Document:

EX-4.1

 

Exhibit 4.1

 

TELEMAR PARTICIPAÇÕES S.A.

AND

THE BANK OF NEW YORK

                              As Depositary

AND

OWNERS AND BENEFICIAL OWNERS OF

AMERICAN DEPOSITARY RECEIPTS

Deposit Agreement

Dated as of                     , 2006

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	PARTIES
	 	 	1	 
	 
	 	 	 	 
	RECITALS
	 	 	1	 
	 
	 	 	 	 
	ARTICLE 1 DEFINITIONS
	 	 	1	 
	SECTION 1.01 American Depositary Shares
	 	 	1	 
	SECTION 1.02 Beneficial Owner
	 	 	2	 
	SECTION 1.03 Business Day
	 	 	2	 
	SECTION 1.04 Commission
	 	 	2	 
	SECTION 1.05 Company
	 	 	2	 
	SECTION 1.06 Custodian
	 	 	2	 
	SECTION 1.07 Deposit Agreement
	 	 	2	 
	SECTION 1.08 Depositary; Corporate Trust Office
	 	 	2	 
	SECTION 1.09 Deposited Securities
	 	 	3	 
	SECTION 1.10 Dollars; Reais
	 	 	3	 
	SECTION 1.11 Foreign Currency
	 	 	3	 
	SECTION 1.12 Foreign Registrar
	 	 	3	 
	SECTION 1.13 Owner
	 	 	3	 
	SECTION 1.14 Pre-Release
	 	 	3	 
	SECTION 1.15 Receipts
	 	 	3	 
	SECTION 1.16 Registrar
	 	 	3	 
	SECTION 1.17 Regulation S
	 	 	4	 
	SECTION 1.18 Securities Act of 1933
	 	 	4	 
	SECTION 1.19 Shares
	 	 	4	 
	 
	 	 	 	 
	ARTICLE 2 FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER
OF RECEIPTS
	 	 	4	 
	SECTION 2.01 Form and Transferability of Receipts
	 	 	4	 
	SECTION 2.02 Deposit of Shares
	 	 	5	 
	SECTION 2.03 Execution and Delivery of Receipts
	 	 	6	 
	SECTION 2.04 Transfer of Receipts; Combination and Split-up of Receipts
	 	 	7	 
	SECTION 2.05 Surrender of Receipts and Withdrawal of Shares
	 	 	7	 
	SECTION 2.06 Limitations on Execution and Delivery, Transfer and Surrender of Receipts.
	 	 	8	 

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	 	 	Page	 
	SECTION 2.07
Lost Receipts, etc.
	 	 	9	 
	SECTION 2.08 Cancellation and Destruction of Surrendered Receipts
	 	 	10	 
	SECTION 2.09 Pre-Release of Receipts
	 	 	10	 
	SECTION 2.10 Maintenance of Records
	 	 	11	 
	 
	 	 	 	 
	ARTICLE 3 CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS
	 	 	11	 
	SECTION 3.01 Filing Proofs, Certificates and Other Information
	 	 	11	 
	SECTION 3.02 Liability of Owner or Beneficial Owner for Taxes
	 	 	11	 
	SECTION 3.03 Warranties on Deposit of Shares
	 	 	12	 
	SECTION 3.04 Disclosure of Interests
	 	 	12	 
	SECTION 3.05 Delivery of Information to the CVM
	 	 	12	 
	 
	 	 	 	 
	ARTICLE 4 THE DEPOSITED SECURITIES
	 	 	13	 
	SECTION 4.01 Cash Distributions
	 	 	13	 
	SECTION 4.02 Distributions Other Than Cash, Shares or Rights
	 	 	13	 
	SECTION 4.03 Distributions in Shares
	 	 	14	 
	SECTION 4.04 Rights
	 	 	14	 
	SECTION 4.05 Conversion of Foreign Currency
	 	 	16	 
	SECTION 4.06 Fixing of Record Date
	 	 	17	 
	SECTION 4.07 Voting of Deposited Securities
	 	 	18	 
	SECTION 4.08 Changes Affecting Deposited Securities
	 	 	19	 
	SECTION 4.09 Reports
	 	 	19	 
	SECTION 4.10 Lists of Owners
	 	 	20	 
	SECTION 4.11 Withholding
	 	 	20	 
	 
	 	 	 	 
	ARTICLE 5 THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY
	 	 	21	 
	SECTION 5.01 Maintenance of Office and Transfer Books by the Depositary
	 	 	21	 
	SECTION 5.02 Prevention or Delay in Performance by the Depositary or the Company
	 	 	22	 
	SECTION 5.03 Obligations of the Depositary, the Custodian and the Company
	 	 	22	 
	SECTION 5.04 Resignation and Removal of the Depositary
	 	 	23	 
	SECTION 5.05 The Custodian
	 	 	24	 
	SECTION 5.06 Notices and Reports
	 	 	25	 
	SECTION 5.07
Distribution of Additional Shares, Rights, etc.
	 	 	25	 
	SECTION 5.08 Charges of Depositary
	 	 	26	 
	SECTION 5.09 Exclusivity
	 	 	27	 

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	 	 	Page	 
	ARTICLE 6 AMENDMENT AND TERMINATION
	 	 	27	 
	SECTION 6.01 Amendment
	 	 	27	 
	SECTION 6.02 Termination
	 	 	28	 
	 
	 	 	 	 
	ARTICLE 7 MISCELLANEOUS
	 	 	29	 
	SECTION 7.01 Counterparts
	 	 	29	 
	SECTION 7.02 No Third Party Beneficiaries
	 	 	29	 
	SECTION 7.03 Severability
	 	 	29	 
	SECTION 7.04 Binding Effect on Owners and Beneficial Owners
	 	 	29	 
	SECTION 7.05 Notices
	 	 	29	 
	SECTION 7.06 Governing Law
	 	 	30	 
	SECTION 7.07 Headings
	 	 	30	 

- iii -

 

DEPOSIT AGREEMENT

          DEPOSIT AGREEMENT, dated as of                     , 2006, among TELEMAR PARTICIPAÇÕES S.A., a
sociedade anônima de economia mista (a limited liability company) organized under the laws
of the Federative Republic of Brazil (herein called the Company), THE BANK OF NEW YORK, a New York
banking corporation (herein called the Depositary), and all Owners and Beneficial Owners from time
to time of American Depositary Receipts issued hereunder.

WITNESSETH

          WHEREAS, the Company desires to provide, as hereinafter set forth in this Deposit Agreement,
for the deposit of Shares (as hereinafter defined) of the Company from time to time with the
Depositary or with the Custodian (as hereinafter defined), as agent of the Depositary for the
purposes set forth in this Deposit Agreement, for the creation of American Depositary Shares
representing the Shares so deposited and for the execution and delivery of American Depositary
Receipts evidencing the American Depositary Shares; and

          WHEREAS, the American Depositary Receipts are to be substantially in the form of Exhibit A
annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided
in this Deposit Agreement;

          NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties
hereto as follows:

			
	ARTICLE 1	 	DEFINITIONS

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

     SECTION 1.01 American Depositary Shares.

          The term “American Depositary Shares” shall mean the securities representing the interests in
the Deposited Securities and evidenced by the Receipts issued hereunder. Each American Depositary
Share shall represent 1,000 Shares, until there shall occur a distribution upon Deposited
Securities covered by Section 4.03 or a change in Deposited Securities covered by Section 4.08 or
otherwise with respect to which additional Receipts are not executed and delivered, and thereafter
American Depositary Shares shall evidence the amount of Shares or Deposited Securities specified in
such Sections.

 

 

     SECTION 1.02 Beneficial Owner.

          The term “Beneficial Owner” shall be any person who has a beneficial interest in any American
Depositary Share.

     SECTION 1.03 Business Day.

          The term “Business Day” shall mean any day on which both banks in Brazil and banks in New
York, New York are not required or authorized by law to close.

     SECTION 1.04 Commission.

          The term “Commission” shall mean the Securities and Exchange Commission of the United States
or any successor governmental agency in the United States.

     SECTION 1.05 Company.

          The term “Company” shall mean Telemar Participações S.A., incorporated under the laws of
Brazil, and its successors.

     SECTION 1.06 Custodian.

          The term “Custodian” shall mean the principal São Paulo, Brazil office of Banco Itaú, as agent
of the Depositary for the purposes of this Deposit Agreement, and any other firm or corporation
which may hereafter be appointed by the Depositary pursuant to the terms of Section 5.05, as
substitute custodian hereunder, as the context shall require.

     SECTION 1.07 Deposit Agreement.

          The term “Deposit Agreement” shall mean this Deposit Agreement, including the Exhibits hereto,
as the same may be amended from time to time in accordance with the provisions hereof.

     SECTION 1.08 Depositary; Corporate Trust Office.

          The term “Depositary” shall mean The Bank of New York, a New York banking corporation, and any
successor as depositary hereunder. The term “Corporate Trust Office”, when used with respect to
the Depositary, shall mean the office of the Depositary which at the date of this Deposit Agreement
is 101 Barclay Street, New York, New York 10286.

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     SECTION 1.09 Deposited Securities.

          The term “Deposited Securities” as of any time shall mean Shares at such time deposited or
deemed to be deposited (including as contemplated under Section 2.09) under this Deposit Agreement
and any and all other securities, property and cash received or deemed to be received by the
Depositary or the Custodian in respect or in lieu of such deposited Shares and at such time held
hereunder, subject as to cash to the provisions of Section 4.05.

     SECTION 1.10 Dollars; Reais.

          The term “Dollars” shall mean United States dollars. The term “Reais” shall mean the lawful
currency of Brazil.

     SECTION 1.11 Foreign Currency.

          The term “Foreign Currency” shall mean currency other than Dollars.

     SECTION 1.12 Foreign Registrar.

