Document:

Form of Amended and Restated Deposit Agreement

 Exhibit 4.2 
  
  
 AMENDED AND RESTATED DEPOSIT AGREEMENT 
  
  
 by and among 
 ARACRUZ CELULOSE S.A. 
 AND 
 CITIBANK, N.A., 
 as Depositary, 
 AND 
 THE HOLDERS AND BENEFICIAL OWNERS OF 
 AMERICAN DEPOSITARY
SHARES 
 ISSUED HEREUNDER 
  
  
 Dated as of [Date], 2007 

 1367448v4 
 1367448v4 
 TABLE OF CONTENTS 
  

					
	 ARTICLE I
	  		  	
			
	 DEFINITIONS
	  		  	2
	 Section 1.1
	  	“ADS Record Date”	  	2
	 Section 1.2
	  	“Affiliate”	  	2
	 Section 1.3
	  	“American Depositary Receipt(s)”, “ADR(s)” and “Receipt(s)”	  	2
	 Section 1.4
	  	“American Depositary Share(s)” and “ADS(s)”	  	2
	 Section 1.5
	  	“Applicant”	  	3
	 Section 1.6
	  	“Beneficial Owner”	  	3
	 Section 1.7
	  	“Brazil”	  	3
	 Section 1.8
	  	“Bylaws”	  	3
	 Section 1.9
	  	“CBLC”	  	3
	 Section 1.10
	  	“Certificated ADS(s)”	  	3
	 Section 1.11
	  	“Commission”	  	3
	 Section 1.12
	  	“Company”	  	3
	 Section 1.13
	  	“Custodian”	  	3
	 Section 1.14
	  	“Deliver” and “Delivery”	  	3
	 Section 1.15
	  	“Deposit Agreement”	  	4
	 Section 1.16
	  	“Depositary”	  	4
	 Section 1.17
	  	“Deposited Securities”	  	4
	 Section 1.18
	  	“Dollars” and “$”	  	4
	 Section 1.19
	  	“DTC”	  	4
	 Section 1.20
	  	“DTC Participant”	  	4
	 Section 1.21
	  	“Exchange Act”	  	4
	 Section 1.22
	  	“Foreign Currency”	  	4
	 Section 1.23
	  	“Full Entitlement ADR(s)”, “Full Entitlement ADS(s)” and “Full Entitlement Share(s)”	  	4
	 Section 1.24
	  	“Holder(s)”	  	4
	 Section 1.25
	  	“Original Deposit Agreement”	  	5
	 Section 1.26
	  	“Partial Entitlement ADR(s)”, “Partial Entitlement ADS(s)” and “Partial Entitlement Share(s)”	  	5
	 Section 1.27
	  	“Pre-Release Transaction”	  	5
	 Section 1.28
	  	“Principal Office”	  	5
	 Section 1.29
	  	“Real”, “Reais” and “R$”	  	5
	 Section 1.30
	  	“Registrar”	  	5
	 Section 1.31
	  	“Restricted Securities”	  	5
	 Section 1.32
	  	“Restricted ADR(s)”, “Restricted ADS(s)” and “Restricted Shares”	  	5
	 Section 1.33
	  	“Securities Act”	  	5
	 Section 1.34
	  	“Share Registrar”	  	6
	 Section 1.35
	  	“Shares”	  	6
	 Section 1.36
	  	“Uncertificated ADS(s)”	  	6
	 Section 1.37
	  	“United States” and “U.S.”	  	6

					
			
	 ARTICLE II
	  		  	
		
	APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS	  	6
	 Section 2.1
	  	Appointment of Depositary	  	6
	 Section 2.2
	  	Form and Transferability of ADSs	  	6
	 Section 2.3
	  	Deposit with Custodian	  	8
	 Section 2.4
	  	Registration and Safekeeping of Deposited Securities	  	10
	 Section 2.5
	  	Issuance of ADSs	  	10
	 Section 2.6
	  	Transfer, Combination and Split-up of ADRs	  	11
	 Section 2.7
	  	Surrender of ADSs and Withdrawal of Deposited Securities	  	12
	 Section 2.8
	  	Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc.	  	13
	 Section 2.9
	  	Lost ADRs, etc.	  	14
	 Section 2.10
	  	Cancellation and Destruction of Surrendered ADRs; Maintenance of Records	  	14
	 Section 2.11
	  	Escheatment	  	14
	 Section 2.12
	  	Partial Entitlement ADSs	  	14
	 Section 2.13
	  	Certificated/Uncertificated ADSs	  	15
	 Section 2.14
	  	Restricted ADSs	  	16
			
	 ARTICLE III
	  		  	
		
	CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF ADSs	  	18
	 Section 3.1
	  	Proofs, Certificates and Other Information	  	18
	 Section 3.2
	  	Liability for Taxes and Other Charges	  	18
	 Section 3.3
	  	Representations and Warranties on Deposit of Shares	  	19
	 Section 3.4
	  	Compliance with Information Requests	  	19
	 Section 3.5
	  	Ownership Restrictions	  	19
	 Section 3.6
	  	Reporting Obligations and Regulatory Approvals	  	20
			
	 ARTICLE IV
	  		  	
		
	THE DEPOSITED SECURITIES	  	20
	 Section 4.1
	  	Cash Distributions	  	20
	 Section 4.2
	  	Distribution in Shares	  	21
	 Section 4.3
	  	Elective Distributions in Cash or Shares	  	21
	 Section 4.4
	  	Distribution of Rights to Purchase Additional ADSs	  	22
	 Section 4.5
	  	Distributions Other Than Cash, Shares or Rights to Purchase Shares	  	23
	 Section 4.6
	  	Distributions with Respect to Deposited Securities in Bearer Form	  	24
	 Section 4.7
	  	Redemption	  	24
	 Section 4.8
	  	Conversion of Foreign Currency	  	25
	 Section 4.9
	  	Fixing of ADS Record Date	  	26
	 Section 4.10
	  	Voting of Deposited Securities	  	26
	 Section 4.11
	  	Changes Affecting Deposited Securities	  	27
	 Section 4.12
	  	Available Information	  	28
	 Section 4.13
	  	Reports	  	28
	 Section 4.14
	  	List of Holders	  	29
	 Section 4.15
	  	Taxation	  	29

					
	ARTICLE V	  		  	
		
	THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY	  	30
	 Section 5.1
	  	Maintenance of Office and Transfer Books by the Registrar	  	30
	 Section 5.2
	  	Exoneration	  	30
	 Section 5.3
	  	Standard of Care	  	31
	 Section 5.4
	  	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	32
	 Section 5.5
	  	The Custodian	  	32
	 Section 5.6
	  	Notices and Reports	  	33
	 Section 5.7
	  	Issuance of Additional Shares, ADSs etc.	  	34
	 Section 5.8
	  	Indemnification	  	34
	 Section 5.9
	  	Fees and Charges of Depositary	  	35
	 Section 5.10
	  	Pre-Release Transactions	  	36
	 Section 5.11
	  	Restricted Securities Owners	  	37
			
	 ARTICLE VI
	  		  	
		
	 AMENDMENT AND TERMINATION
	  	37
	 Section 6.1
	  	Amendment/Supplement	  	37
	 Section 6.2
	  	Termination	  	38
			
	 ARTICLE VII
	  		  	
		
	 MISCELLANEOUS
	  	39
	 Section 7.1
	  	Counterparts	  	39
	 Section 7.2
	  	No Third-Party Beneficiaries	  	39
	 Section 7.3
	  	Severability	  	39
	 Section 7.4
	  	Holders and Beneficial Owners as Parties; Binding Effect	  	40
	 Section 7.5
	  	Notices	  	40
	 Section 7.6
	  	Governing Law and Jurisdiction	  	41
	 Section 7.7
	  	Assignment	  	42
	 Section 7.8
	  	Compliance with U.S. Securities Laws	  	42
	 Section 7.9
	  	Brazilian Law References	  	42
	 Section 7.10
	  	Titles and References	  	42
	 Section 7.11
	  	Amendment and Restatement	  	43
			
	 EXHIBITS
	  		  	
	 Form of ADR
	  	A-1
	 Fee Schedule
	  	B-1

 AMENDED AND RESTATED DEPOSIT AGREEMENT 
 AMENDED AND RESTATED DEPOSIT AGREEMENT, dated as of [date], 2007, by and among (i) Aracruz Celulose S.A., a company organized under the
laws of the Federative Republic of Brazil, and its successors (the “Company”), (ii) CITIBANK, N.A., a national banking association organized under the laws of the United States of America acting in its capacity as depositary, and any
successor depositary hereunder (the “Depositary”), and (iii) all Holders and Beneficial Owners of American Depositary Shares issued hereunder (all such capitalized terms as hereinafter defined). 
 W I T N E S S E T H  T H A T: 
 WHEREAS, the Company previously entered into a deposit agreement, dated as of May 21, 1992, as amended by amendment dated as of March 14, 1997 (the “Original Deposit Agreement”); and

 WHEREAS, the Company desires to amend and restate the Original Deposit Agreement (as hereinafter defined) and establish with
the Depositary an ADR facility to provide inter alia for the deposit of the Shares (as hereinafter defined) and the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of American Depositary
Receipts (as hereinafter defined) evidencing such American Depositary Shares; and 
 WHEREAS, the Depositary is willing to act
as the Depositary for such ADR facility upon the terms set forth in the Deposit Agreement (as hereinafter defined); and 
 WHEREAS, any American Depositary Receipts issued pursuant to the terms of the Deposit Agreement are to be substantially in the form of Exhibit A attached hereto, with appropriate insertions, modifications and omissions, as hereinafter
provided in the Deposit Agreement; and 
 WHEREAS, the Shares are listed on the Sao Paulo Stock Exchange (Bolsa de Valores de
Sao Paulo, also known as “BOVESPA”) and the American Depositary Shares issued pursuant to the terms of the Deposit Agreement are listed for trading on The New York Stock Exchange, Inc.; and 
 WHEREAS, the Board of Directors of the Company (or an authorized committee thereof) has duly approved the establishment of an ADR facility
upon the terms set forth in the Deposit Agreement, the execution and delivery of the Deposit Agreement on behalf of the Company, and the actions of the Company and the transactions contemplated herein. 
  

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 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 All
capitalized terms used, but not otherwise defined, herein shall have the meanings set forth below, unless otherwise clearly indicated: 
 Section 1.1 “ADS Record Date” shall have the meaning given to such term in Section 4.9. 
 Section 1.2 “Affiliate” shall have the meaning assigned to such term by the Commission (as hereinafter defined) under Regulation C promulgated under the Securities Act (as hereinafter defined), or under any successor
regulation thereto. 
 Section 1.3 “American Depositary Receipt(s)”, “ADR(s)” and
“Receipt(s)” shall mean the certificate(s) issued by the Depositary to evidence the American Depositary Shares issued under the terms of the Deposit Agreement in the form of Certificated ADS(s) (as hereinafter defined), as such ADRs may be
amended from time to time in accordance with the provisions of the Deposit Agreement. An ADR may evidence any number of ADSs and may, in the case of ADSs held through a central depository such as DTC, be in the form of a “Balance
Certificate.” Notwithstanding anything else contained herein or therein, the American depositary receipts issued and outstanding under the terms of the Original Deposit Agreement shall, from and after the date hereof, be treated as ADRs issued
hereunder and shall, from and after the date hereof, be subject to the terms hereof in all respects. 
 Section 1.4
“American Depositary Share(s)” and “ADS(s)” shall mean the rights and interests in the Deposited Securities (as hereinafter defined) granted to the Holders and Beneficial Owners pursuant to the terms and conditions of the Deposit
Agreement and, if issued as Certificated ADS(s), (as hereinafter defined) the ADR(s) issued to evidence such ADSs. ADS(s) may be issued under the terms of the Deposit Agreement in the form of (a) Certificated ADS(s) (as hereinafter defined), in
which case the ADS(s) are evidenced by ADR(s), or (b) Uncertificated ADS(s) (as hereinafter defined), in which case the ADS(s) are not evidenced by ADR(s) but are reflected on the direct registration system maintained by the Depositary for such
purposes under the terms of Section 2.13. Unless otherwise specified in the Deposit Agreement or in any ADR, or unless the context otherwise requires, any reference to ADS(s) shall include Certificated ADS(s) and Uncertificated ADS(s), individually
or collectively, as the context may require. Each ADS shall represent ten (10) Shares until there shall occur a distribution upon Deposited Securities referred to in Section 4.2 or a change in Deposited Securities referred to in
Section 4.11 with respect to which additional ADSs are not issued, and thereafter each ADS shall represent the Deposited Securities determined in accordance with the terms of such Sections. American depositary shares outstanding under the
Original Deposit Agreement as of the date hereof shall, from and after the date hereof, for all purposes be treated as American Depositary Shares issued and outstanding hereunder and shall, from and after the date hereof, be subject to the terms and
conditions of the Deposit Agreement in all respects, except that any amendment of the Original Deposit Agreement effected under the terms of the Deposit Agreement which prejudices any substantial existing right of “Owners” (as defined in
the Original Deposit Agreement) shall not become effective as to “Owners” of American depositary shares until the expiration of ninety (90) days after

  

 2 

 
notice of the amendments effected by the Deposit Agreement shall have been given to the Owners of American depositary shares outstanding under the Original Deposit Agreement as of the date
hereof. 
 Section 1.5 “Applicant” shall have the meaning given to such term in Section 5.10. 
 Section 1.6 “Beneficial Owner” shall mean, as to any ADS, any person or entity having a beneficial interest deriving from the
ownership of such ADS. A Beneficial Owner of ADSs may or may not be the Holder of such ADSs. A Beneficial Owner shall be able to exercise any right or receive any benefit hereunder solely through the person who is the Holder of the ADSs owned by
such Beneficial Owner. Unless otherwise identified to the Depositary, a Holder shall be deemed to be the Beneficial Owner of all the ADSs registered in his/her/its name. Persons who own beneficial interests in the American depositary shares issued
under the terms of the Original Deposit Agreement and outstanding as of the date hereof shall, from and after the date hereof, be treated as Beneficial Owners of ADS(s) under the terms hereof. 
 Section 1.7 “Brazil” shall mean the Federative Republic of Brazil. 
 Section 1.8 “Bylaws” shall mean the bylaws of the Company, as from time to time amended. 
 Section 1.9 “CBLC” shall mean Companhia Brasileira de Liquidacao e Custodia S.A., which provides the book-entry settlement
system for equity securities in Brazil, or any successor entity thereto. 
 Section 1.10 “Certificated ADS(s)”
shall have the meaning set forth in Section 2.13. 
 Section 1.11 “Commission” shall mean the Securities and
Exchange Commission of the United States or any successor governmental agency thereto in the United States. 
 Section 1.12
“Company” shall mean Aracruz Celulose S.A., a company incorporated and existing under the laws of the Federative Republic of Brazil, and its successors. 
 Section 1.13 “Custodian” shall mean, as of the date hereof, Banco Itau S.A., having its principal office at Armando De Arruda Pereira, 707 9 Andar Torre Eudoro Villela, Jaba. S. Paulo/SP
Cep 04344-902, as the custodian for the purposes of the Deposit Agreement, and any other entity that may be appointed by the Depositary pursuant to the terms of Section 5.5 as successor or substitute custodian hereunder. The term
“Custodian” shall mean any Custodian individually or all Custodians collectively, as the context requires. 
 Section 1.14 “Deliver” and “Delivery” shall mean, when used in respect of ADSs, Deposited Securities and Shares, either (i) the physical delivery of the certificate(s) representing such securities, or
(ii) the electronic delivery of such securities by means of book-entry transfer, if available. 
  

 3 

 Section 1.15 “Deposit Agreement” shall mean this Amended and Restated Deposit
Agreement and all exhibits hereto, as the same may from time to time be amended and supplemented from time to time in accordance with the terms of the Deposit Agreement. 
 Section 1.16 “Depositary” shall mean Citibank, N.A., a national banking association organized under the laws of the United States, in its capacity as depositary under the terms of the
Deposit Agreement, and any successor depositary hereunder. 
 Section 1.17 “Deposited Securities” shall mean
Shares at any time deposited under the Deposit Agreement and any and all other securities, property and cash held by the Depositary or the Custodian in respect thereof, subject, in the case of cash, to the provisions of Section 4.8.
Notwithstanding anything else contained herein, the securities, property and cash delivered to the Custodian in respect of American depositary shares outstanding as of the date hereof under the Original Deposit Agreement and defined as
“Deposited Securities” thereunder shall, for all purposes from and after the date hereof, be considered to be, and treated as, Deposited Securities hereunder in all respects. The collateral delivered in connection with Pre-Release
Transactions described in Section 5.10 shall not constitute Deposited Securities. 
 Section 1.18 “Dollars”
and “$” shall refer to the lawful currency of the United States. 
 Section 1.19 “DTC” shall mean The
Depository Trust Company, a national clearinghouse and the central book-entry settlement system for securities traded in the United States and, as such, the custodian for the securities of DTC Participants (as hereinafter defined) maintained in DTC,
and any successor thereto. 
 Section 1.20 “DTC Participant” shall mean any financial institution (or any nominee
of such institution) having one or more participant accounts with DTC for receiving, holding and delivering the securities and cash held in DTC. 
 Section 1.21 “Exchange Act” shall mean the United States Securities Exchange Act of 1934, as amended from time to time. 
 Section 1.22 “Foreign Currency” shall mean any currency other than Dollars. 
 Section 1.23 “Full Entitlement ADR(s)”, “Full Entitlement ADS(s)” and “Full Entitlement Share(s)” shall
have the respective meanings set forth in Section 2.11. 
 Section 1.24 “Holder(s)” shall mean the person(s)
in whose name the ADSs are registered on the books of the Depositary (or the Registrar, if any) maintained for such purpose. A Holder may or may not be a Beneficial Owner. If a Holder is not the Beneficial Owner of the ADS(s) registered in its name,
such person shall be deemed, for all purposes hereunder, to have all requisite authority to act on behalf of the Beneficial Owners of the ADSs registered in its name. The “Owners” (as defined in the Original Deposit Agreement) of American
depositary shares issued under the terms of the Original Deposit Agreement and outstanding as of the date hereof shall from and after the date hereof, become Holders under the terms of the Deposit Agreement. 
  

 4 

 Section 1.25 “Original Deposit Agreement” shall mean the deposit agreement,
dated as of May 21, 1992, as amended as of March 14, 1997, among the Company, Morgan Guaranty Trust Company of New York as successor depositary and all owners and beneficial owners from time to time of American depositary receipts issued
thereunder. 
 Section 1.26 “Partial Entitlement ADR(s)”, “Partial Entitlement ADS(s)” and
“Partial Entitlement Share(s)” shall have the respective meanings set forth in Section 2.11. 
 Section 1.27
“Pre-Release Transaction” shall have the meaning set forth in Section 5.10. 
 Section 1.28 “Principal
Office” shall mean, when used with respect to the Depositary, the principal office of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of the Deposit Agreement, is located
at 388 Greenwich Street, New York, New York 10013, U.S.A. 
 Section 1.29 “Real”, “Reais” and
“R$” shall refer to the lawful currency of Brazil. 
 Section 1.30 “Registrar” shall mean the
Depositary or any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to register issuances, transfers and cancellations of ADSs as herein provided, and shall include
any co-registrar appointed by the Depositary for such purposes. Registrars (other than the Depositary) may be removed and substitutes appointed by the Depositary. Each Registrar (other than the Depositary) appointed pursuant to the Deposit Agreement
shall be required to give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of the Deposit Agreement. 
 Section 1.31 “Restricted Securities” shall mean Shares, Deposited Securities or ADSs which (i) have been acquired directly or indirectly from the Company or any of its Affiliates in a
transaction or chain of transactions not involving any public offering and are subject to resale limitations under the Securities Act or the rules issued thereunder, or (ii) are held by an officer or director (or persons performing similar
functions) or other Affiliate of the Company, or (iii) are subject to other restrictions on sale or deposit under the laws of the United States, Brazil, or under a shareholder agreement or the Bylaws of the Company or under the regulations of
an applicable securities exchange unless, in each case, such Shares, Deposited Securities or ADSs are being transferred or sold to persons other than an Affiliate of the Company in a transaction (a) covered by an effective resale registration
statement, or (b) exempt from the registration requirements of the Securities Act (as hereinafter defined), and the Shares, Deposited Securities or ADSs are not, when held by such person(s), Restricted Securities. 
 Section 1.32 “Restricted ADR(s)”, “Restricted ADS(s)” and “Restricted Shares” shall have the respective
meanings set forth in Section 2.14. 
 Section 1.33 “Securities Act” shall mean the United States Securities
Act of 1933, as amended from time to time. 
  

 5 

 Section 1.34 “Share Registrar” shall mean Banco Itau S.A. or any other
institution organized under the laws of Brazil appointed by the Company to carry out the duties of registrar for the Shares, and any successor thereto. 
 Section 1.35 “Shares” shall mean the Company’s non-voting class B shares (acoes preferenciais classe B), without par value, validly issued and outstanding and fully paid and may, if
the Depositary so agrees after consultation with the Company, include evidence of the right to receive Shares; provided that in no event shall Shares include evidence of the right to receive Shares with respect to which the full purchase price has
not been paid or Shares as to which preemptive rights have theretofore not been validly waived or exercised; provided further, however, that, if there shall occur any change in par or nominal value, split-up, consolidation, reclassification,
exchange, conversion or any other event described in Section 4.11 in respect of the Shares of the Company, the term “Shares” shall thereafter, to the maximum extent permitted by law, represent the successor securities resulting from
such event. 
 Section 1.36 “Uncertificated ADS(s)” shall have the meaning set forth in Section 2.13.

 Section 1.37 “United States” and “U.S.” shall have the meaning assigned to it in Regulation S as
promulgated by the Commission under the Securities Act. 
 ARTICLE II 
 APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; 
 DEPOSIT OF
SHARES; EXECUTION AND 
 DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS 
 Section 2.1 Appointment of Depositary. The Company hereby appoints the Depositary as depositary for the Deposited Securities and hereby
authorizes and directs the Depositary to act in accordance with the terms and conditions set forth in the Deposit Agreement and the applicable ADRs. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued
in accordance with the terms and conditions of the Deposit Agreement or by continuing to hold, from and after the date hereof any American depositary shares issued and outstanding under the Original Deposit Agreement, shall be deemed for all
purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions
contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out
the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof. 
 Section 2.2 Form and Transferability of ADSs. 
 (a) Form. Certificated ADSs
shall be evidenced by definitive ADRs which shall be engraved, printed, lithographed or produced in such other manner as may be agreed upon by the Company and the Depositary. ADRs may be issued under the Deposit Agreement in denominations of any
whole number of ADSs. The ADRs shall be substantially in the form set forth in Exhibit A to the Deposit

  

 6 

 
Agreement, with any appropriate insertions, modifications and omissions, in each case as otherwise contemplated in the Deposit Agreement or required by law. ADRs shall be (i) dated,
(ii) signed by the manual or facsimile signature of a duly authorized signatory of the Depositary, (iii) countersigned by the manual or facsimile signature of a duly authorized signatory of the Registrar, and (iv) registered in the books
maintained by the Registrar for the registration of issuances and transfers of ADSs. No ADR and no Certificated ADS evidenced thereby shall be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose against
the Depositary or the Company, unless such ADR shall have been so dated, signed, countersigned and registered (other than an American depositary receipt issued and outstanding as of the date hereof under the terms of the Original Deposit Agreement
which from and after the date hereof becomes subject to the terms of the Deposit Agreement in all respects). ADRs bearing the facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at the time of signature was a
duly-authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the delivery of such ADR by the Depositary. The ADRs
shall bear a CUSIP number that is different from any CUSIP number that was, is or may be assigned to any depositary receipts previously or subsequently issued pursuant to any other arrangement between the Depositary (or any other depositary) and the
Company and which are not ADRs outstanding hereunder. 
 (b) Legends. The ADRs may be endorsed with, or have incorporated in the
text thereof, such legends or recitals not inconsistent with the provisions of the Deposit Agreement as (i) may be necessary to enable the Depositary and the Company to perform their respective obligations hereunder, (ii) may be required
to comply with any applicable laws or regulations, or with the rules and regulations of any securities exchange or market upon which ADSs may be traded, listed or quoted, or to conform with any usage with respect thereto, (iii) may be necessary
to indicate any special limitations or restrictions to which any particular ADRs or ADSs are subject by reason of the date of issuance of the Deposited Securities or otherwise, or (iv) may be required by any book-entry system in which the ADSs
are held. Holders and Beneficial Owners shall be deemed, for all purposes, to have notice of, and to be bound by, the terms and conditions of the legends set forth, in the case of Holders, on the ADR registered in the name of the applicable Holders
or, in the case of Beneficial Owners, on the ADR representing the ADSs owned by such Beneficial Owners. 
 (c) Title. Subject to
the limitations contained herein and in the ADR, title to an ADR (and to each Certificated ADS evidenced thereby) shall be transferable upon the same terms as a certificated security under the laws of the State of New York, provided that, in the
case of Certificated ADSs, such ADR has been properly endorsed or is accompanied by proper instruments of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of an ADS (that is, the
person in whose name an ADS is registered on the books of the Depositary) as the absolute owner thereof for all purposes. Neither the Depositary nor the Company shall have any obligation nor be subject to any liability under the Deposit Agreement or
any ADR to any holder or any Beneficial Owner unless such holder is the Holder registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner, or the Beneficial Owner’s representative, is the Holder
registered on the books of the Depositary. 
  

