efforts, of the Issuing party (“Bondholders” and “Issue”, respectively), under the terms of the Law no. 6.404 of December 1976, as amended (“Law
of Shareholder Companies”); 
 And, furthermore, as intervening guarantor: 

VOTORANTIM INDUSTRIAL S.A., a privately–held company based in the City of São Paulo, in the State of São
Paulo, address Rua Amauri, no. 255, 13° andar, office
A, registered with the CNPG/MF under number 03.407.049/00001–51, represented in this writ in the form of its Company Statutes (“Intervening Guarantor” and in conjunction with the Issuer and the Trustee, known as the
“Parties”). 
 Conclude the present “Private Instrument of Deed of the Third Issuance of Simple Debentures, Non–convertible
into Shares, in a Single Unsecured Series, with Third Party Guarantees, for Public Distribution with Restricted Placement Efforts, of Votorantim Cimentos S.A.” (“Deed” and “Debentures”, respectively) in the
terms and conditions given below. 
  

	1.	AUTHORIZATION 

 1.1 The present Deed is
signed on the basis of the deliberation of the General Extraordinary Assembly of the Issuer held on January 19, 2011 (Assembleia Geral Extraordinaria – “AGE”) under the terms of Article 59 of the Law of Shareholder
Companies. 
 1.2 The Surety (as defined below) loaned by the Intervening Guarantor was authorized at the Board Meeting held by the Intervening
Guarantor held on January 19, 2011 (“Board Meeting”) under the terms of article 9, § 3 of its company statutes. 

  
 1 

	2.	CONCERNING THE REQUIREMENTS 

 2.1 The
current Issue will be undertaken in accordance with the following requirements: 
 2.1.1 Filing and Publication of the Deliberations

 2.1.1.1 The deeds of the AGE dealing with Clause 1.1 above will be filed by the Board of Trade of the State of Sao Paulo (Junta
Comercial do Estado de Sao Paulo – “JUCESP”) and published in the Official Journal of the State of Sao Paulo and in the newspaper Jornal de Comércio, under the terms of article 62, item I, of the Law of
Shareholder Companies. 
 2.1.1.2 Any company minutes taken after the Deed has been recorded will also be filed by the JUCESP and published by
the Issuer in the Official Journal of the State of Sao Paulo and in the newspaper Jornal de Comércio as enshrined in the law applicable 
 2.1.2 Filing of the Deed 
 2.1.2.1 The deeds and any additional amendments must be recorded
by the JUCESP according to Article 62, section II and paragraph 3 of the Law of Shareholder Companies. 
 2.1.3 Registration of the Guarantee

 2.1.3.1 Under the terms of Law no. 6.015 of December 31, 1976, as amended (“Public Registry Law”), the Deed in
question, given the function of the third party guarantee (surety) covered by Clause 4.11.1 below, will be registered with the competent Registration Offices for Deeds and Documents in the jurisdiction of the headquarters of each of the parties,
which are the City of Sao Paulo in the State of Sao Paulo and the City of Rio de Janeiro, in the State of Rio de Janeiro, it being verified that an original copy of the deed duly registered in these offices must be delivered to the Trustee within
the period of 10 (ten) working days following the effective registration procedures. 
 2.1.4 Registration with the Securities Exchange
Commission (Commissao de Valores Mobiliarios “CVM”) 
 2.1.4.1 The current Issue is automatically
exempt from the CVM distribution register under the terms of article 6 of the CVM Instruction no. 476 of January 16, 2009 (“CVM Instruction 476”) as this deals with a public offer of securities with restricted placement
efforts. 
 2.1.5 Registration with ANBIMA (Associaçáo Brasileira das Entidades dos Mercados Financieros e de
Capitais – “ANBIMA”) 
 2.1.5.1 The current Issue is exempt from registration with the
ANBIMA as it is a public securities offer with restricted placement efforts and because it does not have a prospectus, under the terms of the 1st paragraph of article 25 of the ANBIMA Code for the Regulation and Best Practices for Public Offers of Placement and
Acquisition of Securities. 

  
 2 

	3.	CONCERNING THE FEATURES OF THE ISSUE 

3.1 Company Objectives of the Issuer 

3.1.1 The issuer pursues the following activities: surveys, mining, exploration and utilization in general of mineral deposits, the production, road
transport, distribution, import, export and general trade in cement, lime, mortar, plaster and their respective raw materials and derivatives, whether similar or related, the generation of electrical power for use in own industrial facilities and
the eventual sale of any excess, concreting services and the like in their area of business, the provision of services involved in construction, supervision, surveys, exploration in the area of construction work and the execution of any kind of
civil engineering work, in all its technical and economic formats, either for its own purposes or that of third parties, public works or management contracts, or lease, or lending or rental of real estate, the administration and exploration of
forestry projects, as well as the import and export of materials, machines and equipment for constructions and the provision of technical assistance to companies in the same line of business, the provision of specialized services and the
intermediation in business deals related to its business objectives, the provision of business management services, economic and investment feasibility studies and feasibility studies for exploration projects in the areas of cement, lime,
construction materials in general and other related. It is not prohibited from ownership in other companies as shareholder or quotaholder. 

3.2 Issuing Number 
 3.2.1 Bearing in
mind that (i) on August 31, 2010, the Issuer wholly incorporated its subsidiary, being Votorantim Cimentos Brasil S.A., until then a privately–held company registered with the CNPJ/MF under the number 00.806.535/0001–54, which on
December 11, 2009, issued its first Debentures, according to the “Private Deed Instrument of the First Issuance of Simple Debentures, Non–convertible into Shares, in a Single Unsecured Series, with Third Party Guarantees, for Public
Distribution with Restricted Placement Efforts, from Votorantim Cimentos Brasil S.A.”, filed with the JUCESP on December 17, 2009, under the number ED000476–5/000 and (ii) on September 27, 2010, the Issuer issued its second
series of Debentures according to the “Private Deed Instrument of the Second Issuance of Simple Debentures, Non–convertible into Shares, in a Single Unsecured Series, with Third Party Guarantees, for Public Distribution with Restricted
Placement Efforts, from Votorantim Cimentos Brasil S.A. filed with the JUCESP on October 6, 2010, under the number ED000589–7/000; to all intents and purposes, the current Deed represents the 3rd (third) public issue of debentures of the
Issuer. 
 3.3 Series Number 

3.3.1 The Issue will be undertaken as a single series. 
 3.4 Amount issued 
 3.4.1 The total amount of this Issuance will be R$600,000,000.00 (six
hundred million BRL) on the Date of Issue (according to the definitions given below). 

  
 3 

 3.5 Number of debentures 
 3.5.1 60 (sixty) Debentures will be issued. 
 3.6 Custodian Agent and Bookkeeping Agent

 3.6.1 The Custodian Agent and the book–keeping agent of the current Issue will be the Banco Bradesco S.A. in the City of Osasco, in
the State of Sao Paulo in the City of Deus, s/no. registered with the CNPJ/MF under the number 60.746.948/000/–12 (“Custodian Agent” and “Book–keeping Agent”). 

3.7 Destination of Resources 
 3.7.1 The
resources collected by means of this Issue will be used for investments in fixed assets and working capital. 
 3.8 Issue Limits

 3.8.1 The Issue is in keeping with the limits of issuance given in Article 60, caput, of the Law of Shareholder Companies, once
the Issuer’s shares, on the Date of Issue (as defined below) are of R$2,727,212,460.46 (two billion, seven hundred and twenty seven million, two hundred and twelve thousand, four hundred and sixty BRL and forty–six cents) and the total
value of the current issue is R$600,000,000.00 (six hundred million BRL). 
 3.9 Registration for Placement and Negotiation 

3.9.1 The Debentures will be registered (i) for their placement in the primary market through the SDT (Security Distribution Module)
(Módulo de Distribuiçao de Títulos – “SDT”) and (ii) for negotiation in secondary markets through the National Debenture System (Módulo de Distribuiçao de Títulos
– “SND”) both managed and operated by CETIP S.A (Balçao Organizado de Ativos e Derivativos “CETIP”) which provides the electronic custody of Debentures and the financial liquidations handled through the
CETIP. 
 3.9.2 Debentures may only be negotiated on the OTC market, whether organized or not, following 90 (ninety) days from their
subscription or acquisition by an investor under the terms of articles 13 and 14 and in compliance with the Issuer in accordance with Article 17 of the CVM Instruction 476. Only qualified investors, as defined in CVM Instruction 409 of
August 18, 2004, as altered (“CVM Instruction 409”) and in observance of the dispositions given in Article 4 of CVM Instruction 476, may acquire the Debentures, save in case of the dispositions given in Paragraph 1 of Article
15 of CVM Instruction 476. 
 3.9.2.1 As defined by CVM Instruction 409, only those Investors Qualified such as (i) financial institutions,
(ii) insurance companies and capitalization companies, (iii) open and closed complementary pension entities, (iv) individuals or legal entities with financial investments in excess of R$300,000.00 (three hundred thousand BRL) and who
additionally testify in writing that they may act as qualified investors in these terms, (v) investment funds exclusively created for qualified investors, (vi) portfolio managers or real estate consultants authorized by the CVM, as regards
their own resources, (vii) social security plans set up by unions, the state, the federal district or municipalities (collectively, “Qualified Investors”). 

  
 4 

 3.9.2.2 In terms of CVM Instruction 476 and for the purposes of the current Issue, all the investment funds
shall be considered to be Qualified Investors, unless they involve unqualified investors. 
 3.10 Placement and Procedures for Placement

 3.10.1 The Debentures shall be publicly placed, with restricted placement efforts, under the firm guarantee regime, with the mediation of
the Banco Santander (Brazil) S.A (“Intermediary Institution”), a financial institution making up the securities placement system by means of the SDT module, managed and operated by the CETIP and exclusively aimed at being
underwritten by at the most 20 (twenty) Qualified Investors, according to Article 3 of the CVM Instruction 476 and the terms and conditions of the “Contract for the Coordination of Restricted Public Placement under the Regime of the Firm
Placement Guarantee, of Simple Debentures, Non–convertible into Shares, in a Single Unsecured Series, with Third Party Guarantees, of the Third Issue of Votorantim Cimentos S.A. (“Placement Contract”). 

 

	4.	CONCERNING THE FEATURES OF THE DEBENTURES 

4.1 Basic features 
 4.1.1 Nominal
Unit Value 
 4.1.1.1 The nominal unit value of the Debentures will be R$10,000,000.00 (ten million BRL) on the Date of Issue (as given
below) (“Nominal Value or Nominal Unit Value”). 
 4.1.2 Date of Issue 

4.1.2.1 To all legal intents and purposes, the date of issue of the Debentures will be February 14, 2011 (“Date of Issue”).

 4.1.3 Terms and Date of Maturity 
 4.1.3.1 The Debentures will be due within a period of 10 (ten) years as from the Date of Issue, and thus due on February 14, 2021 (“Due Date”), save in the case of early maturity as
foreseen in Clause 5.3 below. When they reach maturity, the Issuer is obliged to proceed to pay the Debentures that are still in circulation the balance of the Nominal Unit Value, plus the Compensatory Interests due (as given below) calculated as
given in this Deed. 
 4.1.4 Form and Issue of Certificates 
 4.1.4.1 The Debentures will be issued in nominal and deed form, without the issue of certificates. 

4.1.5 Proof of Ownership of Debentures 

4.1.5.1 To all intents and purposes of the law, the ownership of the Debentures may be proved by the bank deposit statement of the Debentures issued by
the Book–keeping Agent. Furthermore, the bank statement in the name of the Bondholder and issued by the CETIP will be taken to be proof of the ownership of the Debentures in electronic custody by the SND. 

  
 5 

 4.1.6 Type 
 4.1.6.1 The Debentures will be of the unsecured type, with neither true guarantee nor preference, with a bank guarantee. 
 4.1.7 Convertibility 
 4.1.7.1 The Debentures are simple and thus non–convertible into
shares issued by the Issuer. 
 4.2 Subscription 
 4.2.1 Subscription terms 
 4.2.1.1 The Debentures may be subscribed and paid up on a single
date at any time within the period of up to 4 (four) days as from the date of the start of placement (“Date of Subscription”). 

4.2.2 Price of subscription 
 4.2.2.1
The price of subscribing the Debentures will be their Nominal Unit Value, added to the Compensatory Interests (as defined in Clause 4.6.1 given below) calculated on a pro rata temporis basis as of the Date of Issue until the Date of
Subscription. 
 4.3 Paying up and payment methods 
 4.3.1 The Debentures shall be paid up in cash in domestic currency on the Date of Subscription, under the terms of Clause 4.2.1.1 above, according to the liquidation rules applicable to CETIP. 

4.4 Right of Preference 
 4.4.1 There
are no rights of preference for current shareholders of the Issuer in the subscription of the Debentures. 
 4.5 Update of Nominal Value

 4.5.1 The Nominal Value of the Debentures will not be updated. 
 4.6 Remuneration 
 4.6.1 Compensatory Interest 

4.6.1.1 The Debentures will be subject to the payment of Compensatory Interests corresponding to a cumulative variation of 113.90% (one hundred and
thirteen point nine percent) of the average daily DI rates (Interbank Deposit Rates for one day, Over Extra–Group – “DI Rates”) expressed in percentage form of the year, on the basis of 252 (two hundred and fifty two)
working days, calculated and published on a daily basis by the CETIP in its daily newsletter, available on its Internet page (http://www.cetip.com.br) calculated in exponential and cumulative form, pro rata temporis for each working day
passed. These have a bearing on the Nominal Unit Value of each Debenture from the Date of Issue of the Debentures, according to Clause 4.2.1.1 as described above, until the date on which the Compensatory Interests are effective as according to
Clause 4.6.1.2 below (“Compensatory Interests”). 

  
 6 

 4.6.1.2 The Compensatory Interests corresponding to the Capitalization Period (as
defined below) will be paid on a twice–yearly basis as from the Date of Issue, on the 14th of August and February every year until the Due Date of the Debentures, or, if this does not fall on a working day, on the following working day, as appropriate, given that the 1st (first) payment of Compensatory Interests will be made on
August 14, 2011. 
 4.6.1.3 The Compensatory Interests must be calculated in accordance with the following formula: 

J = VNe x (FatorDI – 1) 

Where: 
 “J” corresponds to the unit
value of the interest due at the end of each Capitalization Period calculated to 6 (six) decimal places without rounding; 
 (“VNe)
corresponds to the non–depreciated Nominal Value of the Debenture informed or calculated to 6 (six) decimal places without rounding; 
 The
“FatorDI” refers to the result of the DI Rates – Over using the percentage rate applied, dated as of the start of the Capitalization Period, inclusive, until the calculation date, exclusively, calculated to 8 (eight ) decimal places
with rounding, and expressed in the following form: 
  
 

 
 where: 
 the
“Period of Capitalization” corresponds to the period of time commencing on the Date of Issue of the Debentures, in the case of the first Capitalization Period, or on the date foreseen for the payment of Compensatory Interests immediately
before, exclusively, in the case of the other Capitalization Periods, and concludes on the date foreseen for the payment of Compensatory Interests corresponding to the period in question, inclusive. Each Capitalization Period follows the former
without a continuity solution. The Compensatory Interests corresponding to the Capitalization Periods will be due on the dates established in Clause 4.6.1.2 above; 
 “n” corresponds to the total number of DI Rates – Over, with “n” being a whole number; 
 “p” corresponds to 113.90; 
 “TDIx” corresponds to the DI Rate – Over expressed on that day,
calculated to 8 (eight ) decimal places with rounding, in the following way: 
  
 

 

  
 7 

 where: 
 “k” corresponds to 1, 2,..., n; 
 “DIk” corresponds to the DI Rate – Over issued by the CETIP, valid
for 1 (one) working day (overnight) to 2 (two) decimal places. 
 4.6.1.4 For the purposes of calculating Compensatory Interest: 

 

	(i)	the factor resulting from the expression of 

 will be considered to 16 (sixteen) decimal places without rounding; 

 (ii) the result of the
two daily factors 

 so that for each daily factor accumulated, the result is cut off to 16 (sixteen) decimal points and the next daily factor applied, and so on and so forth until the last one considered; 

 

	(iii)	once the factors have been accumulated, the factor resulting from the product of “DI Factor” is considered to 8 (eight) decimal places, rounded up or down;
and 

  

	(iv)	the DI Rates must be used taking into account an identical number of decimal places as those given by the body responsible for their calculation.

 4.6.1.5 If the DI Rate is temporarily unavailable at the time of payment of any pecuniary obligation foreseen in this Deed, it
shall be replaced by the same daily rate produced by the most recent DI Rate known as of the date of calculation, and no financial compensation of any kind will be due, either on behalf of the Issuer to the Bondholders, or in the case of the
subsequent publication of the DI Rate. 
 4.6.1.6 In the absence of the publication or determination of the DI Rate for a period of over 10
(ten) days from the date on which its publication was foreseen, or even, should it be abolished for legal or judicial reasons, the DI Rate must be replaced by a form determined legally for this purpose. If there is no legal substitute for the DI
Rate, the Trustee must call a General Assembly of Debenture Holders (as defined below) to define, in common agreement with the Issuer, the parameters to be applied. Until this parameter has been deliberated and used, the value of any obligations
foreseen in this Deed shall be calculated at the same daily rate used to calculate the most recent DI Rate known, as of the date on which the General Assembly of Debenture Holders met (as defined below). 

4.6.1.7 If the DI Rate is published before the General Assembly of Debenture Holders is held (as defined below), the afore–mentioned assembly shall
no longer be held, and the DI Rate, as from its publication, will be used to calculate the Compensatory Interest of the Debentures, using the most recent DI Rate known to–date until the new date of publication. 

  
 8 

 4.6.1.8. If there is no agreement on the substitute rate between the Issuer and the Bondholders representing
at least 2/3 (two–thirds) of the Debentures in circulation, the Issuer may opt, at its own discretion, for one of the following alternatives set. It is obliged to communicate this in writing to the Trustee in the space of 10 (ten) days as from
the date of the respective General Assembly of Debenture Holders (as defined below). 
 It may choose from the following: 

 

	(i)	the Issuer may redeem in advance and as a result cancel the total amount of Debentures in circulation in the space of 30 (thirty) days as from the date of the
respective General Assembly of Debenture Holders (as defined below) for their non–amortized Nominal Unit Value in the terms of this Deed, added to the Compensatory Interests due as of the date of the effective redemption and to the financial
penalties (as defined below) if relevant, calculated on a pro rata temporis basis, as from the Date of Issue of the last date of payment or capitalization of the Compensatory Interests applicable to the Debentures to be recovered, and
consequently canceled, using the same daily rate as produced by the most recent DI Rate known; or 

  

	(ii)	the Issuer may redeem in advance and as a result cancel the total amount of Debentures in circulation according to a timetable to be set by the Issuer, which shall not
exceed the Due Date of the Debentures and the dates of amortization foreseen in this Deed. During the period of amortization of the Debentures by the Issuer, the periodicity of the payment of the Compensatory Interests shall continue to be that
established in this Deed, taking into account that, until the total amortization of the Debentures, a substitute remuneration rate shall be used as defined by the Bondholders gathered at the General Assembly of Debenture Holders (as defined below)
which must reflect the parameters used in similar operations existing at this time. If the respective substitute Compensatory Interest rate is referenced to a period other than 252 (two hundred and fifty two) working days, this rate must be adjusted
in order to reflect the base of 252 (two hundred and fifty two) working days used by the DI Rate. 

 4.7 Renegotiation

 4.7.1 There shall be no renegotiation of the Debentures. 
 4.8 Amortization 
 4.8.1 The nominal value of the Debentures shall be amortized by the
Issuer in 3 (three) packages, on the dates and in the percentages detailed below, except in the eventuality of mandatory advance purchase, as foreseen in Clause 5.1 of this Deed and the total redemption in advance, according to Clause 5.2 below.

  

					
	 AMORTIZATION DATE
	  	PERCENTAGE OF NOMINAL VALUE 
OF ISSUE
OF DEBENTURES TO BE AMORTIZED	 
	 14/08/2018
	  	 	20.0000	% 
	 14/08/2020
	  	 	40.0000	% 
	 14/08/2021
	  	 	40.0000	% 

  
 9 

 4.9 Payment Conditions 
 4.9.1 Location of Payment and Tax Immunity 
 4.9.1.1 Payments accruing from the Debentures
shall be made: (i) using the procedures adopted by the CETIP for Debentures in the electronic custody of the SND; or (ii) in the case that the Debentures are not in the electronic custody of the SND, (a) at the head offices of the
Issuer or the Custodian Agent, or (b) according to the case, at the financial institution hired for this purpose. 
 4.9.1.2 Should a
Bondholder enjoy any kind of immunity or tax exemption, they must present the Custodian Agent, and include a copy for the Issuer, in a minimum period of 15 (fifteen) working days prior to the date foreseen for any of the payments concerning the
Debentures, with the documentation testifying to this immunity or tax exemption, under the penalty of having this amount discounted from their income arising from the payment of the Debentures in their ownership, the amounts due under the terms of
the tax legislation applicable. 
 4.9.2 Extension of Deadlines 
 4.9.2.1 The payment dates for any of the obligations accruing to either party are automatically extended to the first following working day , if the due date of the respective obligation falls on a
national holiday, Saturday or Sunday, or even when the banks in the City of Sao Paulo in the State of Sao Paulo are not open, without there being any increase accruing to the values to be paid, except in those cases where the payments are to be made
through the CETIP, in which case there will only be an extension when the payment date of the respective obligation falls on a Saturday, Sunday or national holiday. 
 4.9.3 Delay Penalties 
 4.9.3.1 Without prejudice to the Compensatory Interests, which will
continue to be charged until the due value is effectively paid, in the case of late payments by the Issuer of any pecuniary obligations relating to the Debentures, the amounts due and unpaid will be subject to penalty interests of 1% (one percent)
per month, calculated on a pro rata temporis basis as from the date of non–compliance to the date of effective payment, as well as non–compensatory fines of 2% (two percent) of the value due, independently of any warning,
notification or judicial or extrajudicial interpellation (collectively “Delay Penalties”). 
 4.9.4 Forfeit of Rights to
Increases 
 4.9.4.1 Without prejudice to the contents of Clause 4.9.3.1 above, the non–attendance of the Bondholder to receive the
value corresponding to any of the pecuniary obligations of the Issuer on the dates foreseen in this Deed or in a communication published by the Issuer or Trustee, shall not give him the right to collect Compensatory Interests and/or Delay Penalties
accrued as of the date of the maturity of the payment or of the communication published by the Issuer or Trustee. 