          The term “Foreign Registrar” shall mean the entity that presently carries out the duties of
registrar for the Shares or any successor as registrar for the Shares and any other appointed agent
of the Company for the transfer and registration of Shares.

     SECTION 1.13 Owner.

          The term “Owner” shall mean the person in whose name a Receipt is registered on the books of
the Depositary maintained for such purpose.

     SECTION 1.14 Pre-Release.

          The term “Pre-Release” shall have the meaning set forth in Section 2.09.

     SECTION 1.15 Receipts.

          The term “Receipts” shall mean the American Depositary Receipts issued hereunder evidencing
American Depositary Shares, as the same may be amended from time to time in accordance with the
provisions hereof.

     SECTION 1.16 Registrar.

          The term “Registrar” shall mean any bank or trust company having an office in the Borough of
Manhattan, The City of New York, which shall be appointed to register Receipts and transfers of
Receipts as herein provided.

- 3 -

 

     SECTION 1.17 Regulation S.

          The term “Regulation S” shall mean Rules 901 through 904, inclusive, under the Securities Act
of 1933, as such Rules may from time to time be amended.

     SECTION 1.18 Securities Act of 1933.

          The term “Securities Act of 1933” shall mean the United States Securities Act of 1933, as from
time to time amended.

     SECTION 1.19 Shares.

          The term “Shares” shall mean shares of the Company’s common stock, without par value, in
registered form, heretofore validly issued and outstanding and fully paid, nonassessable and free
of any pre-emptive rights of the holders of outstanding Shares or hereafter validly issued,
subscribed and outstanding and fully paid, nonassessable and free of any pre-emptive rights of the
holders of outstanding Shares or interim certificates representing such Shares; provided,
however, that, if there shall occur any change in nominal value, a split-up or
consolidation or any other reclassification or, upon the occurrence of an event described in
Section 4.08, an exchange or conversion in respect of the Shares of the Company, the term “Shares”
shall thereafter also mean the successor securities resulting from such change in nominal value,
split-up or consolidation or such other reclassification or such exchange or conversion.

			
	ARTICLE 2	 	FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND
DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS

     SECTION 2.01 Form and Transferability of Receipts.

          Definitive Receipts shall be engraved or printed or lithographed on steel-engraved borders or
such other form as may be acceptable to the New York Stock Exchange and shall be substantially in
the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided. No Receipt shall be entitled to any benefits
under this Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt shall
have been executed by the Depositary by the manual signature of a duly authorized signatory of the
Depositary; provided, however, that such signature may be a facsimile if a
Registrar for the Receipts shall have been appointed and such Receipts are countersigned by the
manual signature of a duly authorized officer of the Registrar. Receipts may be issued in
denominations of any whole number of American Depositary Shares. The Depositary shall maintain
books on which each Receipt so executed and delivered as hereinafter provided and the transfer of
each such Receipt shall be registered. Receipts bearing the facsimile signature of a duly
authorized signatory of the Depositary who was at any time a proper signatory of the Depositary
shall bind the Depositary, notwithstanding that such signatory has ceased to hold such office prior
to the execution and delivery of such

- 4 -

 

Receipts by the Registrar or did not hold such office on the date of issuance of such
Receipts.

          The Receipts may be endorsed with or have incorporated in the text thereof such legends or
recitals or modifications not inconsistent with the provisions of this Deposit Agreement or with
any provisions of the Company’s charter or Brazilian law as may be reasonably required by the
Depositary in order to comply with any applicable law or regulations thereunder or with the rules
and regulations of any securities exchange upon which American Depositary Shares may be listed or
to conform with any usage with respect thereto, or to indicate any special limitations or
restrictions to which any particular Receipts are subject by reason of the date of issuance of the
underlying Deposited Securities or otherwise.

          Title to a Receipt (and to the American Depositary Shares evidenced thereby), when properly
endorsed or accompanied by proper instruments of transfer, shall be transferable by delivery with
the same effect as in the case of a negotiable instrument; provided, however, that
the Depositary and the Company, notwithstanding any notice to the contrary, may treat the Owner
thereof as the absolute owner thereof for the purpose of determining the person entitled to
distribution of dividends or other distributions or to any notice provided for in this Deposit
Agreement and for all other purposes.

     SECTION 2.02 Deposit of Shares.

          Subject to the terms and conditions of this Deposit Agreement, Shares, or evidence of rights
to receive Shares to the extent permitted by Section 2.09, may be deposited by book-entry delivery
thereof to any Custodian hereunder, accompanied by any appropriate instrument or instruments of
transfer, or endorsement, in form satisfactory to the Custodian, together with all such
certifications as may be required by the Depositary, the Custodian or the Company in accordance
with the provision of this Deposit Agreement, and, if the Depositary requires, together with a
written order directing the Depositary to execute and deliver to, or upon the written order of, the
person or persons stated in such order, a Receipt or Receipts for the number of American Depositary
Shares representing such deposit. No Share shall be accepted for deposit unless accompanied by
evidence satisfactory to the Depositary that any necessary approval has been granted by the
governmental body or bodies in Brazil which is or are then regulating currency exchange. If
required by the Depositary, Shares presented for deposit at any time, whether or not the transfer
books of the Company or the Foreign Registrar, if applicable, are closed, shall also be accompanied
by (i) an agreement or assignment, or other instrument satisfactory to the Depositary, which will
provide for the prompt transfer to the Custodian of any dividend, or right to subscribe for
additional Shares or to receive other property which any person in whose name the Shares are or
have been recorded may thereafter receive upon or in respect of such deposited Shares, or in lieu
thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary
and (ii) if the Shares are registered in the name of the person on whose

- 5 -

 

behalf they are presented for deposit, a proxy or proxies entitling the Custodian to vote such
deposited Shares for any and all purposes until the Shares are registered in the name of the
Custodian or its nominees.

          At the request and risk and expense of any person proposing to deposit Shares, and for the
account of such person, the Depositary may receive certificates for Shares to be deposited,
together with the other instruments herein specified, for the purpose of forwarding such Share
certificates to the Custodian for deposit hereunder.

          Upon each delivery to a Custodian of Shares to be deposited hereunder, together with the other
documents above specified, such Custodian shall, as soon as transfer and recordation can be
accomplished, present such evidence of ownership to the Company or the Foreign Registrar, if
applicable, for transfer and recordation of the Shares being deposited in the name of the
Depositary or its nominee or such Custodian or its nominee at the cost and expense of the person
making such deposit (or for whose benefit such deposit is made) and shall obtain evidence
satisfactory to it of such registration.

          Deposited Securities shall be held by the Depositary or by a Custodian for the account and to
the order of the Depositary or at such other place or places as the Depositary shall determine.

     SECTION 2.03 Execution and Delivery of Receipts.

          Upon receipt by any Custodian of any deposit pursuant to Section 2.02 hereunder (and in
addition, if the transfer books of the Company or the Foreign Registrar, if applicable, are open,
the Depositary may in its sole discretion require a proper acknowledgment or other evidence from
the Company or the Foreign Registrar, as the case may be, that any Deposited Securities have been
recorded upon the books of the Company or the Foreign Registrar, if applicable, in the name of the
Depositary or its nominee or such Custodian or its nominee), together with the other documents
required as above specified, such Custodian shall notify the Depositary of such deposit and the
person or persons to whom or upon whose written order a Receipt or Receipts are deliverable in
respect thereof and the number of American Depositary Shares to be evidenced thereby. Such
notification shall be made by letter or, at the request, risk and expense of the person making the
deposit, by cable, telex or facsimile transmission. Upon receiving such notice from such
Custodian, or upon the receipt of Shares by the Depositary, the Depositary, subject to the terms
and conditions of this Deposit Agreement, shall, as promptly as practicable, execute and deliver at
its Corporate Trust Office, to or upon the order of the person or persons entitled thereto, a
Receipt or Receipts, registered in the name or names and evidencing any authorized number of
American Depositary Shares requested by such person or persons, but only upon payment to the
Depositary of the fees of the Depositary for the execution and delivery of such Receipt or Receipts
as provided in Section 5.09, and of all taxes and governmental charges and fees, if any, payable in
connection with such deposit and the transfer of the

- 6 -

 

Deposited Securities. The Depositary shall not issue Receipts except in accordance with this
Section 2.03 and Sections 2.04, 2.07, 2.09, 4.03, 4.04 and 4.08.

     SECTION 2.04 Transfer of Receipts; Combination and Split-up of Receipts.

          The Depositary, subject to the terms and conditions of this Deposit Agreement, shall register
transfers of Receipts on its transfer books from time to time, upon any surrender of a Receipt, by
the Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper
instruments of transfer, and duly stamped as may be required by the laws of the State of New York
and of the United States of America. Thereupon the Depositary shall execute a new Receipt or
Receipts and deliver the same to or upon the order of the person entitled thereto.

          The Depositary, subject to the terms and conditions of this Deposit Agreement, shall upon
surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such
Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number of
American Depositary Shares requested, evidencing the same aggregate number of American Depositary
Shares as the Receipt or Receipts surrendered.

          The Depositary may appoint, upon at least 20 days’ written notice to the Company, one or more
co-transfer agents, reasonably acceptable to the Company, for the purpose of effecting transfers,
combinations and split-ups of Receipts 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 Owners or persons entitled to Receipts and will be
entitled to protection and indemnity to the same extent as the Depositary.

     SECTION 2.05 Surrender of Receipts and Withdrawal of Shares.