 7 

 (d) Book-Entry Systems. The Depositary shall make arrangements for the acceptance of the
ADSs into DTC. All ADSs held through DTC will be registered in the name of the nominee for DTC (currently “Cede & Co.”). As such, the nominee for DTC will be the only “Holder” of all ADSs held through DTC. Unless issued
by the Depositary as Uncertificated ADSs, the ADSs registered in the name of Cede & Co. will be evidenced by a single ADR in the form of a “Balance Certificate,” which will provide that it represents the aggregate number of ADSs
from time to time indicated in the records of the Depositary as being issued hereunder and that the aggregate number of ADSs represented thereby may from time to time be increased or decreased by making adjustments on such records of the Depositary
and of DTC or its nominee as hereinafter provided. Citibank, N.A. (or such other entity as is appointed by DTC or its nominee) may hold the “Balance Certificate” as custodian for DTC. Each Beneficial Owner of ADSs held through DTC must
rely upon the procedures of DTC and the DTC Participants to exercise or be entitled to any rights attributable to such ADSs. The DTC Participants shall for all purposes be deemed to have all requisite power and authority to act on behalf of the
Beneficial Owners of the ADSs held in the DTC Participants’ respective accounts in DTC and the Depositary shall for all purposes be authorized to rely upon any instructions and information given to it by DTC Participants on behalf of Beneficial
Owners of ADSs. So long as ADSs are held through DTC or unless otherwise required by law, ownership of beneficial interests in the ADSs registered in the name of the nominee for DTC will be shown on, and transfers of such ownership will be effected
only through, records maintained by (i) DTC or its nominee (with respect to the interests of DTC Participants), or (ii) DTC Participants or their nominees (with respect to the interests of clients of DTC Participants). 
 Section 2.3 Deposit with Custodian. Subject to the terms and conditions of the Deposit Agreement and applicable law, Shares or evidence
of rights to receive Shares (other than Restricted Securities) may be deposited by any person (including the Depositary in its individual capacity but subject, however, in the case of the Company or any Affiliate of the Company, to Section 5.7)
at any time, whether or not the transfer books of the Company or the Share Registrar, if any, are closed, by Delivery of the Shares to the Custodian. Every deposit of Shares shall be accompanied by the following: (A) (i) in the case of
Shares represented by certificates issued in registered form, appropriate instruments of transfer or endorsement, in a form satisfactory to the Custodian, (ii) in the case of Shares represented by certificates in bearer form, the requisite
coupons and talons pertaining thereto, and (iii) in the case of Shares delivered by book-entry transfer, confirmation of such book-entry transfer to the Custodian or that irrevocable instructions have been given to cause such Shares to be so
transferred, (B) such certifications and payments (including, without limitation, the Depositary’s fees and related charges) and evidence of such payments (including, without limitation, stamping or otherwise marking such Shares by way of
receipt) as may be required by the Depositary or the Custodian in accordance with the provisions of the Deposit Agreement and applicable law, (C) if the Depositary so requires, a written order directing the Depositary to issue and deliver to, or
upon the written order of, the person(s) stated in such order the number of ADSs representing the Shares so deposited, (D) evidence satisfactory to the Depositary (which may be an opinion of counsel) that all necessary approvals have been
granted by, or there has been compliance with the rules and regulations of, any applicable governmental agency in Brazil, and (E) if the Depositary so requires, (i) an agreement, assignment or instrument satisfactory to the Depositary or the
Custodian which provides for the prompt transfer by any person in whose name the Shares are or have been recorded to the Custodian of any distribution, or right to subscribe

  

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for additional Shares or to receive other property in respect of any such deposited Shares or, in lieu thereof, such indemnity or other agreement as shall be satisfactory to the Depositary or the
Custodian and (ii) if the Shares are registered in the name of the person on whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to exercise voting rights in respect of the Shares for any and all purposes
until the Shares so deposited are registered in the name of the Depositary, the Custodian or any nominee. 
 Without limiting
any other provision of the Deposit Agreement, the Depositary shall instruct the Custodian not to, and the Depositary shall not knowingly, accept for deposit (a) any Restricted Securities (except as contemplated by Section 2.14) nor
(b) any fractional Shares or fractional Deposited Securities nor (c) a number of Shares or Deposited Securities which upon application of the ADS to Shares ratio would give rise to fractional ADSs. No Shares shall be accepted for deposit
unless accompanied by evidence, if any is required by the Depositary, that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by the person depositing such Shares under the laws and
regulations of Brazil and any necessary approval has been granted by any applicable governmental body in Brazil, if any. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any agent of the Company or any
custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Such evidence of rights shall consist of written blanket or specific guarantees of ownership of Shares
furnished by the Company or any such custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. 
 Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement (A) any Shares
or other securities required to be registered under the provisions of the Securities Act, unless (i) a registration statement is in effect as to such Shares or other securities or (ii) the deposit is made upon terms contemplated in
Section 2.14, or (B) any Shares or other securities the deposit of which would violate any provisions of the Bylaws of the Company. For purposes of the foregoing sentence, the Depositary shall be entitled to rely upon representations and
warranties made or deemed made pursuant to the Deposit Agreement and shall not be required to make any further investigation. The Depositary will comply with written instructions of the Company (received by the Depositary reasonably in advance) not
to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s compliance with the securities laws
of the United States. 
  

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 Section 2.4 Registration and Safekeeping of Deposited Securities. The Depositary shall
instruct the Custodian upon each Delivery of certificates representing registered Shares being deposited hereunder with the Custodian (or other Deposited Securities pursuant to Article IV hereof), together with the other documents above specified,
to present such certificate(s), together with the appropriate instrument(s) of transfer or endorsement, duly stamped, to the Share Registrar for transfer and registration of the Shares (as soon as transfer and registration can be accomplished and at
the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either. Deposited Securities shall be held by the Depositary or by the Custodian for the account and to the order of the Depositary
or a nominee in each case on behalf of the Holders and Beneficial Owners, at such place or places as the Depositary or the Custodian shall determine. 
 Section 2.5 Issuance of ADSs. The Depositary has made arrangements with the Custodian for the Custodian to confirm to the Depositary upon receipt of a deposit of Shares (i) that a deposit of
Shares has been made pursuant to Section 2.3, (ii) that such Deposited Securities have been recorded in the name of the Depositary, the Custodian or a nominee of either on the shareholders’ register maintained by or on behalf of the
Company by the Share Registrar if registered Shares have been deposited or, if deposit is made by book-entry transfer, confirmation of such transfer in the books of the CBLC, (iii) that all required documents have been received, and
(iv) the person(s) to whom or upon whose order ADSs are deliverable in respect thereof and the number of ADSs to be so delivered. Such notification may be made by letter, cable, telex, SWIFT message or, at the risk and expense of the person
making the deposit, by facsimile or other means of electronic transmission. Upon receiving such notice from the Custodian, the Depositary, subject to the terms and conditions of the Deposit Agreement and applicable law, shall issue the ADSs
representing the Shares so deposited to or upon the order of the person(s) named in the notice delivered to the Depositary and, if applicable, shall execute and deliver at its Principal Office Receipt(s) registered in the name(s) requested by such
person(s) and evidencing the aggregate number of ADSs to which such person(s) are entitled, but, in each case, only upon payment to the Depositary of the charges of the Depositary for accepting a deposit, issuing ADSs (as set forth in
Section 5.9 and Exhibit B hereto) and all taxes and governmental charges and fees payable in connection with such deposit and the transfer of the Shares and the issuance of the ADS(s). The Depositary shall only issue ADSs in whole numbers and
deliver, if applicable, ADR(s) evidencing whole numbers of ADSs. Nothing herein shall prohibit any Pre-Release Transaction upon the terms set forth in the Deposit Agreement. 
  

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 Section 2.6 Transfer, Combination and Split-up of ADRs. 
 (a) Transfer. The Registrar shall register the transfer of ADRs (and of the ADSs represented thereby) on the books maintained for such
purpose and the Depositary shall (x) cancel such ADRs and execute new ADRs evidencing the same aggregate number of ADSs as those evidenced by the ADRs canceled by the Depositary, (y) cause the Registrar to countersign such new ADRs and
(z) Deliver such new ADRs to or upon the order of the person entitled thereto, if each of the following conditions has been satisfied: (i) the ADRs have been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to
the Depositary at its Principal Office for the purpose of effecting a transfer thereof, (ii) the surrendered ADRs have been properly endorsed or are accompanied by proper instruments of transfer (including signature guarantees in accordance
with standard securities industry practice), (iii) the surrendered ADRs have been duly stamped (if required by the laws of the State of New York or of the United States), and (iv) all applicable fees and charges of, and expenses incurred
by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 and Exhibit B hereto) have been paid, subject, however, in each case, to the terms and conditions of the applicable ADRs, of the Deposit
Agreement and of applicable law, in each case as in effect at the time thereof. 
 (b) Combination & Split Up. The
Registrar shall register the split-up or combination of ADRs (and of the ADSs represented thereby) on the books maintained for such purpose and the Depositary shall (x) cancel such ADRs and execute new ADRs for the number of ADSs requested, but
in the aggregate not exceeding the number of ADSs evidenced by the ADRs cancelled by the Depositary, (y) cause the Registrar to countersign such new ADRs and (z) Deliver such new ADRs to or upon the order of the Holder thereof, if each of the
following conditions has been satisfied: (i) the ADRs have been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a split-up or combination
thereof, and (ii) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 and Exhibit B hereto) have been paid, subject, however, in
each case, to the terms and conditions of the applicable ADRs, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof. 
 (c) Co-Transfer Agents. The Depositary may appoint one or more co-transfer agents for the purpose of effecting transfers, combinations and split-ups of ADRs at designated transfer offices on behalf of the
Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Holders or persons entitled to such ADRs and will be entitled to protection and indemnity
to the same extent as the Depositary. Such co-transfer agents may be removed and substitutes appointed by the Depositary. Each co-transfer agent appointed under this Section 2.6 (other than the Depositary) shall give notice in writing to the
Depositary accepting such appointment and agreeing to be bound by the applicable terms of the Deposit Agreement. 
  

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 Section 2.7 Surrender of ADSs and Withdrawal of Deposited Securities. The Holder of
ADSs shall be entitled to Delivery (at the Custodian’s designated office) of the Deposited Securities at the time represented by the ADSs upon satisfaction of each of the following conditions: (i) the Holder (or a duly-authorized attorney
of the Holder) has duly Delivered ADSs to the Depositary at its Principal Office (and if applicable, the ADRs evidencing such ADSs) for the purpose of withdrawal of the Deposited Securities represented thereby, (ii) if applicable and so
required by the Depositary, the ADRs Delivered to the Depositary for such purpose have been properly endorsed in blank or are accompanied by proper instruments of transfer in blank (including signature guarantees in accordance with standard
securities industry practice), (iii) if so required by the Depositary, the Holder of the ADSs has executed and delivered to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to
or upon the written order of the person(s) designated in such order, and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9
and Exhibit B) have been paid, subject, however, in each case, to the terms and conditions of the ADRs evidencing the surrendered ADSs, of the Deposit Agreement, of the Company’s Bylaws and of any applicable laws and the rules of CBLC, and to
any provisions of or governing the Deposited Securities , in each case as in effect at the time thereof. 
 Upon satisfaction of
each of the conditions specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, the ADRs evidencing the ADSs so Delivered), (ii) shall direct the Registrar to record the cancellation of the ADSs so
Delivered on the books maintained for such purpose, and (iii) shall direct the Custodian to Deliver (without unreasonable delay) at the Custodian’s designated office the Deposited Securities represented by the ADSs so canceled together
with any certificate or other document of title for the Deposited Securities, or evidence of the electronic transfer thereof (if available), as the case may be, to or upon the written order of the person(s) designated in the order delivered to the
Depositary for such purpose, subject however, in each case, to the terms and conditions of the Deposit Agreement, of the ADRs evidencing the ADSs so cancelled, of the Bylaws of the Company, of any applicable laws and of the rules of the CLBC, and to
the terms and conditions of or governing the Deposited Securities, in each case as in effect at the time thereof. 
 The
Depositary shall not accept for surrender ADSs representing less than one (1) Share. In the case of the Delivery to it of ADSs representing a number other than a whole number of Shares, the Depositary shall cause ownership of the appropriate
whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) return to the person surrendering such ADSs the number of ADSs representing any remaining fractional Share,
or (ii) sell or cause to be sold the fractional Share represented by the ADSs so surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes
withheld) to the person surrendering the ADSs. 
 Notwithstanding anything else contained in any ADR or the Deposit Agreement,
the Depositary may make delivery at the Principal Office of the Depositary of (i) any cash dividends or cash distributions, or (ii) any proceeds from the sale of any distributions of shares or rights, which are at the time held by the
Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs, and for the

  

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account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held by the Custodian in respect
of the Deposited Securities represented by such ADSs to the Depositary for delivery at the Principal Office of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile
transmission. 
 Section 2.8 Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery,
Transfer, etc. 
 (a) Additional Requirements. As a condition precedent to the execution and delivery, registration of issuance,
transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter
of ADSs or of an ADR of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or
withdrawn) and payment of any applicable fees and charges of the Depositary as provided in Section 5.9 and Exhibit B, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter
contemplated by Section 3.1, and (iii) compliance with (A) any laws or governmental regulations relating to the execution and delivery of ADRs or ADSs or to the withdrawal of Deposited Securities and (B) such reasonable
regulations as the Depositary and the Company may establish consistent with the provisions of the representative ADR, if applicable, the Deposit Agreement and applicable law. 
 (b) Additional Limitations. The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be
suspended, or the deposit of particular Shares may be refused, or the registration of transfer of ADSs in particular instances may be refused, or the registration of transfers of ADSs generally may be suspended, during any period when the transfer
books of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement
of law or regulation, any government or governmental body or commission or any securities exchange on which the ADSs or Shares are listed, or under any provision of the Deposit Agreement or the representative ADR(s), if applicable, or under any
provision of, or governing, the Deposited Securities, or because of a meeting of shareholders of the Company or for any other reason, subject, in all cases, to Section 7.8. 
 (c) Regulatory Restrictions. Notwithstanding any provision of the Deposit Agreement or any ADR(s) to the contrary, Holders are entitled to
surrender outstanding ADSs to withdraw the Deposited Securities associated herewith at any time subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection
with voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the ADSs or to the
withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time to time). 
  

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 Section 2.9 Lost ADRs, etc. In case any ADR shall be mutilated, destroyed, lost, or
stolen, the Depositary shall execute and deliver a new ADR of like tenor at the expense of the Holder (a) in the case of a mutilated ADR, in exchange of and substitution for such mutilated ADR upon cancellation thereof, or (b) in the case
of a destroyed, lost or stolen ADR, in lieu of and in substitution for such destroyed, lost, or stolen ADR, after the Holder thereof (i) has submitted to the Depositary a written request for such exchange and substitution before the Depositary has
notice that the ADR has been acquired by a bona fide purchaser, (ii) has provided such security or indemnity (including an indemnity bond) as may be required by the Depositary to save it and any of its agents harmless, and (iii) has
satisfied any other reasonable requirements imposed by the Depositary, including, without limitation, evidence satisfactory to the Depositary of such destruction, loss or theft of such ADR, the authenticity thereof and the Holder’s ownership
thereof. 
 Section 2.10 Cancellation and Destruction of Surrendered ADRs; Maintenance of Records. All ADRs surrendered to
the Depositary shall be canceled by the Depositary. Canceled ADRs shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable against the Depositary for any purpose. The Depositary is authorized to destroy ADRs so
canceled, provided the Depositary maintains a record of all destroyed ADRs. Any ADSs held in book-entry form (i.e., through accounts at DTC) shall be deemed canceled when the Depositary causes the number of ADSs evidenced by the Balance Certificate
to be reduced by the number of ADSs surrendered (without the need to physically destroy the Balance Certificate). 
 Section 2.11 Escheatment. In the event any unclaimed property relating to the ADSs, for any reason, is in the possession of Depositary and has not been claimed by the Holder thereof or cannot be delivered to the Holder thereof through
usual channels, the Depositary shall, upon expiration of any applicable statutory period relating to abandoned property laws, escheat such unclaimed property to the relevant authorities in accordance with the laws of each of the relevant States of
the United States. 
 Section 2.12 Partial Entitlement ADSs. In the event any Shares are deposited which (i) entitle
the holders thereof to receive a per-share distribution or other entitlement in an amount different from the Shares then on deposit or (ii) are not fully fungible (including, without limitation, as to settlement or trading) with the Shares then
on deposit (the Shares then on deposit collectively, “Full Entitlement Shares” and the Shares with different entitlement, “Partial Entitlement Shares”), the Depositary shall (i) cause the Custodian to hold Partial
Entitlement Shares separate and distinct from Full Entitlement Shares, and (ii) subject to the terms of the Deposit Agreement, issue ADSs representing Partial Entitlement Shares which are separate and distinct from the ADSs representing Full
Entitlement Shares, by means of separate CUSIP numbering and legending (if necessary) and , if applicable, by issuing ADRs evidencing such ADSs with applicable notations thereon (“Partial Entitlement ADSs/ADRs” and “Full Entitlement
ADSs/ADRs”, respectively). If and when Partial Entitlement Shares become Full Entitlement Shares, the Depositary shall (a) give notice thereof to Holders of Partial Entitlement ADSs and give Holders of Partial Entitlement ADRs the
opportunity to exchange such Partial Entitlement ADRs for Full Entitlement ADRs, (b) cause the Custodian to transfer the Partial Entitlement Shares into the account of the Full Entitlement Shares, and (c) take such actions as are necessary
to remove the distinctions between (i) the Partial Entitlement ADRs and ADSs, on the one hand, and (ii) the Full Entitlement ADRs and ADSs on the other. Holders and Beneficial Owners of

  

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Partial Entitlement ADSs shall only be entitled to the entitlements of Partial Entitlement Shares. Holders and Beneficial Owners of Full Entitlement ADSs shall be entitled only to the
entitlements of Full Entitlement Shares. All provisions and conditions of the Deposit Agreement shall apply to Partial Entitlement ADRs and ADSs to the same extent as Full Entitlement ADRs and ADSs, except as contemplated by this Section 2.12.
The Depositary is authorized to take any and all other actions as may be necessary (including, without limitation, making the necessary notations on ADRs) to give effect to the terms of this Section 2.12. The Company agrees to give timely
written notice to the Depositary if any Shares issued or to be issued are Partial Entitlement Shares and shall assist the Depositary with the establishment of procedures enabling the identification of Partial Entitlement Shares upon Delivery to the
Custodian. 
 Section 2.13 Certificated/Uncertificated ADSs. Notwithstanding any other provision of the Deposit Agreement,
the Depositary may, at any time and from time to time, issue ADSs that are not evidenced by ADRs (such ADSs, the “Uncertificated ADS(s)” and the ADS(s) evidenced by ADR(s), the “Certificated ADS(s)”). When issuing and maintaining
Uncertificated ADS(s) under the Deposit Agreement, the Depositary shall at all times be subject to (i) the standards applicable to registrars and transfer agents maintaining direct registration systems for equity securities in New York and
issuing uncertificated securities under New York law, and (ii) the terms of New York law applicable to uncertificated equity securities. Uncertificated ADSs shall not be represented by any instruments but shall be evidenced by registration in
the books of the Depositary maintained for such purpose. Holders of Uncertificated ADSs, that are not subject to any registered pledges, liens, restrictions or adverse claims of which the Depositary has notice at such time, shall at all times have
the right to exchange the Uncertificated ADS(s) for Certificated ADS(s) of the same type and class, subject in each case to applicable laws and any rules and regulations the Depositary may have established in respect of the Uncertificated ADSs.
Holders of Certificated ADSs shall, if the Depositary maintains a direct registration system for the ADSs, have the right to exchange the Certificated ADSs for Uncertificated ADSs upon (i) the due surrender of the Certificated ADS(s) to the
Depositary for such purpose and (ii) the presentation of a written request to that effect to the Depositary, subject in each case to (a) all liens and restrictions noted on the ADR evidencing the Certificated ADS(s) and all adverse claims
of which the Depositary then has notice, (b) the terms of the Deposit Agreement and the rules and regulations that the Depositary may establish for such purposes hereunder, (c) applicable law, and (d) payment of the Depositary fees
and expenses applicable to such exchange of Certificated ADS(s) for Uncertificated ADS(s). Uncertificated ADSs shall in all respects be identical to Certificated ADS(s) of the same type and class, except that (i) no ADR(s) shall be, or shall
need to be, issued to evidence Uncertificated ADS(s), (ii) Uncertificated ADS(s) shall, subject to the terms of the Deposit Agreement, be transferable upon the same terms and conditions as uncertificated securities under New York law, (iii) the
ownership of Uncertificated ADS(s) shall be recorded on the books of the Depositary maintained for such purpose and evidence of such ownership shall be reflected in periodic statements provided by the Depositary to the Holder(s) in accordance with
applicable New York law, (iv) the Depositary may from time to time, upon notice to the Holders of Uncertificated ADSs affected thereby, establish rules and regulations, and amend or supplement existing rules and regulations, as may be deemed
reasonably necessary to maintain Uncertificated ADS(s) on behalf of Holders, provided that (a) such rules and regulations do not

  

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conflict with the terms of the Deposit Agreement and applicable law, and (b) the terms of such rules and regulations are readily available to Holders upon request, (v) the
Uncertificated ADS(s) shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company unless such Uncertificated ADS(s) is/are registered on the books of the
Depositary maintained for such purpose, (vi) the Depositary may, in connection with any deposit of Shares resulting in the issuance of Uncertificated ADSs and with any transfer, pledge, release and cancellation of Uncertificated ADSs, require
the prior receipt of such documentation as the Depositary may deem reasonably appropriate, and (vii) upon termination of the Deposit Agreement, the Depositary shall not require Holders of Uncertificated ADSs to affirmatively instruct the Depositary
before remitting proceeds from the sale of the Deposited Securities represented by such Holders’ Uncertificated ADSs under the terms of Section 6.2 of the Deposit Agreement. When issuing ADSs under the terms of the Deposit Agreement,
including, without limitation, issuances pursuant to Sections 2.5, 4.2, 4.3, 4.4, 4.5 and 4.11, the Depositary may in its discretion determine to issue Uncertificated ADSs rather than Certificated ADSs, unless otherwise specifically instructed by
the applicable Holder to issue Certificated ADSs. All provisions and conditions of the Deposit Agreement shall apply to Uncertificated ADSs to the same extent as to Certificated ADSs, except as contemplated by this Section 2.13. The Depositary is
authorized and directed to take any and all actions and establish any and all procedures deemed reasonably necessary to give effect to the terms of this Section 2.13. Any references in the Deposit Agreement or any ADR(s) to the terms
“American Depositary Share(s)” or “ADS(s)” shall, unless the context otherwise requires, include Certificated ADS(s) and Uncertificated ADS(s). Except as set forth in this Section 2.13 and except as required by applicable
law, the Uncertificated ADSs shall be treated as ADSs issued and outstanding under the terms of the Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect to any Uncertificated ADSs, any
conflict arises between (a) the terms of the Deposit Agreement (other than this Section 2.13) and (b) the terms of this Section 2.13, the terms and conditions set forth in this Section 2.13 shall be controlling and shall
govern the rights and obligations of the parties to the Deposit Agreement pertaining to the Uncertificated ADSs. 
 Section 2.14 Restricted ADSs. The Depositary shall, at the request and expense of the Company, establish procedures enabling the deposit hereunder of Shares that are Restricted Securities in order to enable the holder of such Shares to
hold its ownership interests in such Restricted Shares in the form of ADSs issued under the terms hereof (such Shares, “Restricted Shares”). Upon receipt of a written request from the Company to accept Restricted Shares for deposit
hereunder, the Depositary agrees to establish procedures permitting the deposit of such Restricted Shares and the issuance of ADSs representing such deposited Restricted Shares (such ADSs, the “Restricted ADSs,” and the ADRs evidencing
such Restricted ADSs, the “Restricted ADRs”). The Company shall assist the Depositary in the establishment of such procedures and agrees that it shall take all steps necessary and satisfactory to the Depositary to insure that the
establishment of such procedures does not violate the provisions of the Securities Act or any other applicable laws. The depositors of such Restricted Shares and the holders of the Restricted ADSs may be required prior to the deposit of such
Restricted Shares, the transfer of the Restricted ADRs and the Restricted ADSs evidenced thereby or the withdrawal of the Restricted Shares represented by Restricted ADSs to provide such written certifications or agreements as the Depositary or the
Company may require. The Company shall provide to the Depositary in writing the legend(s) to be affixed to the Restricted ADRs,

  

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which legends shall (i) be in a form reasonably satisfactory to the Depositary and (ii) contain the specific circumstances under which the Restricted ADRs and the Restricted ADSs
represented thereby may be transferred or the Restricted Shares withdrawn. The Restricted ADSs issued upon the deposit of Restricted Shares shall be separately identified on the books of the Depositary and the Restricted Shares so deposited shall be
held separate and distinct from the other Deposited Securities held hereunder. The Restricted Shares and the Restricted ADSs shall not be eligible for Pre-Release Transactions. The Restricted ADSs shall not be eligible for inclusion in any
book-entry settlement system, including, without limitation, DTC, and shall not in any way be fungible with the ADSs issued under the terms hereof that are not Restricted ADSs. The Restricted ADRs and the Restricted ADSs evidenced thereby shall be
transferable only by the Holder thereof upon delivery to the Depositary of (i) all documentation otherwise contemplated by the Deposit Agreement and (ii) an opinion of counsel satisfactory to the Depositary setting forth, inter alia, the
conditions upon which the Restricted ADR presented is, and the Restricted ADSs evidenced thereby are, transferable by the Holder thereof under applicable securities laws and the transfer restrictions contained in the legend set forth on the
Restricted ADR presented for transfer. Except as set forth in this Section 2.14 and except as required by applicable law, the Restricted ADRs and the Restricted ADSs evidenced thereby shall be treated as ADRs and ADSs issued and outstanding
under the terms of the Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect to any Restricted ADSs, any conflict arises between (a) the terms of the Deposit Agreement (other than this
Section 2.14) and (b) the terms of (i) this Section 2.14 or (ii) the applicable Restricted ADR, the terms and conditions set forth in this Section 2.14 and of the Restricted ADR shall be controlling and shall govern the
rights and obligations of the parties to the Deposit Agreement pertaining to the deposited Restricted Shares, the Restricted ADSs and Restricted ADRs. 
 If the Restricted ADRs, the Restricted ADSs and the Restricted Shares cease to be Restricted Securities, the Depositary, upon receipt of (x) an opinion of counsel satisfactory to the Depositary setting forth, inter alia, that the
Restricted ADRs, the Restricted ADSs and the Restricted Shares are not as of such time Restricted Securities, and (y) instructions from the Company to remove the restrictions applicable to the Restricted ADRs, the Restricted ADSs and the
Restricted Shares, shall (i) eliminate the distinctions and separations between the applicable Restricted Shares held on deposit under this Section 2.14 and the other Shares held on deposit under the terms of the Deposit Agreement that are
not Restricted Shares, (ii) treat the newly unrestricted ADRs and ADSs on the same terms as, and fully fungible with, the other ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement that are not Restricted ADRs or
Restricted ADSs, (iii) take all actions necessary to remove any distinctions, limitations and restrictions previously existing under this Section 2.14 between the applicable Restricted ADRs and Restricted ADSs, respectively, on the one
hand, and the other ADRs and ADSs that are not Restricted ADRs or Restricted ADSs, respectively, on the other hand, including, without limitation, by making the newly-unrestricted ADSs eligible for Pre-Release Transactions and for inclusion in the
applicable book-entry settlement systems. 
  