  
 10 

 4.10 Publicity 
 4.10.1 All advertisements, announcements and any other acts or decisions arising from this Issue which in any way affect the interests of the Bondholders, shall be published in the Official Journal of the
State of Sao Paulo and the newspaper Diario do Comercio, as established in Article 289 of the Law of Shareholder Companies, in observance of the limitations imposed by CVM Instruction 476 in relation to the publication of the Issue and the
legal terms, which the Issuer or Trustee must communicate concerning any publication on the date in question. 
 4.11 Personal Security

 4.11.1 To ensure that its pecuniary, principal and ancillary obligations are met, as undertaken in this Deed, the Intervening Guarantor
may, in this writ, post surety in favor of the Bondholders (“Surety”) represented by the Trustee, assuming the obligation to act as guarantor and principal payer of the values due in the terms of this Deed, according to the terms
and conditions given below. 
 4.11.2 The Intervening Guarantor declares itself, in this writ, irrevocably and undeniably to be the guarantor
and principal payer of the total value of the capital of the Issuer arising from the Debentures of this Issue, in the terms of this Deed and in conformity with Article 818 of Law no 10.406 of January 10, 2002 (“Civil Code”).

 4.11.3 The value of the surety is limited to the total value of the obligations inherent to the Issue guaranteed by the Intervening
Guarantor, which includes the total payment of: (i) the Nominal Value of the Debentures, plus Compensatory Interests, Delay Penalties and the Premium covered by Clause 5.2.1 below, if appropriate, calculated in the terms included in this Deed;
as well as (ii) all the accessories to the principal, including any proven cost or expense incurred by the Trustee or Bondholders arising from legal costs, extrajudicial and/or compensatory amounts, if there are any, as long as these costs and
expenses are shown to be necessary in order to safeguard the rights and prerogatives arising from this Deed and have been duly proved before the Issuer (“Guaranteed Amount”). All and any payment made by the Intervening Guarantor in
relation to the Surety posted shall be made free of and after any tax, duties, or contributions or any kind, current or future retentions or tax burdens as well as any interests, fines or other fiscal requirements. 

4.11.5 According to the financial statements of the Intervening Guarantor covering the company financial year ending September 30, 2010, the
Intervening Guarantor’s cash assets represent the following percentage of the volume of the Issue: 
  

					
	 INTERVENING GUARANTOR
	  	PERCENTAGE EQUIVALENT TO THE 
ISSUE
AMOUNT	 
	 Votorantim Industrial S.A.
	  	 	2770.36	% 

  
 11 

 4.11.6 The Guaranteed Amount shall be paid by the Intervening Guarantor within 1 (one) working day following
written notification by the Trustee or the Bondholders to the Intervening Guarantor, independently of any actions, pretensions, dispute or claims which the Issuer may have or exercise with respect to its obligations. This notification must be
immediately issued by the Trustee or the Bondholders following the Issuer’s failure to effect payment of any value due on the payment dates set in this Deed or in the case of the close–out netting of the Debentures. The payment must be
made outside the ambit of the CETIP, according to the procedures established in this Deed and according to instructions received from the Trustee or the Bondholders. 
 4.11.7 The Intervening Guarantor expressly waivers its right to any benefits of order, rights and exoneration faculties of any kind foreseen in articles 366, 827, 834, 835, 836,837, 838 and 839 of the
Civil Code and 595 of Law no. 5.869 of January 11, 1973 (“Civil Procedure Code”). 
 4.11.8 No objection or opposition of
the Issuer may however be admitted or invoked by the Intervening Guarantor with the intention of reneging on its compliance with its obligations before the Bondholders. 
 4.11.9 The Intervening Guarantor subjects itself to the rights of the Bondholders should it have to honor either wholly or in part the surety which is the object of Clause 4.11, until the limit of the
part of the debt outstanding is effectively honored. 
 4.11.10 The current surety shall enter into effect on the Date of Issue of the
Debentures and shall remain valid in all its terms, and only expire, independently of any notification to the Trustee, when the Guaranteed Amount is completely paid up, it being the case that only as from that date may the intervening Guarantor be
freed of its obligations to effect any payment relative to this Deed. 
 4.11.11 The Intervening Guarantor already recognizes as a fixed term,
for the purposes of Article 835 of the Civil Code, the date of the complete payment of the Guaranteed Amount. 
 4.11.12 The Surety in question
shall be executed and demanded by the Trustee or by the Bondholders, judicially or extra–judicially, as often as required until such time as the Guaranteed Amount has been effectively paid up. 

 

	5.	CONCERNING THE MANDATORY PURCHASE, EARLY REDEMPTION AND CLOSE–OUT NETTING 

 5.1 Mandatory Advance Purchase 
 5.1.1 The Issuer may at any time, as long as it observes
the restrictions imposed by CVM Instruction 476 and any other dispositions which apply, acquire Debentures in circulation in the marketplace, in compliance with the dispositions given in Article 55, §2 of the Law of Shareholder Companies and
the rules set by the CVM. Such acquisitions must be included in the management report of the Issuer’s financial statements. The Debentures which are the object of this procedure may (i) be canceled, as long as such a cancellation is a
deliberate act performed by the Issuer, (ii) remain in the treasury, or (iii) be placed on the market again. The Debentures acquired by the Issuer for the purposes of remaining in the treasury, in the terms of

  
 12 

 
Clause 5.1.1, if placed once again on the market, have the same remunerative value as the other Debentures still in circulation, observing the restrictions on the negotiation of Debentures
foreseen in Clause 3.9.2 above. 
 5.2 Early Redemption 
 5.2.1 As from February 14, 2013, the Debentures may be redeemed on a mandatory basis, whether wholly or partially, at any time, by means of a communication sent to the Bondholders or published in the
media normally used by the Issuer for its legal communications, or by means of a written communication sent to the Trustee at least 10 (ten) working days in advance, informing the following: (i) the date; (ii) the number of Debentures to
be redeemed; and (iii) any other information of import to the Bondholders. The value of the redemption shall be equivalent to the Nominal Value or the Balance of the Nominal Value, plus Compensatory Interests and Delay Penalties, if necessary,
due from the date of the last payment of Compensatory Interests or the amortization until the date of the redemption plus a premium on the redemption value (“Premium”) as follows: 

 

					
	 PERIOD

(AS FROM THE DATE OF
ISSUE)
	  	PREMIUM	 
	 From February 14, 2013 to February 14, 2014 (inclusive)
	  	 	1.10	% 
	 From February 15, 2014 to February 14, 2015 (inclusive)
	  	 	1.0	% 
	 From February 15, 2015 to February 14, 2016 (inclusive)
	  	 	0.8000	% 
	 As from February 15, 2016 and until February 13, 2020
	  	 	0.6000	% 

 5.2.2 In the case of a deliberation concerning a partial early redemption, the draw mechanism criteria should be adopted
for deployment in the presence of the Trustee. The result should be transmitted to all the Bondholders by means of a communication, including the draw mechanism rules, according to the terms of Article 55 §1 of the Law of Shareholder Companies.

 5.2.3 In the case of a partial early redemption of Debentures in the electronic custody of the SND, the operation of the partial early
redemption will be carried out by means of the “definitive sales purchase operation in the secondary market”, inasmuch as all the stages for the qualification of the Bondholders related with this process, such as the qualification, draw,
determination, allocation and validation of the amounts of Debentures to be redeemed by each Bondholder are performed outside the ambit of the CETIP. Additionally, it stands that if the CETIP implements any other mechanism to operate the partial
early redemption, there will be no need to amend this Deed or any other formality required. 
 5.2.4 The CETIP must be informed of the
performance of the total early redemption by means of a letter from the Issuer stating that the Trustee is in possession of this information, at least 2 (two) working days beforehand. 

  
 13 

 5.3 Close–out Netting 
 5.3.1 Hypothetical cases of close–out netting 
 5.3.1.1 By means of the Trustee, the
Bondholders may, in observance of the dispositions given in Clauses 5.3.2 and 8.8 below, declare that all the obligations which are the object of the Deed are due in advance, and demand their immediate payment by the Issuer, at the Nominal Unit
Value of the Debentures plus Compensatory Interests and Delay Penalties, if there are any, calculated on a pro rata temporis basis as from the Date of Subscription of the Debentures until the date of the effective payment, should either of
the following two events take place: 
 (i) (a) filing for self–bankruptcy by the Issuer and/or the Intervening Guarantor, or a request for
bankruptcy which has not been evaded during this period; (b) decree of bankruptcy of Issuer and/or the Intervening Guarantor, (c) request for the judicial or extrajudicial restructuring of the Issuer and/or the Intervening Guarantor; or
(d) the liquidation, dissolution or extinction of the Issuer and/or the Intervening Guarantor; 
 (ii) non–payment by the Issuer of
the pecuniary obligations due to the Bondholders on the due dates, except in those cases where provision has been made for a specific grace period, where applicable; 
 (iii) non–compliance on behalf of the Issuer with any non–pecuniary obligation concerning the Issue of Debentures and inasmuch as such non–compliance has not been rectified in the period of
45 (forty–five) days as from the afore–mentioned non–compliance, except in those cases where provision has been made for a specific grace period, where applicable; 
 (iv) declaration of close–out netting, due to contractual non–compliance, of any debt of the Issuer or any company owned by the Issuer and/or the Intervening Guarantor and its Subsidiaries (as
defined below), including the issuance of debentures in the terms of paragraph 2 of Article 243 of the Law of Shareholder Companies, either individually valued or as an aggregate equal to or more than its equivalent in BRL to US$50,000,000.00 (fifty
million dollars) or equivalent value in other currencies; 
 (v) breach of contract, on the respective due dates or following the end of any
grace period foreseen, concerning the payment of any debts of the Issuer or any of its companies, and/or the Intervening Guarantor and its Subsidiaries (as defined below) either individually valued or as an aggregate equal to or more than its
equivalent in BRL to US$50,000,000.00 (fifty million dollars) or equivalent value in other currencies, unless the non–payment of the debt on the date of its respective maturity (a) has the agreement of the corresponding creditor, or
(b) is upheld by a legal decision in force obtained by the Issuer; 
 (vi) res judicata of one or more judicial sentences,
definitive arbitral award or the issue of one or more definitive arbitral sentences against the Issuer or any of its companies, and/or 

  
 14 

 
the Intervening Guarantor and its Subsidiaries (as defined below) which arise, or may arise, either jointly or severally, as an obligation of payment on the Issuer or any of its companies, and/or
the Intervening Guarantor and its Subsidiaries (as defined below) either individually valued or as an aggregate equal to or more than its equivalent in BRL to US$50,000,000.00 (fifty million dollars) or equivalent value in other currencies, unless
that obligation, whose value must be net and final, and which, as regards the value and payment, may not be liable for any legal action or attachment which could have the effect of suspending its execution, (a) were paid according to the terms
and conditions established in the sentence(s) or arbitral award(s), or (b) were guaranteed by a sufficient quantity of assets by the Issuer, an insurance guarantee or a letter of warranty in the ambit of its execution provided that, in either
of the cases mentioned in this sub–item, they are acceptable to a competent Court. 
 (vii) (a) if the Intervening Guarantor ceases to
possess, either directly or indirectly, at least 51% (fifty–one percent) of the voting rights of the Issuer, and which ensures it the right to (1) vote for the majority of the members of the Management Board or the Board of the Issuer and
even (2) direct or orient the functions and guidelines of the Issuer, as well as (b) if the owners of the Intervening Guarantor cease to possess, either directly or indirectly, at least 51% (fifty–one percent) of the voting rights of
the Intervening Guarantor, and which ensures it the right to (1) vote for the majority of the members of the Management Board or the Board of the Intervening Guarantor and even (2) direct or orient the functions and guidelines of the
Intervening Guarantor; 
 (viii) transformation of the Issuer to a limited company under the terms of articles 220 and 22 of the Law of
Shareholder Companies. 
 (ix) if the Debentures and/or the Surety become invalid, ineffective or unenforceable from the Issuer and/or the
Intervening Guarantor, depending on the case, or if the feasibility of this(these) instrument(s) is contested by the Issuer and/or the Intervening Guarantor, or should the Issuer and/or the Intervening Guarantor deny any responsibility for this
instrument; 
 (x) if the net financial debt/EBITDA relationship of the Intervening Guarantor is over 4 (four) times, calculated annually on the
basis of the consolidated financial statements of the Intervening Guarantor, where (a) net debt is the same as the sum of loans and financing plus derivative financial instruments and debts with related parties of the circulating and
non–circulating liabilities, less cash and cash equivalents and financial applications and circulating and non–circulating derivative financial instruments (“Net Financial Debt”), and (b) EBITDA and earnings during
the last 2 (two) fiscal semesters (consolidated and without duplication) before income tax, social contributions on net profit, interest expenditure, depreciation and amortization during each period, subtracting from the calculations the following
income: (1) any revenue or net income (or net loss), net of any taxes, or of any extraordinary item during the period; (2) any interest revenue during each period; (3) income or losses due to the sale of assets (not the sale of assets
considered to be in the normal course of business) during each period; (4) any other non–cash items deducted from or included in the calculation of net gains before tax for each period (unless they are items requiring cash payments or if
other provisions or reserves were to be or are required for the purposes of generally acceptable accounting norms) including gains 

  
 15 

 
or losses with changes in results on financing or conversion rate adjustments or monetary correction; and (5) any income or net gains (or net losses) in any foreign exchange transaction or
net monetary position during each period (“EBITDA”): 
 (xi) binding guarantee, except in those cases where there is a negative
pledge, and saving the Permitted Guarantees pertaining to the Issuer, the Intervening Guarantor and its subsidiaries (as defined below) described in sub– item (ii.A) (a) to (l) of item (xi) of this Clause 5.3.1.1 (collectively,
“Permitted Guarantees”) inasmuch as, for the purposes of this Deed: 
  

	(i)	Subsidiary means any company or other entity in which the Intervening Guarantor owns, either directly or indirectly, over 50% (fifty percent) of its shares, and

  

	(ii)	Permitted Guarantees mean: 

  

	 	(a)	any guarantee which affects related stocks, or receivables and assets (not those described in sub– item (c) below) related to any insured obligations of the
Issuer and/or the Intervening Guarantor and its Subsidiaries: (1) concerning credit lines or short– term financing, carried out in the normal course of business; or (2) to any loans for working capital. 

 

	 	(b)	guarantees constituted solely for the purpose of ensuring payment either wholly or in part, of the purchase price of an asset or property acquired, built or improved
following the date of signature of the resent Deed (or the cost of the construction or improvement and any commission or expense related to this transaction, including the share capital of any entity) inasmuch as: (1) the principal aggregate
amount of the debt guaranteed by these duties does not exceed the purchase price of the asset or property acquired, built or improved; (2) these guarantees do not burden any asset or property other than the asset or property thus acquired,
built or improved; and also, (3) be the other than those properties without improvements upon which the property thus constructed or improved may be located and may be linked to the said asset or property within the period of 365 (three hundred
and sixty– five) days as from the acquisition, construction or improvement to said asset or property; 

  

	 	(c)	guarantees on receivables or goods related to the export, import or other commercial transactions or referent to any securitization transaction, as long as the
aggregate amount of any receivable sold or transferred in these securitization transactions does not exceed: (1) as regards transactions concerning export sales income, 80% (eighty percent) of consolidated net sales of the Issuer and the
Intervening Guarantor and its Subsidiaries; or (2) as regards transactions concerning income from domestic sales, 80% (eighty percent) of consolidated net sales of the Issuer and the Intervening Guarantor and its Subsidiaries;

  

	 	(d)	 guarantees awarded to insure loans by the (1) National Economic and Social Development Bank (Banco Nacional de Desenvolvimento Económico
e Social – BNDES) 

  
 16 

	 	
or any other Brazilian public development bank or credit institution; or (2) any insurance agency, international development bank or agency or import and export agency;

  

	 	(e)	guarantees in existence at the time of the signature of the present Deed; 

  

	 	(f)	guarantees for goods or share capital in another entity at the time when the ownership of said entity passes into the hands of the economic group of the Issuer and/or
the Intervening Guarantor and its Subsidiaries, as long as these guarantees are not extended to cover any other goods belonging to the afore– mentioned entity; 

 

	 	(g)	guarantees for goods at the moment in which the said entity or any of its subsidiaries acquire said good, including any acquisition arising from a merger or
incorporation of the entity or one of its subsidiaries, as long as these guarantees are not extended to cover any other goods belonging to the afore– mentioned entity; 

 

	 	(h)	guarantees insuring a debt or other obligations of a subsidiary belonging to the Issuer and/or the Intervening Guarantor and its Subsidiaries owed to the Issuer and/or
for the Intervening Guarantor or with a wholly– owned subsidiary of the Issuer and/or the Intervening Guarantor; 

  

	 	(i)	guarantees in favor of cautions, sureties or credit notes issued according to the request made, and on account of said entity, arising from the normal course of
business of the Issuer and/or Intervening Guarantor and its Subsidiaries. 

  

	 	(j)	guarantees insuring obligations arising from hedging contracts which are not related to any speculative purpose; 

 

	 	(k)	any guarantee which extends, renews or substitutes (or enacts successive extensions, renewals and substitutions) either wholly or in part, any Permitted Guarantee in
the terms of sub– items (b), (d), (e), (f) or (g) above, inasmuch as the principal amount guaranteed does not exceed the principal amount of the debt insured for the period of the extension, renewal or substitution, and as long as
said extension, renewal or substitution is limited to all or part of the goods insured by the guarantee thus extended, renewed or substituted (plus any improvements in said goods); and 

 

	 	(l)	any guarantee not described in sub– items (a) to (k) above, and inasmuch as it insures debts which, being excluded from other debt insured by other
permitted guarantees, do not exceed the principal aggregate amount equivalent to 15% (fifteen percent) of the Consolidated Net Tangible Asset of the Intervening Guarantor. 

 (xii) the assumption that any new debt which comes with a clause in which the Permitted Guarantees described in this Deed are less restrictive than those described in item (xi) of this clause
5.3.1.1, unless the Issuer guarantees the Bondholders of this Issuance, by means of an amendment to the Deed, that they have the same rights as the new creditors. 

  
 17 

 5.3.2 Should either of the events foreseen in Clause 5.3.1.1 above, take place, the Bondholders may, through
the Trustee, under the terms of Clause 8.2 below) call for a General Assembly of Debenture Holders (as defined below) within a period of 5 (five) working days as from the date the event occurred. If in this General Assembly of Debenture Holders (as
defined below) the Bondholders, representing at least 75% (seventy– five percent) of the Debentures in circulation, decide to refrain from the close– out netting of the Debentures for any reason, or in the case that the work of the General
Assembly of Debenture Holders (as defined below) is suspended for deliberation on a subsequent date, the Bondholders may not declare close– out netting of the Debentures through the Trustee, unless the close– out netting of the Debentures
is based on the hypotheses given in items (i) and (ix) of Clause 5.3.1.1 above, in which case the Debentures are automatically due, independently of any warning or notification, whether judicial or extrajudicial. 

5.3.3 Once the Debentures have been closed out, the Trustee must immediately send a registered letter (a) to the Issuer and the Intervening
Guarantor, with a copy to the CETIP and (b) the Custodian Agent, informing of this event, so that the Issuer can make the payment of the balance of the Nominal Unit Value of the Debentures in circulation, plus the Compensatory Interests and
Delay Penalties, if there are any, calculated on a pro rata temporis basis, from the Date of Subscription, or of the last payment of the Compensatory Interests, whichever is appropriate, until the date of effective payment, in the space of 5
(five) working days as from the date of reception of the letter sent by the Trustee. 
 5.3.4 The CETIP must be informed at least 2 (two)
working days before the payment referred to in Clause 5.3.3 above. 
 5.3.5 If the Issuer does not proceed to redeem the Debentures as
stipulated in Clause 5.3.4 above, in addition to the Compensatory Interest due, it will be liable for Delay Penalties on the Nominal Value of the Debentures, as from the date of close out of the Debentures until the date of their effective payment,
as according to Clause 4.9.3 above. 
  

	6.	CONCERNING THE ADDITIONAL OBLIGATIONS OF THE ISSUER AND THE INTERVENING GUARANTOR 

 6.1 The Issuer furthermore is obliged to: 
  

	(i)	supply the Trustee with the following information and documentation 

  

	 	(a)	within at the most 90 (ninety) days following the close of each financial period, or within 10 (ten) days following the date of the publication of the exercise,
whichever takes place first, a copy of the complete financial statements concerning the financial period closed, accompanied by an independent auditors report. 

 

	 	(b)	within 30 (thirty) working days following completion, copies of all the general shareholder meeting minutes and relevant events; 

  
 18 

	 	(c)	copies of any judicial or extrajudicial correspondence or notifications received by the Issuer involving procedures of an individual or equivalent aggregate value of at
least US$ 50,000,000.00 (fifty million dollars) within 30 (thirty) working days following the offer of any form of reply, defense, answer or regrouping, whichever is appropriate, accompanied by the relevant copies of these; 

 

	 	(d)	information concerning any of the events indicated in Clause 5.3.1.1 above immediately following their occurrence; and 

 

	 	(e)	within 10 (ten) working days, or any other term previously informed by the Issuer to the Trustee, should the former require a different period of time, with due
justification and supplying any information that may reasonably be requested in writing by the Trustee, provided that said information is judged to be indispensable for the latter to be able to meet the obligations arising from the current Deed and
CVM Instruction 28; 

  

	(ii)	proceed to the appropriate publication of the economic and financial data under the terms set by the Law of Shareholder Companies, promoting the publication of its
financial statements under the terms set by the legislation in force, particularly Article 17 of CVM Instruction 476; 

  

	(iii)	meet all the obligations foreseen in Article 17 of CVM Instruction 476, given below in detail: 

 

	 	(a)	prepare financial statements at the closure of each financial period and if necessary, consolidated financial statement according to the Law of Shareholder Companies
under the regulations of the CVM; 

  

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

 

	 	(c)	make public its financial statements and explanatory notes as well as the opinion of the independent auditors on its web page within 3 (three months) as from the
closing date of the financial period; 

  

	 	(d)	maintain the documents mentioned in item ( c) on its web page for a period of 3 (three) years; 

 

	 	(e)	observe the dispositions given in CVM Instruction 358 of January 3, 2002, as amended (“CVM Instruction 358”) as regards the need for secrecy and
prohibitions from trading; 

  

	 	(f)	make public on its web page any relevant facts or events as defined in Article 2 of CVM Instruction 358, communicating this immediately to the Intermediary Institution
and the Trustee; and 

  

	 	(g)	Provide the information requested by CVM and/or CETIP; 

 (iv) forward to CETIP: (a) the information disclosed on the global computer network set forth in sub– item (d) of item (iii) above; (b) the documents and information required by
this entity within 1 (one) working day of the receipt of notification of the same; in addition to (c) fully complying with the remaining obligations set forth in CETIP Release N° 028/09 dated April, 2 2009; 

  
 19 

 (v) maintain accounts updated and keep the respective records in accordance with accounting principles
generally accepted in Brazil: 
 (vi) hold Annual General Debenture Holders Meetings (as defined below) to deliberate on
any of the issues directly or indirectly related to this Issuance, in accordance with the terms of Clause 8 of this deed, in the event the Fiduciary Agent fails to do so; 
 (vii) comply with all the requirements of the CVM with regard to submitting documents, in addition to providing the information requested; 
 (viii) maintain an active entity to deal with Debenture Holders, or hire authorized financial institutions to provide this service; 
 (ix) not to conduct operations beyond the scope of the business purpose, pursuant to the legal and regulatory statutory provisions in force; 
 (x) notify the Fiduciary Agent of any act or fact which may result in the interruption or suspension of the Issuer’s activities; 
 (xi) not to pay dividends to its shareholders beyond the minimum mandatory 25% (twenty– five per cent) in the event of a declaration of early payment involving a breach of the obligation to pay, with
regard to Issuance; 
 (xii) maintain its assets suitably insured, in accordance with the usual practices adopted by the Issuer; 

(xiii) effect timely payment of the services in relation to the registration of debentures filed electronically at CETIP; and 

(xiv) bear all costs arising from (a) the payout of debentures, including all costs in relation to the registration of the same with CETIP,
(b) the registration or publication of the acts necessary for issuance, such as this deed, any future amendments hereto and the corporate acts of the Issuer, and (c) expenses in connection with the hire of the Fiduciary Agent and the
Administrative Agent. 
 6.2 The Intervening Guarantor further undertakes to supply the Fiduciary Agent with the following documents and
information; 
 (i) within a maximum of 90 (ninety) days after the end of each financial year, or within 10 (ten) days of the date of the
respective disclosure, whichever occurs first, a copy of its full financial statements in relation to the respective financial year, together with the independent auditor’s report; 
 (ii) information on any non– compliance on the part of the Intervening Guarantor in relation to any of the terms, conditions and clauses of this deed, within 10 (ten) working days of the date on
which such non– compliance was detected; 

  
 20 

 (iii) bi-yearly information on the maintenance, throughout the issue period and provided there are
debentures in circulation, of the Net Financial Debt/EBITDA less than or equal to 4 (four) times, in accordance with Clause 5.3.1.1 (x) above, based on the consolidated six–monthly financial statements of the Intervening Guarantor;

 (iv) not to conduct operations beyond the scope of the business purpose, pursuant to the legal and regulatory statutory provisions in force

 (v) supply to the Fiduciary Agent within a maximum of 90 (ninety) days of the end of each financial year, or on the date of the publication
of the same, whichever occurs first, a copy of the calculations of the financial indicators set forth in Clause 6.2 (iii) above, with the respective records. 
  