          Upon surrender at the Corporate Trust Office of the Depositary of a Receipt for the purpose of
withdrawal of the Deposited Securities represented by the American Depositary Shares evidenced by
such Receipt, and upon payment of the fee of the Depositary for the surrender of Receipts as
provided in Section 5.09 and payment of all taxes and governmental charges, if any, payable in
connection with such surrender and withdrawal of the Deposited Securities, and subject to the terms
and conditions of this Deposit Agreement and the Company’s Charter, the Owner of such Receipt shall
be entitled to delivery, to him or upon his order, of the amount of Deposited Securities at the
time represented by the American Depositary Shares evidenced by such Receipt. Delivery of such
Deposited Securities may be made by (a)(i) the delivery of certificates in the name of such Owner
or as ordered by him or certificates properly endorsed or accompanied by proper instruments of
transfer to such Owner or as ordered by him, or (ii) book-entry transfer of the Shares represented
by such Receipt to an account in the name of such Owner or as ordered by him, and (b) delivery of
any other securities,

- 7 -

 

property and cash to which such Owner is then entitled in respect of such Receipts to such
Owner or as ordered by him. Such delivery shall be made, as promptly as practicable, as
hereinafter provided.

          A Receipt surrendered for such purposes may be required by the Depositary to be properly
endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary
so requires, the Owner thereof shall execute and deliver 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 a person or persons designated in such order. Thereupon the Depositary
shall, as promptly as practicable, direct the Custodian to deliver at the São Paulo office of such
Custodian, subject to Sections 2.06, 3.01 and 3.02 and to the other terms and conditions of this
Deposit Agreement and the Company’s Charter, to or upon the written order of the person or persons
designated in the order delivered to the Depositary as above provided, the amount of Deposited
Securities represented by the American Depositary Shares evidenced by such Receipt, except that the
Depositary may make delivery to such person or persons at the Corporate Trust Office of the
Depositary of any dividends or distributions with respect to the Deposited Securities represented
by the American Depositary Shares evidenced by such Receipt, or of any proceeds of sale of any
dividends, distributions or rights, which may at the time be held by the Depositary.

          At the request, risk and expense of any Owner so surrendering a Receipt, and for the account
of such Owner, the Depositary shall direct the Custodian to forward any cash or other property
(other than rights) comprising, and forward a certificate or certificates and other proper
documents of title for, the Deposited Securities represented by the American Depositary Shares
evidenced by such Receipt to the Depositary for delivery at the Corporate Trust Office of the
Depositary. Such direction shall be given by letter or, at the request, risk and expense of such
Owner, by cable, telex or facsimile transmission.

          Neither the Depositary nor the Custodian shall deliver Shares, by physical delivery,
book-entry or otherwise (other than to the Company or its agent as contemplated by Section 4.08),
or otherwise permit Shares to be withdrawn from the facility created hereby, except upon the
surrender and cancellation of Receipts or in connection with a sale permitted under Section 3.02,
4.03, 4.11 or 6.02.

     SECTION 2.06 Limitations on Execution and Delivery, Transfer and Surrender of
Receipts.

          As a condition precedent to the execution and delivery, registration of transfer, split-up,
combination or surrender of any Receipt, the delivery of any distribution thereon, or withdrawal
of any Deposited Securities, the Company, Depositary, Custodian or Registrar may require payment
from the depositor of Shares or the presenter of the Receipt of a sum sufficient to reimburse it
for any tax or other governmental charge and any stock transfer or registration fee with respect
thereto

- 8 -

 

(including any such tax, charge or fee with respect to Shares being deposited or withdrawn)
and payment of any fees of the Depositary as provided in Section 5.09, may require the production
of proof satisfactory to it as to the identity and genuineness of any signature and may also
require compliance with such reasonable regulations the Depositary may establish consistent with
the provisions of this Deposit Agreement, including, without limitation, this Section 2.06.

          The delivery of Receipts against deposits of Shares generally or against deposits of
particular Shares may be suspended, or the transfer of Receipts in particular instances may be
refused, or the registration of transfer of outstanding Receipts or the combination or split-up of
Receipts generally may be suspended, during any period when the transfer books of the Depositary
are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company
at any time or from time to time because of any requirement of law or of any government or
governmental body or commission, or under any provision of this Deposit Agreement, or for any other
reason, subject to the provisions of the following sentence. Notwithstanding any other provision
of this Deposit Agreement or the Receipts, the surrender of outstanding Receipts and withdrawal of
Deposited Securities may be suspended only for (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
Receipts or to the withdrawal of the Deposited Securities, or (iv) any other reason that may at any
time be specified in paragraph I(A)(1) of the General Instructions to Form F-6, as from time to
time in effect, or any successor provision thereto. Without limitation of the foregoing, the
Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares required
to be registered under the provisions of the Securities Act of 1933, unless a registration
statement is in effect as to such Shares. The Depositary will comply with written instructions of
the Company that the Depositary shall not 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 in the United
States.

     SECTION 2.07 Lost Receipts, etc.

          In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary shall
execute and deliver a new Receipt of like tenor in exchange and substitution for such mutilated
Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or
stolen Receipt. Before the Depositary shall execute and deliver a new Receipt in substitution for
a destroyed, lost or stolen Receipt, the Owner thereof shall have (a) filed with the Depositary (i)
a request for such execution and delivery before the Depositary has notice that the Receipt has
been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and (b) satisfied any
other reasonable requirements imposed by the Depositary.

- 9 -

 

     SECTION 2.08 Cancellation and Destruction of Surrendered Receipts.

          All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The
Depositary is authorized to destroy Receipts so cancelled, subject to Section 2.10.

     SECTION 2.09 Pre-Release of Receipts.

          The Depositary may issue Receipts against rights to receive Shares from the Company (or any
agent of the Company recording Share ownership). No such issue of Receipts will be deemed a
“Pre-Release” subject to the restrictions of the following paragraph.

          Unless requested by the Company to cease doing so, the Depositary may, notwithstanding Section
2.03 hereof, execute and deliver Receipts prior to the receipt of Shares pursuant to Section 2.02
(“Pre-Release”). The Depositary may, pursuant to Section 2.05, deliver Shares upon the receipt and
cancellation of Receipts which have been Pre-Released, whether or not such cancellation is prior to
the termination of such Pre-Release or the Depositary knows that such Receipt has been
Pre-Released. The Depositary may receive Receipts in lieu of Shares in satisfaction of a
Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation and
agreement from the person to whom Receipts are to be delivered (the “Pre-Releasee”) that the
Pre-Releasee, or its customer, (i) owns the Shares or Receipts to be remitted, as the case may be,
(ii) assigns all beneficial right, title and interest in such Shares or Receipts, as the case may
be, to the Depositary for the benefit of the Owners, and (iii) agrees in effect to hold such Shares
or Receipts, as the case may be, for the account of the Depositary until delivery of the same upon
the Depositary’s request, (b) at all times fully collateralized with cash or U.S. government
securities, (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 number of American Depositary Shares which are outstanding at any time as a result of
Pre-Releases will not normally exceed thirty percent (30%) of the American Depositary Shares
outstanding (without giving effect to American Depositary Shares evidenced by Receipts outstanding
as a result of Pre-Release); provided, however, that the Depositary reserves the right to disregard
such limit from time to time as it deems appropriate and may, with the prior written consent of the
Company, change such limit for purposes of general application. The Depositary will also set
limits with respect to the number of Pre-Released Receipts involved in transactions to be done
hereunder with any one person on a case by case basis as it deems appropriate. The collateral
referred to in clause (b) above shall be held by the Depositary for the benefit of the Owners as
security for the performance of the obligations to deliver Shares or Receipts set forth in clause
(a) above (and shall not, for the avoidance of doubt, constitute Deposited Securities hereunder).

          The Depositary may retain for its own account any compensation received by it in connection
with the foregoing.

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     SECTION 2.10 Maintenance of Records.

          The Depositary agrees to maintain or cause its agents to maintain records of all Receipts
surrendered and Deposited Securities withdrawn under Section 2.05, substitute Receipts delivered
under Section 2.07, and of cancelled or destroyed Receipts under Section 2.08, in keeping with
procedures ordinarily followed by stock transfer agents located in The City of New York or as
required by the laws or regulations governing the Depositary. Prior to destroying any such
records, the Depositary will notify the Company and will turn such records over to the Company upon
its request.

			
	ARTICLE 3	 	CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS

     SECTION 3.01 Filing Proofs, Certificates and Other Information.

          Any person presenting Shares for deposit or any Owner of a Receipt may be required from time
to time to file with the Depositary or the Custodian such proof of citizenship or residence,
exchange control approval, legal or beneficial ownership of Receipts, Deposited Securities or other
securities, compliance with all applicable laws or regulations or terms of this Deposit Agreement
or the Receipts, or such information relating to the registration on the books of the Company or
the Foreign Registrar, if applicable, to execute such certificates and to make such representations
and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the
delivery or registration of transfer of any Receipt or the distribution of any dividend or sale or
distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until
such proof or other information is filed or such certificates are executed or such representations
and warranties made. The Depositary shall from time to time advise the Company of the availability
of any such proofs, certificates or other information and shall provide copies thereof to the
Company as promptly as practicable upon request by the Company, unless such disclosure is
prohibited by law.

     SECTION 3.02 Liability of Owner or Beneficial Owner for Taxes.

          If any tax or other governmental charge shall become payable by the Custodian or the
Depositary with respect to any Receipt or any Deposited Securities represented by any Receipt, such
tax or other governmental charge shall be payable by the Owner or Beneficial Owner of such Receipt
to the Depositary. The Depositary may refuse to effect any transfer of such Receipt or any
combination or split-up thereof or any withdrawal of Deposited Securities represented by American
Depositary Shares evidenced by such Receipt until such payment is made, and may withhold any
dividends or other distributions, or may sell for the account of the Owner or Beneficial Owner
thereof any part or all of the Deposited Securities represented by the American Depositary Shares
evidenced by such Receipt, and may apply such dividends or other distributions or the proceeds of
any such sale in payment of such tax or other governmental charge (and any taxes or expenses
arising out of such sale), and the Owner or Beneficial Owner of such Receipt shall remain liable
for any deficiency.

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     SECTION 3.03 Warranties on Deposit of Shares.