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 ARTICLE III 
 CERTAIN OBLIGATIONS OF HOLDERS 
 AND BENEFICIAL OWNERS OF ADSs 
 Section 3.1 Proofs, Certificates and Other Information. Any person presenting Shares for deposit, any Holder and any Beneficial Owner
may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary and the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges,
exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws, the terms of the Deposit Agreement or the ADR(s) evidencing the ADSs and the provisions of, or governing, the Deposited
Securities, to execute such certifications and to make such representations and warranties, and to provide such other information and documentation (or, in the case of Shares in registered form presented for deposit, such information relating to the
registration on the books of the Company or of the Share Registrar) as the Depositary or the Custodian may deem necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations under
the Deposit Agreement and the applicable ADR(s). The Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer of any ADR or ADS or the distribution or sale of any dividend or distribution of
rights or of the proceeds thereof or, to the extent not limited by the terms of Section 7.8, the delivery of any Deposited Securities until such proof or other information is filed or such certifications are executed, or such representations
are made, or such other documentation or information provided, in each case to the Depositary’s, the Registrar’s and the Company’s satisfaction. The Depositary shall provide the Company, in a timely manner, with copies or originals if
necessary and appropriate of (i) any such proofs of citizenship or residence, taxpayer status, or exchange control approval which it receives from Holders and Beneficial Owners, and (ii) any other information or documents which the Company
may reasonably request and which the Depositary shall request and receive from any Holder or Beneficial Owner or any person presenting Shares for deposit or ADSs for cancellation, transfer or withdrawal. Nothing herein shall obligate the Depositary
to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners, or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners. 
 Section 3.2 Liability for Taxes and Other Charges. Any tax or other governmental charge payable by the Custodian or by the Depositary
with respect to any ADR or any Deposited Securities or ADSs shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of
Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) or
charges, the Holder and the Beneficial Owner remaining liable for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer of ADSs, register the split-up or
combination of ADRs and (subject to Section 7.8) the withdrawal of Deposited Securities until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the
Company, the Custodian, and any of their agents, officers, employees and Affiliates for, and to hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties thereon) arising from any tax benefit
obtained for such Holder and/or Beneficial Owner. 
  

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 Section 3.3 Representations and Warranties on Deposit of Shares. Each person depositing
Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid, non-assessable and legally obtained by such person,
(ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized to do so, (iv) the Shares presented for deposit are free and
clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and (v) the Shares presented for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except as contemplated in
Section 2.14), and (vi) the Shares presented for deposit have not been stripped of any rights or entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of ADSs in
respect thereof and the transfer of such ADSs. If any such representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions
necessary to correct the consequences thereof. 
 Section 3.4 Compliance with Information Requests. Notwithstanding any
other provision of the Deposit Agreement or any ADR(s), each Holder and Beneficial Owner agrees to comply with requests from the Company pursuant to applicable law, the rules and requirements of the Sao Paulo Stock Exchange (Bolsa de Valores de Sao
Paulo, also known as “BOVESPA”), the New York Stock Exchange, and any other stock exchange on which the Shares or ADSs are, or will be, registered, traded or listed, or the Bylaws of the Company, which are made to provide information,
inter alia, as to the capacity in which such Holder or Beneficial Owner owns ADSs (and Shares as the case may be) and regarding the identity of any other person(s) interested in such ADSs and the nature of such interest and various other matters,
whether or not they are Holders and/or Beneficial Owners at the time of such request. The Depositary agrees to use its reasonable efforts to forward, upon the request of the Company and at the Company’s expense, any such request from the
Company to the Holders and to forward to the Company any such responses to such requests received by the Depositary. 
 The Depositary and the
Company shall comply with Brazil’s Monetary Council Resolution number 1927, in its third article, and agree to furnish the Brazilian Securities and Exchange Commission (Commissao de Valores Mobiliarios, also known as “CVM”) and the
Brazilian Central Bank (Banco Central do Brasil, also known as “BACEN”), whenever required, information or documents related to the approved ADR program, the Deposited Securities and distributions thereon. 
 Section 3.5 Ownership Restrictions. Notwithstanding any other provision in the Deposit Agreement or any ADR, the Company may restrict
transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable law or the Bylaws of the Company. The Company may also restrict, in such manner as it deems appropriate, transfers of the ADSs
where such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial Owner to exceed any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the
Depositary to take action

  

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with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the preceding sentence, including, but not limited to, the imposition of restrictions
on the transfer of ADSs, the removal or limitation of voting rights or mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder or Beneficial Owner in excess of such
limitations, if and to the extent such disposition is permitted by applicable law and the Bylaws of the Company. Nothing herein shall be interpreted as obligating the Depositary or the Company to ensure compliance with the ownership restrictions
described in this Section 3.5. 
 Section 3.6 Reporting Obligations and Regulatory Approvals. Applicable laws and
regulations, including those of BACEN, CVM and BOVESPA, may require holders and beneficial owners of Shares, including the Holders and Beneficial Owners of ADSs, to satisfy reporting requirements and obtain regulatory approvals in certain
circumstances. Holders and Beneficial Owners of ADSs are solely responsible for complying with such reporting requirements and obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees to file such reports and obtain such
approvals to the extent and in the form required by applicable laws and regulations as in effect from time to time. Neither the Depositary, the Custodian, the Company or any of their respective agents or affiliates shall be required to take any
actions whatsoever on behalf of Holders or Beneficial Owners to satisfy such reporting requirements or obtain such regulatory approvals under applicable laws and regulations. 
 ARTICLE IV 
 THE DEPOSITED SECURITIES 
 Section 4.1 Cash Distributions. Whenever the Depositary receives, or receives confirmation from the Custodian of the receipt of, any
cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Deposited Securities or any other entitlements held in respect of Deposited Securities under the terms hereof, the Depositary will
(i) if at the time of receipt thereof any amounts received in a Foreign Currency can, in the judgment of the Depositary (pursuant to Section 4.8), be converted on a practicable basis into Dollars transferable to the United States, promptly
convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.8), (ii) if applicable, establish the ADS Record Date upon the terms described in Section 4.9, and (iii)
distribute promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders entitled thereto as of the ADS Record Date in proportion to the
number of ADSs held as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent, and any balance not so distributed shall be held by the
Depositary (without liability for interest thereon) and shall be added to and become part of the next sum received by the Depositary for distribution to Holders of ADSs outstanding at the time of the next distribution. If the Company, the Custodian
or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to
Holders on the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by
the Company shall be forwarded by the Company to the Depositary upon request. 
  

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 Section 4.2 Distribution in Shares. If any distribution upon any Deposited Securities
consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their respective nominees. Upon
receipt of confirmation of such deposit from the Custodian, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9 and either (i) the Depositary shall, subject to Section 5.9, distribute to the Holders
as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the other terms of the
Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding
after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional integral number of Shares distributed upon the Deposited Securities represented thereby (net of (a) the
applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes). In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares or ADSs, as the case may be, represented by the aggregate of such
fractions and distribute the net proceeds upon the terms described in Section 4.1. In the event that the Depositary determines that any distribution in property (including Shares) is subject to any tax or other governmental charges which the
Depositary is obligated to withhold, or, if the Company in the fulfillment of its obligation under Section 5.7, has furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order
to be distributed to Holders (and no such registration statement has been declared effective), the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner,
including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of (a) taxes and (b) fees and charges of, and expenses incurred
by, the Depositary) to Holders entitled thereto upon the terms described in Section 4.1. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement. 
 Section 4.3 Elective Distributions in Cash or Shares. Whenever the Company intends to make a distribution payable at the election of
the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least sixty (60) days prior to the proposed distribution stating whether or not it wishes such elective distribution to be made
available to Holders of ADSs. Upon timely receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall
assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make such elective distribution available to Holders only if
(i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iii) the Depositary shall have
received satisfactory documentation within the terms of Section 5.7. If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on the basis of the same

  

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determination as is made in Brazil in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing
such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date (on the terms described in Section 4.9) and establish procedures to enable Holders to
elect the receipt of the proposed distribution in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If a Holder elects to receive the proposed distribution (X) in cash,
the distribution shall be made upon the terms described in Section 4.1, or (Y) in ADSs, the distribution shall be made upon the terms described in Section 4.2. Nothing herein shall obligate the Depositary to make available to Holders
a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions on the same terms and
conditions as the holders of Shares. 
 Section 4.4 Distribution of Rights to Purchase Additional ADSs. 
 (a) Distribution to ADS Holders. Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe
for additional Shares, the Company shall give notice thereof to the Depositary at least forty-five (45) days prior to the proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs. Upon timely
receipt of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is
lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to Holders only if (i) the Company shall have timely requested that such rights be made available to Holders,
(ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution of rights is reasonably practicable. In the event any of the
conditions set forth above are not satisfied or if the Company requests that the rights not be made available to Holders of ADSs, the Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) below. In the event all
conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in Section 4.9) and establish procedures to (x) distribute rights to purchase additional ADSs (by means of warrants or
otherwise), (y) to enable the Holders to exercise such rights (upon payment of the subscription price and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes), and (z) to deliver ADSs upon
the valid exercise of such rights. The Company shall assist the Depositary to the extent necessary in establishing such procedures. Nothing herein shall obligate the Depositary to make available to the Holders a method to exercise rights to
subscribe for Shares (rather than ADSs). 
 (b) Sale of Rights. If (i) the Company does not timely request the Depositary
to make the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7 or determines it is not reasonably
practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, in a
riskless principal capacity, at such place and upon such terms (including public or private sale) as it may deem practicable. The Company shall assist the Depositary to the extent necessary to determine such legality and practicability. The
Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the terms set forth in Section 4.1. 
  

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 (c) Lapse of Rights. If the Depositary is unable to make any rights available to Holders
upon the terms described in Section 4.4(a) or to arrange for the sale of the rights upon the terms described in Section 4.4(b), the Depositary shall allow such rights to lapse. 
 The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights
available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the
Company in connection with the rights distribution. 
 Notwithstanding anything to the contrary in this Section 4.4, if
registration (under the Securities Act or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities
represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii) unless the
Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect
that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. 
 In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of
property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to the Holders of ADSs representing such Deposited Securities shall be reduced accordingly. In the event that the Depositary determines
that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or charges. 
 There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive or exercise rights
on the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the
exercise of such rights. 
 Section 4.5 Distributions Other Than Cash, Shares or Rights to Purchase Shares. 
 (a) Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase
additional Shares, the Company shall give timely notice thereof to the Depositary and shall indicate whether or not it

  

 23 

 
wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating that the Company wishes such distribution be made to Holders of ADSs, the Depositary shall consult with
the Company, and the Company shall assist the Depositary, to determine whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the Company shall have requested the
Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution is reasonably
practicable. 
 (b) Upon receipt of satisfactory documentation and the request of the Company to distribute property to Holders
of ADSs and after making the requisite determinations set forth in (a) above, the Depositary shall distribute the property so received to the Holders of record, as of the ADS Record Date, in proportion to the number of ADSs held by them
respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of
any taxes withheld. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any
taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution. 
 (c) If
(i) the Company does not request the Depositary to make such distribution to Holders or requests not to make such distribution to Holders, (ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7, or
(iii) the Depositary determines that all or a portion of such distribution is not reasonably practicable, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it
may deem practicable and shall (i) cause the proceeds of such sale, if any, to be converted into Dollars and (ii) distribute the proceeds of such conversion received by the Depositary (net of applicable (a) fees and charges of, and
expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms of Section 4.1. If the Depositary is unable to sell such property, the Depositary may dispose of such property for the account of
the Holders in any way it deems reasonably practicable under the circumstances. 
 Section 4.6 Distributions with Respect
to Deposited Securities in Bearer Form. Subject to the terms of this Article IV, distributions in respect of Deposited Securities that are held by the Depositary in bearer form shall be made to the Depositary for the account of the respective
Holders of ADS(s) with respect to which any such distribution is made upon due presentation by the Depositary or the Custodian to the Company of any relevant coupons, talons, or certificates. The Company shall promptly notify the Depositary of such
distributions. The Depositary or the Custodian shall promptly present such coupons, talons or certificates, as the case may be, in connection with any such distribution. 
 Section 4.7 Redemption. If the Company intends to exercise any right of redemption in respect of any of the Deposited Securities, the Company shall give notice thereof to the Depositary at least
thirty (30) days prior to the intended date of redemption which notice shall set forth the particulars of the proposed redemption. Upon timely receipt of (i) such notice and (ii) satisfactory

  

 24 

 
documentation given by the Company to the Depositary within the terms of Section 5.7, and only if the Depositary shall have determined that such proposed redemption is practicable, the Depositary
shall provide to each Holder a notice setting forth the intended exercise by the Company of the redemption rights and any other particulars set forth in the Company’s notice to the Depositary. The Depositary shall instruct the Custodian to
present to the Company the Deposited Securities in respect of which redemption rights are being exercised against payment of the applicable redemption price. Upon receipt of confirmation from the Custodian that the redemption has taken place and
that funds representing the redemption price have been received, the Depositary shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and charges of, and the expenses incurred by, the Depositary, and (b) taxes),
retire ADSs and cancel ADRs , if applicable, upon delivery of such ADSs by Holders thereof and the terms set forth in Sections 4.1 and 6.2. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired will be selected by
lot or on a pro rata basis, as may be determined by the Depositary. The redemption price per ADS shall be the dollar equivalent of the per share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption
of the Deposited Securities represented by ADSs (subject to the terms of Section 4.8 and the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied by the number of Deposited Securities represented by
each ADS redeemed. 
 Section 4.8 Conversion of Foreign Currency. Whenever the Depositary or the Custodian shall receive
Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, which in the judgment of the Depositary can at such time be converted on a practicable basis, by sale or in any other
manner that it may determine in accordance with applicable law, into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary shall convert or cause to be converted, by sale or in any other manner
that it may determine, such Foreign Currency into Dollars, and shall distribute such Dollars (net of any applicable fees, any reasonable and customary expenses incurred in such conversion and any expenses incurred on behalf of the Holders in
complying with currency exchange control or other governmental requirements) in accordance with the terms of the applicable sections of the Deposit Agreement. If the Depositary shall have distributed warrants or other instruments that entitle the
holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders of such warrants and/or instruments upon surrender thereof for cancellation, in either case without liability for interest thereon. Such distribution may be
made upon an averaged or other practicable basis without regard to any distinctions among Holders on account of any application of exchange restrictions or otherwise. 
 If such conversion or distribution generally or with regard to a particular Holder can be effected only with the approval or license of any government or agency thereof, the Depositary shall have
authority to file such application for approval or license, if any, as it may deem desirable. In no event, however, shall the Depositary be obligated to make such a filing. 
 If at any time the Depositary shall determine that in its judgment the conversion of any Foreign Currency and the transfer and distribution
of proceeds of such conversion received by the Depositary is not practicable or lawful, or if any approval or license of any governmental authority or agency thereof that is required for such conversion, transfer and distribution is denied or, in
the opinion of the Depositary, not obtainable at a reasonable cost or within a reasonable period, the Depositary may, in its discretion, (i) make

  

 25 

 
such conversion and distribution in Dollars to the Holders for whom such conversion, transfer and distribution is lawful and practicable, (ii) distribute the Foreign Currency (or an
appropriate document evidencing the right to receive such Foreign Currency) to Holders for whom this is lawful and practicable or (iii) hold (or cause the Custodian to hold) such Foreign Currency (without liability for interest thereon) for the
respective accounts of the Holders entitled to receive the same. 
 Section 4.9 Fixing of ADS Record Date. Whenever the
Depositary shall receive notice of the fixing of a record date by the Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares, rights, or other distribution), or whenever for any
reason the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders of Shares or other Deposited
Securities, or whenever the Depositary shall find it necessary or convenient in connection with the giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix a record date (the “ADS Record Date”) for
the determination of the Holders of ADS(s) who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to
otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS. The Depositary shall make reasonable efforts to establish the ADS Record Date as closely as possible to the applicable
record date for the Deposited Securities (if any) set by the Company in Brazil. Subject to applicable law and the provisions of Section 4.1 through 4.8 and to the other terms and conditions of the Deposit Agreement, only the Holders of ADSs at
the close of business in New York on such ADS Record Date shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action. 
 Section 4.10 Voting of Deposited Securities. The Company has informed the Depositary that, as of the date of the Deposit Agreement, the
holders of the Shares do not generally have voting rights. To the extent holders of Shares are entitled to exercise voting rights or subsequently obtain voting rights as result of change in regulations, laws or the Company’s Bylaws, the
following will apply: As soon as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary
shall fix the ADS Record Date in respect of such meeting or solicitation of consent or proxy in accordance with Section 4.9. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to
take any further action if the request shall not have been timely received by the Depositary, at the Company’s expense and provided no U.S. legal prohibitions exist, distribute to Holders as of the ADS Record Date: (a) such notice of meeting or
solicitation of consent or proxy, (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of the Deposit Agreement, the Bylaws of the Company and the
provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities
represented by such Holder’s ADSs, and (c) a brief statement as to the manner in which such voting instructions may be given. 
  

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 Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to the extent
not prohibited by law, regulations or applicable stock exchange requirements, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of consents or proxies from, holders of Deposited
Securities, distribute to the Holders a notice that provides Holders with a means to retrieve such materials or receive such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact for requesting
copies of the materials). 
 Voting instructions may be given only in respect of a number of ADSs representing an integral number of Deposited
Securities. Upon the timely receipt from a Holder of ADSs as of the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the
provisions of the Deposit Agreement, the Bylaws of the Company and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy) represented by such Holder’s ADSs in
accordance with such voting instructions. 
 Neither the Depositary nor the Custodian shall under any circumstances exercise any
discretion as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs,
except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise contemplated herein. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the
Depositary is to vote the Deposited Securities represented by such Holder’s ADSs, the Depositary will deem such Holder (unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the
items set forth in such voting instructions. Deposited Securities represented by ADSs for which no timely voting instructions are received by the Depositary from the Holder shall not be voted. Notwithstanding anything else contained herein, the
Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole
purpose of establishing quorum at a meeting of shareholders. 
 Notwithstanding anything else contained in the Deposit Agreement
or any ADR, the Depositary shall not have any obligation to take any action with respect to any meeting, or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws. The Company
agrees to take any and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting rights accruing to the Deposited Securities. 
 There can be no assurance that Holders generally or any Holder in particular will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the
Depositary in a timely manner. 
 Section 4.11 Changes Affecting Deposited Securities. Upon any change in nominal or par
value, split-up, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale of assets affecting the Company or to which it is a party, any securities
which shall be received by the Depositary or the

  

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Custodian in exchange for, or in conversion of or replacement of or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited
Securities under the Deposit Agreement, and the ADRs shall, subject to the provisions of the Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. In giving effect to such change, split-up,
cancellation, consolidation or other reclassification of Deposited Securities, recapitalization, reorganization, merger, consolidation or sale of assets, the Depositary may, with the Company’s approval, and shall, if the Company shall so
request, subject to the terms of the Deposit Agreement and receipt of an opinion of counsel to the Company satisfactory to the Depositary that such actions are not in violation of any applicable laws or regulations, (i) issue and deliver
additional ADSs as in the case of a stock dividend on the Shares, (ii) amend the Deposit Agreement and the applicable ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6 as filed with the Commission in respect of the
ADSs, (iv) call for the surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions as are appropriate to reflect the transaction with respect to the ADSs. The Company agrees to, jointly with the Depositary,
amend the Registration Statement on Form F-6 as filed with the Commission to permit the issuance of such new form of ADRs. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all
Holders, the Depositary may, with the Company’s approval, and shall, if the Company requests, subject to receipt of an opinion of Company’s counsel satisfactory to the Depositary that such action is not in violation of any applicable laws
or regulations, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of (a) fees and charges of, and expenses incurred by, the
Depositary and (b) taxes) for the account of the Holders otherwise entitled to such securities upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the
extent practicable as in the case of a distribution received in cash pursuant to Section 4.1. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available to
Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such securities. 
 Section 4.12 Available Information. The Company is subject to the periodic reporting requirements of the Exchange Act and, accordingly,
file or submit certain reports with the Commission. These reports can be retrieved from the Commission’s website (www.sec.gov) and can be inspected and copied at the public reference facilities maintained by the Commission located (as of the
date of the Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549. 
 Section 4.13 Reports. The Depositary shall
make available for inspection by Holders at its Principal Office any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of
either of them as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary shall also provide or make available to Holders copies of such reports when
furnished by the Company pursuant to Section 5.6. 
  