	7.	OF THE FIDUCIARY AGENT 

 7.1 The Issuer
appoints and nominates Oliveita Trust Distribuidora de Títulos e Valores Mobiliarios S.A. as fiduciary agent for this issue, which, in accordance with the legislation in force and the terms of this Deed, expressly accepts the nomination in
order to represent the Debenture Holders on behalf of the Issuer (“Fiduciary Agent”) 
 7.2 The Fiduciary Agent hereby
declares: 
 (i) not to be legally impeded, subject to prosecution, from exercising the duties entrusted to the same, in accordance with Article
66, paragraph 3 of the Joint Stock Corporation Act and Article 10 of CVM Instruction N° 28 of 23 November 1983, as amended (“CVM Instruction 28”); 
 (ii) to accept the function in question, fully assuming the duties and attributes set forth in the legislation specific to this Deed; 
 (iii) to fully accept this Deed and all the terms and conditions of the same; 
 (iv) not to hold
any connection to the Issuer which might prevent the agent from exercising its duties; 
 (v) to be fully authorized to enter into this Deed and
to comply with the obligations set forth in the same, having met all the legal and statutory requirements involved; 
 (vi) to be duly qualified
to exercise the activities of Fiduciary Agent, in accordance with the applicable regulations in force; 
 (vii) that this Deed represents a
legal, valid, binding and effective obligation of the Fiduciary Agent, enforceable in accordance with the terms and conditions of the same; 

(viii) that the execution of this Deed and compliance with the obligations of the same do not violate any previous obligations accepted by the Fiduciary
Agent; 
 (ix) it has verified the regularity of the fidejussory guarantee provided to the Debenture Holders based on the financial statements
of the Intervening Guarantor in relation to the financial year ending on 30 September 2010, in accordance with Clause 4.11.5 above; 

  
 21 

 7.2.1 In turn, the Issuer declares not to have any ties with the Fiduciary Agent which impede the former to
fully exercise its duties. 
 7.3 In the event of the temporary absence and impediment, resignation, intervention, liquidation, bankruptcy or
any other motive of the Fiduciary Agent, a General Debenture Holders Meeting will be held to appoint a new Fiduciary Agent within 30 (thirty) days of the respective event, which may be called by the Fiduciary Agent to be replaced, the Issuer,
Debenture Holders representing a minimum of 10% (ten per cent) of total debentures in circulation, or the CVM. 
 7.3.1 In the event the meeting
is not called within 15 (fifteen) days of the end of the period defined in Clause 7.3 above, the Issuer shall be responsible for the same; 

7.3.2 the CVM may appoint a provisional replacement for the Fiduciary Agent while the process for selecting the new agent is underway. 

7.3.3 In the event the Fiduciary Agent is incapable of continuing to exercise its duties due to circumstances beyond the scope of this Deed, the
Debenture Holders should be informed immediately. 
 7.3.4 The Debenture Holders are entitled to remove the Fiduciary Agent and name the
replacement on termination of the debenture payout period, at an extraordinary meeting held exclusively for that purpose. 
 7.3.5 The
replacement of the Fiduciary Agent is subject to the prior notification of the CVM and the decision of the latter in relation to compliance with the conditions set forth in Article 8 of CVM Instruction N° 28 and subsequent regulations.

 7.3.6 The permanent replacement of the Fiduciary Agent should be registered as an amendment to his Deed and endorsed and registered at
JUCESP. 
 7.3.7 The Fiduciary Agent shall commence its duties as of the date of the execution of this agreement or any future amendment in
relation to the replacement of the same, and shall continue to exercise these functions until or all the obligations in relation to this Deed and the legislation in force have been fulfilled. 
 7.3.8 The regulations and precepts of the CVM shall apply to the replacement of the Fiduciary Agent. 
 7.4 In addition to others set forth in the law or in accordance with the regulations of the CVM, the following are also the duties of the Fiduciary Agent: 

(i) to protect the rights and interests of the Debenture Holders, employing the due care and diligence any active person would dedicate to the
administration of their personal assets; 
 (ii) to resign from the position in the event of any conflict of interests or any other kind of
inaptitude; 
 (iii) to preserve the books, correspondence and any other documents related to the exercise of its duties in good condition;

  
 22 

 (iv) to verify, at the time of taking over the duties, the veracity of the information contained in this
Deed, taking the necessary measures to correct any omissions, mistakes and faults detected; 
 (v) to promote, at the pertinent entities, and in
the event the Issuer has not already done so, the registration of this Deed and any amendments hereto, having corrected any errors and irregularities in connection with the same. In this case, the registar should request from the management of the
Issuer the necessary information. 
 (vi) to monitor compliance with the provision of periodic mandatory information, warning Debenture Holders
of any omissions or inaccuracies in relation to such information; 
 (vii) to issue reports on the sufficiency of the information in relation to
any proposals for amendments to the debenture terms, where applicable; 
 (viii) verifying the regularity of the personal security provided for
the Debenture Holders, and its feasibility; 
 (ix) to request, when deemed necessary for the fulfillment of the duties in question, updated
certificates from civil registry offices, the courts of the Treasury Office, notary public offices, labor courts and the Public Attorney’s Office in the district the Issuer is based in; 
 (x) to request, when deemed necessary, an extraordinary audit of the Issuer at the cost of the latter, whereby such a request should be accompanied by a detailed report fully justifying the need for such
an audit, and which may be justifiably refused by the Issuer in mutual agreement with the Debenture Holders; 
 (xi) to convene, when necessary,
a General Debenture Holders Meeting (as defined below), by means of an announcement published 3 (three) times in the form defined in Clause 4.1 above; 
 (xii) to attend the General Debenture Holders Meeting (as defined below) in order to provide the information requested, and to forward to CETIP on the same day as the General Debenture Holders Meeting (as
defined below), a summary of the deliberations taken, and a copy of the acts of the said meeting within (ten) days; 
 (xiii) to prepare a
report addressed to the Debenture Holders, in accordance with article 68, paragraph 1, item b of the Joint Stock Corporation Act, which should contain at least the following information: 
 (a) any omissions or inaccuracies contained in the information disclosed by the Issuer, or failure to comply with or delays in relation to the mandatory provision of information by the Issuer; 

(b) statutory alterations occurring in the period; 
 (c) comments on the Issuer’s financial statements with a focus on economic and financial indicators and capital structure; 
 (d) the distribution position or placement of the debentures on the market; 
 (e) amortization of
the nominal value and payment of compensatory interest on the debentures issued during the period, in addition to acquisitions and sales of debentures conducted by the Issuer; 

  
 23 

 (f) monitoring of the destination of funds raised through the Issuer, in accordance with the data obtained
from the Issuer’s administrating entities; 
 (g) a list of the assets and values delived to the administration; 

(h) compliance with other obligations assumed by the Issuer in relation to this Deed; and 
 (i) a declaration on the aptitude of the same in relation to continuing to exercise the function of Fiduciary Agent; 
 (xvi) to place the report dealing with item (xiii) above at the disposal of the Debenture Holders with in a maximum of 4 (four) months counting from the end of the Issuer’s financial year, at
the minimum following locations: 
 (a) The head offices of the Issuer; 

(b) at the Fiduciary Agent’s office or location indicated by the same; 

(c) at the CVM; and 
 (d) at the head offices of the intermediary institution in the event the period for submission of the report expires prior to the end of the debenture payout period; 

(xv) to notify the Debenture Holders the report is available at the locations defined in item (xvi) above; 

(xvi) to maintain updated the list of Debenture Holders and their addresses, also by means of collaboration with the Issuer, the Custodian Agent and
CETIP; 
 (xvii) to coordinate the draw of the debentures to be amortized or redeemed in advance, where applicable; 

(xviii) to monitor compliance with the clauses of this Deed, particularly those involving obligations to do and not to do; 

(xix) to notify the Debenture Holders, individually if possible, within 5 (five) days, of any failure to comply on the part of the Issuer with any
obligation assumed in relation to this Deed, stating the location at which it will provide the interested parties with more clarifications. A similar notification should be delivered to the CVM and CETIP; and 

(xx) to verify the continued regularity and enforceability of the guarantee provided. 
 7.5 The Fiduciary Agent shall make use of any judicial or extrajudicial procedures against the Issuer in order to protect the interests of the Debenture Holders and the credits of the same, and should, in
the event of non– compliance, and in accordance with the terms of this Deed: 
 (i) declare the debentures due and payable immediately and
charge the principal and accessories in accordance with the specified terms; 
 (ii) executing the personal security, applying the product in
the whole or proportional payment of the Debenture Holders; 

  
 24 

 (iii) file for the bankruptcy of the Issuer; 
 (iv) take the necessary measures to ensure payment of the Debenture Holders; and 
 (v) represent
the Debenture Holders in cases of bankruptcy, judicial and extrajudicial collection and/or extrajudicial liquidation of the Issuer and/or Intervening Guarantor, if applicable. 
 7.6 The Fiduciary Agent shall only be exempt from adopting the measures defined in Clause 7.5 (i) to (iv) above, if, on the convocation of a General Debenture Holders Meeting (as defined below)
authorizes the same in accordance with the unanimous consent of the debentures in circulation, whereby the deliberation of the majority of debentures in circulation shall suffice when such a hypothesis refers to the terms of Clause 7.5
(v) above. 
 7.7 The Issuer shall pay the Fiduciary Agent for the standard monitoring of the services provided, fees
in accordance with the legislation in force and this Deed, to the annual amount of BRL 18,000.00 (eighteen thousand reais), whereby the first installment shall be due on the 5th (fifth) working day after the subscription of the debentures, and the remaining installments on the same date of the
subsequent years. 
 7.7.1 in the event of failure to pay the debentures or the restructuring of the debenture conditions after Issue, the
Fiduciary Agent shall also be owed BRL 500.00 (five hundred reais) per man– hour worked in relation to (i) the execution of the guarantees, (ii) the implementation of the consequent decisions taken at such events, to be paid 5 (five)
days after proof of delivery of the “timesheet” to the Issuer by the Fiduciary Agent. 
 7.7.2 Restructuring of the debenture
conditions shall mean the events in relation to the alteration of (i) the guarantees in relation to this Issue, (ii) the payment deadlines in relation to this Issue, and (iii) the conditions in relation to the advance maturity of the
debentures in relation to this Issue. Any other event than those listed in Clause 7.7.7.1 shall not be considered related to the restructuring of the debentures, and, shall not therefore imply any additional remuneration by the Issuer or Fiduciary
Agent. 
 7.7.3 In the event of the execution of amendments to the Deed in relation to the events described in Clauses 7.7.1 and 7.7.2 above,
the Fiduciary Agent shall also be entitled to the payment of BRL$500.00 (five hundred BRL) per man– hour worked in relation to such amendments. 
 7.7.4 In the event of the cancellation or total redemption of the debentures in circulation, the Fiduciary Agent shall only be entitled to the pro rata remuneration for the period in which the
services were actually provided, reimbursing the Issuer for the difference between the remuneration received and that earned. 
 7.7.5 The
payment of the remuneration of the Fiduciary Agent shall be effected by means of a deposit in the bank account provided by the same. 
 7.7.6 In
accordance with the terms of Clause 7.7 of this document, the following taxes shall be added to the remuneration owed to the Fiduciary Agent: (i) ISS (tax on services of any nature); (ii) PIS (social integration program tax;
(iii) COFINS (social security funding tax), at the rates in force on the respective day of payment, whereby the amounts set forth in this document 

  
 25 

 
do not include the taxes payable in relation to the services provided by the Fiduciary Agent; and (iv) any other taxes payable on the aforementioned fees, including IR (income tax) at the
rates in force on the respective day of payment. 
 7.7.7 The fees owed by the Issuer related to the provision of services by the Trustee
as covered in this Clause 7.7 will have added to them the following taxes: (i) ISS (Income tax levied on all services); (ii) PIS (Social Integration Program Contributions), (iii) COFINS (Social Security Financing Contributions) in
installments according to the real gains tax regime established by the financial institutions which are to be made on the respective payment dates so that the values indicated in this Deed correspond to values net of these taxes levied on the
provision of trustee services by financial institutions; and (iv) any other taxes which may impact on the afore-mentioned fees, including IR (Income Tax) in the installments applicable on the dates of each payment. 

7.7.8 It is hereby agreed that in the event the Fiduciary Agent is replaced, the substitute should transfer the proportional amount of remuneration
received for services which were not actually provided, calculated pro rata temporis, from the date of payment of the remuneration to the date of replacement, to the substitute fiduciary agent, as a form of remuneration for the services the
latter is due to provide. The replacement fiduciary agent shall be entitled to the same remuneration owed to the original Fiduciary Agent, calculated proportionately to the time of the remaining provision of services, except if determined otherwise
at a General Debenture Holders Meeting (as defined below). 
 7.7.9 The remuneration owed to the Fiduciary Agent in accordance with Clause 7.7
above shall also be owed after the maturity of the debentures in the event the Fiduciary Agent adopts the measures set forth in the applicable legislation or Deed as configuring the accelerated maturity of the debentures. 

7.8 The Issuer, by means of prior approval, shall reimburse the Fiduciary Agent for all expenses incurred whilst protecting the rights and interests of
the Debenture Holders and ensuring the payment of the same. 
 7.8.1 The aforementioned reimbursement shall be effected within 10 (ten) working
days of the Issuer having received the receipts in relation to these expenses necessary for the protection of the rights of the Debenture Holders. 
 7.8.2 In the event the Issuer fails to effect such payment, all legal and administrative expenses incurred by the Fiduciary Agent whilst safeguarding the interests of the Debenture Holders should be
approved in advance and forwarded by the Debenture Holders, and, in accordance with the applicable legislation, reimbursed by the Issuer at a later date. 
 7.8.3 Such expenses to be approved by the Debenture Holders also include costs in relation to third– party legal fees, deposits, and legal charges in relation to proceedings filed by or against the
Fiduciary Agent during the exercise of the duties, or those resulting in financial loss or risk while representing the rights and interests of the Debenture Holders. 
 7.8.4 All legal expenses, deposits and costs in relation to lost legal proceedings shall also be borne by the Debenture Holders, in addition to the remuneration and reimbursable

  
 26 

 
expenses of the Fiduciary Agent, in the event the Issuer fails to effect payment for a period greater than 60 (sixty) days, whereby the Fiduciary Agent may request an advance guarantee from the
Debenture Holders to cover the risk of loss. 
 7.8.5 The expenses referred to in Clause 7.8 above shall also include those incurred in relation
to: 
 (i) the publication of reports, communications and notifications, as defined in this Deed, and others in relation to applicable
regulations; 
 (ii) the issuing of certificates; 
 (iii) travel and accommodation expenses in relation to the execution of the duties; and 
 (iv) any
additional special or expert opinions deemed necessary in the event of omissions and/or unclear information in the strict interests of the Debenture Holders. 
 7.8.6 Credits owed to the Fiduciary Agent for expenses incurred whilst protecting the rights and interests of the Debenture Holders or ensuring the outstanding payments of Debenture Holders shall be added
to the debt of the Issuer and shall have preference over the Debentures in the order of payment. 
  

	8.	GENERAL DEBENTURE HOLDERS MEETINGS 

 8.1
Debenture Holders may, at any time, convene with the aim of deliberating on issues of interest to the Debenture Holders (“General Debenture Holders Meeting”). 
 8.2 In addition to the terms of this Deed, General Debenture Holders Meetings shall be bound by the terms of the Joint Stock Corporate Act in relation to shareholder meetings. 

8.3 A General Debenture Holders Meetings may be called (i) by the Fiduciary Agent, (ii) the Issuer, (iii) debenture holders representing
at least 10% (ten percent) of the debentures in circulation, and by any number of debenture holders on a second convocation, and (iv) by the CVM. 
 8.3.1 Debentures in circulation shall mean those issued by the Issuer which have not been amortized, redeemed or settled. Debentures in circulation shall not include those held by the Issuer in a treasury
or by their controlling shareholder or administrators. 
 8.4 The General Debenture Holders Meeting shall convene with the presence of a minimum
of half the debentures in circulation on first convocation and any number of debenture holders on second convocation. 
 8.5 The Issuer’s
legal representative shall attend General Debenture Holders Meetings. 
 8.6 The Fiduciary Agent should also attend General Debenture Holders
Meetings in order to provide Debenture Holders with the information requested. 
 8.7 General Meetings of Debenture Holders shall be chaired by
the Debenture Holder elected by the Debenture Holders or by the person designated by the CVM. 

  
 27 

 8.8 In deliberations in General Meetings of Debenture Holders, each Debenture shall be entitled to one vote.
Resolutions shall be passed based on the majority of the attendees, except when of another form set form in this Deed and in the cases of alteration of Clauses 4.13, 4.6, 4.8, 5.2 and 5.3 of this Deed, which shall depend on the approval of 2/3 (two
thirds) of the Debentures in circulation. 
 8.8.1 The alteration of the qualified quorum set forth in this Deed shall depend on the approval of
90% (ninety percent) of the Debentures in circulation. 
 8.8.1.2 For the purpose of establishing a quorum for constitution and deliberation as
mentioned under Clause 8, Debentures in circulation shall only be considered as those Debentures issued by the Issuer which have not yet been redeemed and/or liquidated. Debentures possessed by the Issuer in the treasury, or which belong to its
parent company or to any of its subsidiaries and affiliates, as well as respective directors or board members and respective relatives, extending up to siblings and grandparents, and respective spouses thereof, must be excluded from the number of
said Debentures. 
 8.8.1.3 Within the scope of their respective legal authority, in compliance with the quorums established in this Deed,
resolutions passed by the Debenture Holders shall be existent, valid and effective in relation to the Issuer and shall bind all of the owners of Debentures, regardless of having attended the General Meeting of Debenture Holders or of the vote cast
in the respective Meeting. 
  

	9.	DECLARATIONS AND GUARANTEES OF THE TRUSTEE 

9.1 The Trustee hereby declares and guarantees to the Issuer that: 
  

	 	(i)	it is duly authorized to execute this Deed and fulfill its obligations set forth herein, having satisfied all of the legal and by–law requirements necessary for
this purpose; 

  

	 	(ii)	the execution of this Deed and the fulfillment of its obligations set forth herein do not violate any obligations undertaken previously by the Trustee;

  

	 	(iii)	this Deed constitutes a legal, valid and binding obligation for the Trustee, enforceable in accordance with its terms and conditions; 

 

	 	(iv)	that the person representing it in the signing of this Deed has sufficient powers for such; 

 

	 	(v)	under penalty of law, it has no legal impediment, as defined in article 66, §3, of the Law on Joint Stock Companies and in article 10 of CVM Instruction 28, in
order to hold the role granted thereto; 

  

	 	(vi)	it accepts the role granted thereto, thereby fully undertaking the duties and powers set forth under specific legislation and in this Deed; 

 

	 	(vii)	it fully accepts this Deed, as to all respective clauses and conditions; 

  
 28 

	 	(viii)	it is duly qualified to undertake Trustee activities, pursuant to applicable regulations in force; and 

 

	 	(ix)	it verified, when accepting the role, the veracity of the information contained in this Deed, endeavoring so as to cure all omissions, mistakes or flaws of which it had
knowledge. Furthermore, it is highlighted that the verification by the Trustee regarding the veracity of the declarations made by the Issuer and by the Intervenient Guarantor occurred on the basis of the information provided by the Issuer. The
Trustee did not carry out any independent or additional verification procedure relating to the veracity of the declarations made hereunder, with which the Debenture Holders declare awareness and agreement upon subscribing or acquiring the
Debentures. 

 9.2 In addition, the Trustee hereby points out that it currently provides trustee services to
Votorantim Finanças S.A., a company belonging to the same business group as the Issuer, in its 4th public issue of debentures, of subordinated form, with the maturity date on April 1 2015, for the volume, on the Date of Issue, of BRL$1,250,000,000.00 (one billion, two hundred and fifty million
BRL). 
  