          Every person depositing Shares under this Deposit Agreement shall be deemed thereby to
represent and warrant that such Shares and each certificate therefor are validly issued, fully
paid, nonassessable and free of any preemptive rights of the holders of outstanding Shares and that
the person making such deposit is duly authorized so to do. Every such person shall also be deemed
to represent that (i) the Shares presented for deposit are not, and the Receipts issuable upon such
deposit will not be, restricted securities within the meaning of Rule 144(a)(3) under the
Securities Act of 1933, and (ii) the deposit of such Shares and the sale of Receipts evidencing
American Depositary Shares representing such Shares by that person are not otherwise restricted
under the Securities Act of 1933. Such representations and warranties shall survive the deposit of
Shares and issuance of Receipts.

     SECTION 3.04 Disclosure of Interests.

          To the extent that provisions of or governing any Deposited Securities (including the
Company’s Charter or applicable law) may require the disclosure of beneficial or other ownership of
Deposited Securities, other Shares and other securities to the Company and may provide for blocking
transfer and voting or other rights to enforce such disclosure or limit such ownership, the
Depositary shall use its best efforts that are reasonable under the circumstances to comply with
Company instructions as to Receipts in respect of any such enforcement or limitation, and Owners
and Beneficial Owners shall comply with all such disclosure requirements and ownership limitations
and shall cooperate with the Depositary’s compliance with such Company instructions.

     SECTION 3.05 Delivery of Information to the CVM.

          Each of the Depositary and the Company hereby confirms to the other that for as long as the
Deposit Agreement is in effect, it shall furnish the CVM and the Central Bank, at any time and
within the period that may be determined, with any information and documents related to the Global
Depositary Receipt program and the Receipts issued hereunder. In the event that the Depositary or
the Custodian shall be advised in writing by reputable independent Brazilian counsel that the
Depositary or Custodian reasonably could be subject to criminal, or material, as reasonably
determined by the Depositary, civil, liabilities as a result of the Company having failed to
provide such information or documents reasonably available only through the Company, the Depositary
shall have the right to terminate this Deposit Agreement, upon at least 15 days’ prior notice to
the Owners and the Company, and the Depositary shall not be subject to any liability hereunder on
account of such termination or such determination. The effect of any such termination of this
Deposit Agreement shall be as provided in Section 6.02.

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	ARTICLE 4	 	THE DEPOSITED SECURITIES

     SECTION 4.01 Cash Distributions.

          Whenever the Depositary, or on its behalf, its agent, shall receive any cash dividend or other
cash distribution on any Deposited Securities, the Depositary shall, or shall cause its agent, as
promptly as practicable, subject to the provisions of Section 4.05, to convert such dividend or
distribution into Dollars and shall, as promptly as practicable, distribute the amount thus
received (net of the expenses of the Depositary as provided in Section 5.09) to the Owners entitled
thereto, in proportion to the number of American Depositary Shares representing such Deposited
Securities held by them respectively; provided, however, that in the event that the Company or the
Depositary shall be required to withhold and does withhold from such cash dividend or such other
cash distribution an amount on account of taxes, the amount distributed to the Owner of the
Receipts evidencing American Depositary Shares representing such Deposited Securities shall be
reduced accordingly. The Depositary shall distribute only such amount, however, as can be
distributed without attributing to any Owner a fraction of one cent. Any such fractional amounts
shall be rounded to the nearest whole cent and so distributed to Owners entitled thereto. The
Company or its agent will remit to the appropriate governmental agency in Brazil all amounts
withheld and owing to such agency. The Depositary will forward to the Company or its agent in a
timely manner such information from its records as the Company may reasonably request to enable the
Company or its agent to file necessary reports with governmental agencies, and the Depositary or
the Company or its agent may file any such reports necessary to obtain benefits under the
applicable tax treaties for the Owners.

     SECTION 4.02 Distributions Other Than Cash, Shares or Rights.

          Subject to the provisions of Section 4.11 and 5.09, whenever the Depositary shall receive any
distribution other than a distribution described in Sections 4.01, 4.03 or 4.04, the Depositary
shall, as promptly as practicable, cause the securities or property received by it to be
distributed to the Owners entitled thereto, in proportion to the number of American Depositary
Shares representing such Deposited Securities held by them respectively, in any manner that the
Depositary may deem equitable and practicable for accomplishing such distribution;
provided, however, that if in the opinion of the Depositary such distribution
cannot be made proportionately among the Owners entitled thereto, or if for any other reason
(including, but not limited to, any requirement that the Company or the Depositary withhold an
amount on account of taxes or other governmental charges or that such securities must be registered
under the Securities Act of 1933 in order to be distributed to Owners) the Depositary deems such
distribution not to be feasible, the Depositary may, after consultation with the Company, adopt
such method as it may deem equitable and practicable for the purpose of effecting such
distribution, including, but not limited to, the public or private sale of the securities or
property thus received, or any part thereof, and the net proceeds of any such sale (net

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of the fees of the Depositary as provided in Section 5.09 and any expenses in connection with
such sale) shall be distributed by the Depositary to the Owners entitled thereto as in the case of
a distribution received in cash pursuant to Section 4.01; provided, however, no
distribution to Owners pursuant to this Section 4.02 shall be unreasonably delayed by any action of
the Depositary or any of its agents.

     SECTION 4.03 Distributions in Shares.

          If any distribution upon any Deposited Securities consists of a dividend in, or free
distribution of, Shares, the Depositary may or shall, if the Company shall so request, distribute,
as promptly as practicable, to the Owners of outstanding Receipts entitled thereto, in proportion
to the number of American Depositary Shares representing such Deposited Securities held by them
respectively, additional Receipts evidencing an aggregate number of American Depositary Shares
representing the amount of Shares received as such dividend or free distribution, subject to the
terms and conditions of the Deposit Agreement with respect to the deposit of Shares and the
issuance of American Depositary Shares evidenced by Receipts, including the withholding of any tax
or other governmental charge as provided in Section 4.11 and the payment of the fees of the
Depositary as provided in Section 5.09. In lieu of delivering Receipts for fractional American
Depositary Shares in any such case, the Depositary shall sell the amount of Shares represented by
the aggregate of such fractions and distribute the net proceeds, all in the manner and subject to
the conditions described in Section 4.01; provided, however, no distribution to
Owners pursuant to this Section 4.03 shall be unreasonably delayed by any action of the Depositary
or any of its agents. If additional Receipts are not so distributed, each American Depositary
Share shall thenceforth also represent the additional Shares distributed upon the Deposited
Securities represented thereby. In addition, the Depositary may withhold any distribution of
Receipts under this Section 4.03 if it has not received satisfactory assurances from the Company
that such distribution does not require registration under the Securities Act or is exempt from
registration under the provisions of such Act; provided that, in any such event, the Depositary may
sell the Shares distributed upon the Deposited Securities and distribute the net proceeds, all in
the manner and subject to the conditions described in Section 4.01.

     SECTION 4.04 Rights.

          In the event that the Company shall offer or cause to be offered to the holders of any
Deposited Securities any rights to subscribe for additional Shares or any rights of any other
nature, the Depositary, after consultation with the Company, shall have discretion as to the
procedure to be followed in making such rights available to any Owners or in disposing of such
rights on behalf of any Owners and making the net proceeds available to such Owners or, if by the
terms of such rights offering or for any other reason it would be unlawful for the Depositary
either to make such rights available to any Owners or dispose of such rights and make the net
proceeds available to such

- 14 -

 

Owners, then the Depositary shall allow the rights to lapse. If at the time of the offering
of any rights the Depositary determines in its discretion that it is lawful and feasible to make
such rights available to all or certain Owners but not to other Owners, the Depositary may, and at
the request of the Company shall, distribute to any Owner to whom it determines the distribution to
be lawful and feasible, in proportion to the number of American Depositary Shares held by such
Owner, warrants or other instruments therefor in such form as it deems appropriate.

          In circumstances in which rights would otherwise not be distributed, if an Owner requests the
distribution of warrants or other instruments in order to exercise the rights allocable to the
American Depositary Shares of such Owner hereunder, the Depositary will promptly make such rights
available to such Owner upon written notice from the Company to the Depositary that (a) the Company
has elected in its sole discretion to permit such rights to be exercised and (b) such Owner has
executed such documents as the Company has determined in its sole discretion are reasonably
required under applicable law.

          If the Depositary has distributed warrants or other instruments for rights to all or certain
Owners, then upon instruction from such an Owner pursuant to such warrants or other instruments to
the Depositary from such Owner to exercise such rights, upon payment by such Owner to the
Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to
be received upon the exercise of the rights, and upon payment of the fees of the Depositary and any
other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf
of such Owner, exercise the rights and purchase the Shares, and the Company shall cause the Shares
so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner,
the Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.02 of this
Deposit Agreement, and shall, pursuant to Section 2.03 of this Deposit Agreement, execute and
deliver Receipts to such Owner. In the case of a distribution pursuant to this paragraph, such
Receipts shall be legended in accordance with applicable U.S. laws, and shall be subject to the
appropriate restrictions on sale, deposit, cancellation, and transfer under such laws.

          If the Depositary determines that it is not lawful or feasible to make such rights available
to all or certain Owners, it may, and at the request of the Company will use its best efforts that
are reasonable under the circumstances to, sell the rights, warrants or other instruments in
proportion to the number of American Depositary Shares held by the Owners to whom it has determined
it may not lawfully or feasibly make such rights available, and allocate the net proceeds of such
sales (net of the fees of the Depositary as provided in Section 5.09, any expenses in connection
with such sale and all taxes and governmental charges payable in connection with such rights and
subject to the terms and conditions of this Deposit Agreement) for the account of such Owners
otherwise entitled to such rights, warrants or other instruments, upon an averaged or other
practical basis without regard to any distinctions among such Owners because of exchange
restrictions

- 15 -

 

or the date of delivery of any Receipt or otherwise. Such proceeds shall be distributed as
promptly as practicable in accordance with Section 4.01 hereof.