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 Section 4.14 List of Holders. Promptly upon written request by the Company, the
Depositary shall furnish to it a list, as of a recent date, of the names, addresses and holdings of ADSs of all Holders. 
 Section 4.15 Taxation. The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such information from its records as the Company may reasonably request to enable the Company or its agents to file
the necessary tax reports with governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions
in respect of Deposited Securities under applicable tax treaties or laws for the Holders and Beneficial Owners. In accordance with instructions from the Company and to the extent practicable, the Depositary or the Custodian will take reasonable
administrative actions to obtain tax refunds, reduced withholding of tax at source on dividends and other benefits under applicable tax treaties or laws with respect to dividends and other distributions on the Deposited Securities. As a condition to
receiving such benefits, Holders and Beneficial Owners of ADSs may be required from time to time, and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership (as applicable), to execute such certificates and to
make such representations and warranties, or to provide any other information or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary’s or the Custodian’s obligations under applicable law.
The Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian and any of their respective directors, employees, agents and Affiliates against, and hold each of them harmless from, any claims by any governmental
authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained. 
 If the Company (or any of its agents) withholds from any distribution any amount on account of taxes or governmental charges, or pays any
other tax in respect of such distribution (i.e., stamp duty tax, capital gains or other similar tax), the Company shall (and shall cause such agent to) remit promptly to the Depositary information about such taxes or governmental charges withheld or
paid, and, if so requested, the tax receipt (or other proof of payment to the applicable governmental authority) therefor, in each case, in a form satisfactory to the Depositary. The Depositary shall, to the extent required by U.S. law, report to
Holders any taxes withheld by it or the Custodian, and, if such information is provided to it by the Company, any taxes withheld by the Company. The Depositary and the Custodian shall not be required to provide the Holders with any evidence of the
remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the Depositary or the Custodian, as applicable. Neither the Depositary nor
the Custodian shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder’s or Beneficial Owner’s income tax liability. 
 The Depositary is under no obligation to provide the Holders and Beneficial Owners with any information about the tax status of the Company.
The Depositary shall not incur any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the ADSs, including without limitation, tax consequences resulting from the Company (or any
of its subsidiaries) being treated as a “Passive Foreign Investment Company” (in each case as defined in the U.S. Internal Revenue Code and the regulations issued thereunder) or otherwise. 
  

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 ARTICLE V 
 THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY 
 Section 5.1 Maintenance of
Office and Transfer Books by the Registrar. Until termination of the Deposit Agreement in accordance with its terms, the Registrar shall maintain in the Borough of Manhattan, the City of New York, an office and facilities for the issuance and
delivery of ADSs, the acceptance for surrender of ADS(s) for the purpose of withdrawal of Deposited Securities, the registration of issuances, cancellations, transfers, combinations and split-ups of ADS(s) and, if applicable, to countersign ADRs
evidencing the ADSs so issued, transferred, combined or split-up, in each case in accordance with the provisions of the Deposit Agreement. 
 The Registrar shall keep books for the registration of ADSs which at all reasonable times shall be open for inspection by the Company and by the Holders of such ADSs, provided that such inspection shall
not be, to the Registrar’s knowledge, for the purpose of communicating with Holders of such ADSs in the interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement or the ADSs.

 The Registrar may close the transfer books with respect to the ADSs, at any time or from time to time, when deemed necessary
or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Section 7.8. 
 If any ADSs are listed on one or more stock exchanges or automated quotation systems in the United States, the Depositary shall act as
Registrar or appoint a Registrar or one or more co-registrars for registration of issuances, cancellations, transfers, combinations and split-ups of ADSs and, if applicable, to countersign ADRs evidencing the ADSs so issued, transferred, combined or
split-up, in accordance with any requirements of such exchanges or systems. Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary. 
 Section 5.2 Exoneration. Neither the Depositary nor the Company shall be obligated to do or perform any act which is inconsistent with
the provisions of the Deposit Agreement or incur any liability (i) if the Depositary or the Company shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required by the terms of the Deposit Agreement, by
reason of any provision of any present or future law or regulation of the United States, Brazil or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil
penalties or restraint, or by reason of any provision, present or future, of the Bylaws of the Company or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control
(including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or
failure to exercise, any discretion provided for in the Deposit Agreement or in the Bylaws of the Company or provisions of or governing Deposited Securities, (iii) for any action or inaction in

  

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reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any
other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to
holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs, or (v) for any consequential or punitive damages for any breach of the terms of the Deposit Agreement. 
 The Depositary, its controlling persons, its agents, any Custodian and the Company, its controlling persons and its agents may rely and
shall be protected in acting upon any written notice, request or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 No disclaimer of liability under the Securities Act is intended by any provision of the Deposit Agreement. 
 Section 5.3 Standard of Care. The Company and the Depositary assume no obligation and shall not be subject to any liability under the
Deposit Agreement or any ADRs to any Holder(s) or Beneficial Owner(s), except that the Company and the Depositary agree to perform their respective obligations specifically set forth in the Deposit Agreement or the applicable ADRs without negligence
or bad faith. 
 Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective
controlling persons, or agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the ADSs, which in its opinion may involve it in expense or
liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect to such
proceedings, the responsibility of the Custodian being solely to the Depositary). 
 The Depositary and its agents shall not be
liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and in accordance with
the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company
for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax
consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any
notice from the Company. 
  

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 Section 5.4 Resignation and Removal of the Depositary; Appointment of Successor
Depositary. The Depositary may at any time resign as Depositary hereunder by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 30th day after delivery thereof to the Company
(whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided. 
 The Depositary may at any time be removed by the Company by written notice of such removal, which removal shall be effective on the later of
(i) the 30th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii) upon the appointment by the Company of a successor depositary and its
acceptance of such appointment as hereinafter provided. 
 In case at any time the Depositary acting hereunder shall resign or
be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be required by the
Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall
become fully vested with all the rights, powers, duties and obligations of its predecessor (other than as contemplated in Sections 5.8 and 5.9). The predecessor depositary, upon payment of all sums due it and on the written request of the Company
shall, (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9), (ii) duly assign, transfer and deliver all right, title and
interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADSs and such other information relating to ADSs and Holders thereof as the successor may reasonably request.
Any such successor depositary shall promptly provide notice of its appointment to such Holders. 
 Any corporation into or with
which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 
 Section 5.5 The Custodian. The Depositary has initially appointed Banco Itau S.A. as Custodian for the purpose of the Deposit Agreement. The Custodian or its successors in acting hereunder shall be
subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with
respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly appoint a substitute custodian that is organized under the laws of Brazil. The Depositary shall require such resigning
or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the substitute custodian designated by
the Depositary. Whenever the Depositary determines, in its discretion, that it is appropriate to do so, it may discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian
hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADSs, each other Custodian and the Company. 
  

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 Upon the appointment of any successor depositary, any Custodian then acting hereunder shall,
unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities without any further act or writing, and shall be subject to the direction of the successor depositary. The successor depositary so appointed
shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor
depositary. 
 Section 5.6 Notices and Reports. On or before the first date on which the Company gives notice, by
publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, or of the taking of any action in
respect of any cash or other distributions or the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in the English language but otherwise in the
form given or to be given to holders of Shares or other Deposited Securities. The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions of the Bylaws of the Company
that may be relevant or pertain to such notice of meeting or be the subject of a vote thereat. 
 The Depositary shall arrange,
at the request of the Company and at the Company’s expense, to provide copies thereof to all Holders or make such notices, reports and other communications available to all Holders on a basis similar to that for holders of Shares or other
Deposited Securities or on such other basis as the Company may advise the Depositary or as may be required by any applicable law, regulation or stock exchange requirement. The Company has delivered to the Depositary and the Custodian a copy of the
Company’s Bylaws along with the provisions of or governing the Shares and any other Deposited Securities issued by the Company in connection with such Shares, and promptly upon any amendment thereto or change therein, the Company shall deliver
to the Depositary and the Custodian a copy of such amendment thereto or change therein. The Depositary may rely upon such copy for all purposes of the Deposit Agreement. 
 The Depositary will, at the expense of the Company, make available a copy of any such notices, reports or communications issued by the Company and delivered to the Depositary for inspection by the Holders
of the ADSs at the Depositary’s Principal Office, at the office of the Custodian and at any other designated transfer office. 
  

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 Section 5.7 Issuance of Additional Shares, ADSs etc. The Company agrees that in the
event it or any of its Affiliates proposes (i) an issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance or assumption of securities
convertible into or exchangeable for Shares, (iv) an issuance of rights to subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited Securities,
(vii) a meeting of holders of Deposited Securities, or solicitation of consents or proxies, relating to any reclassification of securities, merger or consolidation or transfer of assets, or (viii) any assumption, reclassification,
recapitalization, reorganization, merger, consolidation or sale of assets which affects the Deposited Securities, it will obtain U.S. legal advice and take all steps necessary to ensure that the proposed transaction does not violate the registration
provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act and the securities laws of the states of the U.S.). In support of the foregoing, the
Company will furnish to the Depositary (a) a written opinion of U.S. counsel (reasonably satisfactory to the Depositary) stating whether such transaction (1) requires a registration statement under the Securities Act to be in effect or
(2) is exempt from the registration requirements of the Securities Act and (b) an opinion of Brazilian counsel stating that (1) making the transaction available to Holders and Beneficial Owners does not violate the laws or regulations
of Brazil and (2) all requisite regulatory consents and approvals have been obtained in Brazil. If the filing of a registration statement is required, the Depositary shall not have any obligation to proceed with the transaction unless it shall
have received evidence reasonably satisfactory to it that such registration statement has been declared effective. If, being advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act, the
Company will either (i) register such transaction to the extent necessary, (ii) alter the terms of the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures,
in each case as contemplated in the Deposit Agreement, to prevent such transaction from violating the registration requirements of the Securities Act. The Company agrees with the Depositary that neither the Company nor any of its Affiliates will at
any time (i) deposit any Shares or other Deposited Securities, either upon original issuance or upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue
additional Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for Shares or rights to subscribe for such securities, unless such transaction and the securities issuable in such transaction do not violate the
registration provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act and the securities laws of the states of the U.S.). 
 Notwithstanding anything else contained in the Deposit Agreement, nothing in the Deposit Agreement shall be deemed to obligate the Company
to file any registration statement in respect of any proposed transaction. 
 Section 5.8 Indemnification. The Depositary
agrees to indemnify the Company and its directors, officers, employees, agents and Affiliates against, and hold each of them harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not limited to, the
reasonable fees and expenses of counsel) which may arise out of acts performed or omitted by the Depositary under the terms hereof due to the negligence or bad faith of the Depositary. 
  

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 The Company agrees to indemnify the Depositary, the Custodian and any of their respective
directors, officers, employees, agents and Affiliates against, and hold each of them harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not limited to, the reasonable fees and expenses of
counsel) that may arise (a) out of or in connection with any offer, issuance, sale, resale, transfer, deposit or withdrawal of ADRs, ADSs, the Shares, or other Deposited Securities, as the case may be, (b) out of or as a result of any
offering documents in respect thereof or (c) out of acts performed or omitted, including, but not limited to, any delivery by the Depositary on behalf of the Company of information regarding the Company in connection with the Deposit Agreement,
the ADRs, the ADSs, the Shares, or any Deposited Securities, in any such case (i) by the Depositary, the Custodian or any of their respective directors, officers, employees, agents and Affiliates, except to the extent such loss, liability, tax,
charge or expense is due to the negligence or bad faith of any of them, or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates. 
 The obligations set forth in this Section shall survive the termination of the Deposit Agreement and the succession or substitution of any party hereto. 
 Any person seeking indemnification hereunder (an “indemnified person”) shall notify the person from whom it is seeking
indemnification (the “indemnifying person”) of the commencement of any indemnifiable action or claim promptly after such indemnified person becomes aware of such commencement (provided that the failure to make such notification shall not
affect such indemnified person’s rights to seek indemnification except to the extent the indemnifying person is materially prejudiced by such failure) and shall consult in good faith with the indemnifying person as to the conduct of the defense
of such action or claim that may give rise to an indemnity hereunder, which defense shall be reasonable in the circumstances. No indemnified person shall compromise or settle any action or claim that may give rise to an indemnity hereunder without
the consent of the indemnifying person, which consent shall not be unreasonably withheld. 
 Section 5.9 Fees and Charges
of Depositary. The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering ADSs for cancellation and withdrawal of Deposited Securities shall be required to pay to the Depositary the Depositary’s fees and
related charges identified as payable by them respectively in the Fee Schedule attached hereto as Exhibit B. All fees and charges so payable may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but,
in the case of fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1. The Depositary shall provide, without charge, a copy of its latest fee schedule to anyone upon request. 
 Depositary Fees payable upon (i) deposit of Shares against issuance of ADSs and (ii) surrender of ADSs for cancellation and
withdrawal of Deposited Securities will be charged by the Depositary to the person to whom the ADSs so issued are delivered (in the case of ADS issuances) and to the person who delivers the ADSs for cancellation to the Depositary (in the case of ADS
cancellations). In the case of ADSs issued by the Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees will be payable to the Depositary by the DTC Participant(s) receiving the ADSs from the Depositary
or the DTC Participant(s) surrendering the ADSs to the Depositary for cancellation, as the case may be, on behalf of the Beneficial Owner(s) and

  

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will be charged by the DTC Participant(s) to the account(s) of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC participant(s) as in effect at the
time. Depositary fees in respect of distributions and the Depositary services fee are payable to the Depositary by Holders as of the applicable ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of the
applicable Depositary fees is deducted by the Depositary from the funds being distributed. In the case of distributions other than cash and the Depositary service fee, the Depositary will invoice the applicable Holders as of the ADS Record Date
established by the Depositary. For ADSs held through DTC, the Depositary fees for distributions other than cash and the Depositary service fee are charged by the Depositary to the DTC Participants in accordance with the procedures and practices
prescribed by DTC from time to time and the DTC Participants in turn charge the amount of such fees to the Beneficial Owners for whom they hold ADSs. 
 The Depositary may remit to the Company all or a portion of the Depositary fees charged for the reimbursement of certain expenses incurred by the Company in respect of the ADR program established pursuant
to the Deposit Agreement and may, remit to the Company a portion of the Depositary fees charged, in each case, upon such terms and conditions as the Company and the Depositary may agree from time to time. The Company shall pay to the Depositary such
fees and charges and reimburse the Depositary for such out-of-pocket expenses as the Depositary and the Company may agree from time to time. Responsibility for payment of such charges and reimbursements may from time to time be changed by agreement
between the Company and the Depositary. Unless otherwise agreed, the Depositary shall present its statement for such expenses and fees or charges to the Company once every three months. The charges and expenses of the Custodian are for the sole
account of the Depositary. 
 The right of the Depositary to receive payment of fees, charges and expenses as provided above
shall survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation or removal of such Depositary as described in Section 5.4, such right shall extend for those fees, charges and expenses incurred prior to the
effectiveness of such resignation or removal. 
 Section 5.10 Pre-Release Transactions. Subject to the further terms and
provisions of this Section 5.10, the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. In its capacity as Depositary, the Depositary
shall not lend Shares or ADSs; provided, however, that the Depositary may issue ADSs prior to the receipt of Shares pursuant to Section 2.3 (each such transaction a “Pre-Release Transaction”). The Depositary may receive ADSs in lieu
of Shares in a Pre-Release Transaction. Each such Pre-Release Transaction will be (a) subject to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs are to be delivered (w) represents that at the time
of the Pre-Release Transaction the Applicant or its customer owns the Shares that are to be delivered by the Applicant under such Pre-Release Transaction, (x) agrees to indicate the Depositary as owner of such Shares in its records and to hold such
Shares in trust for the Depositary until such Shares are delivered to the Depositary or the Custodian, (y) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares, and (z) agrees to any
additional restrictions or requirements that the Depositary deems appropriate, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the

  

 36 

 
Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice and (d) subject to such further indemnities and credit regulations as the
Depositary deems appropriate. The Depositary will normally limit the number of ADSs involved in such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs outstanding under (i)
above), provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. 
 The Depositary may also set limits with respect to the number of ADSs involved in Pre-Release Transactions with any one person on a case-by-case basis as it deems appropriate. The Depositary may retain
for its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant). 

Section 5.11 Restricted Securities Owners. The Company agrees to advise in writing each of the persons or entities who, to the
knowledge of the Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder (except under the circumstances contemplated in Section 2.14) and, to the extent practicable, shall require each of such
persons to represent in writing that such person will not deposit Restricted Securities hereunder (except under the circumstances contemplated in Section 2.14). 
 ARTICLE VI 
 AMENDMENT AND TERMINATION 
 Section 6.1 Amendment/Supplement. Subject to the terms and conditions of this Section 6.1 and applicable law, the ADRs outstanding
at any time, the provisions of the Deposit Agreement and the form of ADR attached hereto and to be issued under the terms hereof may at any time and from time to time be amended or supplemented by written agreement between the Company and the
Depositary in any respect which they may deem necessary or desirable without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than charges in
connection with foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall
not, however, become effective as to outstanding ADSs until the expiration of thirty (30) days after notice of such amendment or supplement shall have been given to the Holders of outstanding ADSs. Notice of any amendment to the Deposit
Agreement or any ADR shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such
case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission’s, the Depositary’s or the Company’s website or
upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under
the Securities Act or (b) the ADSs to be settled solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any
substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be

  

 37 

 
deemed, by continuing to hold such ADSs, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement and the ADR, if applicable, as amended or supplemented
thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such ADS and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.
Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require an amendment of, or supplement to, the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend
or supplement the Deposit Agreement and any ADRs at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement and any ADRs in such circumstances may become effective before a notice of
such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, rules or regulations. 
 Section 6.2 Termination. The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by distributing notice of such termination to the Holders of all
ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. If thirty (30) days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to
resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and, in either case, a successor depositary shall not have been appointed and accepted its appointment as provided in
Section 5.4 of the Deposit Agreement, the Depositary may terminate the Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such
notice for such termination. The date so fixed for termination of the Deposit Agreement in any termination notice so distributed by the Depositary to the Holders of ADSs is referred to as the “Termination Date”. Until the Termination Date,
the Depositary shall continue to perform all of its obligations under the Deposit Agreement, and the Holders and Beneficial Owners will be entitled to all of their rights under the Deposit Agreement. 
 If any ADSs shall remain outstanding after the Termination Date, the Registrar and the Depositary shall not, after the Termination Date,
have any obligation to perform any further acts under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions of the Deposit Agreement, continue to (i) collect dividends and other
distributions pertaining to Deposited Securities, (ii) sell securities and other property received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends or other distributions received with
respect thereto and the net proceeds of the sale of any securities or other property, in exchange for ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred
by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be
required under applicable law in connection with its role as Depositary under the Deposit Agreement. 
 At any time after the
Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and shall after such sale hold un-invested the net proceeds of such sale, together with any other cash then held by it under the Deposit

  

 38 

 
Agreement, in an un-segregated account and without liability for interest, for the pro - rata benefit of the Holders whose ADSs have not theretofore been surrendered. After making such sale, the
Depositary shall be discharged from all obligations under the Deposit Agreement except (i) to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses
incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required
at law in connection with the termination of the Deposit Agreement. After the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement, except for its obligations to the Depositary under Sections 5.8, 5.9
and 7.6 of the Deposit Agreement. The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination Date shall survive the Termination Date and shall be discharged only when the
applicable ADSs are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement. 
 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.1 Counterparts. The Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts together shall constitute one and
the same agreement. Copies of the Deposit Agreement shall be maintained with the Depositary and shall be open to inspection by any Holder during business hours. 
 Section 7.2 No Third-Party Beneficiaries. The Deposit Agreement is for the exclusive benefit of the parties hereto (and their successors) and shall not be deemed to give any legal or equitable right,
remedy or claim whatsoever to any other person, except to the extent specifically set forth in the Deposit Agreement. Nothing in the Deposit Agreement shall be deemed to give rise to a partnership or joint venture among the parties nor establish a
fiduciary or similar relationship among the parties. The parties hereto acknowledge and agree that (i) the Depositary and its Affiliates may at any time have multiple banking relationships with the Company and its Affiliates, (ii) the
Depositary and its Affiliates may be engaged at any time in transactions in which parties adverse to the Company or the Holders or Beneficial Owners may have interests and (iii) nothing contained in the Deposit Agreement shall (a) preclude the
Depositary or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships, and (b) obligate the Depositary or any of its Affiliates to disclose such transactions or relationships or to account for
any profit made or payment received in such transactions or relationships. 
 Section 7.3 Severability. In case any one or
more of the provisions contained in the Deposit Agreement or in the ADRs should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in
no way be affected, prejudiced or disturbed thereby. 
  

 39 

 Section 7.4 Holders and Beneficial Owners as Parties; Binding Effect. The Holders and
Beneficial Owners from time to time of ADSs issued hereunder shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any ADR evidencing their ADSs by acceptance thereof or any beneficial interest
therein. 
 Section 7.5 Notices. Any and all notices to be given to the Company shall be deemed to have been duly given if
personally delivered or sent by mail, air courier or cable, telex or facsimile transmission, confirmed by letter personally delivered or sent by mail or air courier, addressed to Aracruz Celulose S.A., Av. Brigadeiro Faria Lima 2.277, 4th Floor, Sao
Paulo-SP, 01452-000, Brazil, Attention: Mr. Isac Roffe Zagury (Chief Financial Officer) (facsimile number 55 11 3301 4202), or to any other address which the Company may specify in writing to the Depositary. 
 Any and all notices to be given to the Depositary shall be deemed to have been duly given if personally delivered or sent by mail, air
courier or cable, telex or facsimile transmission, confirmed by letter personally delivered or sent by mail or air courier, addressed to Citibank, N.A., 388 Greenwich Street, New York, New York 10013, U.S.A., Attention: Depositary Receipts
Department (facsimile number 212 816 6865), or to any other address which the Depositary may specify in writing to the Company. 
 Any and all notices to be given to any Holder shall be deemed to have been duly given if (a) personally delivered or sent by mail or cable, telex or facsimile transmission, confirmed by letter, addressed to such Holder at the address
of such Holder as it appears on the books of the Depositary or, if such Holder shall have filed with the Depositary a request that notices intended for such Holder be mailed to some other address, at the address specified in such request, or
(b) if a Holder shall have designated such means of notification as an acceptable means of notification under the terms of the Deposit Agreement, by means of electronic messaging addressed for delivery to the e-mail address designated by the
Holder for such purpose. Notice to Holders shall be deemed to be notice to Beneficial Owners for all purposes of the Deposit Agreement. Failure to notify a Holder or any defect in the notification to a Holder shall not affect the sufficiency of
notification to other Holders or to the Beneficial Owners of ADSs held by such other Holders. 
 Delivery of a notice sent by
mail, air courier or cable, telex or facsimile transmission shall be deemed to be effective at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is
deposited, postage prepaid, in a post-office letter box or delivered to an air courier service, without regard for the actual receipt or time of actual receipt thereof by a Holder. The Depositary or the Company may, however, act upon any cable,
telex or facsimile transmission received by it from any Holder, the Custodian, the Depositary, or the Company, notwithstanding that such cable, telex or facsimile transmission shall not be subsequently confirmed by letter. 
 Delivery of a notice by means of electronic messaging shall be deemed to be effective at the time of the initiation of the transmission by
the sender (as shown on the sender’s records), notwithstanding that the intended recipient retrieves the message at a later date, fails to retrieve such message, or fails to receive such notice on account of its failure to maintain the
designated e-mail address, its failure to designate a substitute e-mail address or for any other reason. 
  

 40 

 Section 7.6 Governing Law and Jurisdiction. The Deposit Agreement and the ADRs shall be
interpreted in accordance with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York applicable to contracts made and to be wholly performed in the State of New York.
Notwithstanding anything contained in the Deposit Agreement, any ADR or any present or future provisions of the laws of the State of New York, the rights of holders of Shares and of any other Deposited Securities and the obligations and duties of
the Company in respect of the holders of Shares and other Deposited Securities, as such, shall be governed by the laws of Brazil (or, if applicable, such other laws as may govern the Deposited Securities). 
 Except as set forth in the following paragraph of this Section 7.6, the Company and the Depositary agree that the federal or state
courts in the City of New York shall have jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection with the Deposit Agreement and, for such purposes, each
irrevocably submits to the non-exclusive jurisdiction of such courts. The Company hereby irrevocably designates, appoints and empowers Greenberg Traurig, LLP (the “Agent”) now at Metlife Building, 200 Park Avenue, New York, New York 10166,
as its authorized agent to receive and accept for and on its behalf, and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents that may be served in any suit, action or
proceeding brought against the Company in any federal or state court as described in the preceding sentence or in the next paragraph of this Section 7.6. If for any reason the Agent shall cease to be available to act as such, the Company agrees to
designate a new agent in New York on the terms and for the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons,
notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Agent (whether or not the appointment of such Agent shall for any reason prove to be ineffective or such Agent shall fail to
accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5. The Company agrees that the failure of the Agent to give any notice of such
service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon. 
 Notwithstanding the foregoing, the Depositary and the Company unconditionally agree that in the event that a Holder or Beneficial Owner brings a suit, action or proceeding against (a) the Company,
(b) the Depositary in its capacity as Depositary under the Deposit Agreement or (c) against both the Company and the Depositary, in any such case, in any state or federal court of the United States, and the Depositary or the Company have
any claim, for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding, then the Company and the Depositary may pursue such claim against each other in the state or federal court in the
United States in which such suit, action, or proceeding is pending and, for such purposes, the Company and the Depositary irrevocably submit to the non-exclusive jurisdiction of such courts. The Company agrees that service of process upon the Agent
in the manner set forth in the preceding paragraph shall be effective service upon it for any suit, action or proceeding brought against it as described in this paragraph. 
  