	10.	DECLARATIONS AND GUARANTEES OF THE ISSUER AND INTERVENIENT GUARANTOR 

 10.1 The Issuer hereby declares and guarantees that: 
  

	(i)	it is a duly formed, private, joint stock company, validly existing and in compliant status as to the laws of Brazil and other countries in which the Issuer has
branches or representation offices. It addition, it is duly authorized to engage in the activities described in its corporate purpose; 

  

	(ii)	it is duly authorized to execute this Deed and fulfill all of the obligations set forth, having satisfied all of the legal, contractual and by–law requirements
necessary for such; 

  

	(iii)	the execution of this Deed and the fulfillment of the obligations set forth herein do not violate any obligation previously undertaken by the Issuer;

  

	(iv)	the persons representing it in the signing of this Deed have sufficient powers for such; 

 

	(v)	the execution of this Deed and the placement of the Debentures do not violate any legal provisions, or any contract or instruments of which the Issuer is a party, and
shall not result in: (a) the early expiration of any obligation established under any of said contracts or instruments; (b) the creation of any burden on any assets or property of the Issuer, except for those already existing on
today’s date; or (c) the rescission of any of these contracts or instruments; 

  

	(vi)	no registration, consent, authorization, approval, license, order or classification in relation to any governmental authority or regulatory body is required for the
fulfillment, by the Issuer, of the obligations pursuant to this Deed and to the Debentures, or for completing the Issue, except the registration of the Deed with the JUCESP and the recording of the debentures with CETIP; 

  
 29 

	(vii)	it has no connection with the Trustee which prevents it from fully discharging its duties in relation to this Issue; 

 

	(viii)	it has no knowledge of facts which prevent the Trustee from fully discharging its duties, pursuant to the Law on Joint Stock Companies and other applicable provisions,
including of a regulatory nature; 

  

	(ix)	it shall keep its assets adequately insured, as per the practices usually adopted by the Issuer; 

 

	(x)	its financial, economic and asset situation, on the date of making this declaration, has not undergone any significant alteration which may affect its solvency in an
adverse manner; 

  

	(xi)	it is completely aware and fully agrees with the form of disclosure and calculation of the DI Rate, published by CETIP, and that the method of calculating the
remuneration of the Debentures was calculated based on its free will; 

  

	(xii)	the financial statements of the Issuer, dated December 31, 2008 and 2009, correctly represent the asset and financial status of the Issuer on said dates and were
duly drafted in conformance with the fundamental accounting principles of Brazil and correctly reflect the assets, liabilities and contingencies of the Issuer; 

 

	(xiii)	it shall fulfill all obligations undertaken pursuant to this Deed, including, but not limited to the obligation to allocate the funds obtained from the Issue to the
purposes set forth under Clause 3.7 above; 

  

	(xiv)	subject to the fact that any non–fulfillment (whether individual or aggregate) may not be reasonably considered as something that will cause an adverse material
consequence (“Adverse Material Consequence”), it is in compliance with environmental legislation and the relevant environmental licenses applicable to the running of its business and to the maintenance of its properties, and it
possesses on today’s date all of the relevant authorizations and licenses required for running its business. For the purposes of this item (xiv) of Clause 10.1, Adverse Material Consequence means an adverse material consequence:
(i) as to the business, conditions (whether financial or of another sort), operations, performance or properties of the Issuer; (ii) as to the capability of the Issuer to perform its obligations relating to the Issue; or (iii) as to
the rights and/or measures and actions of the Issuer (in the event of any Adverse Material Consequence, any available and applicable insurance policies, indemnity and claims must be recorded (to the corresponding extent), once the nature and the
value have been considered, as well as the probability of recovery from said insurance policy, indemnity and/or claims); and 

  

	(xv)	except in cases in which, based on good faith, there is a discussion on the applicability of the law, rule or regulation in an administrative forum or in court, it is
in compliance with all laws, regulations, administrative rules and orders of governmental bodies, government agencies or courts applicable to the running of its business and which are relevant to the performance of its activities, thereby adopting
preventative or remedial measures and actions intended to avoid or correct any environmental harm resulting from engagement in the activities described in its corporate purpose. 

  
 30 

 10.2.1 The Intervenient Guarantor hereby declares and guarantees that: 

 

	 	(i)	it is duly authorized to execute this Deed and fulfill all of the obligations set forth, having satisfied all of the legal, contractual and by–law requirements
necessary for such; 

  

	 	(ii)	it is a company duly organized, formed and existent, in accordance with Brazilian laws, under the form of a private joint stock company, as well as that it is duly
authorized to engage in the activities described in its corporate purpose; 

  

	 	(iii)	the pledge given hereunder constitutes a legal, valid and binding obligation for the Intervenient Guarantor, enforceable in accordance with its terms and conditions;

  

	 	(iv)	the execution of this Deed and the pledge established hereunder do not violate any legal provision, order, decision or administrative or court judgment, contract or
instrument of which the Intervenient Guarantor is a party, and shall not result in (a) the early expiration of any obligation established under any of said contracts or instruments, (b) the creation of any burden on any assets or property
of the Intervenient Guarantor or any of its parent companies, or (c) the rescission of any of these contracts or instruments; and 

  

	 	(v)	(i) the Pledge mentioned under Clause 4.11.1 has been duly authorized by its competent corporate bodies, and (ii) all of the authorizations necessary for giving
the Pledge have been obtained and are in full effect. 

  

	11.	GENERAL PROVISIONS 

 11.1 Communications
to be sent by any of the Parties pursuant to this Deed must be forwarded to the following address: 
 (i) For the Issuer: 

VOTORANTIM CIMENTOS S.A. 
 Praça
Prof. José Lannes, no. 40, 9° andar 
 São Paulo – SP 
 04571–100 
 Attn.: Messrs. Lorival Nogueira Luz Júnior // Adriano Pascoaloto

 Telephone: (11) 3704–3351 // (11) 3704–3362 
 Fax: (11) 3079–9345 // (11) 3167–1550 
 e–mail:
lorival.luz@vpar.com.br // adriando.pascoaloto@vpar.com.br 
 (ii) For the Trustee: 

OLIVEIRA TRUST DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS 
 Avenida das Américas, no. 500, Bloco 13, Grupo 205, Condominio Downtown 
 –Rio de
Janeiro – RJ 
 22640–100 

Attn.: Mr. Gustavo Dezouzart T. Pinto // Mrs. Maria Carolina Vieira Abrantes 
 Telephone: (21) 3514–0000 
 Fax: (21) 3514–0099 

e–mail: gustavo.dezouzart@oliveiratrust.com.br // agente@ oliveiratrust.com.br 

  
 31 

 (iii) For the Intervening Guarantor: 
 VOTORANTIM INDUSTRIAL S.A. 
 Rua Amauri, no. 255, 13° andar, conj. “A”

 São Paulo – SP 

01448–000 
 Attn.: Messrs. Lorival Nogueira
Luz Júnior // Adriano Pascoaloto 
 Telephone: (11) 3704–3351 // (11) 3704–3362 

Fax: (11) 3079–9345 // (11) 3167–1550 
 e–mail: lorival.luz@vpar.com.br // adriando.pascoaloto@vpar.com.br 

(iv) For the Agent and Custodian Bank: 

BANCO BRADESCO S.A. 
 Cidade de Deus, S/N,
Prédio Amarelo, 2° andar 
 Osasco – SP 
 06029–900 
 Attn.: Mr. Marcelo Ronaldo Poli 

Tel.: (11) 3684–7654 
 Fax:
(11) 3684–5645 
 E–mail: 4010.mpoli@bradesco.com.br 
 (v) For CETIP: 
 CETIP S.A. – ORGANIZED OVER–THE–COUNTER MARKET FOR ASSETS AND
DERIVATIVES 
 Av. República do Chile, no. 230, 11 andar 
 Rio de Janeiro – RJ 
 20031–170 
 Telephone: (21) 2276–7474 
 Fax: (21) 2252–4308 / (21) 2262–5481

 or 
 Av. Brigadeiro Faria Lima, no.
1663, 4° andar 
 São Paulo – SP 
 01452–001 
 Attn.: Securities Management 

Telephone: (11) 3111–1596 
 Fax:
(11) 3115–1564 
 e–mail: gr.debentures@cetip.com.br 
 11.1.2 Communications shall be considered delivered when received with registration or with “confirmation of receipt” issued by the mail service and even by a telegram sent to the above
addresses. 
 11.1.3 Communications made by fax or e–mail shall be considered delivered on the date of respective sending, provided that
respective receipt is confirmed through a report (receipt issued by the machine used by the sender). The respective originals must be forwarded to the addresses above within up to 5 (five) working days following the sending of the message.

  
 32 

 11.1.4 The change of any of the above addresses must be communicated to all of the Parties by the Issuer.

 11.2 Except when set forth expressly in a different manner in this Deed, “working day” is understood as any day of the week, except
Saturdays, Sundays and national public holidays or in the City of São Paulo. When the indication of a time period counted per day in this Deed is not accompanied by the indication of “working day,” it is understood that the time
period is counted based on calendar days. 
 11.3 The waiver of any of the rights arising under this Deed shall not be presumed. In this manner,
no delay, omission or gratuity in the exercise of any right or power applying to the Debenture Holders by virtue of any breach by the Issuer shall harm the exercise of such right or power, or shall be interpreted as the waiver thereof. In addition,
the same shall not constitute a novation or modification concerning any other breach or delay. 
 11.4 If any of the provisions approved
hereunder is deemed illegal, invalid or ineffective, the remaining provisions unaffected by said judgment shall prevail. The Parties agree, in good faith, to replace the affected provisions with others, which, to the extent possible, produce the
same effect. 
 11.5 The Laws of the Federal Republic of Brazil shall govern this Deed. 

11.6 This Deed and the Debentures constitute documents valid to commence an extrajudicial enforcement process pursuant to subsections I and II of article
585 of the Code of Civil Procedure. The Parties hereby acknowledge that, regardless of any other applicable measures, the obligations undertaken pursuant to this Deed require specific performance and they subject themselves to the provisions of
articles 632 et seq. of the Code of Civil Procedure, without prejudice to the right to declare the early maturity of the Debentures, pursuant to this Deed. 
 11.7 This Deed is signed irrevocably and cannot be retracted, binding the Parties and their successors. 

  
 33 

	12.	JURISDICTION 

 12.1 The Court of the City
of São Paulo, State of São Paulo, is hereby elected to settle any disputes or controversies arising under this Deed, with the waiver of any other, regardless of how privileged it may be or become. 

It witness whereof, the Parties hereby sign this Deed, in 3 (three) copies of identical content and format, in the presence of 2 (two) witnesses.

 **** 

São Paulo, February 4, 2011. 

  
 34 

 [signature page for the Private Deed Instrument regarding the 3rd Issue of Simple Debentures, Not Convertible into Shares, in a Single
Series, of Unsecured Form, with an Unsecured Guarantee, for Public Offering with Restricted Placement Efforts, , for Votorantim Cimentos S.A., executed on February 4, 2011.] 

 

									
	 /s/ Lorival Nogueira Luz Júnior
	 		 	 /s/ Adriano Pascoaloto

	VOTORANTIM CIMENTOS S.A.
			
	By: Lorival Nogueira Luz Júnior	 		 	By: Adriano Pascoaloto
			
	Position: CPF:*	 		 	Position: CPF:*
			
	 /s/ Nina Bueno Lahóz Moya Blasquez da For
	 		 	
	OLIVEIRA TRUST DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS
			
	By: Nina Bueno Lahóz Moya Blasquez da For	 		 	By:
			
	Position: Attorney–in–fact	 		 	Position
			
	 /s/ Lorival Nogueira Luz Júnior
	 		 	 /s/ Adriano Pascoaloto

	VOTORANTIM INDUSTRIAL S.A.
			
	By: Lorival Nogueira Luz Júnior	 		 	By: Adriano Pascoaloto
			
	Position: CPF: *	 		 	Position: CPF:*
			
	Witnesses:	 		 	
					
	1:	 	 /s/ Felipe Fieri Silva
	 		 	2:	 	 /s/ Karina Cardozo de Oliveira

				
	Name: Felipe Fieri Silva	 		 		 	Name: Karina Cardozo de Oliveira
				
	RG: RG: 43.550.469–1 ; CPF: *	 		 		 	RG: 45.982020–5

  
 35EX-10.25

 Exhibit 10.25 

 
  

 
 PRIVATE INSTRUMENT OF
INDENTURE OF THE 4TH (FOURTH) ISSUANCE OF SIMPLE DEBENTURES, NON-CONVERTIBLE INTO SHARES, IN TWO SERIES, UNSECURED TYPE, WITH PERSONAL GUARANTEE, FOR PUBLIC DISTRIBUTION WITH RESTRICTED PLACEMENT EFFORTS, UNDER FIRM SUBSCRIPTION WARRANTY,

 FROM VOTORANTIM CIMENTOS S.A. 
 BETWEEN 
 VOTORANTIM CIMENTOS S.A., 

PENTÁGONO S.A. DISTRIBUTOR OF BONDS AND SECURITIES, 
 VOTORANTIM PARTICIPAÇÕES S.A., 
 AND 

VOTORANTIM INDUSTRIAL S.A. 
  

 

DATED 
 JANUARY 2ND, 2012 
  

 
  

 
  

  
 1 

 PRIVATE INSTRUMENT OF THE INDENTURE OF THE 4TH (FOURTH) ISSUANCE OF SIMPLE DEBENTURES,
NON-CONVERTIBLE INTO SHARES, IN TWO SERIES, UNSECURED TYPE, WITH PERSONAL GUARANTEE, FOR PUBLIC DISTRIBUTION WITH RESTRICTED PLACEMENT EFFORTS, UNDER FIRM SUBSCRIPTION WARRANTY, 

FROM VOTORANTIM CIMENTOS S.A. 
 For this private instrument, the parties described below: 
 VOTORANTIM CIMENTOS S.A., a
privately-held corporation, headquartered in the City of São Paulo, State of São Paulo, at Praça Prof. José Lannes, no 40, 9o andar, registered under CNPJ/MF no 01.637.895/0001-32, herein represented
pursuant to its Bylaws (the “Issuer”); 
 PENTÁGONO S.A. DISTRIBUTOR OF BONDS AND SECURITIES, financial institution
headquartered in the City of Rio de Janeiro, state of Rio de Janeiro, at Avenida das Américas, 4200, Bloco 4, Sala 514, CEP 22640-102, registered under CNPJ/MF no 17.343.682/0001-38, herein represented pursuant to its Bylaws
(“Trustee”) named herein to represent the union of interests of the Debenture Holders of this 4th (Fourth) Issuance of Simple Debentures, Non-convertible into Shares, in Two Series, Unsecured Type, with Personal Guarantee for Public
Distribution with Restricted Placement Efforts from the Issuer (“Debenture Holders” and “Issuance”, respectively), in accordance with Law No 6404 of December 15th, 1976, as amended (the “Law of
Corporations”); 
 And yet, as intervening guarantors, 
 VOTORANTIM PARTICIPAÇÕES S.A., a corporation headquartered in the city of São Paulo, state of São Paulo, at Rua Amauri, no 255, 10o andar, registered under
CNPJ/MF no 61.082.582/0001-97, herein represented pursuant to its Bylaws (“VPAR”); and 
 VOTORANTIM INDUSTRIAL
S.A., a privately-held corporation, headquartered in the city of São Paulo, state of São Paulo, at Rua Amauri, no 255, 13o andar, conj. “A”, registered under CNPJ/MF under no 03.407.049/0001-51, herein
represented pursuant to its Bylaws (“VID” and, in conjunction with VPAR, the “Intervening Guarantors” and, in conjunction with the Issuer and the Trustee, the “Parties”). 

  
 2 

 Enter into this “Private Instrument of the Indenture of the 4th (Fourth) Issuance of Simple Debentures,
Non-convertible into Shares, in Two Series, Unsecured Type, with Personal Guarantee for Public Distribution with Restricted Placement Efforts from Votorantim Cimentos S.A.” (“Indenture” and “Debentures”,
respectively), in accordance with the terms and conditions below. 
  

	1.	AUTHORIZATION 

 1.1 This Indenture is
entered into based on the resolution of the Issuer’s Extraordinary General Meeting held on December 23rd, 2011 (“EGM”), pursuant to Article 59 of the Law of Corporations. 

1.2 The Guarantee (as defined below) provided by the Intervening Guarantors was authorized at a VPAR management board meeting held on December 23rd,
2011, pursuant to Article 8, XI, of its bylaws and in a VID board of directors meeting VID held on December 23rd, 2011, pursuant to Article 9, paragraph 3, of its bylaws. 

 

	2.	REQUIREMENTS 

 2.1 This Indenture will be
carried out in compliance with the following requirements: 
  

	2.1.1	Filing and Publication of Resolutions 

2.1.1.1 The minutes of the EGM referred to in Clause 1.1 above was filed with the Board of Trade of the State of São Paulo
(“JUCESP”) on December 29th, 2011 under No 516376/11-1 and will be published in the Official Gazette of the State of São Paulo and in the Diário do Comércio newspaper, in accordance with Article 62,
Section I, of the Law of Corporations. 
 2.1.1.2 The corporate actions that may eventually be executed after the registration of the Indenture
will also be archived at JUCESP and published by the Issuer in the Official Gazette of the State of São Paulo and in the Diário do Comércio newspaper, according to current legislation. 

 

	2.1.2	Filing of the Indenture 

 2.1.2.1 This
Indenture and any amendments thereto shall be registered with JUCESP, according with the provisions of Article 62, Section II, and Paragraph 3 of the Law of Corporations. 

  
 3 

	2.1.3	Registration of the Guarantee 

 2.1.3.1 In
accordance with Law No 6,015, of December 31st, 1973, as amended (the “Law of Public Records”), this Indenture, according to the personal guarantee (lien) of which Clause 4.11.1 deals with below, shall be recorded in the
Notary Registry Offices with jurisdiction of the headquarters of each of the Parties, namely the City of São Paulo, State of São Paulo, and the City of Rio de Janeiro, State of Rio de Janeiro, ensuring that an original of the Indenture
duly registered in these registries is delivered to the Trustee within ten (10) business days after their effective recordings. 
  

	2.1.4	Exemption from registration with the Securities and Exchange Commission of Brazil (“CVM”) 

2.1.4.1 This Indenture is automatically exempted from distribution registration in the CVM mentioned in Article 19 of Law no 6.385, of
December 7th, 1976, in accordance with article 6th of CVM Instruction no 476, of January 16th, 2009 (“CVM Instruction 476”), because it is a public offering of securities with restricted distribution efforts.

  

	2.1.5	Exemption from registration with ANBIMA – Brazilian Financial and Capital Markets Association (“ANBIMA”) 

2.1.5.1 This Indenture is exempt from registration with ANBIMA for being a public offering of securities with restricted distribution efforts and for not
having a prospectus pursuant to Paragraph 1 of Article 25 of ANBIMA’s Code of Regulation and Best Practices for Public Offerings for Distribution and Acquisition of Securities. 

 

	2.1.6	Registration for Placement and Negotiation 

2.1.6.1 The Debentures shall be registered for: 
  

	 	(i)	distribution in the primary market through the SDT – Securities Distribution Module (“SDT”), managed and operated by CETIP S.A. – Organized
Markets, and the distribution settled through CETIP, and 

  

	 	(ii)	secondary market trading through the SND – National Debentures Module (“SND”), managed and operated by CETIP, with negotiations settled and
debentures electronically held in custody through CETIP. 

  
 4 

	3.	CHARACTERISTICS OF THE ISSUANCE 

  

	3.1	Purpose of the Issuer 

 3.1.1 The
Issuer’s has the purpose of: researching, mining, exploring and harnessing in general of mineral deposits, production, road transportation, distribution, importation, exportation and trading in general of cement, lime, mortar, plaster and their
raw materials and products derived, related or correlated therefrom, fertilizers and soil correctives, cement artifacts and their related or correlated derivatives, the generation of electricity for use in industrial facilities (own) and eventual
commercialization of surpluses, concreting services and other activities related to its line of business, the provision of services relating to construction, supervision, research, and exploration of the field projects and enforcement of any civil
engineering works, in all its technical and economic modalities, by itself or by others, by contract or administration, the leasing, the lending and the letting of real estate, management and exploration of forestry projects, as well as engaging in
the importing and exporting of materials, machinery and equipment for construction and providing technical support to companies operating the same type of business, the provision of specialized services and brokerage of businesses related to its
purpose, the provision of business management, economic feasibility analysis for investment and exploration projects in the area of cement, lime, construction materials in general and in other corollaries, not prohibiting its participation in other
companies as a shareholder or quotaholder [member/partner]. 
  

	3.2	Issuance Number 

 3.2.1 This is the 4th
(fourth) public issuance of debentures from the Issuer. 
  

	3.3	Number of Series and Quantity of Debentures 

 3.3.1 The Issuance will be held in two (2) series, with the 500 (five hundred) debentures from the 1st series being hereinafter named “Debentures Series 1” and 500 (five hundred)
from the 2nd series hereinafter called “Debentures Series 2”, and the Debentures Series 1 together with the Debentures Series 2 hereinafter referred to as “Debentures”, totaling 1,000 (one thousand) Debentures.

  

	3.4	Amount of Issuance 

 3.4.1 The total
amount of the Issuance shall be R$1,000,000,000.00 (one billion reais) on the Issuance Date (as defined below). 

  
 5 

	3.5	Grantee and Custodian Bank 

 3.5.1 The
grantee and custodian bank for this Issuance shall be Banco Bradesco S.A., a financial institution headquartered in the City of Osasco, State of São Paulo, in the administrative complex called ‘Cidade de Deus’ [‘City of
God’], s/no, registered under CNPJ/MF no 60.746.948/0001-12 (“Grantee and Custodian Bank”). 
  

	3.6	Allocation of Resources 

 3.6.1 The funds
raised through this Issuance shall be used for investments in fixed assets and working capital. 
  

	3.7	Registration for Distribution and Trading 

3.7.1 The Debentures shall be registered (i) for distribution in the primary market through the SDT, and (ii) for trading in the secondary
market through the SND, both managed and operated by CETIP, and the electronic custody and financial settlement of the Debentures carried out through CETIP. 
 3.7.2 The Debentures may only be traded in the organized and non-organized OTC market after ninety (90) days of its subscription or acquisition by the investor, in accordance with Articles 13 and 14
of CVM Instruction 476. Only qualified investors as defined in CVM Instruction No 409, of August 18th, 2004, as amended (“CVM Instruction 409”), and observing the provisions of Article 4 of CVM Instruction 476, may acquire
the Debentures, except for the provisions in Paragraph 1 of Article 15 of CVM Instruction 476. 
 3.7.2.1 As defined by CVM Instruction 409,
Qualified Investors are: (I) financial institutions; (ii) insurance companies and capitalization companies; (iii) open and closed pension fund entities; (iv) natural persons or legal entities that have financial investments of
amounts exceeding R$300.000,00 (three hundred thousand reais) and that, additionally, certify in writing their condition of qualified investor through own word; (v) investment funds intended exclusively for qualified investors;
(vi) portfolio managers and securities consultants authorized by the CVM, in relation to its own resources; and (vii) specific social security systems instituted by the federal government, states, federal district or municipalities
(collectively, “Qualified Investors”). 

  
 6 

 3.7.2.2 In accordance with CVM Instruction 476 and for the purposes of this Issuance all investment funds
shall be considered Qualified Investors, even if they are also intended for non-qualified investors. 
  