          If a registration statement under the Securities Act of 1933 is required with respect to the
securities to which any rights relate in order for the Company to offer such rights to Owners and
sell the securities represented by such rights, the Depositary will not offer such rights to Owners
having an address in the United States (as defined in Regulation S) unless and until such a
registration statement is in effect, or unless the offering and sale of such securities and such
rights to such Owners are exempt from registration under the provisions of such Act.

          The Depositary shall not be responsible for any failure to determine that it may be lawful or
feasible to make such rights available to Owners in general or any Owner in particular.

     SECTION 4.05 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, and if
at the time of the receipt thereof the Foreign Currency so received can, pursuant to applicable
law, be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the
United States, the Depositary or the Custodian shall convert or cause to be converted as promptly
as practicable, by sale or in any other manner that it may determine in accordance with applicable
law, such Foreign Currency into Dollars. If, at the time of conversion of such Foreign Currency
into Dollars, such Dollars can, pursuant to applicable law, be transferred outside of Brazil for
distribution to Owners entitled thereto, such Dollars shall be distributed as promptly as
practicable to the Owners entitled thereto or, if the Depositary shall have distributed any rights,
warrants or other instruments which entitle the holders thereof to such Dollars, then to the
holders of such rights, warrants and/or instruments upon surrender thereof for cancellation. Such
distribution or conversion may be made upon an averaged or other practicable basis without regard
to any distinctions among Owners on account of exchange restrictions, the date of delivery of any
Receipt or otherwise and shall be net of any expenses of conversion into Dollars incurred by the
Depositary as provided in Section 5.09.

          If such conversion, transfer or distribution can be effected only with the approval or license
of any government or agency thereof, the Depositary shall file as promptly as practicable such
application for approval or license; however, the Depositary shall be entitled to rely upon
Brazilian local counsel in such matters, which counsel shall be instructed to act as promptly as
possible.

          If at any time Foreign Currency received by the Depositary or the Custodian is not, pursuant
to applicable law, convertible, in whole or in part, into Dollars, or if any approval or license of
any government or agency thereof which is required for such conversion is denied or in the opinion
of the Depositary cannot be promptly

- 16 -

 

obtained, the Depositary shall, (a) as to that portion of the Foreign Currency that is
convertible into Dollars, make such conversion and, if permitted by applicable law, transfer such
Dollars to the United States for distribution to Owners in accordance with the first paragraph of
this Section 4.05 or, if such transfer is not so permitted, hold such Dollars uninvested and
without liability for interest thereon for the respective accounts of the Owners entitled to
receive the same, and (b) as to the nonconvertible balance, if any, (i) if requested in writing by
an Owner, distribute or cause the Custodian to distribute the Foreign Currency (or an appropriate
document evidencing the right to receive such Foreign Currency) received by the Depositary or
Custodian to such Owner and (ii) the Depositary shall hold or shall cause the Custodian to hold any
amounts of nonconvertible Foreign Currency not distributed pursuant to the immediate preceding
subclause (i) uninvested and without liability for interest thereon for the respective accounts of
the Owners entitled to receive the same.

     SECTION 4.06 Fixing of Record Date.

          Whenever any cash dividend or other cash distribution shall become payable or any distribution
other than cash shall be made, or whenever rights shall be issued with respect to the Deposited
Securities, or whenever for any reason the Depositary causes a change in the number of Shares that
are represented by each American Depositary Share, or whenever the Depositary shall receive notice
of any meeting of holders of Shares or other Deposited Securities, or whenever the Depositary shall
find it necessary or convenient, the Depositary shall fix a record date, which date shall, to the
extent practicable, be either (x) the same date as the record date fixed by the Company, or (y) if
different from the record date fixed by the Company, be fixed after consultation with the Company
(a) for the determination of the Owners who shall be (i) entitled to receive such dividend,
distribution or rights or the net proceeds of the sale thereof or (ii) entitled to give
instructions for the exercise of voting rights at any such meeting, or (b) on or after which each
American Depositary Share will represent the changed number of Shares. Subject to the provisions
of Sections 4.01 through 4.05 and to the other terms and conditions of this Deposit Agreement, the
Owners on such record date shall be entitled, as the case may be, to receive the amount
distributable by the Depositary with respect to such dividend or other distribution or such rights
or the net proceeds of sale thereof in proportion to the number of American Depositary Shares held
by them respectively and to give voting instructions and to act in respect of any other such
matter. The Company agrees to provide the Depositary with 10 days’ prior notice of any meeting of
shareholders or of the Board of Directors of the Company, the agenda for which includes
authorization for the declaration of a dividend; provided, however, that if the
date for any such meeting is fixed less than 10 days prior to such meeting or the Company does not
know, 10 days prior to such meeting, that a dividend may be declared at any such meeting, then the
Company shall give such notice to the Depositary as promptly as practicable after such date is
fixed or the Company learns that a dividend may be declared.

- 17 -

 

     SECTION 4.07 Voting of Deposited Securities.

          As soon as practicable after receipt of notice of any meeting or solicitation of consents or
proxies of holders of Shares or other Deposited Securities, if requested in writing by the Company,
the Depositary shall, as soon as practicable thereafter, mail to the Owners a notice, the form of
which notice shall be in the sole discretion of the Depositary, which shall contain (a) such
information as is contained in such notice of meeting (or if requested by the Company a summary of
such information provided by the Company), (b) a statement that the Owners as of the close of
business on a specified record date will be entitled, subject to any applicable provision of
Brazilian law and of the Charter of the Company, to instruct the Depositary as to the exercise of
the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities
represented by their respective American Depositary Shares and (c) a statement as to the manner in
which such instructions may be given, including an express indication that, if the Depositary does
not receive instructions, it may deem instructions to have been given under the last sentence of
this paragraph to give a discretionary proxy to a person designated by the Company. Upon the
written request of an Owner of a Receipt on that record date, received on or before the date
established by the Depositary for the purpose, the Depositary shall endeavor, in so far as
practicable, to vote or cause to be voted the amount of Shares or other Deposited Securities
represented by the American Depositary Shares evidenced by that Receipt in accordance with the
instructions set forth in that request. The Depositary shall not vote or attempt to exercise the
right to vote that attaches to Deposited Securities other than in accordance with instructions
received from Owners or deemed received under the following sentence. If (i) the Company made a
request to the Depositary as contemplated by the first sentence of this Section 4.07 and complied
with the following paragraph of this Section 4.07 and (ii) no instructions are received by the
Depositary from an Owner with respect to an amount of Deposited Securities represented by the
American Depositary Shares evidenced by that Owner’s Receipts on or before the date established by
the Depositary for that purpose, the Depositary shall deem that Owner to have instructed the
Depositary to give, and the Depositary shall give, a discretionary proxy to a person designated by
the Company with respect to that amount of Deposited Securities, except that that such
instruction shall not be deemed to have been given and the Depositary shall not give a
discretionary proxy with respect to any matter as to which the Company informs the Depositary (and
the Company agrees to provide that information as promptly as practicable in writing, if
applicable) that (x) the Company does not wish to receive a discretionary proxy, (y) substantial
opposition exists or (z) the matter materially and adversely affects the rights of holders of
Shares.

          In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise
of voting rights relating to Deposited Securities, if the Company will request the Depositary to
act under the preceding paragraph, the Company shall give the Depositary notice of any such meeting
or solicitation and details

- 18 -

 

concerning the matters to be voted upon not less than 45 days prior to the meeting date or
date for giving such proxies or consents.

          Subject to the rules of any securities exchange on which American Depositary Shares or the
Deposited Securities represented thereby are listed, the Depositary shall if requested by the
Company deliver, at least two Business Days prior to the date of a meeting of holders of Shares or
other Deposited Securities, to the Company, to the attention of its Secretary, copies of all
instructions received from Owners in accordance with which the Depositary will vote, or cause to be
voted, Deposited Securities at such meeting. Delivery of instructions will be made at the expense
of the Company (unless otherwise agreed in writing by the Company and the Depositary) provided
that payment of such expense shall not be a condition precedent to the obligations of the
Depositary under this Section 4.07.

     SECTION 4.08 Changes Affecting Deposited Securities.

          In circumstances where the provisions of Section 4.03 do not apply, upon any change in nominal
value, change in par value, split-up, consolidation or any other reclassification of Deposited
Securities, or upon any recapitalization, reorganization, merger or 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 a Custodian in exchange for or in conversion of or in respect of Deposited Securities
shall be treated as new Deposited Securities under this Deposit Agreement, and American Depositary
Shares shall thenceforth represent the new Deposited Securities so received in exchange or
conversion, unless additional Receipts are delivered pursuant to the following sentence. In any
such case the Depositary may, and shall if the Company shall so request, execute and deliver
additional Receipts as in the case of a dividend in Shares, or call for the surrender of
outstanding Receipts to be exchanged for new Receipts specifically describing such new Deposited
Securities.

     SECTION 4.09 Reports.

          The Depositary shall make available for inspection by Owners at its Corporate Trust Office any
reports and communications, including any proxy soliciting material, received from the Company
which are both (a) received by the Depositary 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 send to the Owners copies of such reports when furnished by the Company
pursuant to Section 5.06. Any such reports and communications, including any such proxy soliciting
material, furnished to the Depositary by the Company shall be furnished in English, to the extent
such materials are required to be translated into English pursuant to any regulations of the
Commission. The Company agrees to provide to the Depositary, at the Company’s expense (unless
otherwise agreed in writing by the Company and the Depositary), all documents that it provides to
the Custodian.