 41 

 The Company irrevocably and unconditionally waives, to the fullest extent permitted by law,
any objection that it may now or hereafter have to the laying of venue of any actions, suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives and agrees not to plead
or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 
 The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, and agrees not to plead or claim, any right of immunity from legal action, suit or proceeding, from setoff or
counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, from execution of judgment, or from any other legal process or proceeding for the
giving of any relief or for the enforcement of any judgment, and consents to such relief and enforcement against it, its assets and its revenues in any jurisdiction, in each case with respect to any matter arising out of, or in connection with, the
Deposit Agreement, any ADR or the Deposited Securities. 
 No disclaimer of liability under the Securities Act is intended by
any provision of the Deposit Agreement. The provisions of this Section 7.6 shall survive any termination of the Deposit Agreement, in whole or in part. 
 Section 7.7 Assignment. Subject to the provisions of Section 5.4, the Deposit Agreement may not be assigned by either the Company or the Depositary. 
 Section 7.8 Compliance with U.S. Securities Laws. Notwithstanding anything in the Deposit Agreement to the contrary, the withdrawal or
delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the
Securities Act. 
 Section 7.9 Brazilian Law References. Any summary of Brazilian laws and regulations and of the terms of
the Company’s Bylaws set forth in the Deposit Agreement have been provided by the Company solely for the convenience of Holders, Beneficial Owners and the Depositary. While such summaries are believed by the Company to be accurate as of the
date of the Deposit Agreement, (i) they are summaries and as such may not include all aspects of the materials summarized applicable to a Holder or Beneficial Owner, and (ii) these laws and regulations and the Company’s Bylaws may
change after the date of the Deposit Agreement. Neither the Depositary nor the Company has any obligation under the terms of the Deposit Agreement to update any such summaries. 
 Section 7.10 Titles and References. 
 (a) Deposit Agreement. All references in the Deposit Agreement to exhibits, articles, sections, subsections, and other subdivisions refer to the exhibits, articles, sections, subsections and other
subdivisions of the Deposit Agreement unless expressly provided otherwise. The words “the Deposit Agreement”, “herein”, “hereof”, “hereby”, “hereunder”, and words of similar import refer to the
Deposit Agreement as a whole as in effect at the relevant time between the Company, the Depositary and the Holders and

  

 42 

 
Beneficial Owners of ADSs and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and
words in the singular form shall be construed to include the plural and vice versa unless the context otherwise requires. Titles to sections of the Deposit Agreement are included for convenience only and shall be disregarded in construing the
language contained in the Deposit Agreement. References to “applicable laws and regulations” shall refer to laws and regulations applicable to ADRs, ADSs or Deposited Securities as in effect at the relevant time of determination, unless
otherwise required by law or regulation. 
 (b) ADRs. All references in any ADR(s) to paragraphs, exhibits, articles, sections,
subsections, and other subdivisions refer to the paragraphs, exhibits, articles, sections, subsections and other subdivisions of the ADR(s) in question unless expressly provided otherwise. The words “the Receipt”, “the ADR”,
“herein”, “hereof”, “hereby”, “hereunder”, and words of similar import used in any ADR refer to the ADR as a whole and as in effect at the relevant time, and not to any particular subdivision unless expressly
so limited. Pronouns in masculine, feminine and neuter gender in any ADR shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa unless the context otherwise requires.
Titles to paragraphs of any ADR are included for convenience only and shall be disregarded in construing the language contained in the ADR. References to “applicable laws and regulations” shall refer to laws and regulations applicable to
ADRs, ADSs or Deposited Securities as in effect at the relevant time of determination, unless otherwise required by law or regulation. 
 Section 7.11 Amendment and Restatement. The Depositary shall arrange to have new ADRs printed that reflect the form of ADR attached to the Deposit Agreement. All ADRs issued hereunder after the date hereof, whether upon the deposit of
Shares or other Deposited Securities or upon the transfer, combination or split-up of existing ADRs, shall be substantially in the form of specimen ADR attached as Exhibit A hereto. However, American depositary receipts issued prior to the date
hereof under the terms of the Original Deposit Agreement and outstanding as of the date hereof, which do not reflect the form of ADR attached hereto as Exhibit A, do not need to be called in for exchange and may remain outstanding until such time as
the holders thereof choose to surrender them for any reason under the Deposit Agreement. The Depositary is authorized and directed to take any and all actions deemed necessary to effect the foregoing. 
 The Company hereby instructs the Depositary to promptly send notice of the execution of the Deposit Agreement to all holders of American
depositary shares outstanding under the Original Deposit Agreement as of the date hereof. 
 “Owners” of American
depositary shares issued pursuant to the Original Deposit Agreement and outstanding as of the date hereof, shall, from and after the date hereof, be deemed Holders and Beneficial Owners of ADSs issued pursuant to and be subject to all of the terms
and conditions of the Deposit Agreement in all respects, provided, however, that any term of the Deposit Agreement that prejudices any substantial existing right of “Owners” of American depositary shares issued under the Original Deposit
Agreement shall not become effective as to “Owners” until ninety (90) days after notice of the amendments effectuated by the Deposit Agreement shall have been given to Owners of American depositary shares outstanding as of the date
hereof. 
  

 43 

 IN WITNESS WHEREOF, ARACRUZ CELULOSE S.A. and CITIBANK, N.A. have duly executed the Deposit
Agreement as of the day and year first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance by them of ADSs issued in accordance with the terms hereof, or upon acquisition of any beneficial interest
therein. 
  

					
	ARACRUZ CELULOSE S.A.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	CITIBANK, N.A.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 EXHIBIT A 
 [FORM OF ADR] 
  

			
	Number	  	CUSIP NUMBER:                     
	__________	  	

  

					
		 		 	American Depositary Shares (each American Depositary Share representing ten (10) non-voting class B shares (acoes preferenciais classe B), without par value, of Aracruz Celulose
S.A.)

 AMERICAN DEPOSITARY RECEIPT 
 FOR 
 AMERICAN DEPOSITARY SHARES 
 representing 
 DEPOSITED CLASS B SHARES (acoes preferenciais classe B) 
 of 
 ARACRUZ CELULOSE S.A. 
 (Incorporated under the laws of the
Federative Republic of Brazil) 
 CITIBANK, N.A., a national banking association organized and existing under the laws of the
United States of America, as depositary (the “Depositary”), hereby certifies that                      is the owner of
                     American Depositary Shares (hereinafter “ADS”), representing deposited non-voting class B shares (acoes preferenciais
classe B), without par value, including evidence of rights to receive such class B shares (the “Shares”), of Aracruz Celulose S.A., a corporation incorporated under the laws of Brazil (the “Company”). As of the date of the
Deposit Agreement (as hereinafter defined), each ADS represents ten (10) Shares deposited under the Deposit Agreement with the Custodian, which at the date of execution of the Deposit Agreement is Banco Itau S.A. (the “Custodian”).
The ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of the Deposit Agreement. The Depositary’s Principal Office is located at 388 Greenwich Street, New York, New York 10013, U.S.A. 
 (1) The Deposit Agreement. This American Depositary Receipt is one of an issue of American Depositary Receipts (“ADRs”), all
issued and to be issued upon the terms and conditions set forth in the Amended and Restated Deposit Agreement, dated as of

  

 A-1 

 
[Date], 2007, as amended and supplemented from time to time, the “Deposit Agreement”), by and among the Company, the Depositary, and all Holders and Beneficial Owners from time to time
of ADSs issued thereunder. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners of ADSs and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other
securities, property and cash from time to time received in respect of such Shares and held thereunder (such Shares, securities, property and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at
the Principal Office of the Depositary and with the Custodian. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement, shall be deemed
for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all
actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to
carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof. 
 The statements made on the face and reverse of this ADR are summaries of certain provisions of the Deposit Agreement and the Bylaws of the
Company (as in effect on the date of the signing of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement and the Bylaws, to which reference is hereby made. All capitalized terms used herein
which are not otherwise defined herein shall have the meanings ascribed thereto in the Deposit Agreement. The Depositary makes no representation or warranty as to the validity or worth of the Deposited Securities. The Depositary has made
arrangements for the acceptance of the ADSs into DTC. Each Beneficial Owner of ADSs held through DTC must rely on the procedures of DTC and the DTC Participants to exercise and be entitled to any rights attributable to such ADSs. 
 (2) Withdrawal of Deposited Securities. The Holder of this ADR (and of the ADSs evidenced hereby) shall be entitled to Delivery (at the
Custodian’s designated office) of the Deposited Securities at the time represented by the ADSs evidenced hereby upon satisfaction of each of the following conditions: (i) the Holder (or a duly authorized attorney of the Holder) has duly
Delivered to the Depositary at its Principal Office the ADSs evidenced hereby (and, if applicable, this ADR) for the purpose of withdrawal of the Deposited Securities represented thereby, (ii) if applicable and so required by the Depositary,
this ADR Delivered to the Depositary for such purpose has been properly endorsed in blank or is accompanied by proper instruments of transfer in blank (including signature guarantees in accordance with standard securities industry practice), (iii)
if so required by the Depositary, the Holder of the ADSs has executed and delivered to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of the
person(s) designated in such order, and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit
Agreement) have been paid, subject, however, in each case, to the terms and conditions of this ADR evidencing the surrendered ADSs, of the Deposit Agreement, of the Company’s Bylaws, of any applicable laws and the rules of Companhia Brasileira
de Liquidacao e Custodia S.A. (“CBLC”), and to any provisions of or governing the Deposited Securities, in each case as in effect at the time thereof. 
  

 A-2 

 Upon satisfaction of each of the conditions specified above, the Depositary (i) shall
cancel the ADSs Delivered to it (and, if applicable, the ADR(s) evidencing the ADSs so Delivered), (ii) shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained for such purpose, and
(iii) shall direct the Custodian to Deliver (without unreasonable delay) at the Custodian’s designated office the Deposited Securities represented by the ADSs so canceled together with any certificate or other document of title for the
Deposited Securities, or evidence of the electronic transfer thereof (if available), as the case may be, to or upon the written order of the person(s) designated in the order delivered to the Depositary for such purpose, subject however, in each
case, to the terms and conditions of the Deposit Agreement, of this ADR evidencing the ADS so cancelled, of the Bylaws of the Company, of any applicable laws and of the rules of the CBLC, and to the terms and conditions of or governing the Deposited

 Securities, in each case as in effect at the time thereof. 
 The Depositary shall not accept for surrender ADSs representing less than one (1) Share. In the case of Delivery to it of ADSs representing a number other than a whole number of Shares, the
Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) return to the person surrendering such ADSs the number of
ADSs representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share represented by the ADSs so surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses
incurred by, the Depositary and (b) taxes withheld) to the person surrendering the ADSs. Notwithstanding anything else contained in this ADR or the Deposit Agreement, the Depositary may make delivery at the Principal Office of the Depositary of
(i) any cash dividends or cash distributions, or (ii) any proceeds from the sale of any distributions of shares or rights, which are at the time held by the Depositary in respect of the Deposited Securities represented by the ADSs
surrendered for cancellation and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs represented by this ADR, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent
permitted by law) any cash or other property (other than securities) held by the Custodian in respect of the Deposited Securities represented by such ADSs to the Depositary for delivery at the Principal Office of the Depositary. Such direction shall
be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. 
 (3)
Transfer, Combination and Split-Up of ADRs. The Registrar shall register the transfer of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary shall (x) cancel this ADR and execute new ADRs
evidencing the same aggregate number of ADSs as those evidenced by this ADR when canceled by the Depositary, (y) cause the Registrar to countersign such new ADRs, and (z) Deliver such new ADRs to or upon the order of the person entitled
thereto, if each of the following conditions has been satisfied: (i) this ADR has been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a
transfer thereof, (ii) this surrendered ADR has been properly endorsed or is accompanied by proper instruments of transfer (including signature guarantees in accordance with

  

 A-3 

 
standard securities industry practice), (iii) this surrendered ADR has been duly stamped (if required by the laws of the State of New York or of the United States), and (iv) all applicable
fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid, subject, however, in each case, to the
terms and conditions of this ADR, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof. 
 The Registrar shall register the split-up or combination of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary shall (x) cancel this ADR and execute new ADRs for the number of ADSs
requested, but in the aggregate not exceeding the number of ADSs evidenced by this ADR (canceled), (y) cause the Registrar to countersign such new ADRs, and (z) Deliver such new ADRs to or upon the order of the Holder thereof, if each of the
following conditions has been satisfied: (i) this ADR has been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a split-up or combination
hereof, and (ii) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and government charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid,
subject, however, in each case, to the terms and conditions of this ADR, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof. 
 (4) Pre-Conditions to Registration, Transfer, Etc. As a condition precedent to the execution and delivery, the registration of issuance, transfer, split-up, combination or surrender, of any ADR, the
delivery of any distribution thereon, or the withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of ADSs or of an ADR of a sum sufficient to reimburse it for
any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the
Depositary as provided in Section 5.9 and Exhibit B to the Deposit Agreement and in this ADR, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matters contemplated in Section
3.1 of the Deposit Agreement, and (iii) compliance with (A) any laws or governmental regulations relating to the execution and delivery of ADRs or ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations
as the Depositary and the Company may establish consistent with the provisions of this ADR, the Deposit Agreement and applicable law. 
 The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused, or the registration of transfer of ADSs in particular instances may be
refused, or the registration of transfer of ADSs generally may be suspended, during any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary or
advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law or regulation, any government or governmental body or commission or any securities exchange on which the Shares or ADSs are
listed, or under any provision of the

  

 A-4 

 
Deposit Agreement or this ADR, or under any provision of, or governing, the Deposited Securities, or because of a meeting of shareholders of the Company or for any other reason, subject, in all
cases to paragraph (24). Notwithstanding any provision of the Deposit Agreement or this ADR to the contrary, Holders are entitled to surrender outstanding ADSs to withdraw the Deposited Securities associated therewith at any time subject only to
(i) temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and
similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the ADSs or the withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by Instruction I.A.(l)
of the General Instructions to Form F-6 (as such General Instructions may be amended from time to time). 
 (5) Compliance With
Information Requests. Notwithstanding any other provision of the Deposit Agreement or this ADR, each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to applicable Brazilian law, the
rules and requirements of the Sao Paulo Stock Exchange (Bolsa de Valores de Sao Paulo, also known as “BOVESPA”), the New York Stock Exchange, and of any other stock exchange on which Shares or ADSs are, or will be, registered, traded or
listed, or the Bylaws of the Company, which are made to provide information, inter alia, as to the capacity in which such Holder or Beneficial Owner owns ADSs (and Shares, as the case may be) and regarding the identity of any other person(s)
interested in such ADSs and the nature of such interest and various other matters, whether or not they are Holders and/or Beneficial Owners at the time of such request. 
 The Depositary and the Company shall comply with Brazil’s Monetary Council Resolution number 1927, in its third article, and agree to furnish the Brazilian Securities and Exchange Commission
(Commissao de Valores Mobiliarios, also known as “CVM”) and the Brazilian Central Bank (Banco Central do Brasil, also known as “BACEN”), whenever required, information or documents related to the approved ADR program, the
Deposited Securities and distributions thereon. 
 (6) Ownership Restrictions. Notwithstanding any provision of this ADR or of
the Deposit Agreement, the Company may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable law or the Bylaws of the Company. The Company may also restrict, in such manner as
it deems appropriate, transfers of the ADSs where such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial Owner to exceed any such limits. The Company may, in its sole discretion but
subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the preceding sentence, including but not limited to, the imposition of
restrictions on the transfer of ADSs, the removal or limitation of voting rights or mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder or Beneficial Owner in excess of
such limitations, if and to the extent such disposition is permitted by applicable law and the Bylaws of the Company. Nothing herein or in the Deposit Agreement shall be interpreted as obligating the Depositary or the Company to ensure compliance
with the ownership restrictions described herein or in Section 3.5 of the Deposit Agreement. 
  

 A-5 

 Applicable laws and regulations, including those of BACEN, CVM and BOVESPA, may require holders and
beneficial owners of Shares, including the Holders and Beneficial Owners of ADSs, to satisfy reporting requirements and obtain regulatory approvals in certain circumstances. Holders and Beneficial Owners of ADSs are solely responsible for complying
with such reporting requirements and obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees to file such reports and obtain such approvals to the extent and in the form required by applicable laws and regulations as in effect
from time to time. Neither the Depositary, the Custodian, the Company or any of their respective agents or affiliates shall be required to take any actions whatsoever on behalf of Holders or Beneficial Owners to satisfy such reporting requirements
or obtain such regulatory approvals under applicable laws and regulations. 
 (7) Liability of Holder for Taxes and Other
Charges. Any tax or other governmental charge payable with respect to any ADR or any Deposited Securities or ADSs shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or Depositary may withhold or
deduct from any distributions made in respect of Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes
(including applicable interest and penalties) or charges, the Holder and the Beneficial Owner hereof remaining liable for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs, to deliver ADRs,
register the transfer of ADSs, register the split-up or combination of ADRs and (subject to paragraph (24) hereof) the withdrawal of Deposited Securities until payment in full of such tax, charge, penalty or interest is received. Every Holder
and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, and any of their agents, officers, employees and Affiliates for, and hold each of them harmless from, any claims with respect to taxes (including applicable
interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. 
 (8)
Representations and Warranties of Depositors. Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued,
fully paid, non-assessable and legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized to do
so, (iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and (v) the Shares presented for deposit are not, and the ADSs issuable upon such deposit will not
be, Restricted Securities (except as contemplated in Section 2.14 of the Deposit Agreement), and (vi) the Shares presented for deposit have not been stripped of any rights or entitlements. Such representations and warranties shall survive
the deposit and withdrawal of Shares, the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. If any such representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the
cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof. 
  

 A-6 

 (9) Filing Proofs, Certificates and Other Information. Any person presenting Shares for
deposit, and any Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary and the Custodian such proof of citizenship or residence, taxpayer status, payment of all
applicable taxes or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws, the terms of the Deposit Agreement or the ADR(s) evidencing the ADSs and the
provisions of, or governing, the Deposited Securities, to execute such certifications and to make such representations and warranties, and to provide such other information and documentation (or, in the case of Shares in registered form presented
for deposit, such information relating to the registration on the books of the Company or of the Shares Registrar) as the Depositary or the Custodian may deem necessary or proper or as the Company may reasonably require by written request to the
Depositary consistent with its obligations under the Deposit Agreement and the applicable ADR(s). The Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer of any ADR or ADS or the
distribution or sale of any dividend or distribution of rights or of the proceeds thereof or, to the extent not limited by paragraph (24), the delivery of any Deposited Securities until such proof or other information is filed or such certifications
are executed, or such representations are made or such other information or documentation are provided, in each case to the Depositary’s, the Registrar’s and the Company’s satisfaction. 
 (10) Charges of Depositary. The Depositary shall charge the following fees: 
  

	 	(i)	Issuance Fee: to any person depositing Shares or to whom ADSs are issued upon the deposit of Shares, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction
thereof) so issued under the terms of the Deposit Agreement (excluding issuances as a result of distributions described in paragraph (iv) below); 

  

	 	(ii)	Cancellation Fee: to any person surrendering ADSs for cancellation and withdrawal of Deposited Securities, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction
thereof) surrendered; 

  

	 	(iii)	Cash Distribution Fee: to any Holder of ADS(s), a fee not in excess of U.S. $2.00 per 100 ADSs (or fraction thereof) held for the distribution of cash dividends or
other cash distributions (i.e., sale of rights and other entitlements); and 

  

	 	(iv)	Stock Distribution/Rights Exercise Fee: to any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held for (a) the distribution
of stock dividends or other free stock distributions or (b) the exercise of rights to purchase additional ADSs; and 

  

	 	(v)	Other Distribution Fee: to any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held for the distribution of securities other than
ADSs or rights to purchase additional ADSs. 

  

 A-7 

 In addition, Holders, Beneficial Owners, persons depositing Shares and persons surrendering
ADSs for cancellation and for the purpose of withdrawing Deposited Securities shall be responsible for the following charges: 
  

	 	(a)	taxes (including applicable interest and penalties) and other governmental charges; 

  

	 	(b)	such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities on the share register and applicable to
transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees upon the making of deposits and withdrawals, respectively; 

  

	 	(c)	such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit Agreement to be at the expense of the person depositing or
withdrawing Shares or Holders and Beneficial Owners of ADSs; 

  

	 	(d)	the expenses and charges incurred by the Depositary in the conversion of foreign currency; 

  

	 	(e)	such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and other regulatory requirements applicable to
Shares, Deposited Securities, ADSs and ADRs; and 

  

	 	(f)	the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the delivery or servicing of Deposited Securities.

 All fees and charges may, at any time and from time to time, be changed by agreement between the Depositary and
Company but, in the case of fees and charges payable by Holders or Beneficial Owners, only in the manner contemplated by paragraph (22) of this ADR and as contemplated in the Deposit Agreement. The Depositary will provide, without charge, a
copy of its latest fee schedule to anyone upon request. 
 Depositary Fees payable upon (i) deposit of Shares against
issuance of ADSs and (ii) surrender of ADSs for cancellation and withdrawal of Deposited Securities will be charged by the Depositary to the person to whom the ADSs so issued are delivered (in the case of ADS issuances) and to the person who
delivers the ADSs for cancellation to the Depositary (in the case of ADS cancellations). In the case of ADSs issued by the Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees will be payable to the
Depositary by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) surrendering the ADSs to the Depositary for cancellation, as the case may be, on behalf of the Beneficial Owner(s) and will be charged by the DTC
Participant(s) to the account(s) of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC participant(s) as in effect at the time. Depositary fees in respect of distributions and the Depositary services

  

 A-8 

 
fee are payable to the Depositary by Holders as of the applicable ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of the applicable Depositary fees
is deducted by the Depositary from the funds being distributed. In the case of distributions other than cash and the Depositary service fee, the Depositary will invoice the applicable Holders as of the ADS Record Date established by the Depositary.
For ADSs held through DTC, the Depositary fees for distributions other than cash and the Depositary service fee are charged by the Depositary to the DTC Participants in accordance with the procedures and practices prescribed by DTC from time to time
and the DTC Participants in turn charge the amount of such fees to the Beneficial Owners for whom they hold ADSs. 
 The
Depositary may remit to the Company all or a portion of the Depositary fees charged for the reimbursement of certain expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement and may, remit to the
Company a portion of the Depositary fees charged, in each case, upon such terms and conditions as the Company and the Depositary may agree from time to time. The Company shall pay to the Depositary such fees and charges and reimburse the Depositary
for such out-of-pocket expenses as the Depositary and the Company may agree from time to time. Responsibility for payment of such charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless
otherwise agreed, the Depositary shall present its statement for such expenses and fees or charges to the Company once every three months. The charges and expenses of the Custodian are for the sole account of the Depositary. 
 The right of the Depositary to receive payment of fees, charges and expenses as provided above shall survive the termination of the Deposit
Agreement. As to any Depositary, upon the resignation or removal of such Depositary as described in Section 5.4, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal.

 (11) Title to ADRs. It is a condition of this ADR, and every successive Holder of this ADR by accepting or holding the same
consents and agrees, that title to this ADR (and to each ADS evidenced hereby) shall be transferable upon the same terms as a certificated security under the laws of the State of New York, provided that, in the case of Certificated ADSs, such ADR
has been properly endorsed or is accompanied by proper instruments of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of this ADR (that is, the person in whose name this ADR is
registered on the books of the Depositary) as the absolute owner thereof for all purposes. Neither the Depositary nor the Company shall have any obligation nor be subject to any liability under the Deposit Agreement or this ADR to any holder of this
ADR or any Beneficial Owner unless such holder is the Holder of this ADR registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner’s representative is the Holder registered on
the books of the Depositary. 
 (12) Validity of ADR. The Holder(s) of this ADR (and the ADSs represented hereby) shall not be
entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company unless this ADR has been (i) dated, (ii) signed by the manual or facsimile signature of a duly-authorized
signatory of the Depositary, (iii) countersigned by the

  

 A-9 

 
manual or facsimile signature of a duly-authorized signatory of the Registrar, and (iv) registered in the books maintained by the Registrar for the registration of issuances and transfers of
ADRs. An ADR bearing the facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the
Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the delivery of such ADR by the Depositary. 
 (13) Available Information; Reports; Inspection of Transfer Books. The Company is subject to the periodic reporting requirements of the Exchange Act and accordingly files certain information with the
Commission. These reports and documents can be retrieved from the Commission’s website (www.sec.gov) and can be inspected and copied at the public reference facilities maintained by the Commission located (as of the date of the Deposit
Agreement) at 100 F Street, N.E., Washington D.C. 20549. The Depositary shall make available for inspection by Holders at its Principal Office any reports and communications, including any proxy soliciting materials, received from the Company which
are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. 
 The Registrar shall keep books for the registration of ADSs which at all reasonable times shall be open for inspection by the Company and by
the Holders of such ADSs, provided that such inspection shall not be, to the Registrar’s knowledge, for the purpose of communicating with Holders of such ADSs in the interest of a business or object other than the business of the Company or
other than a matter related to the Deposit Agreement or the ADSs. 
 The Registrar may close the transfer books with respect to
the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to paragraph
(24). 
 Dated: 
  

							
	CITIBANK, N.A.	  	CITIBANK, N.A.
	Transfer Agent and Registrar	  	as Depositary
				
	By:	 	  
	  	By:	 	  

		 	Authorized Signatory	  		 	Authorized Signatory

 The address of the Principal Office of the Depositary is 388 Greenwich Street, New
York, New York 10013, U.S.A. 
  