	3.8	Placement and Distribution Procedure 

3.8.1 The Debentures shall be the object of a public offering, with restricted placement efforts, pursuant to CVM Instruction 476, under a firm
subscribing commitment, individually and not jointly, for all of the Debentures pursuant to the “Instrumento Particular de Coordenação, Colocação e Distribuição com Esforços Restritos de
Debêntures Simples, não Conversíveis em Ações, em Duas Séries, da Espécie Quirografária, com Garantia Fidejussória, sob Regime de Garantia Firme de Subscrição da Quarta
(4a) Emissão Pública da Votorantim Cimentos S.A.” (“Placement Contract”), with the intermediation of financial institutions comprising the securities distribution system
(“Coordinators”), through the SDT module, managed and operated by CETIP. 
 3.8.2 The Debentures distribution plan shall follow
the procedure described in CVM Instruction 476 (“Distribution Plan”). Therefore, the Coordinators may access a maximum of 50 (fifty) qualified investors, with the possibility of subscription or acquisition by a maximum of 20
(twenty) qualified investors, as defined in this Indenture. 
 3.8.3 Pursuant to CVM Instruction 476 and for the purposes of the Issuance
described in this Clause: (I) all investment funds shall be considered Qualified Investors, even if they are intended for non-qualified investors and (ii) natural persons and legal entities considered Qualified Investors shall subscribe or
acquire, within the framework of the Issuance, Debentures in the minimum amount of R$1,000,000.00 (one million dollars). 
 3.8.4 The Issuance
cannot be increased under any circumstances. 
 3.8.5 The placement of the Debentures will be held in accordance with the SDT procedures,
managed and operated by CETIP and with the Distribution Plan set forth in this Clause. 
 3.8.6 At the time of the subscription and the payment
of the Debentures, each Qualified Investor shall sign an affidavit stating, et. al., that he or she is aware that (i) the issuance was not registered with the CVM and the ANBIMA; (ii) the Debentures are subject to restrictions on trading
under this Issuance Indenture, in the Distribution Agreement and the applicable regulations, and (iii) agrees to all the terms and conditions of this Issuance. 

  
 7 

 3.8.7 There shall not be any granting of any kind of discount for those interested in acquiring Debentures
under the Issuance nor any advance reservations, nor setting of maximum or minimum lots, regardless of chronological order, without prejudice to the possibility of placing the Debentures at a premium or at a discount. 

3.8.8 There shall not be any liquidity support fund, nor will a liquidity guarantee contract be entered into for the Debentures. There shall not be any
signing, yet, of a price stabilization contract of the Debentures in the secondary market. 
  

	4.	CHARACTERISTICS OF THE DEBENTURES 

  

	4.1.	Basic Characteristics 

 4.1.1 Par
Value 
 4.1.1.1 The par value of the Debentures shall be R$1.000.000,00 (one million reais) on the Issuance Date (as defined below)
(“Par Value”). 
 4.1.2 Issuance Date 
 4.1.2.1 For all legal purposes and effects, the issuance date of the debentures shall be January 20th, 2012 (“Issuance Date”). 

4.1.3 Term and Expiration Date 
 4.1.3.1
The final maturity of the Debentures shall occur after 76 months and 11 days from the Issuance Date, thus maturing on May 31st, 2018 (“Maturity Date”), except in the event of acceleration provided in Clause 5.3 below and early
redemption pursuant to Clause 5.2 below. At the time of each maturity, the Issuer undertakes to make payment of the Debentures that are still outstanding at the balance of its Par Value plus the Compensatory Interest due (as defined below),
calculated as provided in this Indenture. 
 4.1.4 Form and Issuance of Certificates  

4.1.4.1 The Debentures shall be issued in a registered form and entry, without the issuance of vouchers or certificates. 

  
 8 

 4.1.5 Proof of Ownership of Debentures 
 4.1.5.1 For all purposes of the law, the ownership of the Debentures shall be evidenced by the statement of the deposit account of the Debentures issued by the Grantee and Custodian Bank. Additionally, it
shall be recognized as proof of ownership of Debentures electronically under custody in the SND, a statement on behalf of the Debenture holder, issued by CETIP. 
 4.1.6 Specie  
 4.1.6.1 The Debentures shall be unsecured, with personal guarantee, without
collateral nor preference. 
 4.1.7 Convertibility 
 4.1.7.1 The Debentures shall be simple, not-convertible into issuance shares by the Issuer. 
  

	4.2	Subscription 

 4.2.1 Subscription
Period 
 4.2.1.1 The Debentures shall be subscribed and paid in a single day, at any time within four (4) business days from the date
of the initial distribution (“Subscription Date”). 
 4.2.2 Debentures Series 1 Subscription Price 

4.2.2.1 The Series 1 Debentures shall be subscribed by their Par Value plus Debentures Series 1 Compensatory Interest (as defined below), calculated
pro rata temporis from the Issuance Date until the Subscription Date, and may be placed at a premium or at a discount, to be determined, if necessary, upon the subscription of the Debentures Series 1. 

4.2.3 Debentures Series 2 Subscription Price 
 4.2.3.1 The Debentures Series 2 shall be subscribed by their Par Value plus Debentures Series 2 Compensatory Interest (as defined below), calculated pro rata temporis from the Issuance Date until
the Subscription Date. 

  
 9 

	4.3	Integralization and Form of Payment 

4.3.1 The Debentures will be paid at sight, in national currency, on the Subscription Date in the terms of Clauses 4.2.2 and 4.2.3 above, according to the
liquidation norms applicable to the CETIP (Clearing House for the Custody and Financial Settlement of Securities). 
  

	4.4	Right of Preference 

 4.4.1 There is no
right of preference of the current shareholders of the Issuer in the subscription of the Debentures. 
  

	4.5	Update of the Nominal Amount 

 4.5.1 There
will not be an update of the Nominal Amount of the Debentures. 
  

	4.6	Remuneration 

 4.6.1
Compensatory Interest of the 1st Series of
Debentures 
 4.6.1.1 The 1st Series Debentures will be entitled to the payment of compensatory
interest equivalent to the accumulated variation of 100% of the daily, average rates of the DI – Interfinancial Deposits of one day, Over Extra-Group, expressed in a percentage at one year, based on 252 business days, calculated and
disseminated daily by the CETIP in a daily poster, available on its website (http://cetip.com.br) (“DI Taxes”), increased from a surcharge of 1.09% a year, based on 252 business days, calculated exponentially and cumulatively, pro rata
temporis, levied on the Unitary Nominal Amount of each Debenture as of the Issuance Date or on the date set forth of the payment of the Compensatory Interest of the 1st Series Debentures immediately before and paid at the end of the Capitalization Period (according to the definition
below) (“Compensatory Interest of the 1st Series
Debentures). 

  
 10 

 4.6.1.2 The Compensatory Interest of the 1st Debentures Series will be paid quarterly until the Expiration Date,
on the dates indicated below: 
  

	
	07/20/2012
	01/21/2013
	07/22/2013
	01/20/2014
	07/21/2014
	01/20/2015
	07/20/2015
	01/20/2016
	07/20/2016
	01/20/2017
	07/20/2017
	01/22/2018
	05/31/2018

 4.6.2 Method of Calculating the Compensatory Interest of the 1st Debentures Series 
 4.6.2.1 The Compensatory Interest must be calculated according to the following formula:

 J = VNe x (FactorInterest-1) 
 where, 
 J = unitary amount of the Compensatory Interest, accumulated in the respective
Capitalization Period, due on the date of its effective payment, calculated with 6 decimal places, without rounding. 
 VNe = Unitary Nominal
Amount, or Unitary Nominal Amount balance, at the start of each Capitalization Period, informed/calculated with 6 decimal places, without rounding; 
 FactorInterest = factor of interest consisting of the increased fluctuation parameter of spread, calculated with 9 decimal places, with rounding, calculated according to the following formula:

 FactorInterest = (FactorDI x FactorSpread) 

  
 11 

 where, 
 FactorDI – product of the DI Rates with the use of the percentage applied in each Capitalization Period, calculated with 8 decimal places, with rounding, calculated in the following manner:

  
 

 
 where, 
 k =
number of order of the DI Rates, varying from 1 to n; 
 nDI = total number of DI Taxes, considered in each Capitalization Period, in the calculation of “FactorDI,”
“nDI” being a whole number; and 

TDIk
 = DI Rate, of the k order, expressed daily, calculated with 8 decimal places with rounding, calculated in the following manner: 

 
 

 
 where, 
 k =
number of order of the DI Rates, varying from 1 to n; 
 DIk = DI Rate, k order, expressed in a percentage at one year, disseminated by the CETIP, valid for 1 business day
(overnight), used with 2 decimal places; 
 FactorSpread = surcharge of fixed interest calculated with 9 decimal places, with rounding,
calculated according to the formula below: 
  
 

 
 where, 

spread = 1,0900; 
 DP = number of business days
between the Issuance Date or the date of the Compensatory Interest payment immediately before, and the current date, as the case may be, “DP” being the whole number. 

  
 12 

 Observations: 
  

	 	(i)	 The factor resulting from the expression [1 + (TDIk)] and considered with 16 decimal places, without rounding; 

 

	 	(ii)	 The product of the daily factors is performed [1 + (TDIk)], the result for each daily accumulated factor is truncated with 16 decimal places, without rounding, applying the next
daily factor, and thereinafter until the last one considered; 

  

	 	(iii)	once the factors are accumulated, the resulting factor “Factor DI” is considered with 8 decimal places, with rounding; 

 

	 	(iv)	The factor resulting from the expression (FactorDI x FactorSpread) is considered with 9 decimal places, with rounding; and 

 

	 	(v)	the DI Tax must be used considering an identical number of decimal places disseminated by the CETIP. 

4.6.3 Compensatory Interest of the 2nd Series of Debentures 

4.6.3.1 The Debentures of the 2nd Series will be entitled to the payment of compensatory interest equivalent to the accumulated variation of 111.00% of
the DI Rates, calculated exponentially and cumulatively pro rata temporis, levied on the Unitary Nominal Amount of each Debenture as of the Issuance Date or on the date set forth for the payment of the Compensatory Interest of the 2nd Series Debentures immediately before and paid at the end of each
Capitalization Period (“Compensatory Interest of the 2nd
Series Debentures”). 

  
 13 

 4.6.3.2 The Compensatory Interest of the 2nd Series Debentures will be paid quarterly on the dates indicated
below: 
  

	
	07/20/2012
	01/21/2013
	07/22/2013
	01/20/2014
	07/21/2014
	01/20/2015
	07/20/2015
	01/20/2016
	07/20/2016
	01/20/2017
	07/20/2017
	01/22/2018
	05/31/2018

 4.6.4 Method of Calculating the Compensatory Interest of the 2nd Debentures Series 
 4.6.4.1 The Compensatory Interest of the 2nd Series Debentures must be calculated according to the following
formula: 
 J = VNe x (FactorDI – 1) 
 where, 
  

	J	Amount of the Compensatory Interest accumulated in the period, calculated with 6 decimal places without rounding; 

 

	VNe	Nominal Amount of this Commercial Note, informed/calculated with 6 decimal places, without rounding; 

 

	FactorDI	Product of DI Rates using the applied percentage, of the Issuance Date, including, until the calculation date, exclusive, calculated with 8 decimal places, with
rounding, calculated in the following manner: 

  
 

 
 where, 
  

	n	Total number of DI Rates, “n” being a whole number; 

 

	p	111.00; 

  
 14 

	TDIk	 DI rate, expressed daily,
calculated with 8 decimal places with rounding, calculated in the following manner: 

  

 
 where, 
  

	DIk	 DI rate disseminated by the CETIP,
valid for one business day (over extra-group), used with two decimal places; 

 Observations: 

 

	 	(i)	the DI Rate must be used considering identical numbers of decimal places disseminated by the CETIP. 

 

	 	(ii)	 The factor resulting from the expression [1 + (TDIk)] is considered with 16 decimal places, without rounding; 

 

	 	(iii)	 The product of the factors [1 + (TDIk)] is performed, each daily accumulated factor is truncated with 16 decimal places, applying the next daily factor, and
thereinafter until the last one considered; and 

  

	 	(iv)	once the factors are accumulated, the resulting factor “Factor DI” is considered with 8 decimal places, with rounding; 

4.6.4 Capitalization Period 
 4.6.4.1
Capitalization Period corresponds to the time interval which starts on the Issuance Date of the Debentures, in the case of the first Capitalization Period, or on the date established for the payment of the Compensatory Interest immediately before,
exclusive, in the case of the other Capitalization Periods, and ends on the date established for the payment of the Compensatory Interest corresponding to the period in question, inclusive. Each Capitalization Period happens following the prior one
without a solution for continuity. 

  
 15 

 4.6.5 Temporary unavailability of the DI Rate 

4.6.5.1 In the case of temporary unavailability of the DI Rate when from the payment of any pecuniary obligation set forth in this Deed, it will be used,
in its substitution, the same daily rate produced by the last DI Rate known up to the calculation date. Any financial compensation is not due both by the Issuer and by the Debenture Holder, from the subsequent dissemination of the DI Rate.

 4.6.5.2 In the absence of determination and/or dissemination of the DI Rate for a period longer than 10 days from the expected date for its
dissemination, or even, in the case of its extinction due to legal imposition or judicial determination, the DI Rate must be substituted by the legally determined substitute. If there is no legal substitute for the DI rate, the Fiduciary Agent must
call a General Meeting of Debenture Holders (according to the below definition), to define, in joint agreement with the Issuer, the parameter to be applied. Until the deliberation of this parameter is used, for calculating the amount of any
obligations set forth herein, the same daily rate produced by the last known DI Rate until the date of the deliberation of the General Assembly of Debenture Holders. 
 4.6.5.3 If the DI Rate comes to be disseminated before holding the General Meeting of Debenture Holders, the mentioned meeting will not be held and the DI Rate, as of its dissemination, will continue to
be used to calculate the Compensatory Interest of the Debentures. The last previously known DI Rate will be used until the dissemination date. 
 4.6.5.4 If there is no agreement on the substitute rate between the Issuer and the Debenture Holders representing, a minimum of 2/3 of the Debentures of the 1st Series in circulation and 2/3 of the Debentures of the 2nd Series in circulation, the Issuer will opt, at its exclusive
criteria, for one of the established alternatives to follow, undertaking to communicate in writing to the Fiduciary Agent, in a term of 10 days as of the date of the respective General Meeting of Debenture Holders, which of the following
alternatives has been chosen: 
  

	(i)	The Issuer will redeem in advance and, consequently, pay all of the Debentures in circulation, in a term of 30 days as of the date the respective General Meeting of
Debenture Holders is held, for its non-amortized Unitary Nominal Amount in the terms hereof, increased from the Compensatory Interest due until the date of the effective redemption and of the Charges in arrears (according to the below definition),
if the case, calculated pro rata temporis, as of the Issuance Date or of the last date of payment or capitalization of the Compensatory Interest, as the case may be. In this hypothesis, to calculate the Compensatory Interest applicable to the
Debentures to be redeemed and, consequently, paid, the same daily rate produced by the last known DI Rate will be used; or 

  

	(ii)	The Issuer will redeem in advance and consequently pay all of the Debentures in circulation, in a timeline to be stipulated by the Issuer, which will not exceed the
Expiration Date of the Debentures and the amortization date set forth herein. During the amortization term of the Debentures by the Issuer, the periodicity of the payment of the Renumeratory Interest will continue to be that established herein,
observing that, until the integral amortization of the Debentures, a substitute remuneration rate to be defined by the Debenture Holders at the General Meeting of Debenture Holders will be used, which must reflect parameters used in similar
operations existing at the time. If a respective substitute rate of the Compensatory Interest is referenced in a term different from 252 business days, this rate must be adjusted to reflect the base of 252 business days used by the DI Rate.

  
 16 

	4.7	Re-pricing 

  

	4.7.1	There will not be any re-pricing of the Debentures. 

  

	4.8	Amortization 

 4.8.1 The Unitary Nominal
Amount of the Debentures will be amortized in 1 sole installment on the Date of the Debentures Expiration. 
  

	4.9	Conditions of Payment 

 4.9.1 Place of
Payment and Tax Immunity 
 4.9.1.1 The payments to which the Debentures are entitled will be made: (i) using the procedures adopted by
the CETIP for the electronically held Debentures in the SND; or (ii) in the case the Debentures are not electronically held in the SND, (a) at the branch of the Issuer or of the Mandated Bank and Bookkeeper, or (b) as the case may be,
by the financial institution contracted for this purpose. 
 4.9.1.2 If any Debenture Holder enjoys any type of tax exemption or immunity, it
must be sent to the Mandated Bank and Bookkeeper, with a copy to the issuer, in a minimum term of 15 business days before the date set forth for any of the payments related to the Debentures, documentation verifying this tax exemption or immunity,
under the penalty of having deducted from its earnings, arising from the payment of the Debentures of its ownership, the owed amounts according to the tax law in force. 

  
 17 

 4.9.2 Extension of the Terms 
 4.9.2.1 The payment dates of any obligation by any of the Parties will be considered automatically extended, until the subsequent first business day if the expiration date of the respective obligation
coincides with a national holiday, Saturday or Sunday, or even if there are no bank working hours in the city of São Paulo, in the state of São Paulo, without any increase in the amounts to be paid, except for the cases whose payments
must be made through the CETIP, in which case there will only be an extension when the payment date of the respective obligation coincides with Saturday, Sunday or a national holiday. 
 4.9.3 Charges in arrears 
 4.9.3.1 Notwithstanding the Compensatory Interest, which will
continue to accrue until the amount due is effectively paid, a delay in the payment by the Issuer taking place of any pecuniary obligation regarding the Debentures, the expired and unpaid debts will increase with interest in arrears from 1% per
month, calculated pro rata temporis, from the date of noncompliance until the date of the effective payment, as well as a non-compensatory fine of 2% on the amount owed, independently of notice, notification or extrajudicial or judicial
summons (together, “Charges in arrears”). 
 4.9.4 Statute of Limitation on the Rights to Increases 

4.9.4.1 Notwithstanding that provided in Clause 4.9.3.1 above, the lack of attendance of the Debenture Holder to receive the amount corresponding to any
of the pecuniary obligations of the Issuer on the dates set forth herein or in a communication published by the Issuer or by the Fiduciary Agent, will not give him the right to receive the Compensatory Interest and/or Charges in arrears in the
period regarding the delay in the receipt. He is still guaranteed the rights acquired until the date of the respective expiration or of the communication published by the Issuer or by the Fiduciary Agent. 

 

	4.10	Publicity 

 4.10.1 All announcements,
notices and other acts and decisions arising from this Issuance which, in any event, involve the Debenture Holders, will be published in the Official Gazette of the State of São Paulo and in the journal Newspaper of Commerce, pursuant to that
established in article 289 of the Stock Corporations Act, observing the limitations imposed through Instruction CVM 476 in relation to the publicity of the Issuance and the legal terms. The issuer must communicate to the Fiduciary Agent with respect
to any publication on the date of its realization. 

  
 18 

	4.11	Personal Surety 

 4.11.1 In order to
guarantee the compliance of his accessory, main and pecuniary obligations, assumed herein, the Intervening Obligors, through this act and in the best form of law, render surety in favor of the Debenture Holders (“Surety”),
represented by the Fiduciary Agent. They undertake as Obligors and as the main payers of the amounts owed in the terms herein, according to the terms and conditions below. 
 4.11.2 The Intervening Obligors hereby declare themselves as irrevocable and irreparable Obligors and main payers of the total amount of the debt of the Issuer arising from the Debentures of this
Issuance, in the terms hereof and pursuant to article 818 of Law N. 10,406, of January 10, 2002, as amended (“Civil Code”). 
 4.11.3 The amount of the surety is limited to the total amount of the obligations inherent to the Issuance guaranteed by the Intervening Obligors, which includes the integral payment: (i) The Nominal
Amount of the Debentures or of the balance of the Nominal Amount of the Debentures, increased from the Compensatory Interest, Charges in arrears or from the Premium addressed in Clause 5.2.1 below, if the case, calculated in the terms hereof; as
well as (ii) all of the charges to the principal, including any proven cost or expense incurred by the Fiduciary Agent or by the Debenture Holders arising from judicial, extrajudicial expenses and/or indemnity payments, if any, since such costs
or expenses have been shown to be necessary to safeguard the rights and prerogatives arising hereof and have been duly proven to the Issuer (“Guaranteed Amount”). Every and any payment made by the Intervening Obligors in relation to
the Surety herein rendered will be made free and liquid of any taxes, rates, contributions of any nature, charges or withholdings, present or future as well as any interest, fines or other fiscal liabilities. 

4.11.5 According to the financial statements of each Intervening Obligor regarding the fiscal year ending on September 30, 2011, the liquid
patrimony of each Intervening Obligor represents the following percentage of volume of the Issuance: 
  

					
	 INTERVENING OBLIGOR
	  	PERCENTAGE EQUIVALENT
TO THE 
ISSUANCE VOLUME	 
	 Votorantim Participações S.A.
	  	 	2.75	% 
	 Votorantim Industrial S.A.
	  	 	3.35	% 

  
 19 

 4.11.6 The Guaranteed Amount will be paid by the Intervening Obligors for 1 business day after the written
notification made by the Fiduciary Agent or by the holders of the Debentures to the Intervening Obligors, independently of any issue, action, dispute or claim which the Issuer comes to have or exercise in relation to his obligations. Such
notification must be immediately issued by the Fiduciary Agent or by the holders of the Debentures after the Issuer fails to pay any amount owed on the payment dates defined herein or when the Debentures expire early. The payment must be made,
outside the scope of the CETIP, following the procedures established herein and according to the instructions received from the Fiduciary Agent or from the holders of the Debentures. 
 4.11.7 The Intervening Obligors expressly waive the benefits of order, rights and powers of exoneration of any nature set forth in articles 333, sole paragraph, 366, 821, 827, 830, 834, 835, 836, 837, 838
and 839 of the Civil Code and articles 77 and 595 of Law no 5.869, of January 11, 1973 (“Code of Civil Procedure”). 

4.11.8 No objection or opposition from the Issuer may even be accepted or claimed by the Intervening Obligors with the purpose of excusing himself from
complying with his obligations before the Debenture Holders. 
 4.11.9 The Intervening Obligors will subrogate themselves in the rights of the
Debenture Holders if they come to honor, totally or partially, the surety, object of Clause 4.11, up to the limit of the part of the debt effectively honored by each Intervening Obligor. 
 4.11.10 The present surety will go into force on the Issuance Date of the Debentures and will remain valid in all of its terms, expiring, independently of the notification to the Fiduciary Agent, with the
integral payment of the Guaranteed Amount, being certain that only as of such date will the Intervening Obligors not be obligated to make any payment regarding this Deed, observing that laid out in Clause 4.11.13. 

4.11.11 The Intervening Obligors hereby recognize, as a set term, for the purpose of article 835 of the Civil Code, the date of the integral payment of
the Guaranteed Amount. 
 4.11.12 The present surety will be executed and required by the Fiduciary Agent or by the holders of the Debentures,
judicially or extra judicially, the amount of times necessary until the integral and effective liquidation of the Guaranteed Amount. 