- 19 -

 

          In the event the Receipts are listed or quoted on a national securities exchange in the United
States, the Company will promptly transmit to the Custodian English language versions of any
reports and other communications that are made generally available by the Company to holders of its
Shares or other Deposited Securities and the Depositary will, at the Company’s expense (unless
otherwise agreed in writing by the Company and the Depositary), arrange for the prompt transmittal
by the Custodian to the Depositary of such notices, reports and other communications and arrange
for the mailing, at the Company’s expense (unless otherwise agreed in writing by the Company and
the Depositary), of copies thereof (or if requested by the Company, a summary of any such notice
provided by the Company) to all Owners or, at the request of the Company, make such notices,
reports and other communications available to all Owners 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 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 provisions of or governing
the Shares and any other Deposited Securities issued by the Company or any affiliate of the
Company, and promptly upon any amendment thereto or change therein, the Company shall deliver to
the Depositary and the Custodian a copy of such provisions as so amended or changed. The Depositary
may rely upon such copy for all purposes of this Deposit Agreement. The Depositary will, at the
expense of the Company (unless otherwise agreed in writing by the Company and the Depositary), make
such copy and such notices, reports and other communications available for inspection by Owners at
the Depositary’s office, at the office of the Custodian and at any other designated transfer
offices.

     SECTION 4.10 Lists of Owners.

          Promptly upon request by the Company, the Depositary shall, at the expense of the Company
(unless otherwise agreed in writing by the Company and the Depositary), furnish to it a list, as of
a recent date, of the names, addresses and holdings of American Depositary Shares by all persons in
whose names Receipts are registered on the books of the Depositary.

     SECTION 4.11 Withholding.

          In connection with any distribution to Owners, the Company will remit to the appropriate
governmental authority or agency all amounts (if any) required to be withheld by the Company and
owing to such authority or agency by the Company; and the Depositary and the Custodian will remit
to the appropriate governmental authority or agency all amounts (if any) required to be withheld
and owing to such authority or agency by the Depositary or the Custodian. In the event that the
Depositary determines that any distribution in property other than cash (including Shares and
rights to subscribe therefor) is subject to any tax or other governmental charge which the
Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or
a portion of such property (including Shares and rights to subscribe therefor) in such

- 20 -

 

amounts and in such manner as the Depositary deems necessary and practicable to pay any such
taxes or charges and the Depositary shall distribute the net proceeds of any such sale after
deduction of such taxes or charges to the Owners entitled thereto in proportion to the number of
American Depositary Shares held by them respectively, all in accordance with applicable provisions
of this Deposit Agreement.

			
	ARTICLE 5	 	THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY

     SECTION 5.01 Maintenance of Office and Transfer Books by the Depositary.

          Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall
maintain in the Borough of Manhattan, The City of New York, facilities for the execution and
delivery, registration, registration of transfers, combinations and split-ups and surrender of
Receipts in accordance with the provisions of this Deposit Agreement.

          The Depositary shall keep books for the registration of Receipts and transfers of Receipts
which at all reasonable times shall be open for inspection by the Owners, provided that such
inspection shall not be for the purpose of communicating with Owners for an object other than the
business of the Company, including without limitation a matter related to this Deposit Agreement or
the Receipts.

          The Depositary may close the transfer books after consultation with the Company to the extent
practicable, at any time or from time to time, when deemed expedient by it in connection with the
performance of its duties hereunder or at the request of the Company, provided that any such
closing of the transfer books shall be subject to the provisions of Section 2.06 which limit the
suspension of withdrawals of Shares.

          If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more
stock exchanges in the United States, the Depositary shall act as Registrar or, with the written
approval of the Company, appoint a Registrar or one or more co-registrars for registry of such
Receipts in accordance with any requirements of such exchange or exchanges.

          The Company shall have the right, upon reasonable request, to inspect the transfer and
registration records of the Depositary relating to the Receipts, to take copies thereof and to
require the Depositary and any co-registrars to supply copies of such portions of such records as
the Company may request.

- 21 -

 

     SECTION 5.02 Prevention or Delay in Performance by the Depositary or the Company.

          Neither the Depositary nor the Company nor any of their respective directors, employees,
agents or affiliates shall incur any liability to any Owner or Beneficial Owner, if by reason of
any provision of any present or future law or regulation of the United States or any other country,
or of any governmental or regulatory authority or stock exchange, or by reason of any provision,
present or future, of the Charter of the Company, or by reason of any act of God or war or other
circumstance beyond its control, the Depositary or the Company shall be prevented or forbidden
from, or be subject to any civil or criminal penalty on account of, doing or performing any act or
thing which by the terms of this Deposit Agreement it is provided shall be done or performed; nor
shall the Depositary or the Company nor any of their respective directors, employees, agents or
affiliates incur any liability to any Owner or Beneficial Owner by reason of any nonperformance or
delay, caused as aforesaid, in the performance of any act or thing which by the terms of this
Deposit Agreement it is provided shall or may be done or performed, or by reason of any exercise
of, or failure to exercise, any discretion provided for in this Deposit Agreement. Where, by the
terms of a distribution pursuant to Sections 4.01, 4.02, or 4.03 of the Deposit Agreement, or an
offering or distribution pursuant to Section 4.04 of the Deposit Agreement, or for any other
reason, the Depositary is prevented or prohibited from making such distribution or offering
available to Owners, and the Depositary is prevented or prohibited from disposing of such
distribution or offering on behalf of such Owners and making the net proceeds available to such
Owners, then the Depositary, after consultation with the Company, shall not make such distribution
or offering, and shall allow any rights, if applicable, to lapse.

     SECTION 5.03 Obligations of the Depositary, the Custodian and the Company.

          The Company assumes no obligation nor shall it be subject to any liability under this Deposit
Agreement to Owners or Beneficial Owners, except that it agrees to perform its obligations
specifically set forth in this Deposit Agreement without negligence or bad faith.

          The Depositary assumes no obligation nor shall it be subject to any liability under this
Deposit Agreement to any Owner or Beneficial Owner (including, without limitation, liability with
respect to the validity or worth of the Deposited Securities), except that it agrees to perform its
obligations specifically set forth in this Deposit Agreement without negligence or bad faith.

          Neither the Depositary nor the Company 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 Receipts, which in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expense and liability shall be furnished as often as may be
required, and the Custodian shall not be under any

- 22 -

 

obligation whatsoever with respect to such proceedings, the responsibility of the Custodian
being solely to the Depositary.

          Neither the Depositary nor the Company shall be liable for any action or nonaction by it in
reliance upon the advice of or information from legal counsel, accountants, any person presenting
Shares for deposit, any Owner or any other person believed by it in good faith to be competent to
give such advice or information.

          The Depositary shall not be liable for any acts or omissions made by a successor depositary
whether in connection with a previous act or omission of the Depositary or in connection with any
matter arising wholly after the removal or resignation of the Depositary, provided that in
connection with the issue out of which such potential liability arises the Depositary performed its
obligations without negligence or bad faith while it acted as Depositary.

          The Depositary shall not be responsible for any failure to carry out any instructions to vote
any of the Deposited Securities, or for the manner in which any such vote is cast or the effect of
any such vote, provided that any such action or nonaction is in good faith.

          No disclaimer of liability under the Securities Act of 1933 is intended by any provision of
this Deposit Agreement.

          The Depositary, subject to Sections 2.05 and 2.09 hereof, may own and deal in any class of
securities of the Company and its affiliates and in Receipts.

     SECTION 5.04 Resignation and Removal of the Depositary.

          The Depositary may at any time resign as Depositary hereunder by written notice of its
election so to do delivered to the Company, such resignation to take effect upon the appointment of
a successor depositary and its acceptance of such appointment as hereinafter provided.

          The Depositary may at any time be removed by the Company by written notice of such removal
effective upon the appointment of a successor depositary and its acceptance of such appointment as
hereinafter provided.

          In case at any time the Depositary acting hereunder shall resign or be removed, the Company
shall use its best efforts that are reasonable under the circumstances 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 execute and deliver to its predecessor and
to the Company an instrument in writing accepting its appointment hereunder, and thereupon such
successor depositary, without any further act or deed, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor; but such predecessor, nevertheless, upon

- 23 -

 

payment of all sums due it and on the written request of the Company shall execute and deliver
an instrument transferring to such successor all rights and powers of such predecessor hereunder,
shall duly assign, transfer and deliver all right, title and interest in the Deposited Securities
to such successor, and shall deliver to such successor a list of the Owners of all outstanding
Receipts. Any such successor depositary shall promptly mail notice of its appointment to the
Owners.

          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 5.05 The Custodian.

          The Custodian shall be subject at all times and in all respects to the directions of the
Depositary and shall be responsible solely to it and the Depositary shall be responsible for the
compliance by the Custodian with the applicable provisions of this Deposit Agreement. At no time
shall there be more than one Custodian acting in connection with this Deposit Agreement. The
Custodian may resign from its duties hereunder by notice of such resignation delivered to the
Depositary at least 30 days prior to the date on which such resignation is to become effective.
The Depositary shall, promptly after receiving such notice, appoint a substitute custodian approved
by the Company (such approval not to be unreasonably withheld), which shall thereafter be the
Custodian hereunder. The Depositary may discharge the Custodian at any time upon notice to the
Custodian with the approval of the Company (such approval not to be unreasonably withheld).
Whenever the Depositary in its discretion determines that it is in the best interest of the Owners
to do so, it may appoint substitute custodian , which shall thereafter be the Custodian hereunder.
The Depositary shall notify the Company of the appointment of a substitute Custodian at least 30
days prior to the date on which such appointment is to become effective. Upon demand of the
Depositary any Custodian shall deliver such of the Deposited Securities held by it as are requested
of it to a substitute custodian. Each such substitute custodian shall deliver to the Depositary,
forthwith upon its appointment, an acceptance of such appointment satisfactory in form and
substance to the Depositary. Promptly after any such change, the Depositary shall give notice
thereof in writing to all Owners.