 A-10 

 [FORM OF REVERSE OF ADR] 
 SUMMARY OF CERTAIN ADDITIONAL PROVISIONS 
 OF THE DEPOSIT
AGREEMENT 
 (14) Dividends and Distributions in Cash, Shares, etc. Whenever the Depositary receives, or receives confirmation
from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Deposited Securities or of any entitlements held in respect of Deposited Securities under the terms
of the Deposit Agreement, the Depositary will (i) if at the time of receipt thereof any amounts received in a Foreign Currency can in the judgment of the Depositary (upon the terms of Section 4.8 of the Deposit Agreement), be converted on
a practicable basis into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (upon the terms of Section 4.8 of the Deposit Agreement), (ii) if
applicable, establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement, and (iii) distribute promptly the amount thus received (net of (a) applicable fees and charges of, and expenses incurred by, the
Depositary and (b) taxes withheld) to the Holders entitled thereto as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed
without attributing to any Holder a fraction of one cent, and any balance not so distributed shall be held by the Depositary (without liability for interest thereon) and shall be added to and become part of the next sum received by the Depositary
for distribution to Holders of ADSs outstanding at the time of the next distribution. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any
Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by
the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. 
 If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such
Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their respective nominees. Upon receipt of confirmation of such deposit from the Custodian, the Depositary shall establish
the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement and either (i) the Depositary shall, subject to Section 5.9 of the Deposit Agreement, distribute to the Holders as of the ADS Record Date in
proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the other terms of the Deposit Agreement (including,
without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date shall,
to the extent permissible by law, thenceforth also represent rights and interest in the additional integral number of Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and

  

 A-11 

 
charges of, and expenses incurred by, the Depositary, and (b) taxes). In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares or ADSs, as the case may be,
represented by the aggregate of such fractions and distribute the net proceeds upon the terms set forth in Section 4.1 of the Deposit Agreement. 
 In the event that the Depositary determines that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, if
the Company in the fulfillment of its obligations under Section 5.7 of the Deposit Agreement, has furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed
to Holders (and no such registration statement has been declared effective), the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public
or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of (a) taxes and (b) fees and charges of, and the expenses incurred by, the
Depositary) to Holders entitled thereto upon the terms of Section 4.1 of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement.

 Upon timely receipt of a notice indicating that the Company wishes such elective distribution to be made available to Holders
of ADSs upon the terms described in the Deposit Agreement, the Company and the Depositary shall determine whether such distribution is lawful and reasonably practicable. If so, the Depositary shall, subject to the terms and conditions of the Deposit
Agreement, establish an ADS Record Date according to paragraph (16) and establish procedures to enable the Holder hereof to elect to receive the proposed distribution in cash or in additional ADSs. If a Holder elects to receive the distribution
in cash, the distribution shall be made as in the case of a distribution in cash. If the Holder hereof elects to receive the distribution in additional ADSs, the distribution shall be made as in the case of a distribution in Shares upon the terms
described in the Deposit Agreement. If such elective distribution is not reasonably practicable or if the Depositary did not receive satisfactory documentation set forth in the Deposit Agreement, the Depositary shall, to the extent permitted by law,
distribute to Holders, on the basis of the same determination as is made in Brazil in respect of the Shares for which no election is made, either (x) cash or (y) additional ADSs representing such additional Shares, in each case, upon the
terms described in the Deposit Agreement. Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs). There can be no
assurance that the Holder hereof will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares. 
 Upon timely receipt by the Depositary of a notice indicating that the Company wishes rights to subscribe for additional Shares to be made available to Holders of ADSs, the Depositary upon consultation
with the Company, shall determine, whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to any Holders only if (i) the Company shall have timely requested
that such rights be made available to Holders, (ii) the Depositary shall have received the documentation contemplated in the Deposit Agreement, and (iii) the Depositary shall have determined that such

  

 A-12 

 
distribution of rights is reasonably practicable. If such conditions are not satisfied, the Depositary shall sell the rights as described below. In the event all conditions set forth above are
satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in Section 4.9 of the Deposit Agreement) and establish procedures (x) to distribute rights to purchase additional ADSs (by means of warrants or otherwise),
(y) to enable the Holders to exercise such rights (upon payment of the subscription price and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes), and (z) to deliver ADSs upon the
valid exercise of such rights. Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to exercise rights to subscribe for Shares (rather than ADSs). If (i) the Company does not timely
request the Depositary to make the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5,7 of the Deposit
Agreement or determines it is not reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and
reasonably practicable to sell such rights, in a riskless principal capacity, at such place and upon such terms (including public and private sale) as it may deem practicable. The Depositary shall, upon such sale, convert and distribute proceeds of
such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the terms hereof and of Section 4.1 of the Deposit Agreement. If the Depositary is unable to make any rights available to
Holders upon the terms described in Section 4.4(a) of the Deposit Agreement or to arrange for the sale of the rights upon the terms described in Section 4.4(b) of the Deposit Agreement, the Depositary shall allow such rights to lapse. The
Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred
in connection with such sale or exercise, or (iii) the content of any materials forwarded to the ADS Holders on behalf of the Company in connection with the rights distribution. 
 Notwithstanding anything herein or in the Deposit Agreement to the contrary, if registration (under the Securities Act or any other
applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not
distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii) unless the Company furnishes the Depositary opinion(s) of
counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect that the offering and sale of such securities to
Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and
does withhold from any distribution of property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to the Holders of ADSs representing such Deposited Securities shall be reduced accordingly. In the
event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose
of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or charges.

  

 A-13 

 There can be no assurance that Holders generally, or any Holder in particular, will be given
the opportunity to exercise rights on the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein or in the Deposit Agreement shall obligate the Company to file any registration statement in respect of
any rights or Shares or other securities to be acquired upon the exercise of such rights. 
 Upon receipt of a notice indicating
that the Company wishes property other than cash, Shares or rights to purchase additional Shares, to be made to Holders of ADSs, the Depositary shall determine whether such distribution to Holders is lawful and reasonably practicable. The Depositary
shall not make such distribution unless (i) the Company shall have requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received the documentation contemplated in the Deposit Agreement, and
(iii) the Depositary shall have determined that such distribution is reasonably practicable. Upon satisfaction of such conditions, the Depositary shall distribute the property so received to the Holders of record, as of the ADS Record Date, in
proportion to the number of ADSs held by them respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses
incurred by, the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the
Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution. 
 If the conditions above are not satisfied, the Depositary shall sell or cause such property to be sold in a public or private sale, at such
place or places and upon such terms as it may deem practicable and shall (i) cause the proceeds of such sale, if any, to be converted into Dollars and (ii) distribute the proceeds of such conversion received by the Depositary (net of
applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to sell such property, the
Depositary may dispose of such property for the account of the Holders in any way it deems reasonably practicable under the circumstances. 
 (15) Redemption. Upon timely receipt of notice from the Company that it intends to exercise its right of redemption in respect of any of the Deposited Securities, and a satisfactory opinion of counsel,
and upon determining that such proposed redemption is practicable, the Depositary shall (to the extent practicable) provide to each Holder a notice setting forth the Company’s intention to exercise the redemption rights and any other
particulars set forth in the Company’s notice to the Depositary. Upon receipt of confirmation that the redemption has taken place and that funds representing the redemption price have been received, the Depositary shall convert, transfer,
distribute the proceeds (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary, and (b) taxes), retire ADSs and cancel ADRs, if applicable, upon delivery of such ADSs by Holders thereof upon the terms set
forth in Sections 4.1 and 6.2 of the Deposit Agreement. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired will be selected by lot or on a pro rata basis, as may be determined by the Depositary. The redemption
price per ADS shall be the

  

 A-14 

 
dollar equivalent of the per share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited Securities represented by ADSs
(subject to the terms of Section 4.8 of the Deposit Agreement and the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied by the number of Deposited Securities represented by each ADS redeemed.

 (16) Fixing of ADS Record Date. Whenever the Depositary shall receive notice of the fixing of a record date by the Company
for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares, rights or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are
represented by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient
in connection with the giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix a record date (“ADS Record Date”) for the determination of the Holders of ADSs who shall be entitled to receive such
distribution, to give instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such
changed number of Shares represented by each ADS. Subject to applicable law and the terms and conditions of this ADR and Sections 4.1 through 4.8 of the Deposit Agreement, only the Holders of ADSs at the close of business in New York on such ADS
Record Date shall be entitled to receive such distributions, to give such instructions, to receive such notice or solicitation, or otherwise take action. 
 (17) Voting of Deposited Securities. The Company has informed the Depositary that, as of the date of the Deposit Agreement, the holders of the Shares do not generally have voting rights. To the extent
holders of Shares are entitled to exercise voting rights or subsequently obtain voting rights as result of change in regulations, laws or the Company’s Bylaws, the following will apply: As soon as practicable after receipt of notice of any
meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of
such consent or proxy in accordance with Section 4.9 of the Deposit Agreement. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall
not have been timely received by the Depositary), at the Company’s expense and provided no U.S. legal prohibitions exist, distribute to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxies,
(b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of the Deposit Agreement, the Company’s Bylaws and the provisions of or governing Deposited
Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s ADSs
and (c) a brief statement as to the manner in which such voting instructions may be given. 
  

 A-15 

 Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to the extent
not prohibited by law, regulations or applicable stock exchange requirements, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of consents or proxies from, holders of Deposited
Securities, distribute to the Holders a notice that provides Holders with a means to retrieve such materials or receive such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact for requesting
copies of the materials). 
 Voting instructions may be given only in respect of a number of ADSs representing an integral number of Deposited
Securities. Upon the timely receipt of voting instructions from a Holder of ADSs as of the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law and the
provisions of the Deposit Agreement, the Bylaws of the Company and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy) represented by such Holder’s ADSs in
accordance with such voting instructions. 
 Neither the Depositary nor the Custodian shall under any circumstances exercise any
discretion as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of, for purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs,
except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise contemplated herein. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the
Depositary is to vote the Deposited Securities represented by such Holder’s ADSs, the Depositary will deem such Holder (unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the
items set forth in such instructions. Deposited Securities represented by ADSs for which no timely voting instructions are received by the Depositary from the Holder shall not be voted. 
 Notwithstanding anything else contained herein, the Depositary shall, if so requested in writing by the Company, represent all Deposited
Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose of establishing quorum at a meeting of shareholders. Notwithstanding anything else
contained in the Deposit Agreement or this ADR, the Depositary shall not have any obligation to take any action with respect to any meeting, or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action
would violate U.S. laws. The Company agrees to take any and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting rights accruing to the Deposited Securities. There can be no assurance that Holders generally
or any Holder in particular will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner. 
 (18) Changes Affecting Deposited Securities. Upon any change in nominal or par value, split-up, cancellation, consolidation or any other
reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale of assets affecting the Company or to which it is a party, any securities which shall be received by the Depositary or the
Custodian in exchange for, or in conversion of or replacement of or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under the Deposit Agreement, and the ADRs shall,
subject to the provisions of the Deposit

  

 A-16 

 
Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. In giving effect to such change, split-up, cancellation, consolidation or other
reclassification of Deposited Securities, recapitalization, reorganization, merger, consolidation or sale of assets, the Depositary may, with the Company’s approval, and shall, if the Company shall so request, subject to the terms of the
Deposit Agreement and receipt of an opinion of counsel to the Company satisfactory to the Depositary that such actions are not in violation of any applicable laws or regulations, (i) issue and deliver additional ADSs as in the case of a stock
dividend on the Shares, (ii) amend the Deposit Agreement and the applicable ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6 as filed with the Commission in respect of the ADSs, (iv) call for the surrender of
outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions as are appropriate to reflect the transaction with respect to the ADSs. Notwithstanding the foregoing, in the event that any security so received may not be lawfully
distributed to some or all Holders, the Depositary may, with the Company’s approval, and shall, if the Company requests, subject to receipt of an opinion of Company’s counsel satisfactory to the Depositary that such action is not in
violation of any applicable laws or regulations, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of (a) fees and charges of,
and expenses incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise entitled to such securities upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net
proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1 of the Deposit Agreement. The Depositary shall not be responsible for (i) any failure to determine that it may be
lawful or feasible to make such securities available to Holders in general or any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such
securities. 
 (19) Exoneration. Neither the Depositary nor the Company shall be obligated to do or perform any act which is
inconsistent with the provisions of the Deposit Agreement or incur any liability (i) if the Depositary or the Company shall be prevented or forbidden from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in,
doing or performing any act or thing required by the terms of the Deposit Agreement and this ADR, by reason of any provision of any present or future law or regulation of the United States, Brazil or any other country, or of any other governmental
authority or regulatory authority or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any provision, present or future, of the Bylaws of the Company or any provision of or governing any
Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism,
revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the Bylaws of the Company or provisions of or governing Deposited
Securities, (iii) for any action or inaction in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any
other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to
holders of Deposited Securities but is not,

  

 A-17 

 
under the terms of the Deposit Agreement, made available to Holders of ADSs or (v) for any consequential or punitive damages for any breach of the terms of the Deposit Agreement. The
Depositary, its controlling persons, its agents, any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request or other document believed by it to be genuine and to
have been signed or presented by the proper party or parties. No disclaimer of liability under the Securities Act is intended by any provision of the Deposit Agreement or this ADR. 
 (20) Standard of Care. The Company and the Depositary assume no obligation and shall not be subject to any liability under the Deposit
Agreement or this ADR to any Holder(s) or Beneficial Owner(s), except that the Company and Depositary agree to perform their respective obligations specifically set forth in the Deposit Agreement and this ADR without negligence or bad faith. The
Depositary and its agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote, provided that any such action or omission is
in good faith and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any
information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the
Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or
for the failure or timeliness of any notice from the Company. 
 (21) Resignation and Removal of the Depositary; Appointment of
Successor Depositary. The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 30th day after delivery
thereof to the Company (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii) upon the appointment of a successor depositary and its acceptance of such appointment as
provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by written notice of such removal, which removal shall be effective on the later of (i) the 30th day after delivery thereof to the Depositary (whereupon
the Depositary shall be entitled to take the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii) upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement.
In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City
of New York. Every successor depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any
further act or deed (except as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor (other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement). 

 

 A-18 

 The predecessor depositary, upon payment of all sums due it and on the written request of the Company, shall
(i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement), (ii) duly assign, transfer and deliver all
right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADSs and such other information relating to ADSs and Holders thereof as the successor may
reasonably request. Any such successor depositary shall promptly provide notice of its appointment to such Holders. Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the
execution or filing of any document or any further act. 
 (22) Amendment/Supplement. Subject to the terms and conditions of
this paragraph 22, the Deposit Agreement and applicable law, this ADR and any provisions of the Deposit Agreement may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any
respect which they may deem necessary or desirable without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than charges in connection with foreign
exchange control regulations, and taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become
effective as to outstanding ADSs until the expiration of thirty (30) days after notice of such amendment or supplement shall have been given to the Holders of outstanding ADSs. Notice of any amendment to the Deposit Agreement or any ADR shall
not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the
Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission’s, the Depositary’s or the Company’s website or upon request from the
Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or
(b) the ADSs to be settled solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of
Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADSs, to consent and agree to such amendment or supplement and to be bound by
the Deposit Agreement and this ADR, if applicable, as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such ADS and receive therefor the Deposited Securities represented
thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require an amendment of, or supplement to, the Deposit
Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and this ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit
Agreement and this ADR in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, rules or regulations. 
  

 A-19 

 (23) Termination. The Depositary shall, at any time at the written direction of the Company,
terminate the Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. If thirty (30) days shall have expired
after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and, in either case, a
successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 of the Deposit Agreement, the Depositary may terminate the Deposit Agreement by distributing notice of such termination to the Holders of
all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. The date so fixed for termination of the Deposit Agreement in any termination notice so distributed by the Depositary to the
Holders of ADSs is referred to as the “Termination Date”. Until the Termination Date, the Depositary shall continue to perform all of its obligations under the Deposit Agreement, and the Holders and Beneficial Owners will be entitled to
all of their rights under the Deposit Agreement. If any ADSs shall remain outstanding after the Termination Date, the Registrar and the Depositary shall not, after the Termination Date, have any obligation to perform any further acts under the
Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions of the Deposit Agreement, continue to (i) collect dividends and other distributions pertaining to Deposited Securities, (ii) sell
securities and other property received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any securities
or other property, in exchange for ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by, the Depositary, and all applicable taxes or governmental
charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required under applicable law in connection with its role as
Depositary under the Deposit Agreement. At any time after the Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and shall after such sale hold un-invested the net proceeds of such sale, together
with any other cash then held by it under the Deposit Agreement, in an un-segregated account and without liability for interest, for the pro - rata benefit of the Holders whose ADSs have not theretofore been surrendered. After making such sale, the
Depositary shall be discharged from all obligations under the Deposit Agreement except (i) to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses
incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required
at law in connection with the termination of the Deposit Agreement. After the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement, except for its obligations to the Depositary under Sections 5.8, 5.9
and 7.6 of the Deposit Agreement. The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination Date shall survive the Termination Date and shall be discharged only when the
applicable ADSs are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement. 
  

 A-20 

 (24) Compliance with U.S. Securities Laws. Notwithstanding any provisions in this ADR or the
Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to the Form F-6 Registration
Statement, as amended from time to time, under the Securities Act. 
 (25) Certain Rights of the Depositary; Limitations.
Subject to the further terms and provisions of this paragraph (25), the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. The Depositary may
issue ADSs against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares.
Such evidence of rights shall consist of written blanket or specific guarantees of ownership of Shares. In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may issue ADSs prior to the
receipt of Shares pursuant to Section 2.3 of the Deposit Agreement (each such transaction a “Pre-Release Transaction”). The Depositary may receive ADSs in lieu of Shares in a Pre-Release Transaction. Each such Pre-Release Transaction
will be (a) subject to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs are to be delivered (w) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the
Shares that are to be delivered by the Applicant under such Pre-Release Transaction, (x) agrees to indicate the Depositary as owner of such Shares in its records and to hold such Shares in trust for the Depositary until such Shares are
delivered to the Depositary or the Custodian, (y) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares and (z) agrees to any additional restrictions or requirements that the Depositary deems
appropriate, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’
notice and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs involved in such Pre-Release Transactions at any one time to thirty percent
(30%) of the ADSs outstanding (without giving effect to ADSs outstanding under (i) above), provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The
Depositary may also set limits with respect to the number of ADSs involved in Pre-Release Transactions with any one person on a case by case basis as it deems appropriate. The Depositary may retain for its own account any compensation received by it
in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not earnings thereon, shall be held for the benefit of the Holders (other than the Applicant). 
  

 A-21 

 (ASSIGNMENT AND TRANSFER SIGNATURE LINES) 
 FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto
                                         whose
taxpayer identification number is
                                         and
whose address including postal zip code is                     , the within ADS and all rights thereunder, hereby irrevocably constituting and
appointing
                                        
attorney-in-fact to transfer said ADS on the books of the Depositary with full power of substitution in the premises. 
  

							
	Dated:	 		  	Name:	  	  

		 		  		  	By:
		 		  		  	Title:
			
		 		  	NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without
alteration or enlargement or any change whatsoever.
			
		 		  	If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such
capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this ADR.
				
	  
	 		  		  	
	SIGNATURE GUARANTEED	 		  		  	
			
		 		  	All endorsements or assignments of ADRs must be guaranteed by a member of a Medallion Signature Program approved by the Securities Transfer Association,
Inc.

 Legends 
 [The ADRs issued in respect of Partial Entitlement American Depositary Shares shall bear the following legend on the face of the ADR: “This ADR evidences ADSs representing ‘partial
entitlement’ [type of shares] of [Company] and as such do not entitle the holders thereof to the same per-share entitlement as other [type of shares] Shares (which are ‘full entitlement’ [type of shares] Shares) issued and outstanding
at such time. The ADSs represented by this ADR shall entitle holders to distributions and entitlements identical to other ADSs when the [type of shares] Shares represented by such ADSs become ‘full entitlement’ [type of shares]
Shares.”] 
  

 A-22 

 EXHIBIT B 
 FEE SCHEDULE 
 DEPOSITARY FEES AND RELATED CHARGES 
 All capitalized terms used but not otherwise defined herein shall have the meaning given to such terms in the Deposit Agreement. 
  

	I.	Depositary Fees 

 The Company,
the Holders, the Beneficial Owners and the persons depositing Shares or surrendering ADSs for cancellation agree to pay the following fees of the Depositary: 
  

							
	  	  	  
 Service
  
	  	  
 Rate
  
	  	  
 By Whom Paid
  

	(1)	  	Issuance of ADSs upon deposit of Shares (excluding issuances as a result of distributions described in paragraph (4) below).	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) issued.	  	Person depositing Shares or person receiving ADSs.
	(2)	  	Delivery of Deposited Securities against surrender of ADSs.	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) surrendered.	  	Person surrendering ADSs for purpose of withdrawal of Deposited Securities or person to whom Deposited Securities are
delivered.
	(3)	  	Distribution of cash dividends or other cash distributions (i.e., sale of rights and other entitlements).	  	Up to U.S. $2.00 per 100 ADSs (or fraction thereof) held.	  	Person to whom distribution is made.
	(4)	  	Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii) exercise of rights to purchase additional
ADSs.	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	  	Person to whom distribution is made.
	(5)	  	Distribution of securities other than ADSs or rights to purchase additional ADSs (i.e., spin-off shares).	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	  	Person to whom distribution is made.

  

 B-1 

	II.	Charges 

 Holders, Beneficial
Owners, persons depositing Shares and persons surrendering ADSs for cancellation and for the purpose of withdrawing Deposited Securities shall be responsible for the following charges: 
  

	(i)	taxes (including applicable interest and penalties) and other governmental charges; 

  

	(ii)	such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities on the share register and applicable to
transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees upon the making of deposits and withdrawals, respectively; 

  

	(iii)	such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit Agreement to be at the expense of the person depositing or
withdrawing Shares or Holders and Beneficial Owners of ADSs; 

  

	(iv)	the expenses and charges incurred by the Depositary in the conversion of foreign currency; 

  

	(v)	such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and other regulatory requirements applicable to
Shares, Deposited Securities, ADSs and ADRs; and 

  

	(vi)	the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the servicing or delivery of Deposited Securities.