  
 20 

 4.11.13 Notwithstanding any other provision contained herein, the VPAR will be released from its obligations
related to the Surety rendered by it, through a notification sent to the Fiduciary Agent in this sense, with a minimum of 3 business days before the date when the release has to take place (“Notification of Release”), according to
the model contained in Attachment 4.11.13, provided that, on the date of the referred notification, the following conditions are performed: 
  

	 	(i)	The VID has sent to the Fiduciary Agent its financial statements regarding the last quarter or the last fiscal period, which must be (x) audited in the case of the
financial statements regarding the last fiscal period; or (y) subject to the limited review in the case of financial information regarding the last available quarter, in any case by an independent auditing firm which is internationally
recognized; 

  

	 	(ii)	At least two risk classification agencies have attributed an investment classification note to the VID equal to or higher than the credit classification note attributed
to the VPAR immediately before such disclosures; 

  

	 	(iii)	On the date of this Deed, the total asset of the VID is equivalent to at least 85% of the total asset of the VPAR, according to a reasonable determination by a director
of the VPAR and calculated on consolidated bases, excluding any assets related to the financial segment of the VPAR, according to that defined in the VPAR financial statements; and 

 

	 	(iv)	No breach has taken place and is in course. 

4.11.13.1 In the term of 3 business days from the Notification of Release, the Fiduciary Agent and the VPAR, with the consent and approval of the VID and
of the Issuer, must enter into the surety release term according to the model contained in Attachment 4.11.13.1. 
  

	5.	REGARDING THE OPTIONAL ACQUISITION, THE EARLY REDEMPTION AND THE EARLY EXPIRATION 

 

	5.1	Optional Early Acquisition 

 5.1.1 The
Issuer may, at any time, having observed the restrictions imposed by Instruction CVM 476 and the other applicable provisions, acquire Debentures in circulation in the market, having observed that provided in article 55, §3o, of the Stock
Corporations Law and the rules issued by the CVM. Such acquisition(s) must be stated in the administration report and the financial statements of the Issuer. The Debentures object of this procedure may (i) be cancelled, the

  
 21 

 
cancellation must be the object of a deliberate act of the Issuer, (ii) remain in the treasury, or (iii) be placed again in the market. The Debentures acquired by the Issuer to remain
in the treasury, in the terms of Clause 5.1.1, if and when placed again in the market, will be entitled to the same remuneration of the other Debentures which are still in circulation, having observed the restriction for negotiating the Debentures
set forth in Clause 3.9.2 above. 
  

	5.2	Early Redemption 

 5.2.1 As of the 25th
month the Debentures are in force, the Debentures may at the exclusive criteria of the Issuer, be optionally redeemed, totally or partially, at any time, through sending or publishing a communication to the Debenture Holders, in the newspapers
usually used by the Issuer for its legal publications as well as through sending the written communication to the Fiduciary Agent with a minimum of 10 business days beforehand informing the following: (i) the date of redemption; (ii) the
amount of the Debentures and the respective series which will be redeemed; and (iii) any other relevant information for the Debenture Holders. The amount of the redemption will be equivalent to the Nominal Amount or balance of the Nominal
Amount, increased from the Compensatory Interest and the Surcharges in arrears, if the case may be, due from the date of the last payment of Compensatory Interest or amortization until the date of the redemption and increased from the bonus
equivalent to 0.3% per year (“Bonus”) calculated on the Nominal Amount or balance of the Nominal Amount based on the remaining term in force of the Debentures. 
 5.2.2 In the event of a deliberation regarding a partial, early redemption, the lottery criteria will be adopted, to be carried out in the presence of the Fiduciary Agent and with the dissemination of the
results to all Debenture Holders through a communication, including that regarding the lottery rules, pursuant to article 55, §2o, of the Stock Corporation Law. 
 5.2.3 In the event of a partial, early redemption of the Debentures electronically stored in the SND, the planning of the partial, early redemption will be done through an “operation of definitive
purchase and sale in the secondary market.” All the qualification stages of the Debenture Holders related to this process, such as the qualification, lottery, calculation, apportionment definition and validation of the amounts of Debentures to
be redeemed by each Debenture Holder, will be done outside the scope of the CETIP. It is also defined that if CETIP implements another functionality to plan the partial, early redemption, there will be no need to adjust to the present Deed or any
other formality. 

  
 22 

 5.2.4 The CETIP, through a letter from the Issuer which contains the notice of the Fiduciary Agent regarding
the matter, must be communicated in terms of carrying out the total, early redemption with, at least, 2 business days beforehand. 
  

	5.3	Early Expiration 

 5.3.1 In the event
of an early expiration 
 5.3.1.1 Through the Fiduciary Agent, the holders of the Debentures may, having observed that laid out in Clauses
5.3.2 and 8.8 below, declare all the obligations object of the Deed as having expired early and demand the immediate payment, by the Issuer, of the Unitary Nominal Amount or of the Unitary Nominal Amount balance of the Debentures increased from the
Compensatory Interest and from the Charges in arrear, if the case may be, calculated pro rata temporis as of the Issuance Date of the Debentures until the effective payment date, with the knowledge of any of the following events taking place
(each event is an “Breach Event”): 
 (i) (a) voluntary bankruptcy request from the Issuer and/or the Intervening Obligors or
bankruptcy request not elided in the term; (b) bankruptcy decree from the Issuer and/or from the Intervening Obligors; (c) judicial recovery request or extrajudicial recovery request from the Issuer and/or the Intervening Obligors; or
(d) liquidation, dissolution or extinction of the Issuer and/or of the Intervening Obligors; 
 (ii) Non-payment by the Issuer of the
pecuniary obligations owed to the holders of the Debentures, on the expiration dates, other than the cases in which there is a specific remedy term foreseen, if applicable; 
 (iii) Breach, by the Issuer, of any non-pecuniary obligation referring to the issuance of Debentures and provided that such breach is not remedied in a 45-day term starting from the mentioned breach,
other than cases where there is a specific remedy term foreseen, if applicable; 
 (iv) Declaration of early expiration, for contractual breach,
of any debt of the Issuer or of any company controlled by the Issuer and/or of the Intervening Obligors and of their subsidiaries (according to that defined below), including the issuances of debentures, in the terms of paragraph 2 of article 243 of
the Stock Corporation Law, in an individual or aggregate amount equal to or higher than the equivalent in Real to US$100,000,000.00 or its equivalent amount in other currency; 
 (v) Breach, on its respective expiration date or after any foreseen remedy term has passed, on the payment of any debt of the Issuer or of any subsidiary and/or of the Intervening Obligors and of its
Subsidiaries, in an aggregate or individual amount equal to or higher than the equivalent in Real to US$100,000,000.00, or its equivalent in other currency, except if the non-payment of the debt on the date of its respective expiration (a) has
the agreement of the corresponding creditor, or (b) it is protected by a current, judicial decision obtained by the Issuer; 

  
 23 

 (vi) One or more judicial sentences, definitive arbitral sentences become final, or the issuance of one or
more final arbitral awards against the Issuer or any subsidiary and/or against the Intervening Obligors or their subsidiaries which result or could result, together or separately, in payment obligations for the Issuer or for any subsidiary and/or
for the Intervening Obligors or for any subsidiary of aggregate or individual amount equal to or higher than the equivalent in Real to US$100,000,000.00, or its equivalent in other currencies, except if this obligation, whose Amount is liquid and
certain and on which Amount and payment no resource, judicial action or encumbrance is authorized which, in any event, suspends the execution, (a) it is paid in the terms and periods established in the sentences or in the arbitral awards, or
(b) it is guaranteed because of sufficient assets of the Issuer, bond or surety bond in the scope of execution, provided that, in any of the cases of this section (b), it is accepted by the competent judge; 

(vii) (a) if the VID ceases to possess, directly or indirectly, at least 51% of the voting capital of the Issuer, and that it guaranties it the right to
(1) elect the majority of the members of the board of administration or directors of the Issuer and, even, (2) direct or orient the functioning and the guidelines of the Issuer, as well (b) if the controllers of the VID cease to
possess, directly or indirectly, at least 51% of the voting capital of the VID, and that it guaranties them the right to (1) elect the majority of the members of the administration council or board of directors of the VID and, even,
(2) direct or orient the functioning and the guidelines of the VID; 
 (viii) Transformation of the Issuer in a limited liability company,
in the terms of articles 220 to 222 of the Stock Corporations Law; 
 (ix) In the event the Debentures and/or the Surety become invalid,
inefficient or unenforceable against the Issuer and/or the Intervening Obligors, as the case may be, or if the enforceability of this instrument is answered by the Issuer and/or by the Intervening Obligors or, even, if the Issuer and/or the
Intervening Obligor deny having responsibility over this instrument; 

  
 24 

 (x) If the financial, debt rate liquid/EBITDA of the VPAR, inasmuch as it remains as Intervening Obligor is
higher than 4.0 times, calculated annually based on the consolidated financial statements of the VPAR, except if the financial segment of the VPAR, according to that defined in the financial statements of the VPAR, must not be taken into account for
the purpose of this calculation, being that (a) the liquid debt is equal to the account of increased loans and financing of the derivative, financial instruments and of the debts with parts related to the circulating and non-circulating
liability, less the cash accounts and cash equivalents and financial applications and non-circulating and circulating derivative, financial instruments (“Liquid, Financial Debt”), and (b) EBITDA is the profit of the last two
fiscal quarters (consolidated and without duplications) before income tax, of the social contribution on the liquid profit, of the expenses with interest, depreciation and amortization during each period, eliminating the following gains from the
calculations: (1) any liquid gain or income (or liquid loss), liquid of any fiscal effect, of any special item during the period; (2) any income from interest during each period;(3) gains or losses in the sale of assets (unless sales of
assets considered to be a normal part of business) during each period; (4) any other “non-cash” items deducted from or included in the calculation of the liquid profit before taxes for each period (unless items which require payments
with cash or for which provisions or reserves will be or are required by the generally accepted accounting norms), including gains or losses with an exchange variation on financing or adjustments of foreign currency conversion or monetary
correction; and (5) any liquid gain or profit (or liquid loss) in any transaction in foreign currency or liquid, monetary positions, during each period (“EBITDA”). As soon as the Surety rendered by the VPAR is released in the
terms of Clause 4.11.13 above, the current obligation of compliance of the financial, debt rate liquid/EBITDA which falls upon the VPAR will automatically pass to VID, independently of any amendment to the present Deed. 

(xi) Bond relationship, except in the cases in which there is a negative pledge of the Debenture Holders and except the Permitted Guaranties of the
Issuer, the Intervening Obligors and of their subsidiaries, described in sub-item (ii.A) (a) to (1), of item (xi), of this Clause 5.2.1.1 (together, “Permitted Guaranties”), which are for the purposes of this Deed: 

 

	(i)	Subsidiary means any company or other entity in which the Intervening Obligors have, directly or indirectly, more than 50% of its company capital, except if Votorantim
Finanças S.A., or Banco Votorantim S.A., or Votorantim Bank Limited, BV Financeira, Crédito, Financiamento e Investimento S.A. and any other direct or indirect subsidiary of Votorantim Finanças S.A. which acts, mainly, in the
business of financial services and related activities, must not be considered for this concept; and 

  
 25 

	(ii)	Permitted Guaranties mean: 

  

	 	(a)	Any guarantee which falls upon the stocks or receivables and related assets (which are not those described in sub item (c) below), related to any secured
obligations of the Issuer and/or of the Intervening Obligors and of their Subsidiaries: (1) in short-term financing/credit lines, carried out during the normal course of their business; or (2) in any loan for working capital;

  

	 	(b)	Guaranties constituted solely for the purpose of ensuring the payment, entirely or partially, of the asset purchase price or property acquired, built or improved after
signing the present Deed (or the cost of construction or improvement and any commission or expense related to such transaction, including the company capital of any entity), provided that: (1) the main, aggregate amount of the debt guaranteed
by such liens don’t exceed the price of the asset purchase or of the acquired, built or improved property; (2) such guaranties don’t encumber any asset or property which are not the asset or property then acquired, built or improved;
and, even, (3) are others which are not those properties without improvements on which the property then built or the improvement is located, and are related to such asset or property in the 365 day term starting from the acquisition,
construction or improvement of such asset or property; 

  

	 	(c)	Guaranties on receivables and assets related to exportation, importation or other commercial transactions or referring to any securitization transaction, provided that
the aggregate amount of any receivables sold or transferred in such securitization transactions don’t exceed: (1) in relation to the transactions related to the income from exportations, 80% of the consolidated, liquid sales of the Issuer
and of the Intervening Obligors and of their Subsidiaries; or (2) in relation to the transactions regarding the income from domestic sales, 80% of the consolidated, liquid sales within the country of operation of the Issuer and of the
Intervening Obligors and of their Subsidiaries; 

  

	 	(d)	Guaranties granted to ensure loans together with the (1) National Bank of Social and Economic Development – BNDES or any other Brazilian, public development
bank or credit institution; or (2) any insurer, bank or international, development agency and importation and exportation agency; 

  
 26 

	 	(e)	Existing guaranties on the signing date of the present Deed; 

  

	 	(f)	Guaranties on assets or shares of company capital of another entity when such entity becomes part of the economic group of the Issuer and/or of the Intervening Obligors
and of its Subsidiaries, provided that such guaranties are not extended to any other property asset of the mentioned entity; 

  

	 	(g)	Guaranties on assets when such entity or any of its subsidiaries acquire such asset, including any acquisition through a merger with, or incorporation within such
entity or of a subsidiary of such entity, provided that such guaranties don’t extend to any other property asset of the mentioned entity; 

  

	 	(h)	Guaranties ensuring a debt or other obligations of a subsidiary of the Issuer and/or of the Intervening Obligors and of their Subsidiaries in debt with an Issuer and/or
for the Intervening Obligors or with an integral subsidiary of the Issuer and/or of the Intervening Obligors; 

  

	 	(i)	Guaranties in favor of pledges, guarantees or credit letters issued according to the request of the, and for the account of such entity, arising from the regular course
of business of the Issuer and/or of the Intervening Obligors and of their Subsidiaries; 

  

	 	(j)	Guaranties ensuring the obligations arising from hedge contracts, unrelated to speculative purposes; 

 

	 	(k)	Any guarantee extending, renewing or substituting (or successive extensions, renovations or substitutions of), entirely or partially, any Permitted Guarantee, in the
terms of sub items (b), (d), (e), (f) or (g) above, provided that such guaranteed principal amount does not exceed the principal amount of the debt then ensured at the time of extension, renovation or substitution and provided that such
extension, renovation or substitution is limited to all or part of the pledged asset by the guarantee then extended, renewed or substituted (increased from improvements on such assets); and 

 

	 	(l)	Any guarantee not described in sub items (a) to (k) above, and provided that it ensure debts which, excluding the debts pledged by other permitted guarantees,
do not exceed the principal, aggregate amount equivalent to 15% of the Consolidated, Liquid, Tangible Asset of the Intervening Obligors. 

  
 27 

 (xii) Assumption of any new debt which contains the clause in which the Permitted Guaranties described in
this Deed are less restrictive than those described in item (xi) of Clause 5.3.1.1, except if the Issuer guarantees the Debenture Holders of this Issuance through an amendment to this Deed, the same rights of the new creditors. 

5.3.2 Any of the events included in Clause 5.3.1.1 above which take place, the Debenture Holders, through the Fiduciary Agent, in the terms of Clause 8.3
below, must summon, in a maximum 5 business day term, starting on the date of the incident, a General Meeting of Debenture Holders. If, in the above General Assembly of Debenture Holders, Debenture Holders representing, minimum 75% of the Debentures
in circulation, decide not to declare the early expiration of the Debentures for any reason which is, or, even, in the case of suspending the work of the General Assembly of Debenture Holders to deliberate at a later date, the Debenture Holders,
through the Fiduciary Agent, must not declare the early expiration of the Debentures, except if the early expiration of the Debentures is based on the hypotheses contained in items (i) and (ix) of Clause 5.3.1.1 above, cases in which the
Debentures will automatically become expired, independently of an extrajudicial or judicial notification or announcement. 
 5.3.3 Once the
Debentures expire early, the Fiduciary Agent must immediately send a protocol letter (a) to the Issuer and the Intervening Obligors, with a copy to the CETIP, and (b) to the Mandated Bank and Bookkeeper informing in regards to such event,
so the Issuer makes a payment on the balance of the Unitary Nominal Amount of the Debentures in circulation, increased from Compensatory Interest and Charges in arrears, if any, calculated pro rata temporis, from the Issuance Date, or from
the last payment of the Compensatory Interest, as the case may be, until the date of its new effective payment, in a term of 5 business days starting from the receipt of the letter sent by the Fiduciary Agent. 

5.3.4 The CETIP must be communicated with, a minimum of 2 business days before the payment referred to in the above Clause 5.3.3. 

5.3.5 If the Issuer does not proceed to redeem the Debentures in the form stipulated in Clause 5.3.3 above, besides the owed Compensatory Interest, the
charges in arrears will be added to the Nominal Amount of the Debentures, levied from the early expiration date of the Debentures until the date of its effective payment, according to Clause 4.9.3 above. 

  
 28 

	6.	REGARDING THE ADDITIONAL OBLIGATIONS OF THE ISSUER AND OF THE INTERVENING OBLIGORS 

 6.1 The Issuer additionally undertakes to: 
  

	(i)	Provide the following documents and information to the Fiduciary Agent: 

  

	 	(a)	Within, maximum, 90 (ninety) days after the end of each fiscal period, or up to 10 (ten) days after the date of their respective disseminations, whichever happens
first, a copy of its complete, financial statements regarding the respective fiscal period closed, attached with an opinion of independent auditors; 

  

	 	(b)	Within 30 (thirty) business days after its realization, copies of all the minutes of the general shareholders meetings and relevant facts; 

 

	 	(c)	Copy of any extrajudicial or judicial notification or letter received by the Issuer involving the procedure of the aggregate or individual amount equivalent to,
minimum, US$100,000,000.00 (one hundred million dollars), up to 30 (thirty) business days after the offer of any form of response, defense, answer or counterclaim, as the case may be, attached to the respective copies of these;

  

	 	(d)	Information with respect to any event indicated in Clause 5.3.1.1 above up to 1 (one) business day after it happens; and 

 

	 	(e)	Within 10 (ten) business days, or another term to be previously informed by the Issuer to the Fiduciary Agent, in the event of the first needing another term and to
justify such need, any information which is reasonably requested in writing by the Fiduciary Agent, provided that such information is indispensable so the latter can comply with its obligations arising from the present Deed and Instruction CVM n.28,
of November 23, 1983, as amended, or, in the case of an amendment, which substitutes it (“Instruction CVM 28”); 

  

	(ii)	Proceed to the adequate publicity of the financial-economic data, in the terms demanded by the Stock Corporations Law, promoting the publication of its financial
statements, in the terms demanded by the law in force, especially by article 17 of Instruction CVM 476; 

  
 29 

	(iii)	Integrally respond to the obligations set forth in article 17 of Instruction CVM 476, transcribed below: 

 

	 	(a)	To prepare financial statements at the close of the period and, if applicable, consolidated statements, according to the Stock Corporations Law and with the regulations
of the CVM; 

  

	 	(b)	Submit its financial statements to auditing, by an auditor registered in the CVM; 

 

	 	(c)	Disseminate its financial statements, attached with explicative notes and an opinion of the independent auditors, on its website, within 3 (three) months starting from
the close of the fiscal period; 

  

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

 

	 	(e)	Observe the provisions of the Instruction of the CVM n.358, of January 3, 2002, according to the amendment (“Instruction CVM 358”), in that
regarding the duty of confidentiality and negotiation; 

  

	 	(f)	Disseminate on its website the occurrence of a relevant factor, according to that defined in article 2 of Instruction CVM 358, immediately communicating to the
Intermediary Institution and the Fiduciary Agent; and 

  

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

  

	(iv)	Send to the CETIP: (a) the information disseminated on the website provided in line (d) of sub item (iii) above; (b) documents and information
demanded by this entity in a term of 1 business day as of the receipt of notification in this sense; as well as (c) integrally respond to the other obligations set forth in CETIP Communication n. 28/09, of April 2, 2009;

  

	(v)	Keep its accounting updated and to make the respective registrations according to the generally acceptable accounting principles in Brazil; 

  
 30 

	(vi)	To call a General Assembly of Debenture Holders to deliberate on any of the matters which directly or indirectly relate with the present Issuance, in the terms of
Clause 8 of this Deed, if the Fiduciary Agent does not do so; 

  

	(vii)	To comply with all of the CVM determinations, with sending the documents and, even providing the information requested; 

 

	(viii)	To keep an entity properly functioning to efficiently respond to the Debenture Holders or contract financial institutions authorized to render this service;

  

	(ix)	to not perform operations outside its corporate objective, observing the regulatory, legal and statutory provisions in force; 

 

	(x)	to notify the Fiduciary Agent as to any act or fact which may cause an interruption or suspension of the Issuer’s activities; 

 

	(xi)	to not pay dividends to the shareholders aside from the mandatory minimum of 25% when any hypothesis of declaring an early expiration which isn’t remedied takes
places and involves a breach of the payment obligation with respect to the Issuance; 

  

	(xii)	to keep its assets appropriately secured, according to the practices usually adopted by the Issuer; 

 

	(xiii)	to punctually make the payment of the services related to the registration of the Debentures held electronically in the CETIP; and 

 

	(xiv)	to bear the costs arising from (a) the distribution of the Debentures, including all the costs related to the registration in the CETIP, (b) the registration
and publication of the acts necessary for the Issuance, such as this Deed, its eventual amendments and the corporate acts of the Issuer, and (c) the expenses with contracting the Fiduciary Agent and Mandated Bank and Bookkeeper.

 6.2 The Intervening Obligors additionally undertake to provide to the Fiduciary Agent the following documents and information:

  

	(i)	Within, maximum, 90 (ninety) days after the end of each fiscal period, or up to 10 (ten) days after the date of their respective disseminations, whichever happens
first, a copy of its complete, financial statements regarding the respective fiscal period closed, attached with an opinion of independent auditors; 

  
 31 

	(ii)	Information on any breach of the Intervening Obligor, of any clause, terms or conditions of this Deed, in a term of 10 (ten) business days from the date of the
knowledge of such breach; 

  

	(iii)	Quarterly information on maintaining, during the whole period of the Issuance and provided that there are Debentures in circulation, the Financial, Debt fraction
Liquid/EBITDA lower than or equal to 4.0 (four) times, in the terms of Clause 5.3.1.1 (x) above, with its respective planning document; 

  

	(iv)	to not perform operations outside its corporate objective, observing the regulatory, legal and statutory provisions in force; and 

 

	(v)	to provide to the Fiduciary Agent within a maximum 90 (ninety) days after the end of each fiscal period, or on the date of its dissemination, whichever happens first, a
copy of a statements assessment of the financial indexes set forth in Clause 6.2 (iii) above, with its respective planning document. 

 6.3 The Fiduciary Agent will not carry out any independent verification procedure or additional compliance of the financial indexes laid out in Clause 6.2 (iii) and 6.2 (v) above, except through
the receipt of the information established therein, with which the Debenture Holders upon subscribing or acquiring the Debentures state that they are aware and in agreement. 