          Upon the appointment of any successor depositary hereunder, the Custodian then acting
hereunder shall forthwith become, without any further act or writing, the agent hereunder of such
successor depositary and the appointment of such successor depositary shall in no way impair the
authority of the Custodian hereunder; but the successor depositary so appointed shall,
nevertheless, on the written request of the 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
as agent hereunder of such successor depositary.

- 24 -

 

     SECTION 5.06 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 in respect of any cash or other distributions or the
offering of any rights, the Company agrees to transmit to the Depositary and the Custodian a copy
of the notice thereof in the form given or to be given to holders of Shares or other Deposited
Securities.

          The Company will arrange for the translation into English, if not already in English, to the
extent required pursuant to any regulations of the Commission, and the prompt transmittal by the
Company to the Depositary and the Custodian of such notices and any other reports and
communications which are made generally available by the Company to holders of its Shares. If
requested in writing by the Company, the Depositary will arrange for the mailing, as promptly as
practicable and at the Company’s expense (unless otherwise agreed in writing by the Company and the
Depositary), of copies of such notices, reports and communications to all Owners. The Company will
timely provide the Depositary with the quantity of such notices, reports, and communications, as
requested by the Depositary from time to time, in order for the Depositary to effect such mailings.

     SECTION 5.07 Distribution of Additional Shares, Rights, etc.

          The Company agrees that in the event of any issuance or distribution of (1) additional Shares,
(2) rights to subscribe for Shares, (3) securities convertible into or exchangeable for Shares, or
(4) rights to subscribe for such securities, the Company will take all steps reasonably necessary
to ensure that no violation by the Company or the Depositary of the Securities Act of 1933 will
result from such issuance or distribution.

          The Company agrees with the Depositary that neither the Company nor any company controlled by
the Company will at any time deposit any Shares, either originally issued or previously issued and
reacquired by the Company or any such affiliate, unless a Registration Statement is in effect as to
such Shares under the Securities Act of 1933 or the Company furnishes to the Depositary a written
opinion from U.S. counsel for the Company, which counsel shall be reasonably satisfactory to the
Depositary, stating that the offer and sale of the Receipts evidencing the American Depositary
Shares representing such Shares are exempt from registration under that Act. The Company will
advise each person who, to the best knowledge of the Company, controls, or is under common control
with, the Company that such person is subject to the same restrictions on the deposit of Shares as
the Company and persons controlled by the Company.

     SECTION 5.08 Indemnification.

- 25 -

 

          The Company agrees to indemnify the Depositary, its directors, employees, agents and
affiliates and any Custodian against, and hold each of them harmless from, any liability or expense
(including, but not limited to, the reasonable fees and expenses of counsel) which may arise out of
acts performed or omitted, in accordance with the provisions of this Deposit Agreement and of the
Receipts, as the same may be amended, modified or supplemented from time to time, (i) by either the
Depositary or a Custodian or their respective directors, employees, agents and affiliates, except
for any liability or expense arising out of the negligence or bad faith of either of them, and
except to the extent that such liability or expense arises out of information relating to the
Depositary or the Custodian, as applicable, furnished in writing to the Company by the Depositary
or the Custodian, as applicable, expressly for use in any registration statement, proxy statement,
prospectus (or placement memorandum) or preliminary prospectus (or preliminary placement
memorandum) relating to the Shares, or omissions from such information; or (ii) by the Company or
any of its directors, employees, agents and affiliates. The indemnities contained in this
paragraph shall not extend to any liability or expense which may arise out of any Pre-Release.

          The Depositary agrees to indemnify the Company, its directors, employees, agents and
affiliates and hold them harmless from any liability or expense which may arise out of acts
performed or omitted by the Depositary or its Custodian or their respective directors, employees,
agents and affiliates due to their negligence or bad faith.

          The obligations set forth in this Section 5.08 shall survive the termination of this Deposit
Agreement and the succession or substitution of any indemnified person.

          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 and shall consult in good faith with the Indemnifying Person as to the conduct of the
defense of such action or claim, which defense shall be reasonable under the circumstances. No
Indemnified Person shall compromise or settle any such action or claim without the consent in
writing of the Indemnifying Person.

     SECTION 5.09 Charges of Depositary.

          The Company agrees to pay the fees and reasonable out-of-pocket expenses of the Depositary and
those of any Registrar only in accordance with agreements in writing entered into between the
Depositary and the Company from time to time. The Depositary shall present detailed statements for
such expenses to the Company at least once every three months. The charges and expenses of the
Custodian are for the sole account of the Depositary.

- 26 -

 

          The following charges shall be incurred by any party depositing or withdrawing Shares or by
any party surrendering Receipts or to whom Receipts are issued (including, without limitation,
issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of
stock regarding the Receipts or Deposited Securities or a distribution of Receipts pursuant to
Section 4.03) or by Owners, as applicable: (1) taxes and other governmental charges, (2) such
registration fees as may from time to time be in effect for the registration of transfers of Shares
generally on the Share register of the Company or Foreign Registrar and applicable to transfers of
Shares to the name of the Depositary or its nominee or the Custodian or its nominee on the making
of deposits or withdrawals hereunder, (3) such cable, telex and facsimile transmission expenses as
are expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the
Depositary in the conversion of foreign currency pursuant to Section 4.05, (5) a fee of $5.00 or
less per 100 American Depositary Shares (or portion thereof) for the execution and delivery of
Receipts pursuant to Section 2.03, 4.03 or 4.04 and the surrender of Receipts pursuant to Section
2.05 or 6.02, (6) a fee of $.02 or less per American Depositary Share (or portion thereof) for any
cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections
4.01 through 4.04, (7) a fee for the distribution of securities pursuant to Section 4.02, such fee
being in an amount equal to the fee for the execution and delivery of American Depositary Shares
referred to above which would have been charged as a result of the deposit of such securities (for
purposes of this clause 7 treating all such securities as if they were Shares) but which securities
are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under
clause (6), a fee of $.02 or less per American Depositary Share (or portion thereof) for depositary
services, which will accrue on the last day of each calendar year and will be payable as provided
in clause 9 below and (9) any other charges payable by the Depositary, any of the Depositary’s
agents, including the Custodian, or the agents of the Depositary’s agents in connection with the
servicing of Shares or other Deposited Securities (which charge shall be assessed against Owners as
of the date or dates set by the Depositary in accordance with Section 4.06 and shall be collected
at the sole discretion of the Depositary by billing such Owners for such charge or by deducting
such charge from one or more cash dividends or other cash distributions).

     SECTION 5.10 Exclusivity.

          The Company agrees not to appoint any other depositary for issuance of American Depositary
Receipts so long as The Bank of New York is acting as Depositary hereunder, subject, however, to
the rights of the Company under Section 5.04.

			
	ARTICLE 6	 	AMENDMENT AND TERMINATION

     SECTION 6.01 Amendment.

          The form of the Receipts and any provisions of this Deposit Agreement may at any time and from
time to time be amended by agreement between the Company and the Depositary in any respect which
they may deem necessary or desirable. Any

- 27 -

 

amendment which shall impose or increase any fees or charges (other than taxes and other
governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery
costs or other such expenses), or which shall otherwise prejudice any substantial existing right of
Owners, shall, however, not become effective as to outstanding Receipts until the expiration of
thirty days after notice of such amendment shall have been given to the Owners of outstanding
Receipts. Every Owner at the time any amendment so becomes effective shall be deemed, by
continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the
Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the
Owner of any Receipt to surrender such Receipt and receive therefor the Deposited Securities
represented thereby, except in order to comply with mandatory provisions of applicable law.

     SECTION 6.02 Termination.

          The Depositary shall at any time, at the direction of the Company, terminate this Deposit
Agreement by mailing notice of such termination to the Owners of all Receipts then outstanding at
least 30 days prior to the date fixed in such notice for such termination. The Depositary may
likewise terminate this Deposit Agreement by mailing notice of such termination to the Company and
the Owners of all Receipts then outstanding, such termination to be effective on a date specified
in such notice not less than 30 days after the date thereof, if at any time 60 days shall have
expired after the Depositary shall have delivered to the Company a written notice of its election
to resign and a successor depositary shall not have been appointed and accepted its appointment as
provided in Section 5.04. On and after the date of termination, the Owner of a Receipt will, upon
(a) surrender of such Receipt at the Corporate Trust Office of the Depositary, (b) payment of the
fee of the Depositary for the surrender of Receipts referred to in Section 2.05, and (c) payment of
any applicable taxes or governmental charges, be entitled to delivery, to the Owner or upon the
Owner’s order, of the amount of Deposited Securities represented by the American Depositary Shares
evidenced by such Receipt. If any Receipts shall remain outstanding after the date of termination,
the Depositary thereafter shall discontinue the registration of transfers of Receipts, shall
suspend the distribution of dividends to the Owners thereof, and shall not give any further notices
or perform any further acts under this Deposit Agreement, except that the Depositary shall continue
to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights
as provided in this Deposit Agreement, and shall continue to deliver Deposited Securities, together
with any dividends or other distributions received with respect thereto and the net proceeds of the
sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after
deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for
the account of the Owner of such Receipt in accordance with the terms and conditions of this
Deposit Agreement, and any applicable taxes or governmental charges). At any time after the
expiration of one year from the date of termination, the Depositary may sell the Deposited
Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such
sale, together with any other cash then held by it hereunder,

- 28 -

 

unsegregated and without liability for interest, for the pro rata benefit of the Owners of
Receipts which have not theretofore been surrendered, such Owners thereupon becoming general
creditors of the Depositary with respect to such net proceeds. After making such sale, the
Depositary shall be discharged from all obligations under this Deposit Agreement, except to account
for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary for
the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance
with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental
charges) and except as provided in Section 5.08. Upon the termination of this Deposit Agreement,
the Company shall be discharged from all obligations under this Deposit Agreement except for its
obligations to the Depositary under Sections 5.08 and 5.09 hereof.

			
	ARTICLE 7	 	MISCELLANEOUS

     SECTION 7.01 Counterparts.