  

 B-2Investment Agreement, dated January 19, 2009

 Exhibit 10.1 
 INVESTMENT AGREEMENT 
 By this private Investment Agreement
(“Investment Agreement”), the following Parties: 
 On the one part, 
 I. BNDES PARTICIPAÇÕES S.A. – BNDESPAR, wholly-owned subsidiary of the National Bank of Economic and Social
Development – BNDES, with its principal place of business in the City of Brasília, Federal District, in the South Banking Sector, Suite 1, Block “J”, BNDES Building, 12th and 13th floors, and with offices in the City of Rio de Janeiro, State of Rio de Janeiro, at Avenida República do Chile,
100 part, enrolled with the National Corporate Taxpayers Register of the Ministry of Finance under CNPJ/MF No. 00.383.281/0001-09, herein represented pursuant to its By-laws (“BNDESPAR”); 
 And, on the other part, 
 II. VOTORANTIM INDUSTRIAL S.A., with its principal place of business in the City of São Paulo, State of São Paulo, at Rua Amauri, 255/13th floor, suite A, enrolled with the National Corporate Taxpayers Register of the Ministry of Finance under CNPJ/MF
No. 03.407.049/0001-51, herein represented pursuant to its By-laws (“VID”); and 
 III. VOTORANTIM
CELULOSE E PAPEL S.A., a publicly-held company with its principal place of business in the City of São Paulo, State of São Paulo, at Alameda Santos 1357, 6th floor, enrolled with the National Corporate Taxpayers Register of the Ministry of Finance under CNPJ/MF
No. 60.643.228/0001-21, herein represented pursuant to its By-laws (“VCP” or the “Company”), 
 BNDESPAR, VID and VCP
are referred to jointly as “Parties”, and separately and indistinctively as “Party”. 
 And as intervening consenting party,

 IV. II. VOTORANTIM PARTICIPAÇÕES S.A., with its principal place of business in the City of
São Paulo, State of São Paulo, at Rua Amauri, 255/10th floor, enrolled with the National Corporate Taxpayers Register of the Ministry of Finance under CNPJ/MF No. 61.082.582/0001-97, herein represented pursuant to its By-laws (“VPAR”). 
 RECITALS 
 WHEREAS
VCP, through its wholly-owned subsidiary Newark Financial Inc., a company existing according to the laws of the British Virgin Islands, is the indirect owner of one hundred and twenty-seven million, five hundred and six thousand, four hundred and
fifty-seven (127,506,457) common shares issued by ARACRUZ CELULOSE S.A., a publicly-held company with its principal place of business in the City of Aracruz, State of Espírito Santo, at Barra do Riacho, no number, km 25, enrolled with
the National Corporate Taxpayers Register of the Ministry of Finance under CNPJ/MF No. 42.157.511/0001-61 (“ARACRUZ”), representing approximately twenty-eight point zero three percent (28.03%) of the voting capital of ARACRUZ;

 WHEREAS on August 2, 2008, VID presented to the Lorentzen, Moreira Salles and Almeida Braga
Families (the “Families”) a firm, unconditional, irrevocable and irreversible proposal for the acquisition by itself or by a controlled company of one hundred and twenty-seven million, five hundred and six thousand, four hundred and
fifty-seven (127,506,457) common shares issued by ARACRUZ (the “Proposal”), representing approximately twenty-eight point zero three percent (28.03%) of the voting capital of ARACRUZ (the “ARACRUZ SHARES”); 

WHEREAS on this date, VID, VCP and the Families closed negotiations aimed at implementing the subject matter of the Proposal (the “Reviewed
Proposal”); 
 WHEREAS ARAINVEST PARTICIPAÇÕES S.A., with its principal place of business in the City of
São Paulo, State of São Paulo, at Av. Paulista 2100, enrolled with the National Corporate Taxpayers Register of the Ministry of Finance under CNPJ/MF No. 06.139.408/0001-25 (“ARAINVEST”), owner of one hundred and
twenty-seven million, five hundred and six thousand, four hundred and fifty-seven (127,506,457) common shares issued by ARACRUZ (“ARACRUZ SHARES OF ARAINVEST”), has preemptive rights to acquire the ARACRUZ SHARES or tag along rights
of the ARACRUZ SHARES OF ARAINVEST, and it may exercise any of such rights against VCP within ninety (90) days counted as from the date when it is notified of the Reviewed Proposal; 
 WHEREAS ARAINVEST shall be notified pursuant to the terms hereof to pronounce itself about exercising its preemptive rights to acquire the ARACRUZ SHARES (“ARAINVEST Preemptive rights”)
or its tag along rights (“ARAINVEST Tag Along”); 
 WHEREAS VCP intends to acquire the ARACRUZ SHARES and the ARACRUZ SHARES OF
ARAINVEST; 
 WHEREAS according to its guidelines and purposes, BNDESPAR is interested in participating in the project involving the
acquisition of the ARACRUZ SHARES and the ARACRUZ SHARES OF ARAINVEST by VCP (the “Acquisition”) for the purposes of: (i) integrating the activities of VCP and ARACRUZ, with such union resulting in the largest pulp producer in the
world (the “Merger”); and (ii) providing for the subsequent adhesion of VCP into the New Market of BM&FBOVESPA S.A. –Commodity and Futures Exchange (the BOVESPA), thus adapting its By-laws to the New Market Listing
Regulations issued by the BOVESPA (the Acquisition along with stages (i) and (ii) above are hereinafter referred to as the “Transaction”); and 
 WHEREAS in order to render the Transaction possible, funds are necessary as defined in this Investment Agreement, and BNDESPAR is interested in making an investment upon subscription and payment of
debentures issued by VID as well as upon contribution of capital to VCP provided that VID, along with BNDESPAR, also participates in VCP’s capital increase. 
 NOW, THEREFORE, the Parties decide to enter into this Investment Agreement pursuant to the following terms and conditions, with which they agree to comply and to ensure compliance. 
 CHAPTER I – SUBJECT MATTER 
 1.1. The subject matter of this agreement is to govern the terms and conditions according to which VID and BNDESPAR shall make the necessary investments so that VID and VCP can carry out the Acquisition and complete the other stages of the
Transaction. 

 CHAPTER II – INVESTMENT 
 2.1. VCP estimates that the Transaction may involve funds of up to four billion, two hundred and fifty-five million Reais (R$4,255,000,000.00).

 2.2. After having fully complied with the Conditions Precedent listed in Chapter IV below as well as the Representations and Warranties set
forth in Chapter V, BNDESPAR undertakes to make an investment in VID and VCP in the total amount of up to three billion, two hundred and twenty-eight million, one hundred and eighty-five thousand, two hundred and eighty-seven Reais and
ninety-two cents (R$3,228,185,287.92), divided into different stages according to the structure and conditions detailed below (the “BNDESPAR Investment”). 
 2.3. As detailed below, VID undertakes to contribute to the completion of the Transaction with funds in the amount of six hundred million Reais (R$600,000,000.00) (the “VID Investment”).

 2.4. The funds arising from the BNDESPAR Investment and the VID Investment shall be allocated by VID and VCP to adapt the capital structure
of VCP in order to allow for the implementation of the Transaction and related events, as determined herein. 
 CHAPTER III
– TRANSACTION STRUCTURE AND PERIODS 
 3.1. In compliance with the provisions of Chapters IV and V below, the Parties, as applicable,
undertake to comply with the following obligations and stages aimed at the completion of the Transaction: 
 3.1.1. Relevant Matter: On the
Closing Date, as defined in Chapter VI below, VCP shall publish a Relevant Matter informing the market of all the terms and stages of the Transaction, including the Migration and OPA conditions as defined below (the “Relevant Matter”) and
shall request that ARACRUZ managers disclose the publication of the Relevant Matter to its shareholders. 
 3.1.2. Issuance of Debentures: on
the Closing Date, VID shall issue debentures in two series in the total amount of six hundred and twenty-eight million, five hundred and eighty-five thousand, three hundred and forty-one Reais (R$628,585,341.00), with floating and personal
guarantees and with a clause on exchange for common shares issued by VCP, the issuance date of which shall correspond to the Closing Date pursuant to the terms included in the draft deed of issuance of debentures (the “Deed”) attached
(Exhibit 3.1.2) to this Investment Agreement (the “Debentures”). 
 3.1.3. Subscription and Payment of the Debentures by BNDESPAR: the
Debentures shall be subscribed and paid in by BNDESPAR as follows. 
 3.1.3.1. Up to three (3) business days preceding the financial
settlement of the acquisition of the ARACRUZ SHARES OF ARAINVEST resulting from the exercise of the ARAINVEST Tag Along, BNDESPAR shall subscribe and pay in the first series of Debentures in the amount of four hundred million and eight
Reais (R$400,000,008.00) in Brazilian currency (Initial Investment from BNDESPAR). If the ARAINVEST Tag Along is not exercised, there shall be no Initial Investment from BNDESPAR. 
 3.1.3.2. The second series of Debentures in the amount of two hundred and twenty-eight million, five hundred and eighty-five thousand, three hundred and thirty-three Reais (R$228,585,333.00) shall
be subscribed and paid in by BNDESPAR as set forth in Section 3.1.9 below. 
 3.1.3.3. At the time of subscription and payment of each
series of Debentures, VID shall pay BNDESPAR, as a charge for subscription of securities, an amount equivalent to zero point five percent (0.5%) of the total amount of the price of subscription and payment regarding all the Debentures that may be
subscribed and paid in by BNDESPAR. 

 3.1.3.4. BNDESPAR hereby undertakes not dispose of the Debentures to third parties. 
 3.1.4. Advance for Future Capital Increase (AFAC): up to the third (3rd) business day after the Closing Date, VID shall pay the amount of six hundred million Reais
(R$600,000,000.00) as an advance for future capital increase (the “Initial AFAC”) by using its own funds regarding the VID Investment. 
 3.1.4.1. Up to the third (3rd) business day after the Closing Date, VID shall pay the amount of four hundred million and eight Reais (R$400,000,008.00) as an advance for future capital increase of VCP (the “Additional AFAC”) by using its own funds
regarding the Initial Investment from BNDESPAR, if such investment is completed no later than the commencement of the period to exercise the preemptive rights in the Capital Increase, as defined below. 
 3.1.5. Acquisition: Up to the third (3rd) business day after the Initial AFAC has been made, VCP shall acquire the ARACRUZ SHARES. Up to the third
(3rd) business day after the Initial Investment from
BNDESPAR has been made, VCP shall acquire the ARACRUZ SHARES OF ARAINVEST. 
 3.1.6. Migration to VCP: The Relevant Matter shall inform the
market that after the acquisition of the ARACRUZ SHARES OF ARAINVEST has been completed, a request for registration of a public offering for acquisition of the outstanding common shares issued by ARACRUZ shall be presented, in accordance with
article 254-A of Law No. 6404/76 and CVM Instruction No. 361/02. The shareholders owning such common shares issued by ARACRUZ (the “minority shareholders of ARACRUZ”) shall, even before the presentation and settlement of the OPA,
as defined below, have the possibility to subscribe preferred shares issued by VCP in VCP’s Capital Increase by private subscription, by using the common ARACRUZ shares that they own to pay in the shares issued by VCP for the price defined for
the OPA in Section 3.1.11.1 (ii) hereof, as detailed below (the “Migration”). 
 3.1.6.1. Up to the
fifth (5th) business day after the Closing Date, VCP
may contact the main minority shareholders owning common ARACRUZ shares in order to clarify the details of the Transaction, as announced in the Relevant Matter, even with regard to the possibility of Migration, which is subject, like the OPA, to the
completion of the acquisition of the ARACRUZ SHARES OF ARAINVEST. 
 3.1.6.2. In the event that, after the result of the subscription of the
Capital Increase as defined below, there are not sufficient shares issued by VCP to permit the Migration in its entirety, a distribution shall take place in compliance with the following priority: (i) those who pay in with shares issued by
ARACRUZ or with credits resulting from the Acquisition; (ii) those who pay in with Brazilian currency. A proportional distribution shall be adopted, if necessary, for those who pay in shares issued by ARACRUZ or with credits. 
 3.1.6.3. As described below, Minority Shareholders of ARACRUZ who for any reason have not fully completed the Migration shall be entitled to adhere to the
OPA. 
 3.1.7. Capital Increase: up to the fifth (5th) business day after the completion of acquisition of the ARACRUZ SHARES, VCP may call a Special
Shareholders’ Meeting in order to pass resolutions on an increase of the capital stock (“AGE Call Notice”) in a minimum amount corresponding to the BNDESPAR Investment plus the VID Investment and the maximum amount of four billion,
two hundred and fifty-five million Reais (R$4,255,000,000.00), with the issuance of new common and preferred shares at an issuance price of nineteen Reais (R$19.00) each, determined based on the criterion set forth in article 170,
paragraph 1, item III of Law 6404/76 (the “Corporation Law”) for private subscription (the “Capital Increase”). 

 3.1.7.1. In the event of failure of acquisition of the ARACRUZ SHARES OF ARAINVEST, (i) the BNDESPAR
Investment shall be of up to two billion and two Reais (R$2,000,000,002.00), (ii) the amount of the Capital Increase shall be of up to two billion, six million and two Reais (R$2,600,000,002.00), (iii) there shall be no
Initial Investment from BNDESPAR and, as a consequence, (iv) there shall be no Additional AFAC, and such possibility shall be reflected in the AGE Call Notice. 
 3.7.1.2. The price of issuance of the VCP common and preferred shares in the Capital Increase shall be the same. 
 3.1.7.3. VCP shareholders shall be entitled to preemptive rights to subscribe shares issued in the Capital Increase in the proportion of the number of shares issued by VCP which they own, pursuant to the
Corporation Law and according to the shareholding position on the date of publication of the notice to shareholders on the Capital Increase. Such right shall be ensured for the term of thirty (30) days, subject to extension for the time
necessary to wait for a statement on the ARAINVEST Tag Along, if such statement was not rendered within the thirty (30) initial days. 
 3.1.7.4. VID hereby agrees to assign free of charge or to waive its preemptive rights to subscribe VCP shares on behalf of BNDESPAR in the Capital Increase, except for the portion necessary for subscription of the shares corresponding to
the full capitalization of the Initial AFAC and, as the case may be, the Additional AFAC or the Initial Investment from BNDESPAR, if such investment has been made after the commencement of the period to exercise the preemptive rights in the Capital
Increase. 
 3.1.7.5. VID hereby agrees to pass a resolution on the Capital Increase in order to permit the Migration. 
 3.1.7.6. The AGE Call Notice shall include an item that, in compliance with the provisions of article 256, paragraph 1 of the Corporation Law, subjects the
Acquisition to ratification by the Special Shareholders’ Meeting of VCP. 
 3.1.7.7. If necessary, the AGE Call Notice shall include an
item to pass a resolution on the increase of limits of the authorized capital determined in article 33 of VCP by-laws, with due regard for the current proportion between common shares and preferred shares set forth in such provision. 
 3.1.8. Subscription and Payment of the Capital Increase: the Parties shall subscribe and pay in the Capital Increase as follows. 
 3.1.8.1. VID hereby agrees to guarantee the subscription and payment within the term to exercise the preemptive rights of (i) thirty-one million, five
hundred and seventy-eight thousand, nine hundred and forty-seven (31,578,947) common shares issued by VCP upon full capitalization of the Initial AFAC; (ii) the equivalent in common shares upon capitalization of the amount corresponding to
the funds paid in by BNDESPAR in the second series of Debentures, pursuant to Section 3.1.9 below; and, as the case may be, (iii) twenty-one million and fifty-two thousand, six hundred and thirty-two (21,052,632) common shares issued
by VCP upon full capitalization of the Additional AFAC or of the Initial Investment from BNDESPAR, if such investment is completed after the commencement of the period to exercise the preemptive rights in the Capital Increase, and VID hereby agrees
to bind the number of common shares necessary to guarantee the exchange of Debentures by BNDESPAR, as set forth in Section 3.1.13 below. 

 3.1.8.2. BNDESPAR hereby agrees to guarantee, within the term to exercise the preemptive rights and in the
event of excess, until the final period for subscription of excess of shares in the Capital Increase, the subscription and payment of up to one hundred and thirty-nine million, three hundred and seventy-eight thousand, one hundred and seventy-three
(139,378,173) common shares issued by VCP in the total amount of two billion, six hundred and forty-eight million, one hundred and eighty-five thousand, two hundred and eighty-seven Reais (R$2,648,185,287.00) (the “BNDESPAR
Investment to Subscribe Preferred Shares”). Out of such amount, up to ninety-five million, seven hundred and eighty-nine thousand, four hundred and seventy-four (95,789,474) preferred shares shall be subscribed and paid in cash in the
amount of up to one billion, eight hundred and twenty million and six Reais (R$1,820,000,006.00) (the “BNDESPAR Investment in cash”). 
 3.1.8.3. BNDESPAR shall use the difference in the total amount of eight hundred and twenty-eight million, one hundred and eighty-five thousand, two hundred and seventy-seven Reais and ninety-two cents (R$828,185,277.92) to subscribe
and pay in up to forty-three million, five hundred and eighty-eight thousand, six hundred and ninety-eight (43,588,698) preferred shares issued by VCP by means of the Migration, and BNDESPAR hereby agrees to make such option (the “BNDESPAR
Investment by Migration”). 
 3.1.8.4. In the event of failure of acquisition of the ARACRUZ SHARES OF ARAINVEST, the maximum BNDESPAR
Investment to Subscribe Preferred Shares shall be reduced to the amount of eight hundred and seventy-six million, seven hundred and seventy thousand, six hundred and fourteen Reais and ninety-two cents (R$876,770,614.92). 
 3.1.8.5. The subscription and payment of shares by BNDESPAR in the Capital Increase as set forth in Sections 3.1.8.2, 3.1.8.3 and 3.1.8.4 above shall be
subject to the proof of subscription and payment of shares by VID as set forth in Sections 3.1.8.1 and 4.2 below. 
 3.1.8.6. At the time of
subscription of shares in the Capital Increase, VCP shall pay BNDESPAR, as a charge for subscription of securities, an amount equivalent to zero point five percent (0.5%) of the total amount of the price of subscription and payment regarding all the
shares effectively subscribed and paid in by BNDESPAR in Brazilian currency. 
 3.1.8.7. After the Capital Increase has been completed, the
Board of Directors of VCP shall, if necessary, call a Special Shareholders’ Meeting to ratify said increase and to determine that the depository financial institution of the VCP shares update the list of shareholders in order to reflect the new
shareholding structure of the Company. 
 3.1.9. Subscription and Payment of the second series of Debentures by BNDESPAR: in the event of
exercising of the ARAINVEST Tag Along, BNDESPAR shall also subscribe and pay in the equivalent to one hundred and seventy-nine million, nine hundred and ninety-nine thousand, nine hundred and ninety-six (179,999,996.00) of the second series of
Debentures (the BNDESPAR Investment to Subscribe Preferred Shares in conjunction with the subscription and payment of the second series of Debentures, the “Additional Investment from BNDESPAR”) on the date of subscription and payment of
the preferred shares by BNDESPAR in the Capital Increase pursuant to Sections 3.1.8.2, 3.1.8.3 and 3.1.8.4. 
 3.1.9.1. If the ARAINVEST Tag
Along rights are not exercised, BNDESPAR shall subscribe and pay in all the second series of Debentures in the amount of two hundred and twenty-eight million, five hundred and eighty-five thousand, three hundred and thirty-three Reais
(R$228,585,333.00). 

 3.1.9.2. On the date of payment of the second series of Debentures by BNDESPAR, VID shall pay in the common
shares issued by VCP in the Capital Increase in the equivalent amount by using the funds of the second series of Debentures. 
 3.1.10.
Shareholders’ Agreement: the shareholders’ agreement that VID and BNDESPAR hereby undertake to enter into in the form of the draft attached hereto (Exhibit 3.1.10)(the “Shareholders’ Agreement”) shall become effective on the
closing date of the Capital Increase and necessarily after the subscription and payment of shares by BNDESPAR. 
 3.1.11.
Public Offering for Acquisition of Shares: Up to the fifteenth (15th) day after implementation of the Acquisition, VID shall register with the Securities Commission – CVM (the “CVM”) a public offering for acquisition of shares pursuant to article 254-A of Law No. 6404/76 and CVM
Instruction No. 361/02, intended for the Minority Shareholders of ARACRUZ (the “OPA”). 
 3.1.11.1. The Minority Shareholders of
ARACRUZ that have not fully participated in the Migration shall be entitled to (i) the equivalent to eighty percent (80%) of the price per share set for the Acquisition under the same terms and conditions of the Reviewed Proposal or
(ii) fourteen Reais and fifty-six cents (R$14.56) per share, on demand, equivalent to eighty percent (80%) of the price per share set for the Acquisition. 
 3.1.12. Merger: In up to two hundred and seventy (270) days as of the date of issuance of the Debentures, VID and VCP agree to call and hold shareholders’ meetings of VCP and ARACRUZ in order to
analyze the merger of all the shares issued by ARACRUZ (the “Merger”), in which VID and VCP shall vote in favor of the Merger in accordance with the terms and conditions that may be approved by the respective Boards of Directors of the
companies involved, and the Parties hereby agree that the definition of the exchange relation between the shares issued by VCP and the shares issued by ARACRUZ shall be preferably based on the market value of the shares issued by said companies,
with due regard for the recommendations of the special committees to be formed pursuant to Section 3.1.12.3. below. 
 3.1.12.1. Upon
occurrence of the ARAINVEST Tag Along, the Merger shall take place within one hundred and eighty (180) days counted as from the date of such event. 
 3.1.12.2. If compliance with any of the periods mentioned in Sections 3.1.12 and 3.1.12.1 is not possible for reasons that are alien to the will of the Parties, VID and VCP shall call shareholders’
meetings necessary for the Merger on the business day following the day of the OPA settlement. 
 3.1.12.3. In order to commence the measures
necessary for the completion of the Merger, VID and VCP shall ensure that VCP and ARACRUZ timely form the independent special committees covered by CVM Advisory Opinion No. 35, dated September 1, 2008, and shall hire the financial
institutions that shall be responsible for preparing appraisal reports of the net assets of VCP and ARACRUZ for the purposes of calculating the exchange relation of the shares in the Merger. 
 3.1.13. Exchange of Debentures: Up to the fifth (5th) business day after the Merger has been approved, with due regard for the terms and conditions of the Deed,
BNDESPAR agrees to request that VID exchange the Debentures for common shares issued by VCP for the price per share equal to the price set for the Capital Increase covenanted in the first two hundred and seventy (270) days for the accumulated
variation of the daily average Extra-group DI (Interbank Deposit of one day) rates, calculated and disclosed by CETIP S.A. – Organized Over-the-counter Assets and Derivatives Market, as set forth in the Deed, after which the Debentures shall be
terminated. 

 3.1.13.1. Once the exchange of Debentures has been requested, VID shall make available
to BNDESPAR common shares issued by VCP subject to exchange until the fifth (5th) business day after the request for exchange. 
 3.1.13.2. The failure to approve the Merger
by act or omission of VID shall entitle BNDESPAR to exercise the BNDESPAR Put Option as defined in Section 3.1.15. below and governed by the agreement attached to this Investment Agreement. 
 3.1.14. Adhesion to the BOVESPA’s New Market: VID and VCP agree, provided that the Criterion for Adhesion to the New Market has been verified as
defined below, to adopt all the necessary measures so that VCP can adhere to the BOVESPA’s New Market, thereby adapting its by-laws to the New Market Listing Regulations (the “Adhesion to the New Market”), based on the exchange
relation of one (1) preferred share to each zero point ninety-one (0.91) common share. 
 3.1.14.1. The Criterion for Adhesion to the New
Market contemplated above shall be deemed verified if thirty-five percent (35%) of the variable averages of closing rates of preferred shares issued by VCP in the last sixty (60) days, with at least forty percent (40%) of such
percentage corresponding to consecutive periods, reach an amount exceeding the equity value of said shares, ascertained based on the last balance sheet approved at a shareholders’ meeting (the “Criterion for Adhesion to the New
Market”). 
 3.1.14.2. For the purposes of ascertainment of the Criterion for Adhesion to the New Market, successive periods of one hundred
and eighty (180) days shall be taken into account, the first of which shall be counted as from the date of issuance of the Debentures. The variable averages above shall be verified on a daily basis in each of such periods. At the end of each of
such periods, the variable averages verified in the immediately preceding period shall be disregarded and a new verification shall take place. 
 3.1.14.3. The ascertainment of the Criterion for Adhesion to the New Market in the first two periods shall only commence as from the date of the Merger. Should the Merger take place in the first period of one hundred and eighty
(180) days, the verification of the variable averages shall commence on the first day of the subsequent period. Should the Merger take place in the second period, the verification of the variable averages shall commence in the third period. As
from the third period, the ascertainment of the Criterion for Adhesion to the New Market shall occur irrespective of the Merger. 
 3.1.14.4.
After the Criterion for Adhesion to the New Market has been verified, VID and VCP shall ensure that in the sixty (60) subsequent days an announcement of the VCP relevant matter about Adhesion to the New Market is published and the necessary
shareholders’ meetings are called to pass resolutions on said adhesion. 
 3.1.14.5. For the purposes of compliance with the obligation set
forth in Section 3.1.14., VID hereby agrees to take all the necessary measures, including its favorable vote at shareholders’ meetings in order to implement the necessary amendments to VCP’s by-laws as well as to ensure that if the
legal quorum for approval at a special shareholders’ meeting has not been reached on first call, a special shareholders’ meeting of owners of preferred shares issued by VCP take place on second call. 
 3.1.14.6. In order to make the adhesion to the New Market possible and provided that the conditions mentioned in this Section 3.1.14 are met, BNDESPAR
shall vote at annual and special shareholders’ meetings in favor of the conversion of preferred shares issued by VCP into common shares. 