 

	7.	REGARDING THE FIDUCIARY AGENT 

 7.1 The
Issuer constitutes and designates PENTÁGONO S.A. DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS, qualified above, as the fiduciary agent of this Issuance, which expressly accepts the nomination to, in the terms of the law in
force and of the present Deed, represent the community of Debenture Holders before the Issuer. 
 7.2. The Issuer states not to have any
relation with the Fiduciary Agent which prevents it from fully exercising its functions. 
 7.3 In the event of a temporary absence or
impediment, resignation, intervention, liquidation, bankruptcy, or for any other reason that the Trustee vacates the position, a General Meeting of Debenture Holders will be held within a maximum period of 30 (thirty) days from the time of the

  
 32 

 
event necessitating the meeting, for the purpose of selecting a new trustee. Said meeting may be called by the actual Trustee to be replaced, by the Issuer, by the Debenture Holders representing
no less than 10% (ten percent) of the Debentures in circulation, or by the SEC. 
 7.3.1 The SEC may appoint a temporary replacement Trustee if
the replacement Trustee selection process is not conducted. 
 7.3.2 In the event that the Trustee is unable to perform its duties for reasons
relating to this Indenture, it must immediately notify the Debenture Holders and request to be replaced. 
 7.3.3 Once the distribution period
has closed, the Debenture Holders are authorized to proceed with the replacement and designation of the Trustee in a General Meeting of Debenture Holders held specifically for this purpose. 
 7.3.4 Replacement of the Trustee is subject to prior notice to the SEC and their acknowledgment that the provisions of Article 8 of the SEC Instruction Number 28 have been adhered to. 

7.3.5 The permanent replacement of the Trustee must be included as an addendum hereto and registered with the Board of Trade of the State of São
Paulo, where it shall be recorded hereto. 
 7.3.6 The Trustee shall commence the performance of its duties as of the date of execution of this
Indenture and shall continue therewith until its permanent replacement or fulfillment of all obligations under this Indenture and the current laws in effect. 
 7.3.7 SEC rules and regulations apply to any replacement of a Trustee. 
 7.4 Among the
Trustee’s duties and responsibilities prescribed by law and in the SEC normative act, the following are also included: 
  

	(i)	Protect the rights and the interests of the Debenture Holders in the performance of its duties while exercising the care and diligence any active and honest person
would employ in managing their own property; 

  
 33 

	(ii)	Relinquish the position in the unexpected event of a conflict of interests or for any other type of unsuitability; 

 

	(iii)	Safe storage of all bookkeeping, correspondence and other documents pertaining to its duties; 

 

	(iv)	Upon having assumed said position, verify the accuracy of the information contained in this Indenture, attempt to rectify any omission, error or defect to its
knowledge, relying solely upon the information provided by the Issuer, confirming that the Trustee has not conducted an independent or additional verification procedure regarding the accuracy of the statements herein, which the Debenture Holders may
have acknowledged and agreed to when subscribing or acquiring the Debentures; 

  

	(v)	Promote with the competent authorities, if the Issuer does not do so, the process of recording this Indenture and possible additions, and correct any possible omissions
or irregularities. If this were the case, the registration official shall notify the Issuer’s administration to provide the necessary information and documents. 

 

	(vi)	Monitor the timeliness of the required information and alert the Debenture Holders of any possible relevant omissions or inaccuracies of said information;

  

	(vii)	Issue a decision on the sufficiency of the relevant information contained in any possible proposals for modifications to the debenture conditions, if applicable;

  

	(viii)	Establish the constitutional correctness of the collateral warranties, as well as of the value of the assets being pledged as collateral warranties, and monitor the
sufficiency and executability thereof. 

  

	(ix)	When deemed necessary for the faithful performance of its duties, request of the civil distributors up-to-date certificates issued by the Public Finance Court, the
notarial protests office, the Labor Board, and the Department of Public Treasury located in the Issuer’s headquarters’ district. 

  

	(x)	When deemed necessary, request for an extraordinary audit to be conducted of the Issuer at the expense of the Issuer; 

  
 34 

	(xi)	Call an extraordinary General Meeting of Debenture Holders when necessary by publicly announcing it at least 3 (three) times pursuant to Clause 4.10 if this Indenture,
and at the expense of the Issuer; 

  

	(xii)	Attend the General Meeting of Debenture Holders for the purpose of providing the information being requested. 

 

	(xiii)	Prepare a report for the Debenture Holders in adherence to Article 68, paragraph 1), subparagraph (b) of the Law of Corporations, which shall contain, at a
minimum, the following information; 

  

	 	(a)	Any possible omission or inaccuracy of which it may be aware of, contained in the information provided by the Issuer, or, default or delay of the information required
of the Issuer; 

  

	 	(b)	Statutory changes occurring within the period; 

  

	 	(c)	Information regarding the Issuer’s financial statements, focusing on the economic and financial indicators, and the capital structure of the Issuer;

  

	 	(d)	Position of distribution or placement of Debentures on the market; 

  

	 	(e)	Amortization of the Per-Unit Par Value or of the Per-Unit Par Value balance and payment of Compensatory Interest realized within the period from the Debentures, as well
as the purchase and sale of Debentures by the Issuer. 

  

	 	(f)	Monitoring of the allocation of funds raised through the Issuer, in accordance with the data obtained from the Issuer’s administrators; 

 

	 	(g)	A list of the assets and securities delivered to its administration; 

  

	 	(h)	Fulfillment of other obligations assumed by the Issuer herein and in other documents pertaining to Issuance; 

 

	 	(i)	Statement regarding its ability to continue carrying out its duties as Trustee; 

 

	 	(j)	Statement regarding the sufficiency and executability of the collateral warranties provided in compliance with the provisions of Clause 4.10 above; and

  

	 	(k)	The existence of other debenture issuances, public or private, carried out by an associate, subsidiary, or controlling company or member of the Issuer’s same group
which may have acted as a Trustee during the period, as well as the existence of any information regarding said issuances provided for under Article 12, Section XVII, paragraph (k), items 1 to 7 of SEC Instruction no. 28. Therefore, the Issuer must
provide a current copy of the corporate group’s organizational chart, including controlling, subsidiary, common control, and associate companies, as well as members of the control block, at the close of each accounting period.

  
 35 

	(xiv)	Make the report contained in item (xiii) above available to the Debenture Holders within no more than 4 (four) months from the close of the Issuer’s
accounting period. The report should be made available at least at the following locations: 

  

	 	(a)	Issuer’s headquarters; 

  

	 	(b)	At its office or at a location specified by the Trustee; 

  

	 	(c)	At the SEC; 

  

	 	(d)	At CETIP; and 

  

	 	(e)	At the Coordinators’ headquarters; 

  

	(xv)	Publish with the Issuer’s customary media outlets, at the expense of the Issuer, an announcement informing the Debenture Holders that the report is available at
the locations mentioned in the previous subparagraph. 

  

	(xvi)	Maintain the list of Debenture Holders and their addresses up-to-date via procedures with, among others, the Issuer, the Custodian and Depository Bank, and CETIP;

  

	(xvii)	Coordinate the selection of the Debentures to be redeemed early, if applicable; 

 

	(xviii)	Ensure compliance with the Clauses herein and with the warranties, especially concerning those which impose obligations of performance or non-performance, pursuant to
the information available and/or obtained through the Issuer’s administrators, in accordance with this Indenture, and promptly notify the Debenture Holders of any possible defaults; 

  
 36 

	(xix)	Notify the Debenture Holders within 10 (ten) days, individually if possible, of any knowledge of default of the Issuer’s obligations assumed herein, and the
Trustee shall inform any interested party of the location where more clarifying information is to be dispersed. Said information must be forwarded to the SEC and CETIP. 

 

	(xx)	Daily computation of the Per-Unit Par Value of the Debentures, together with the Issuer, making said information available to the Debenture Holders and market
participants through its call center and/or its website: www.pentagonotrustee.com.br; and 

  

	(xxi)	Monitor the complete and timely payment of the amounts due, along with the Custodian and Depository Bank, on each payment date, pursuant to the terms of this Issuance
Indenture. 

 7.5 In the event that the Issuer breaches any of its contractual obligations, the Trustee shall engage in any
judicial or extrajudicial proceeding against the Issuer for the purpose of protecting and defending the Debenture Holders collectively and recovering their receivables, and while observing the terms of this Indenture, shall: 

 

	(i)	Declare the early maturity of the Debentures and charge the Per-Unit Par Value or the Per-Unit Par Value balance, plus the corresponding Compensatory Interest and other
charges due under the specified terms; 

  

	(ii)	Enforce the collateral warranties, applying the product to the full payment of the Debenture Holders; 

 

	(iii)	File a bankruptcy petition against the Issuer pursuant to the applicable laws and regulations; 

 

	(iv)	Take all the necessary measures for the recovery of the Debenture Holders receivables; and 

 

	(v)	Represent the Debenture Holders in procedures concerning bankruptcy, judicial or extrajudicial recovery and/or an out-of-court settlement, and/or the insolvency of the
Issuer. 

 7.6 The Trustee shall only be released from liability by not adopting the measures contemplated in Clause 7.5
(i) to (iv) above, once the General Meeting of Debenture Holders has been called, and is thereby released through a unanimous decision of the majority of Debentures in circulation when such circumstances relate to the provisions of Clause
7.5 (v) above. 

  
 37 

 7.7 The Issuer shall owe the Trustee fees for the performance of its duties and
responsibilities incumbent upon it pursuant to the laws in effect and to the provisions herein, equal to the annual compensation of R$6,500.00 BRL (six thousand five hundred reals), and the first payment shall be due on the 5th (fifth) business day after the execution of this Indenture, and the
following payments on the same dates of the subsequent years. 
 7.7.1 The compensation to the Trustee shall increase by the following taxes:
(i) Service Tax of Any Nature (ISS); (ii) Social Integration Program (PIS); (iii) Contribution to Social Security Financing (PIS); and (iv) Social Contribution on Net Income (CSLL) and any other tax applicable to the
Trustee’s compensation, excluding Income Tax, in the percentages corresponding to taxable income by the financial institutions on the respective dates of payment, in a manner that the amounts stated herein correspond to the net worth of
applicable taxes on the provision of services of the Trustee levied by the financial institutions. 
 7.7.2 The compensation owed to the Trustee
under Clause 7.7 above shall be updated on a yearly basis and based upon the accumulated changes of the General Index of Market Price (IGP-M), and if not possible, by the index replacing it as of the date of payment of the first installment
pertaining to Clause 7.7 above. 
 7.7.3 The Trustee’s compensation shall be due even after the maturity of the Debentures, provided that
the Trustee is still acting on behalf of the Debenture Holders and collecting any outstanding amounts owed by the Issuer. 
 7.7.4 Should the
Issuer not be in compliance with all of its obligations assumed under this Indenture, or if the conditions of the Debentures have been modified subsequent to subscription, the Issuer shall owe the Trustee an additional amount of R$100.00 BRL (one
hundred reals) per man-hour of work dedicated to (i) consultations with the Debenture Holders; (ii) attendance of meetings with the Issuer and/or the Debenture Holders; (iii) the deployment of consequential decisions of the Debenture
Holders and the Issuer; and (iv) the execution of collateral warranties or collection of the Debentures. The additional compensation must be paid on a monthly basis by the Issuer to the Trustee within 5 (five) business days from the time of
delivery of the report indicating the time spent by the Trustee on the activities listed above. 
 7.7.5 The Trustee’s compensation shall
not include any reasonably incurred expenses by the Trustee in the strict performance of its duties if necessary to carry out any specific duty incumbent upon the Trustee, such as notifications, obtaining of certificates, travel expenses and
lodging, expenses for experts, such as auditors and inspectors, among others. 

  
 38 

 7.7.6 In the event that payment to the Trustee is late, the late amount shall be subject to a late fee of 1%
(on percent) per month and a non-compensatory penalty of 2% (two percent) of the amount owed. 
 7.7.7 In the event of an early cancellation or
redemption of the totality of Debentures in circulation, the Trustee must return to the Issuer, within 72 (seventy-two hours), the proportional amount of the initial payment received less the compensation for the service performed, calculated pro
rata temporis, from the date the compensation was paid through the effective date of cancellation or redemption of all the Debentures. If there is a delay in returning this amount, the late compensation payment shall be subject to a late fee of
1% (one percent) per month and a non-compensatory penalty of 2% (two percent) of the amount owed, provided that the tardiness period took place as of the time the Issuer notified the Trustee to that effect. 

7.7.8 It is hereby established that, if the Trustee is replaced, the replaced Trustee must return the proportional share of the remuneration initially
received without offsetting the service provided, calculated pro rata temporis, from the date the replacement was made to the effective replacement date, within a maximum period of 72 (seventy-two) hours, to the Issuing Company. In the event
of a delay in returning this payment, the delayed remuneration share will be subject to interest on arrears of 1% (one per cent) per month and a non-compensatory fine of 2% (two per cent) of the value owed, with the delay period commencing when the
Issuing Company notifies the Trustee of said events. 
 7.7.9 If the Issue conditions are amended, the Issuing Company and the Trustee agree to
assess the impact of these amendments on the services herein defined in regard to amending the remuneration of the Trustee. 
 7.8 The Issuing
Company will compensate the Trustee for all the expenses demonstrably incurred in order to protect the rights and interests of the Debenture Holders or to execute their receivables. 
 7.8.1 The compensation referred to in Clause 7.8 will be paid within 5 (five) working days of the execution of the respective provision at the expense of the Issuing Company. 

  
 39 

 7.8.2 The aforementioned expenses to be paid or compensated by the Debenture Holders also include third
party legal representation costs, deposits, court costs and fees for actions proposed by the Trustee or from claims made against it in the exercise of its functions, or that cause it financial damage or risks in the representation of the Debenture
Holders. 
 7.8.3 In the event of non-fulfillment by the Issuing Company, all the expenses from legal procedures, including administrative
expenses, which the Trustee incurs in the protection of Debenture Holders’ interests, must be previously approved by the Debenture Holders, whenever possible, and paid by the Debenture Holders and subsequently, pursuant to applicable
legislation, reimbursed by the Issuing Company. 
 7.8.4 The eventual legal expenses, deposits or costs arising from the payment of fees borne
by the losing party in judicial action will also be covered by the Debenture Holders, as well as the remuneration and the expenses to be reimbursed to the Trustee, in the event that the Issuing Company continues to default on the payment of these
for a period greater than 30 (thirty) days, with the Trustee entitled to request that the Debenture Holders lodge a guarantee in advance to cover the risk of paying fees borne by the losing party, as ruled in court. 

7.8.5 The credit of the Trustee for expenses incurred in the protection of the rights and interests or executing the receivables of the Debenture Holders
that has not been paid in the form herein established will be added to Issuing Company debt and will have preference over the Debentures in the order of payments made. 
 7.8.6 The acts or events involving the Trustee (i) that create liability for the Debenture Holders and/or exempt third parties from the obligations towards the Debenture Holders; and/or
(ii) related to the compliance, by the Issuing Company, of its obligations under this Issue Deed or under the securities, will only be valid following prior approval of the Debenture Holders gathered in the General Meeting of Debenture Holders.

 7.8.7 No tacit assignment or obligation will be interpreted against the Trustee in this Deed. The Trustee will not be obliged and/or bound by
the provisions of any other contract in which the Trustee figures as a party and/or participant. 
 7.8.8 Without prejudice to the duty of care
held by the Trustee, the Trustee will assume that the original documents or certified documents sent by the Issuing Company or by third parties upon its request were not subjected to fraud or adulteration. The Trustee will not, under any
circumstances, be responsible for drafting corporate documents of the Issuing Company, and it will continue to be the legal and regulatory obligation of the Issuing Company to prepare said documents, in compliance with current legislation.

  
 40 

 7.8.9 The Trustee will not be responsible for verifying the adequacy, validity, quality, truthfulness or
comprehensiveness of the technical and financial information contained in any document sent to him for the purposes of informing, supplementing, clarifying, rectifying or ratifying the information in this Deed and in other operation documents.

 7.8.10 The Trustee will not release any kind of opinion, nor will it make any judgment about the direction of any event connected to the
Issue that must be determined by the Debenture Holders, and it agrees to only act in compliance with the instructions given by the Debenture Holders. Consequently, the Trustee has no liability regarding the result or the legal effects arising from
the strict compliance of the Debenture Holders’ guidelines, sent to the Trustee as defined by the Debenture Holders and reproduced before the Issuing Company, irrespective of eventual damages that might be caused as a result to the Debenture
Holders or to the Issuing Company. The behavior of the Trustee is limited to the scope of CVM Instruction 28 and the applicable articles of the Brazilian Corporation Law, with this party being exempt, under any circumstances, of any additional
liability that has not arisen from the applicable legislation. 
  

	8.	OF THE GENERAL MEETING OF THE DEBENTURE HOLDERS 

 8.1 The Debenture Holders of the 1st Series and/or the Debenture Holders of the 2nd series will be able to, at any time, hold a meeting for the purpose of ruling on the material of interest to the Debenture Holders of the 1st Series and/or the Debenture Holders of the 2nd Series, as appropriate (“General Meeting of the Debenture Holders”). 

8.2 The provision of the Brazilian Corporation Law concerning general meetings of shareholders and the calls for these meetings, in addition to the
provision in this deed, applies, where possible, to the General Meeting of Debenture Holders. 
 8.3 The General Meeting of
Debenture Holders can be called by the Trustee, by the Issuing Company, by the Debenture Holders of the 1st Series and/or the Debenture Holders of the 2nd series representing at least 10% (ten per cent) of the 1st Series Debentures in circulation and/or 10% (ten per cent) of the
2nd Series Debentures in circulation, as appropriate, or
by the CVM. 
 8.3.1 For the purposes of constituting the quorum for holding and for taking decisions referred to in Clause 8, Debentures issued
by the Issuing Company that have not been redeemed and/or liquidated will be considered to be Debentures in circulation. The Debentures that the Issuing Company holds in treasury, or that belong to their stockholders or any or their subsidiaries or
affiliated companies, and respective directors or advisors and respective second-degree relatives and respective spouses of the latter, must be excluded from this number. 

  
 41 

 8.4 The General Meetings of Debenture Holders will be attended by, when convening for
the first time, Debenture Holders representing at least half of the 1st Series Debentures in circulation and/or half of the 2nd Series Debentures in circulation, as appropriate, and, when convening for the second time, with any quorum. 
 8.5 The presence of legal representatives of the Issuing Company will be allowed in the General Meetings of Debenture Holders. 
 8.6 The Trustee must appear before the General Meeting of Debenture Holders and provide the information requested by the Debenture Holders. 
 8.7 The presidency of the General Meeting of Debenture Holders will be bestowed on the Debenture Holder chosen by the Debenture Holders or the Debenture Holder designated by the CVM. 

8.8 In the rulings of the General Meeting of Debenture Holders, each Debenture will entitle one vote. The majority of those in
attendance will make the rulings, except when provided for differently in this Deed and in the event of amending Clauses 4.1.3, 4.6, 4.8, 5.2 and 5.3 of this Deed, which shall require the approval of 2/3 (two thirds) of the 1st Series Debentures in circulation and/or 2/3 (two thirds) of the
2nd Series Debentures in circulation. 

8.8.1 The amendment of the qualified quorum provided for in this Deed will depend on the approval of 90% of the 1st Series Debentures in circulation and/or 90% of the 2nd Series Debentures in circulation. 

8.8.1.1 The decisions taken by the Debenture Holders, within the scope of their legal framework, concerning the quorums established in this Deed, will be
valid and effective before the Issuing Company and will be legally binding for all Debenture Holders, irrespective of whether they have attended the General Meeting of Shareholders and of the vote cast in said Meeting. 

8.9 For the purposes of clarification, (a) the matters solely related to the 1st Series Debentures must only be the subject of decisions arising from
General Meetings of Debenture Holders of the 1st Series,
(b) the matters solely related to the 2nd Series
Debentures must only be the subject of decisions arising from General Meetings of Debenture Holders of the
2nd Series, and (c) the matters related to 1st Series Debentures and to 2nd Series Debentures must be the subject of decisions made both in the
General Meetings of Debenture Holders of the 1st Series
and in General Meetings of Debenture Holders of the 2nd
Series, and, in this case, the quorum provided for each must be observed. 

  
 42 

	9.	DECLARATIONS AND SECURITIES OF THE TRUSTEE 

9.1 The Trustee ensures and declares to the Issuing Company that: 
  

	(i)	it is duly authorized to enter into this Deed and comply with its obligations provided herein, having met all the legal and statutory requirements needed for this
purpose; 

  

	(ii)	the execution of this Deed and the compliance of its obligations provided herein do not infringe on any requirement previously borne by the Trustee;

  

	(iii)	this Deed represents a legal, valid and binding obligation of the Trustee, feasible pursuant to its terms and conditions; 

 

	(iv)	the persons that represent the Trustee in the execution of this Deed have sufficient powers for this purpose; 

 

	(v)	under penalty of law, the Trustee has no legal impediment, pursuant to the definitions in Article 66(3) of the Brazilian Corporation Law and Article 10 of CVM
Instruction 28, to exercising the functions bestowed upon it; 

  

	(vi)	it accepts the functions bestowed upon it, fully accepting the duties and tasks provided for in specific legislation and in this Deed; 

 

	(vii)	it fully accepts this Deed, and all its clauses and conditions; 

  

	(viii)	it is properly qualified to execute the activities of Trustee, pursuant to current applicable legislation; and 

 

	(ix)	 it has verified, upon accepting the role, the truthfulness of the information contained in this Deed, ensuring that the omissions, errors or defects it
is aware of have been corrected. It is important to note that the verification carried out by the Trustee concerning the truthfulness of the declarations provided by the Issuing Company and the Intervening Guarantors was carried out using
information supplied by the Issuing Company. The Trustee did not conduct 

  
 43 

	 	
any independent or additional verification procedure related to the truthfulness of the declarations submitted herein. The Debenture Holders, when taking out or acquiring debentures, state that
they are aware of this situation and agree with it. 

 9.2 Furthermore, the Trustee hereby declares that, as
of this date, it provides Trustee services for Usinas Siderúrgicas de Minas Gerais S.A. – USIMINAS, a corporation belonging to the same business group as the Issuing Company, as part of its 4th public issue of subordinated debentures, which expire on
1 February 2013, to the amount of R$500,000,000.00 (five hundred million Reais) on the Issue Date. 
  