 3.1.14.7. If the Criterion for Adhesion to the New Market is verified and VID and/or VCP fail to comply with
the provisions of Section 3.1.14.4 and 3.1.14.5 above, BNDESPAR may exercise its put option of shares issued by VCP owned by it, as contemplated in the agreement attached hereto, mentioned in Section 3.1.15. 
 3.1.14.8. If, although all the measures for Adhesion to the New Market incumbent upon VID and VCP pursuant to this Investment Agreement have been adopted
and the Criterion for Adhesion to the New Market has been verified, the Adhesion to the New Market has not been implemented for reasons that are alien to the will of VID and VCP at the end of one (1) year counted as from the date of the
shareholders’ meetings mentioned in Section 3.1.14.6 above, VID or VCP shall renew the measures established in Sections 3.1.14.4 and 3.1.14.5, unless the Criterion for Adhesion to the New Market is not verified on said occasion, in which
event the renewal of the measures shall take place as soon as the Criterion for Adhesion to the New Market is verified. The procedure set forth in this Section shall be repeated successively at each one (1)-year period. 
 3.1.14.9. If, although all the measures for Adhesion to the New Market incumbent upon VID and VCP pursuant to this Investment Agreement have been adopted
and the Criterion for Adhesion to the New Market has been verified, the Adhesion to the New Market has not been implemented for reasons that are alien to the will of VID and VCP at the end of four (4) years counted as from the date of issuance
of the Debentures, BNDESPAR may exercise the BNDESPAR Put Option as defined in Section 3.1.15 below and to this Investment Agreement. 
 3.1.14.10. If the Criterion for Adhesion to the New Market has not been verified after four (4) years as from the date of issuance of Debentures, BNDESPAR may also exercise the put option of the shares issued by VCP owned by it, as
governed by the agreement attached hereto contemplated in Section 3.1.15. 
 3.1.15. Call Options and Put Options: Pursuant to the Call
Option and Put Option Agreement of Common and Preferred Shares Issued by VCP (Exhibit 3.1.15), the following is established: (i) VID’s right rather than obligation to acquire from BNDESPAR a certain number of common shares issued by VCP
under certain conditions and (ii) BNDESPAR’s right rather than obligation to sell to VID a certain number of preferred and/or common shares issued by VCP under certain conditions. 
 CHAPTER IV – CONDITIONS PRECEDENT 
 4.1. The Initial Investment
from BNDESPAR as well as other obligations of BNDESPAR contemplated herein regarding said investment shall be subject to full compliance with the following formalities in a manner deemed acceptable by BNDESPAR (Conditions Precedent for the Initial
Investment from BNDESPAR): 
 (a) submission to BNDESPAR of a document formalizing the Reviewed Proposal and containing the Families’
formal acceptance with the final terms and conditions negotiated among VID, VCP and the Families for the acquisition of the ARACRUZ SHARES, to wit: aggregate price of two billion, seven hundred and ten million Reais (R$2,710,000,000.00), to
be paid in six (6) semiannual installments, of which the first four shall be in the amount of five hundred million Reais (R$500,000,000.00) each, the fifth in the amount of four hundred and ten million Reais (R410,000,000.00), and
the sixth and last installment in the amount of three hundred million Reais (R$300,000,000.00), all without indexation, and one hundred million Reais (R$100,000,000.00) from the amount of the second installment shall be credited to the
Families to be used in the payment of any excess of shares to be subscribed in the Capital Increase; 

 (b) submission to BNDESPAR of a document formalizing ARAINVEST’s exercise of the ARAINVEST Tag Along
within the scope of the Acquisition and under the exact terms and conditions of the Reviewed Proposal as described in item (a) above, necessarily containing the date set forth for the financial settlement of the acquisition of the ARACRUZ
SHARES OF ARAINVEST; 
 (c) publication of the Relevant Matter pursuant to the provisions of Section 3.1.1; 
 (d) evidence that the creditor financial institutions representing eight percent (80%) of the face value of all the debts due and arising from the
derivatives agreements mentioned in ARACRUZ’s relevant matters published on September 25 and October 2, 2008, negotiated with ARACRUZ and expressly adhered, even by electronic mail, to the term sheet (the “Pre-Agreement”),
binding on the parties and containing the essential conditions for refinancing said debts, such conditions being deemed acceptable by BNDESPAR, and the provision for the consequent termination of the derivatives agreements mentioned in said relevant
matters; 
 (e) evidence, upon submission of a legal opinion from a law firm with reputable technical capability and specialization accepted by
BNDESPAR, that the Pre-Agreement is binding on the parties thereto; 
 (f) submission of the Minutes of the Special Shareholders’ Meeting
of VID, duly filed with the Commercial Registry of the State of São Paulo, in which the issuance of the Debentures has been duly approved pursuant to the Deed; 
 (g) submission of the Debentures Deed duly filed with the Commercial Registry of the State of São Paulo; (sic) 
 (h) submission of the subscription list and the receipt of payment of the first series of Debentures; 
 (g)(sic) submission by VID and VCP of a Debt Clearance Certificate Regarding Social Security Contributions and Third Parties – CND (or a Liability Certificate with Clearance Effects) issued by Brazil’s Federal Revenue Office;

 (h) submission by VID and VCP of a Certificate of Good Standing with the Unemployment Compensation Fund (FGTS) issued by the Federal Savings
Bank; 
 (i) inexistence of a default of any kind before the BNDES System on the part of VCP, VID or a company of the economic group to which
they belong, with economic group being defined pursuant to the Provisions Applicable to BNDES Agreements attached hereto; 
 (j) inexistence of
a new economic-financial fact which, according to the evaluation of the BNDES System, may prevent the completion of the Transaction and/or significantly undermine the payment capacity of VID and VCP; 
 (k) inexistence of enrollment of VID and VCP with the Employers Record stating that they have maintained workers in conditions similar to slave labor
conditions, created by Ordinance No. 540, dated October 15, 2004, of the Ministry of Work and Employment, to be verified by the BNDES upon INTERNET inquiry at the address www.mte.gov.br; 
 (l) inexistence of a final sentence not subject to appeal regarding the performance of acts by VID and VCP resulting in violation of laws against race or
gender discrimination, child labor or slave labor; and 
 (m) submission by VID and VCP of other documents required by applicable laws or rules
that are necessary for the completion of the BNDESPAR Investment. 

 4.1.1. The condition precedent set forth in letter (b) of Section 4.1. above shall only be
required by BNDESPAR if the ARAINVEST Tag Along is exercised. 
 4.2. In addition to the Conditions Precedent for the Initial Investment from
BNDESPAR and the Additional Investment from BNDESPAR, as regulated hereunder, as well as the other obligations of BNDESPAR related to said investments shall be subject to full compliance with the following formalities in a manner deemed acceptable
by BNDESPAR: 
 (a) evidence that ARACRUZ entered into a final agreement pursuant to the terms and conditions defined in the Pre-Agreement (the
“Final Agreement”) with the creditor financial institutions representing eighty percent (80%) of the face value of all the debts due and arising from the derivatives agreements mentioned in ARACRUZ’s relevant matters published on
September 25 and October 2, 2008 (the “Debt”), accompanied by evidence, upon submission of a legal opinion from a law firm with reputable technical capability and specialization accepted by BNDESPAR, that the Final Agreement is
valid and effective as well as binding on the parties thereto, or submission of a legal opinion from a law firm with reputable technical capability and specialization accepted by BNDESPAR stating that (a) the Pre-Agreement remains
binding on the parties thereto and (b) there is no legal impediment to the regular execution of the Final Agreement pursuant to the terms and conditions defined in the Pre-Agreement; 
 (b) submission of the final purchase and sale agreement formalizing the acquisition of the ARACRUZ SHARES and, as the case may be, the acquisition of the
ARACRUZ SHARES OF ARAINVEST, containing the terms and conditions of the Reviewed Proposal according to which the ARACRUZ SHARES were acquired and, as the case may be, the ARACRUZ SHARES OF ARAINVEST, accompanied by evidence, through a document
issued by the depository financial institution of the VCP shares stating that the ARACRUZ SHARES and, as the case may be, the ARACRUZ SHARES OF ARAINVEST are directly or indirectly owned by VCP; 
 (c) submission of a due diligence report to be prepared by an audit of reputable specialization certifying in relation to ARACRUZ (i) the effective
transformation of ninety-seven percent (97%) of the derivatives transactions with derivatives into the Debt, as announced in the relevant matter disclosed on November 3, 2008; (ii) the total amount and payment conditions of the
derivatives transactions mentioned in the relevant matters of ARACRUZ published on September 25 and October 2, 2008, still outstanding; (iii) the total amount of the Debt; (iv) the restructuring of at least eighty percent
(80%) of the total face value of the Debt and the amortization period conditions and the cost of said restructuring, (v) the total amount, amortization period and cost regarding the portion of twenty percent (20%) of the total face
value of the Debt if it has not been restructured yet; (vi) that the maximum financial net indebtedness of ARACRUZ on the Closing Date does not exceed an amount in R$ equivalent to four billion and five hundred million US Dollars
(US$4,500,000,000.00); and certifying in relation to VCP that (i) the maximum financial net indebtedness of VCP on the Closing Date does not exceed an amount in R$ equivalent to five billion US Dollars (US$5,000,000,000.00); and the parties
hereby agree that the conditions mentioned in items (ii), (iv) and (v) of this item (c) are subject to the approval of BNDESPAR; 
 (d) submission of the minutes of the shareholders’ meeting of VCP in which the Capital Increase has been duly approved pursuant to this Investment Agreement, in due compliance with applicable legal formalities; 
 (e) submission of an instrument of assignment by VID on behalf of BNDESPAR concerning the preemptive rights that it has in the Capital Increase as defined
herein; 

 (f) submission of the subscription lists and the receipt of payment of shares issued by VCP and the second
series of Debentures issued by VID relative to the Additional Investment from BNDESPAR; 
 (g) submission of the subscription lists and a
document proving the payment of shares issued by VCP corresponding to the VID Investment and the Additional AFAC; 
 (h) submission by VID and
VCP of the certificate of good standing set forth in Section 4.1., letters (g) and (h); and 
 (i) compliance with the provisions of
Section 4.1.; letters (i) and (m). 
 CHAPTER V – REPRESENTATIONS AND WARRANTIES OF VID, VCP AND VPAR

 5.1. VID, VCP and VPAR represent and warrant to BNDESPAR that: 
 (a) the execution of this Agreement as well as the undertaking of and compliance with obligations arising herefrom do not depend on any authorizations from its decision-making and executive bodies nor do
they depend on any prior resolutions from the shareholders that may be required by virtue of any agreements, which have not already been obtained prior to the execution hereof; 
 (b) its legal representatives signing this Agreement have the necessary powers to undertake the obligations determined hereunder and, as attorneys-in-fact, their powers have been lawfully granted and the
corresponding powers of attorney are fully effective; and 
 (c) the execution of this Investment Agreement as well as the undertaking of and
compliance with obligations arising herefrom shall not directly or indirectly result in the total or partial breach of (i) any agreements or commitments of any kind entered into before the date of execution hereof to which VID, VCP and/or VPAR
are parties; (ii) any statutory or regulatory rules to which VID, VCP and/or VPAR are subject; and (iii) any judicial or administrative order or decision, even if preliminary, affecting VID and/or VPAR. 
 (d) there is no other agreement, nor shall there be any other agreement entered into by VID and/or VCP preventing compliance with the obligations set forth
herein. 
 5.2. VCP represents and warrants to BNDESPAR that: 
 (a) there are no other derivatives agreements entered into by ARACRUZ which are not in full compliance with the Financial Policy approved by the board of Directors of ARACRUZ , except for those mentioned
in the relevant matters of ARACRUZ published on September 25 and October 2, 2008; and 
 (b) the information provided by VCP in the
relevant matter published October 13, 2008, concerning the situation of VCP in relation to the derivatives transactions is true and has not suffered changes. 
 CHAPTER VI – CLOSING DATE 
 6.1. The Closing Date shall be deemed the date of
execution hereof. 

 CHAPTER VII – ADDITIONAL OBLIGATIONS OF VID, VCP and VPAR 
 7.1. VID, VCP and VPAR undertake before BNDESPAR to comply with the following obligations: 
 (a) to adopt measures and actions intended to avoid or correct damages to the environment, occupational medicine and safety which may be caused on account of the activities carried out by VCP and/or its
controlled companies; 
 (b) to maintain in good standing its obligations with regard to federal, state and municipal taxes, social security
contributions and obligations relative to the Unemployment Compensation Fund (FGTS) as well as with the proper Environmental Agencies; 
 (c) to
use the funds regarding the BNDESPAR Investment solely for the purposes mentioned herein; and 
 (d) to comply, as the case may be, with the
“PROVISIONS APPLICABLE TO BNDES AGREEMENTS” approved by Resolution No. 665, dated December 10, 1987, as partially amended by Resolution No. 775, dated December 16, 1991, by Resolution No. 863, dated March 11,
1996, by Resolution No. 878, dated September 4, 1996, by Resolution No. 894, dated March 6, 1997, by Resolution No. 927, dated April 1, 1998, by Resolution No. 976, dated September 24, 2001, and by Resolution
No. 1571, dated March 4, 2008, all from the Executive Board of the BNDES, published on the Federal Official Gazette (Section I), dated December 29, 1987, December 27, 1991, April 8, 1996, September 24,
1996, March 19, 1997, April 15, 1998, October 31, 2001 and March 25, 2008, respectively, for all legal purposes and effects, even with regard to the events of breach of contract (“Exhibit 7.1(d)”).

 7.2. VID and VCP agree to conclude, within one hundred and eighty (180) days counted as from the date of execution hereof, a final
agreement with the creditor financial institutions representing eight percent (80%) of the face value of all the debts due and arising from the derivatives agreements mentioned in ARACRUZ’s relevant matters published on September 25
and October 2, 2008, pursuant to the Pre-Agreement or in equivalent or more favorable conditions to ARACRUZ. 
 7.2.1. The term included in
Section 7.2 above shall be automatically extended for no later than one hundred and eighty (180) days if the Final Agreement has not been concluded yet and provided that VID and/or VCP submit to BNDESPAR in writing the reasons why the
execution of the Final Agreement was not possible. 
 7.2.2. Should VID and VCP fail to conclude the Final Agreement with the aforementioned
financial institutions within three hundred and sixty (360) days counted as from the execution hereof, BNDESPAR may exercise the put option of the shares issued by VCP owned by it under the terms and conditions of the Call Option and Put Option
Agreement of Common and Preferred Shares Issued by VCP included in Exhibit 3.1.15. 
 7.2.3. BNDESPAR may also exercise the put option of the
shares issued by VCP owned by it under the terms and conditions of Exhibit 3.1.15 if, after the Final Agreement has been executed under the foregoing terms, it (i) is terminated by voluntary default of ARACRUZ or (ii) is annulled by an
arbitral or judicial decision rendered within one hundred and eighty (180) days after the execution of the Final Agreement. 
 7.3. VID and
VCP further agree to comply with applicable laws and to submit the Transaction described herein to the regulatory agencies, including the Securities Commission (CVM) and the Brazilian Antitrust System. 

 CHAPTER VIII – INDEMNITY 
 8.1. After the Acquisition, if VCP and/or ARACRUZ or any other company of the Votorantim group is bound by a final arbitral or judicial decision or by an
irrevocable and irreversible amicable settlement to indemnify one or more owners of securities issued by ARACRUZ by operation of judicial proceedings that said owners are bringing or may bring against ARACRUZ on account of the financial transactions
announced in the relevant matters of September 25 and October 2, 2008, VID and/or VCP and/or their successors agree to indemnify BNDESPAR in Brazilian currency for the total amount of losses incurred in the proportion of the equity
interest held by BNDESPAR in VCP. 
 CHAPTER IX – CONFIDENTIALITY 
 9.1. As from the date of execution hereof, the Parties agree to maintain confidential all the confidential documents and information regarding VCP or
ARACRUZ or the Parties, including non-public information concerning the proposed or potential commercial strategy, transactions, financial matters and other matters relative to VCP or ARACRUZ or the Parties (the “Confidential
Information”), unless it may be evidenced that such information: (i) is found in the public domain, irrespective of fault of any of the Parties; or (ii) was subsequently and legally acquired by any of the Parties from other sources
without breaching any law, regulation, an order from a governmental authority or a confidentiality obligation . The Confidential Information may only be disclosed in the event that any of the Parties is compelled to disclose the Confidential
Information by operation of law, regulation, an order from a governmental authority or on account of a final judicial decision. Each of the Parties may at any time request from the other Party clarifications on the Confidential Information disclosed
by it. 
 CHAPTER X – EFFECTIVENESS 
 10.1 This Investment Agreement shall become effective on the Closing Date and shall remain effective for the time necessary for the compliance with the obligations contemplated herein. 
 10.2. Notwithstanding the provisions of Section 10.1, this Investment Agreement shall be terminated if the Conditions Precedent for the Initial
Investment from BNDESPAR are not implemented by the end of the period for exercising the preemptive rights in the Capital Increase and one of the Parties notifies the other Parties of the termination hereof. 
 10.3. Notwithstanding the provisions of Section 10.1, this Investment Agreement shall be terminated by operation of law if ARAINVEST exercises its
preemptive rights. 
 10.4. At any time before the completion of the Initial Investment from BNDESPAR, VID and VCP, at their sole discretion,
may waive the Acquisition, in which event they shall immediately notify BNDESPAR of their decision and shall deem this Agreement terminated, and a charge for the reserve of funds in the amount of twelve million Reais (R$12,000,000.00) shall
be due to BNDESPAR. 
 CHAPTER VI – MISCELLANEOUS 
 11.1. Breach of Non-financial Obligations. In the event of breach of any non-financial obligation undertaken by VID and VPAR hereunder, the PROVISIONS APPLICABLE TO BNDES AGREEMENTS shall apply,
especially articles 39 and 40 contemplating the possibility of acceleration of maturity of the agreements entered into with the BNDES System to which VID, VCP and/or VPAR are parties. 
 11.2. Disclosure. VCP agrees, as a publicly-held company, to proceed with the disclosure required by applicable law of the terms and conditions hereof. 

 11.3. Irrevocability and Assignment. This Investment Agreement is entered into irrevocably and irreversibly,
except in the events set forth herein, and it is binding on the Parties and their respective successors on any account and shall not be subject to assignment or transfer, whether wholly or in part, except with the other Parties’ prior consent
in writing. 
 11.4. Intervening Consenting Party. VPAR executes this Agreement in the capacity as intervening consenting party, acknowledges
its terms and conditions and agrees to comply with all of its obligations in the conditions set forth herein. 
 11.5. Invalidity. If any term
or provision stipulated herein is deemed null, illegal, unenforceable or inapplicable by virtue of a legal provision or a final judicial decision, all the other conditions and provisions contained herein shall remain fully effective, in which event
the Parties shall negotiate in good faith an amendment hereto aimed at reestablishing the original scope of the Parties to the best extent possible. 
 11.6. Waiver of Rights. On the best terms of the law, the Parties acknowledge that, except as expressly provided for herein: (i) the failure to exercise, the extension of a period, the forbearance, or the delay to exercise any right
that is ensured by this Investment Agreement or by applicable law shall not be deemed a novation or waiver of such right; (ii) the partial exercise of such right shall not prevent the subsequent exercise of the rest of such right, or the
exercise of any other right; (iii) the waiver of any right shall only be valid if granted in writing; and (iv) the waiver of a right shall be construed restrictively and shall not be deemed a waiver of any other right granted hereunder.

 11.7. Amendments. The provisions hereof may only be amended or waived by means of a written instrument executed by all the Parties.

 11.8. Communications: All the notices and notifications or any other kind of communication to be delivered pursuant to this Investment
Agreement shall be addressed as follows, at all times in writing: 
 To BNDESPAR: 
 Av. República do Chile, 100 
 Rio de Janeiro, RJ, Brasil 
 Postal Code: 20031-917 
 Fax: 21-2220-2907

 Attn: Superintendente da Área de Mercados Capitais – AMC (Superintendent of the Capital Market Area) 
 To VID: 
 Rua Amauri 255 – 13o andar
– Conjunto A 
 São Paulo, SP, Brasil 
 Fax: 11 3079-9345 
 Attn: Mr. Raul Calfat 
 With a copy to: 
 Rua Amauri 255 – 13o
andar – Conjunto A 
 São Paulo, SP, Brasil 
 Fax: 11 3079-9345 
 Attn: Mr. Alexandre D’Ambrósio 

 To VCP: 
 Alameda Santos, 1357 – 8o andar 
 São Paulo, SP, Brasil 
 Fax: 11 2138-4066 
 Attn: Mr. José Luciano Duarte Penido 
 With a copy to: 
 Rua Amauri 255 – 13o
andar – Conjunto A 
 São Paulo, SP, Brasil 
 Fax: 11 3079-9345 
 Attn: Mr. Alexandre D’Ambrósio 
 11.9.1. Notices and notifications or any other form of communication shall be deemed delivered on the date included in the return receipt, on the date of
acknowledgment of receipt of the fax message or on the date of formalization of the judicial or extrajudicial notification. 
 11.9.2. Copies of
any and all correspondence exchanged between the Parties on the matters included therein shall be sent to the other Parties as applicable. 
 11.9.3. Any changes in the addresses above shall be immediately communicated to the Parties and in the absence of said communication, the correspondence sent to the old address shall be deemed correctly sent and received for all factual and
legal purposes. 
 11.9. Specific Performance. The obligations undertaken herein shall be subject to specific performance and the aggrieved
Party shall be entitled to use any procedure to see the terms hereof respected and the obligations undertaken herein complied with. 
 11.10.
Applicable Law, Arbitration and Jurisdiction. This Investment Agreement shall be governed by and construed according to the laws of the Federative Republic of Brazil. The Parties agree that any dispute arising out of this Investment Agreement which
cannot be amicably settled by the Parties within a period of thirty (30) consecutive days not subject to extension shall be resolved by the BOVESPA’s Market Arbitration Chamber (the “Arbitration Chamber”) pursuant to its
Regulations (except with regard to the periods set forth therein, which shall be considered tripled), and this Section 11.10 shall be deemed an arbitration clause for the purposes of the provisions of paragraph 1 of article 4 of Law 9307/96.
The conduction and development of the arbitration proceedings shall be equally incumbent upon the Arbitration Chamber. 
 11.10.1. The Arbitral
Tribunal shall be composed of three (3) arbitrators, one of which shall be appointed by the Party intending to commence arbitration, the other arbitrator shall be appointed by the other Party and the third arbitrator, who shall serve as
Chairman of the Arbitral Tribunal, shall be appointed by the arbitrators selected by the Parties. Should any of the Parties fail to appoint an arbitrator and or should the arbitrators appointed fail to reach a consensus as to the third arbitrator,
the Chairman of the Arbitration Chamber shall appoint the third arbitrator as soon as possible. 
 11.10.2. The Parties acknowledge that any
arbitration order, decision or determination shall be final and binding and shall constitute a judicial execution instrument binding on the Parties and their successors, who agree to comply with the provisions of the arbitration award, regardless of
judicial execution. 
 11.10.3. Notwithstanding the foregoing, each Party remains entitled (a) to obtain any “provisional
measures” that are necessary before commencement of the arbitration proceedings and such measure shall not be construed as a waiver of the arbitration proceedings by the Parties; (b) to enforce any arbitration decision, including the final
arbitration award; and (c) to guarantee the formation of the arbitral tribunal. For such purpose, the Parties hereby elect the courts of the Judicial District of Rio de Janeiro, State of Rio de Janeiro, waiving any other court however
privileged it may be. 

 In witness whereof, the Parties and VPAR hereby execute this Agreement in three (3) counterparts of
equal contents and form in the presence of the two witnesses identified below. 
 The pages of this Agreement have been initialed by attorney(s)
of the BNDES System, upon authorization of the legal representative(s) who signed it. 
 Rio de Janeiro, January 19, 2009

 (signature page of the Investment Agreement entered into on January 19, 2009) 
 BNDES PARTICIPAÇÕES S.A. – BNDESPAR 
 1. (sgd) 
 Name: Luciano Coutinho 
 Title: Chief Executive Officer 
 2. (sgd) 
 Name: Eduardo (illegible) 
 Title: Executive Officer of BNDESPAR 
 VOTORANTIM INDUSTRIAL S.A. 
 1. (sgd) 

Name: Alexandre Silva D’Ambrósio 
 Title: (illegible) 
 2. (sgd) 
 Name: (illegible) 
 Title: (illegible) 
 VOTORANTIM CELULOSE E PAPEL S.A. 
 1. (sgd) 
 Name: 
 Title: 
 2. (sgd) 
 Name: 
 Title: 
 Intervening Consenting Party: 

VOTORANTIM PARTICIPAÇÕES S.A. 
 1.
(sgd) 
 Name: 
 Title: 
 2. (sgd) 
 Name: 
 Title: 
 Witnesses: 

 1. (sgd) 
 Name: Vania Cristina Nascimento 
 ID RG: (illegible)204-4 IFP 
 Taxpayer Card CIC: 66(illegible)7-15 
 2. (sgd) 
 Name: Edson da Silva Medeiros 
 ID RG: 073856630 IFP

 Taxpayer Card CIC: (illegible) 
 (sgd) 
 Mota Fernandes Rocha Advogados 
 (sgd) 
 Alice Ferreira Lopes 
 Manager 
 AMC/DEMEC/GEJUR1 
 (sgd) 
 Bruno Luiz dos Santos 
 Manager 
 AMC/DEINV/GEJUR3

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