	10.	DECLARATIONS AND SECURITIES OF THE ISSUING COMPANY AND THE INTERVENING GUARANTOR 

 10.1 The Issuing Company ensures and declares that: 
  

	(i)	it is a duly constituted private business corporation with valid existence in a regular situation pursuant to the laws of Brazil and of the other countries the Issuing
Company has branches or offices of representation in, and it is also duly authorized to perform the activities described in its corporate purpose; 

  

	(ii)	it is duly authorized to enter into this Deed and comply with its obligations provided herein, having met all the legal, contractual and statutory requirements needed
for this purpose; 

  

	(iii)	the execution of this Deed and the compliance of its obligations provided herein do not infringe on any requirement previously borne by the Issuing Company;

  

	(iv)	the persons that represent the Issuing Company in the execution of this Deed have sufficient powers for this purpose; 

 

	(v)	the execution of this Deed and the placement of Debentures does not infringe any legal provision, or any contract or instrument the Issuing Company is part of, nor will
it result in the: (a) acceleration of any requirement established in any of these contracts or instruments; (b) creation of any burden on any asset of the Issuing Company, except for those already in existence heretofore; or
(c) termination of any of these contracts or instruments; 

  

	(vi)	no register, consent, authorization, approval, license, order from, or eligibility before any governmental authority or regulatory body is required for the compliance,
on behalf of the Issuing Company, of its obligations pursuant to this Deed and the Debentures, or for executing the Issue, with the exception of registering the Deed in the JUCESP (“São Paulo Trade Board”) and registering the
debentures with CETIP (Securities Custodial and Clearing Center); 

  
 44 

	(vii)	it has no connection with the Trustee that prevents it from fully performing its duties in relation to this Issue; 

 

	(viii)	it has no knowledge of any fact that prevents the Trustee from fully exercising its duties pursuant to the Brazilian Corporation Law and other applicable legislation,
including regulatory standards; 

  

	(ix)	it will keep its assets properly insured, pursuant to the practices usually adopted by the Issuing Company; 

 

	(x)	its economic and financial situation, as of the date this declaration is executed, has not suffered any significant change that might adversely affect its solvency;

  

	(xi)	it is aware and fully agrees with the disclosure and determination of the DI Rate, disclosed by CETIP, and agrees that the method of calculating the remuneration of the
Debentures was chosen of its own free will; 

  

	(xii)	the financial statements of the Issuing Company, dated from 31 December 2009 and 2010, accurately represent the financial position of the Issuing Company as of
those dates and was properly drafted pursuant to the generally accepted accountancy principles in Brazil, and accurately reflect the assets, liabilities and contingencies of the Issuing Company; 

 

	(xiii)	it will comply with all the obligations assumed pursuant to this Deed, including but not limited to, the requirement of devoting the resources acquired from the Issue
for the purposes provided in Clause 3.7 above; 

  

	(xiv)	excepting the event that any non-compliance (individual or aggregate) is reasonably considered as the cause of an adverse material effect (“Adverse Material
Effect”), it is in compliance with environmental legislation and the applicable environmental licenses required for conducting its business and the upkeep of its properties, and it holds as of the current date all the relevant permits and
licenses required to undertake its business. 

  
 45 

 For the purposes of this item (xiv) of Clause 10.1, Adverse Material Effect means an
adverse material effect: (i) on the businesses, conditions (financial or non-financial), operations, performance or properties of the Issuing Company; (ii) on the capacity of the Issuing Company to execute its obligations related to the
Issue; or (iii) on the rights and/or measures and actions of the Issuing Company (ensuring that in the event of any Adverse Material Effect the following must be accounted for (in the corresponding manner): any insurance policy, reparations or
claims, after considering the nature and value, as well as the probability of recovery of said insurance policies, reparations and/or claims); and 
  

	(xv)	except for cases where, in good faith, it is discussing the applicability of the law, rule or regulation in administrative or judicial areas, it is complying with all
the laws, regulations, administrative standards and directives from governmental bodies, authorities or courts applicable to conducting its business and that are relevant for the execution of its activities, adopting the preventative or compensatory
measures and actions intended to avoid or correct future environmental damage resulting from the execution of the activities described in its corporate purpose. 

 10.2.1 The Intervening Guarantors ensure and declare that: 
  

	(i)	they are duly authorized to enter into this Deed and comply with its obligations provided herein, having met all the legal and statutory requirements needed for this
purpose; 

  

	(ii)	they are corporations duly organized, constituted and existing in compliance with Brazilian laws, under the private business corporation type, and they are also duly
authorized to perform the activities described in its corporate purpose; 

  

	(iii)	the surety provided represents a legal, valid and binding obligation of the Intervening Guarantors, feasible pursuant to its terms and conditions;

  

	(iv)	the execution of this Deed and the provision of the surety herein established does not infringe any legal provision, order, decision or sentence of an administrative or
judicial nature, contract, or instrument the Intervening Guarantors are a part of, nor will they result in the (a) acceleration of any requirement established in any of these contracts or instruments; (b) creation of any burden on any
asset of the Intervening Guarantor or any of its stockholders, or (c) termination of any of these contracts or instruments; and 

  
 46 

	(v)	(i) the provision of the surety detailed in the abovementioned Clause 4.11.1 was duly authorized by their competent corporate bodies, and (ii) all the
authorizations required for the provision of the Surety were acquired and are in full force. 

  

	11.	OF THE GENERAL PROVISIONS 

 11.1 The
notifications to be sent to any of the Parties under the terms of this Deed must be sent to the following addresses: 
  

	(i)	For the Issuing Company: 

VOTORANTIM CIMENTOS S.A. 
 Praça Prof. José Lannes, no 40, 9o andar 
 São Paulo – SP

 04571-100 
 Attention of: Mario
Antonio Bertoncini and Maria Gabriela de Carvalho Woge 
 Telephone: (11) 3704-3353 // (11) 3704-3028 

Fax: (11) 3079-9345 // (11) 3167-1550 

Email: mario.bertoncini@vpar.com.br // gabriela.woge@vpar.com.br
  

	(ii)	For the Trustee: 

PENTÁGONO S.A. DISTRIBUIDORA DE TÍTULOS E
VALORES MOBILIÁRIOS 
 Avenida das Américas, no 4.200, Bloco 04, Sala 514 

Rio de Janeiro – RJ 
 22640-102 

Attention of: Mr. Marco Aurélio Ferreira (Back office) / Miss. Nathalia Machado (Legal) 

Telephone: (21) 3385-4565 
 Fax:
(21) 3385-4046 
 Email: backoffice@pentagonotrustee.com.br / juridico@pentagonotrustee.com.br 

 

	(iii)	For the Intervening Guarantor: 

VOTORANTIM PARTICIPAÇÕES S.A. 
 Rua Amauri, n.o 255, 10o andar 
 São Paulo – SP 

04072-000 
 Attention of: Mario Antonio
Bertoncini and Maria Gabriela de Carvalho Woge 
 Telephone: (11) 3704-3353 // (11) 3704-3028 

Fax: (11) 3079-9345 // (11) 3167-1550 

Email: mario.bertoncini@vpar.com.br // gabriela.woge@vpar.com.br 

  
 47 

 VOTORANTIM INDUSTRIAL S.A. 

Rua Amauri, no 255, 13o andar, conj. “A” 
 São Paulo – SP 
 01448-000 
 At.: Mario Antonio Bertoncini e Maria Gabriela de Carvalho Woge 
 Phone: (11) 3704-3353 //
(11) 3704-3028 
 Fax: (11) 3079-9345 // (11) 3167-1550 
 e-mail: mario.bertoncini@vpar.com.br // gabriela.woge@vpar.com.br 
  

	(iv)	To Custodian Bank and Depositary Bank: 

BANCO BRADESCO S.A. 
 Departamento de Ações e Custódia – DAC 
 Av. Yara, S/N – Cidade de
Deus – Prédio Amarelo – 2o Andar 
 Osasco – SP 
 06029-900 
 At.: Marcelo Poli 
 Phone: (11) 3684-3749 
 Fax: (11) 3684-2714 

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

	(v)	To: CETIP: 

 CETIP S.A. –
MERCADOS ORGANIZADOS 
 Av. República do Chile, no 230, 11o andar 

Rio de Janeiro – RJ 
 20031-170 

Phone: (21) 2276-7474 
 Fax:
(21) 2252-4308 / (21) 2262-5481 
 or 
 Av. Brigadeiro Faria Lima, no 1.663, 4° andar 
 São Paulo – SP 

01452-001 
 At.: Gerência de Valores
Mobiliários 
 Phone: (11) 3111-1596 
 Fax: (11) 3115-1564 
 e-mail: gr.debentures@cetip.com.br 

  
 48 

 11.1.2 The communications will be considered to be delivered when they are received under protocol or with a
“notice of receipt” issued by the post office or also a telegram send to the above mentioned addresses. 
 11.1.3 The communications
performed by fax or e-mail will be considered to be received on the date they were sent, once the reception is confirmed through an indicative notice (receipt issued by the machine used by the sender). The respective originals should be mailed to
the above mentioned addresses in up to 5 (five) business days after sending the message. 
 11.1.4 A change in any of the addresses above should
be communicated to all Parties by the Issuing Entity. 
 11.2 Except when expressly provided in different forms in the present Deed, it is
understood as “business day” any day of the week, except Saturdays, Sundays and national holidays or in the City of São Paulo. When indicating the deadline from the day in the present Deed does not clarify “business day”,
it is understood that the period shall run in consecutive days. 
 11.3 It is not presumed the resignation to any of the rights incurring from
the present Deed. In this manner, no delay, omission or liberty in the execution of any right, faculty or remedy entitled to the Fiduciary Agent and/ or the Debenture Holders in relation to any non-compliance from the Issuing Entity and/ or the
Intervening Guarantors shall harm the execution of such right, faculty or remedy, or it will be interpreted as a resignation or the agreement with such non-compliance, neither will it constitute a waiver or modification of any obligations contracted
by the Issuing Entity and/ or by the Intervening Guarantors in this Deed or precedent concerning any other non-compliance or delay. 
 11.4 In
case any of the provisions now approved shall be judged as illegal, invalid or inefficient, all the other provisions not affected by such judgment will prevail, compromising the Parties, in good faith, when substituting the provisions affected by
other that, whenever possible, have the same effect. 
 11.5 This Deed is ruled by the Laws of the Federative Republic of Brazil. 

11.6 This Deed and the Debentures constitute extrajudicial enforcement instruments in the terms of incises I and II from article 585 of the Code of Civil
Procedure, the Parties acknowledge from now on, independently from any other applicable measures, the obligations contracted in the terms of this Deed containing specific implementation and being subject to the provisions from article 632 and so
forth from the Code of Civil Procedure, without detriment of the right to declare an early expiration of the Debentures, in the terms of this Deed. 

  
 49 

 11.7 This Deed is signed in irrevocable and irreversible character, obliging the Parties on their own behalf
and on the behalf of their successors. 
 11.8 All and any incurred costs in relation to the registration of this Deed and amendments thereto,
and the corporate acts and the guarantee instruments related to this Issuing Entity, in the competent registries, will be the sole responsibility of the Issuing Entity. 

 

	12.	COURT 

 12.1 It is elected a Court from
the City of Sao Paulo, State of Sao Paulo, to solve any doubts or controversies related to this Deed, resigning to any other, no matter how privileged it may be or become. 
 Therefore, for being fairly binded and subjected to the provisions thereof, the Parties sign the present Deed, in 5 (five) counterparts in identical form and content, in the presence of 2 (two) witnesses.

 São Paulo, 01/02/2012. 
 [the remainder of the page is intentionally left blank] 

  
 50 

 [Page 1/4 with the signatures of the Private Deed Instrument of the 4th (Fourth) Issuance of Simple
Debentures, Non-Convertible into Shares, in Two Series, of an unsecrured type, with Surety, for Public Distribution with Restricted Placement Efforts, under a Firm Subscription Guarantee from Votorantim Cimentos S.A.] 

 

									
	 /s/ Mario Antonio Bertoncini
	 		 	 /s/ Carlos Eduardo de Arruda Boggio

	VOTORANTIM CIMENTOS S.A.
	BY:	 	Mario Antonio Bertoncini	 		 	BY:	 	Carlos Eduardo de Arruda Boggio
	Position:	 		 		 	Position:	 	Legal Director

  
 51 

 [Page 2/4 with the signatures of the Private Deed Instrument of the 4th (Fourth) Issuance of Simple
Debentures, Non-Convertible into Shares, in Two Series, of an unsecrured type, with Surety, for Public Distribution with Restricted Placement Efforts, under a Firm Subscription Guarantee from Votorantim Cimentos S.A.] 

 

									
	
                    
                                         
   /s/ Marcelle Santoro

	PENTÁGONO S.A. DISTRIBUIDORA DE TÍTULOS E
VALORES MOBILIÁRIOS
	BY:	 	Marcelle Santoro	 		 		 	
	Position:	 	Attorney-in-fact	 		 		 	

  
 52 

 [Page 3/4 with the signatures of the Private Deed Instrument of the 4th (Fourth) Issuance of Simple
Debentures, Non-Convertible into Shares, in Two Series, of an unsecrured type, with Surety, for Public Distribution with Restricted Placement Efforts, under a Firm Subscription Guarantee from Votorantim Cimentos S.A.] 

 

									
	 /s/ Mario Antonio Bertoncini
	 		 	 /s/ Carlos Eduardo de Arruda Boggio

	VOTORANTIM PARTICIPAÇÕES S.A.
	BY:	 	Mario Antonio Bertoncini	 		 	BY:	 	Carlos Eduardo de Arruda Boggio
	Position:	 		 		 	Position:	 	Legal Director

  
 53 

 [Page 4/4 with the signatures of the Private Deed Instrument of the 4th (Fourth) Issuance of Simple
Debentures, Non-Convertible into Shares, in Two Series, of an unsecrured type, with Surety, for Public Distribution with Restricted Placement Efforts, under a Firm Subscription Guarantee from Votorantim Cimentos S.A.] 

 

									
	 /s/ Mario Antonio Bertoncini
	 		 	 /s/ Carlos Eduardo de Arruda Boggio

	VOTORANTIM INDUSTRIAL S.A.
	BY:	 	Mario Antonio Bertoncini	 		 	BY:	 	Carlos Eduardo de Arruda Boggio
	Position:	 		 		 	Position:	 	Legal Director

 Witnesses: 
  

									
	1.	 	 /s/ Illegible
	 		 	2.	 	 /s/ Mariana Mayumi Oyakama

	Name:	 	Illegible	 		 	Name:	 	Mariana Mayumi Oyakama
	ID No.:	 		 		 	ID No.:	 	

  
 54 

 ANNEX 4.11.13 
 TEMPLATE FOR RELEASE NOTIFICATION 
 São Paulo, [—] / [—] / [—]. 
 To: 
 Pentágono S.A. Distribuidora de Títulos e Valores Mobiliários

 Avenida das Américas, no 4.200, Bloco 04, Sala 514 
 Rio de Janeiro – RJ 
 22640-102 
 At.: Mr. Marco Aurélio Ferreira / Ms. Nathalia Machado 

Ref.: Release of guarantee granted in the scope of the 4th (Fourth) Issuance of Simple Debentures, Non-Convertible into Shares, in Two Series, of an unsecrured type, with
Surety, for Public Distribution with Restricted Placement Efforts, under a Firm Subscription Guarantee from Votorantim Cimentos S.A. 
 Dear
Sirs, 
 Votorantim Participações S.A., a joint stock company located in the city of Sao Paulo, State of Sao Paulo, on Rua Amauri,
No, 255, 10 andar, enrolled with the CNPJ/MF under No. 61082582/0001-97, herein represented in the form of its Bylaws (“VPAR”), in the terms of the Private Deed Instrument of the 4th (Fourth) Issuance of Simple Debentures,
Non-Convertible into Shares, in Two Series, of na unsecrured type, with Surety, for Public Distribution with Restricted Placement Efforts, under a Firm Subscription Guarantee, from Votorantim Cimentos S.A.” (“Deed of Issuance”
and “Issuance”, respectively), signed in 01/2/2012, between Votorantim Cimentos S.A., a joint stock company private held, located in the city of Sao Paulo, in the State of Sao Paulo, on Praça Prof. José Lannes, no
40, 9o andar, enrolled with the CNPJ/MF under No. 01.637.895/0001-32 (“Issuing Entity”), the Pentágono S.A. Distribuidora de Títulos e Valores Mobiliários, financial institution located in the City of
Rio de Janeiro, State of Rio de Janeiro, on Avenida das Américas, 4.200, Bloco 4, Sala 514, Postal Code 22.640-102, eneolled with the CNPJ/MF under No. 17.343.682/0001-38 (“Fiduciary Agent”), VPAR and Votorantim
Industrial S.A., joint stock companies privately held, located in the City of São Paulo, in the State of São Paulo, on Rua Amauri, no 255, 13o andar, conj. “A”, enrolled with the CNPJ/MF under
No. 03.407.049/0001-51 (“VID”), state and request the hereinafter. 

  
 55 

 Considering that: 
  

	 	(i)	VID sent to the Fiduciary Agent the financial statements related to the [last quarter, which were subject to revision limited by an independent auditor] OR [the last
fiscal period, along the opinion from an independent auditor]; 

  

	 	(ii)	Two credit rating agencies attributed a grade of investment classification of VID equal or superior to the credit classification grade attributed to VPAR immediately
before such disclosure; 

  

	 	(iii)	On the date of the Deed of Issuance, the Total of Assets consolidated from VID is equal at least to 85.0% of the Total of Assets consolidated from VPAR, excluding any
assets related to the financial segment from VPAR, according to the stated in the financial statements from VPAR; and 

  

	 	(iv)	No Event of Non-compliance (according to the stated in the Deed of Issuance) occurred or is occurring. 

VPAR requests, in the terms of Clause 4.11.13 from the Deed of Issuance, the release of the obligations related to the guarantee granted by VPAR in the
scope of Issuance. 
 Aiming to make effective the release of the guarantee granted by VPAR, in a period of 3 (three) business days from this
notice, VPAR and the Fiduciary Agent, with the intervention consent from VID and the Issuing Entity, should sign the release term of guarantee, according to the model included in Annex 4.11.13.1 from the Deed of Issuance. 

Being this fulfilled, we signed. 
  

									
	  
	 		 	  

	VOTORANTIM PARTICIPAÇÕES S.A.
	BY:	 		 		 	BY:	 	
	Position:	 		 		 	Position:	 	

  
 56 

 ANNEX 4.11.13.1 

TEMPLATE FOR THE TERM OF GUARANTEE RELEASE 
 By this particular instrument, the parties: 

PENTÁGONO S.A. DISTRIBUIDORA DE TÍTULOS
E VALORES MOBILIÁRIOS, financial institution located in the City of Rio de Janeiro, State of Rio de Janeiro, on Avenida das Américas, 4.200, Bloco 4, Sala 514, Postal Code
22.640-102, enrolled with the CNPJ/MF under No. 17.343.682/0001-38, herein represented in the form of its Bylaws (“Fiduciary Agent”), appointed in this instrument to represent the common interests of the Debenture Holders from
the 4th (Fourth) Issuance of Simple Debentures,
Non-Convertible into Shares, in Two Series, of an unsecrured type, with Surety, for Public Distribution with Restricted Placement Efforts, under a Firm Subscription Guarantee from the Issuing Entity (“Debenture Holders” and
“Issuance”, respectively), in the terms of Law No. 6.404, on 12/05/1976, as amended (“The Brazilian Corporate Law”); 
 VOTORANTIM PARTICIPAÇÕES S.A., a joint stock company located in the city of Sao Paulo, State of Sao Paulo, on Rua Amauri, No, 255, 10 andar, enrolled
with the CNPJ/MF under No. 61082582/0001-97, herein represented in the form of its Bylaws (“VPAR”); and 
 As consenting
intervening parties: 
 VOTORANTIM CIMENTOS S.A., a joint stock company private held, located in the City
of São Paulo, State of São Paulo, on Praça Prof. José Lannes, no 40, 9o andar, enrolled with the CNPJ/MF under No. 01.637.895/0001-32, herein represented in the form of its Bylaws (“Issuing
Entity”); and 
 VOTORANTIM INDUSTRIAL S.A., a joint stock company private held, located in the
City of São Paulo, State of São Paulo, on Rua Amauri, no 255, 13o andar, conj. “A”, enrolled with the CNPJ/MF under No. 03.407.049/0001-51, herein represented in the form of its Bylaws (“VID”).

 CONSIDERING THAT: 
 (A) On
01/02/2012, the Issuing Entity signed with the Fiduciary Agent the “Private Deed Instrument of the 4th (Fourth) Issuance of Simple Debentures, Non-Convertible into Shares, in Two Series, of an unsecrured type, with Surety, for Public
Distribution with Restricted Placement Efforts, 

  
 57 

 
under a Firm Subscription Guarantee of Votorantim Cimentos S.A.” (“Deed of Issuance”) recorded under No. [—] in the [—] Titles and Documents Registry Office in the City of São Paulo and under No. [—] in the [—]
Titles and Documents Registry Office in the City of São Paulo; 
 (B) Clause 4.11.13 of Deed of Issuance foreseen the release of VPAR as
guarantor of the Issuing Entity in the occurrence of certain conditions; and 
 (C) On [—],
VPAR proved to the Fiduciary Agent the compliance with the conditions foreseen in Clause 4.11.13 from the Deed of Issuance. 
 THIS SAID, the
parties decide to sign, in the terms of Clause 4.11.13.1 from the Deed of Issuance, the present Term of Guarantee Release: 

1st
 Clause By this, the Fiduciary Agent releases, in this act, the Guarantee lent by VPAR, for all legal rights and purposes.

 2nd Clause The Fiduciary Agent authorizes, from now not, the
Issuing Entity and/ or VPAR to take all necessary provisions for canceling the effects produced by the Guarantee solely related to VPAR, specially the registration on this instrument before the competent Title and Documents Registry Office, being
that the incurred costs/ fees of such registration will be the Issuing Entity responsibility. 
 3rd Clause
The Guarantee lent by VID remains valid, binding and feasible according with the terms and conditions foreseen in Clause 4.11 from the Deed of Issuance. 
 4th
Clause The present instrument is signed in irrevocable and irreversible character and obliges the parties and successors in any form. 

5th
 Clause The present instrument is ruled by the laws of the Federative Republic of Brazil. 

6th
 Clause The parties choose a court in the county of the capital of the State of Sao Paulo to resolve any disputes that may arise from
this instrument. 
 São Paulo, [—]. 

 

									
	  

	PENTÁGONO S.A. DISTRIBUIDORA DE TÍTULOS E
VALORES MOBILIÁRIOS
	BY:	 		 		 		 	
	Position:	 		 		 		 	

  
 58 

									
	  
	 		 	  

	VOTORANTIM PARTICIPAÇÕES S.A.
	BY:	 		 		 	BY:	 	
	Position:	 		 		 	Position:	 	

 Intervening Entities: 
  

									
	  
	 		 	  

	VOTORANTIM CIMENTOS S.A.
	BY:	 		 		 	BY:	 	
	Position:	 		 		 	Position:	 	
			
	  
	 		 	  

	VOTORANTIM INDUSTRIAL S.A.
	BY:	 		 		 	BY:	 	
	Position:	 		 		 	Position:	 	

 Witnesses: 
  

									
	1.	 	  
	 		 	2.	 	  

	Name:	 		 		 	Name:	 	
	ID No.:	 		 		 	ID No.:	 	

  
 59

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}]]