          This Deposit Agreement may be executed in any number of counterparts, each of which shall be
deemed an original and all of such counterparts shall constitute one and the same instrument.
Copies of this Deposit Agreement shall be filed with the Depositary and the Custodian and shall be
open to inspection by any Owner during business hours.

     SECTION 7.02 No Third Party Beneficiaries.

          This Deposit Agreement is for the exclusive benefit of the parties hereto and shall not be
deemed to give any legal or equitable right, remedy or claim whatsoever to any other person.

     SECTION 7.03 Severability.

          In case any one or more of the provisions contained in this Deposit Agreement or in the
Receipts should be or become invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein or therein shall in no way
be affected, prejudiced or disturbed thereby.

     SECTION 7.04 Binding Effect on Owners and Beneficial Owners.

          The Owners and Beneficial Owners shall be bound by all of the terms and conditions of this
Deposit Agreement and of the Receipts by acceptance thereof.

     SECTION 7.05 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 or cable, telex or facsimile transmission confirmed by letter,
addressed to

- 29 -

 

Telemar Participações S.A.

Rua Humberto de Campos, 425, 8o andar

Leblon

Rio de Janeiro, RJ 22430-190

Brazil

Attention: Investor Relations

or any other place to which the Company may have transferred its principal office with notice to
the Depositary.

          Any and all notices to be given to the Depositary shall be deemed to have been duly given if
in English and personally delivered or sent by mail or cable, telex or facsimile transmission
confirmed by letter, addressed to The Bank of New York, 101 Barclay Street, New York, New York
10286, Attention: American Depositary Receipt Administration, or any other place to which the
Depositary may have transferred its Corporate Trust Office with notice to the Company.

          Any and all notices to be given to any Owner shall be deemed to have been duly given if
personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter,
addressed to such Owner at the address of such Owner as it appears on the transfer books for
Receipts of the Depositary, or, if such Owner shall have filed with the Depositary a written
request that notices intended for such Owner be mailed to some other address, at the address
designated in such request.

          Delivery of a notice sent by mail 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; provided, however, that delivery of a notice to the
Company or the Depositary shall be deemed to be effective when actually received by the Company or
the Depositary, as the case may be. The Depositary or the Company may, however, act upon any
cable, telex or facsimile transmission received by it, notwithstanding that such cable, telex or
facsimile transmission shall not subsequently be confirmed by letter as aforesaid.

     SECTION 7.06 Governing Law.

          This Deposit Agreement and the Receipts shall be interpreted and all rights hereunder and
thereunder and provisions hereof and thereof shall be governed by the law of the State of New York.

     SECTION 7.07 Headings.

          Headings contained herein are included for convenience only and are not to be used in
construing or interpreting any provision hereof.

- 30 -

 

          IN WITNESS WHEREOF, TELEMAR PARTICIPAÇÕES S.A. and THE BANK OF NEW YORK have duly executed
this agreement as of the day and year first set forth above and all Owners shall become parties
hereto upon acceptance by them of Receipts issued in accordance with the terms hereof.

	 	 	 	 	 
	 	TELEMAR PARTICIPAÇÕES S.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name: 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK,
     as Depositary

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

- 31 -

 

EXHIBIT A

AMERICAN DEPOSITARY SHARES

(Each American Depositary Share

  represents two deposited Shares)

THE BANK OF NEW YORK

AMERICAN DEPOSITARY RECEIPT

FOR COMMON STOCK

WITHOUT PAR VALUE OF

TELEMAR PARTICIPAÇÕES S.A.

(ORGANIZED UNDER THE LAWS OF THE FEDERATIVE REPUBLIC OF BRAZIL)

     The Bank of New York, as depositary (hereinafter called the “Depositary”), hereby certifies
that
                                                            , or registered assigns IS THE OWNER OF             
                                                

AMERICAN DEPOSITARY SHARES

representing deposited shares of common stock (herein called “Shares”) of Telemar Participações
S.A., a sociedade anônima de economia mista (a limited
liability company) organized under the laws of The Federative Republic of Brazil (herein called the
“Company”). At the date hereof, each American Depositary Share represents two Shares deposited or
subject to deposit under the Deposit Agreement (as such term is hereinafter defined) at the
principal São Paulo office of Banco Itaú (herein called the “Custodian”). The Depositary’s
Corporate Trust Office is located at a different address than its principal executive office. Its
Corporate Trust Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal
executive office is located at One Wall Street, New York, N.Y. 10286.

THE DEPOSITARY’S CORPORATE TRUST OFFICE ADDRESS IS

101 BARCLAY STREET, NEW YORK, N.Y. 10286

 

 

1. THE DEPOSIT AGREEMENT.

     This American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and
to be issued upon the terms and conditions set forth in the deposit agreement, dated as of
                    , 2006 (herein called the “Deposit Agreement”), by and among the Company, the Depositary,
and all Owners and Beneficial Owners from time to time of Receipts issued thereunder, each of whom
by accepting a Receipt agrees to become a party thereto and become bound by all the terms and
conditions thereof. The Deposit Agreement sets forth the rights of Owners and Beneficial Owners of
the Receipts 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 Depositary’s
Corporate Trust Office in New York City and at the office of the Custodian.

     The statements made on the face and reverse of this Receipt are summaries of certain
provisions of the Deposit Agreement and are qualified by and subject to the detailed provisions of
the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit
Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement.

2. SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES.

     Upon surrender at the Corporate Trust Office of the Depositary of this Receipt for the purpose
of withdrawal of the Deposited Securities represented by the American Depositary Shares evidenced
hereby, and upon payment of the fee of the Depositary provided in this Receipt, and subject to the
terms and conditions of the Deposit Agreement, the Owner hereof is entitled to delivery, to him or
upon his order, of the Deposited Securities at the time represented by the American Depositary
Shares for which this Receipt is issued. Delivery of such Deposited Securities may be made by (a)
(i) the delivery of certificates in the name of the Owner hereof or as ordered by him or
certificates properly endorsed or accompanied by proper instruments of transfer to such Owner or as
ordered by him, or (ii) book-entry transfer of the Shares represented by this Receipt to an account
in the name of such Owner or as ordered by him, and (b) delivery of any other securities, property
and cash to which such Owner is then entitled in respect of this Receipt to such Owner or as
ordered by him. Such delivery will be made at the option of the Owner hereof, either at the office
of the Custodian or at the Corporate Trust Office of the Depositary, as provided in the Deposit
Agreement; provided that the forwarding of certificates for Shares or other Deposited
Securities for such delivery at the Corporate Trust Office of the Depositary shall be at the risk
and expense of the Owner hereof.

- 2 -

 

3. TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS.

     The transfer of this Receipt is registrable on the books of the Depositary at its Corporate
Trust Office by the Owner hereof in person or by a duly authorized attorney, upon surrender of this
Receipt properly endorsed for transfer or accompanied by proper instruments of transfer and funds
sufficient to pay any applicable transfer taxes and the expenses of the Depositary and upon
compliance with such regulations, if any, as the Depositary may establish for such purpose. This
Receipt may be split into other such Receipts, or may be combined with other such receipts into one
Receipt, evidencing the same aggregate number of American Depositary Shares as the Receipt or
Receipts surrendered. As a condition precedent to the execution and delivery, registration of
transfer, split-up, combination, or surrender of any Receipt, the delivery of any distribution
thereon, or withdrawal of any Deposited Securities, the Company, the Depositary, the Custodian, or
Registrar may require payment from the depositor of the Shares or the presentor of the Receipt 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 as provided in this
Receipt, may require the production of proof satisfactory to it as to the identity and genuineness
of any signature and may also require compliance with such reasonable regulations the Depositary
may establish consistent with the provisions of the Deposit Agreement or this Receipt, including,
without limitation, this Article 3.

     The delivery of Receipts against deposits of Shares generally or against deposits of
particular Shares may be suspended, or the transfer of Receipts in particular instances may be
refused, or the registration of transfer of outstanding Receipts, or the combination or split-up of
Receipts generally may be suspended, during any period when the transfer books of the Depositary
are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company
at any time or from time to time because of any requirement of law or of any government or
governmental body or commission, or under any provision of the Deposit Agreement or this Receipt,
or for any other reason, subject to the provisions of the following sentence. Notwithstanding any
other provision of the Deposit Agreement or this Receipt, the surrender of outstanding Receipts and
withdrawal of Deposited Securities may be suspended only for (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, and (iii) compliance with any U.S. or foreign laws or governmental regulations
relating to the Receipts or to the withdrawal of the Deposited Securities, or (iv) any other reason
that may at any time be specified in paragraph I(A)(1) of the General Instructions to Form F-6, as
from time to time in effect, or any successor provision thereto. Without limitation of the
foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement any
Shares required to be registered under the provisions of the Securities Act of 1933, unless a
registration statement is in effect as to such Shares.

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4. LIABILITY OF OWNER OR BENEFICIAL OWNER FOR TAXES.

     If any tax or other governmental charge shall become payable by the Custodian or the
Depositary with respect to any Receipt or any Deposited Securities represented hereby, such tax or
other governmental charge shall be payable by the Owner or Beneficial Owner hereof to the
Depositary. The Depositary may refuse to effect any transfer of this Receipt or any combination or
split-up hereof or any withdrawal of Deposited Securities represented by American Depositary Shares
evidenced by such Receipt until such payment is made, and may withhold any dividends or other
distributions, or may sell for the account of the Owner or Beneficial Owner hereof any part or all
of the Deposited Securities represented by the American Depositary Shares evidenced by this
Receipt, and may apply such dividends or other distributions or the proceeds of any such sale in
payment of such tax or other governmental charge (and any taxes or expenses arising out of such
sale), and the Owner or Beneficial Owner hereof shall remain liable for any deficiency.

5. WARRANTIES OF DEPOSITORS.

     Every person depositing Shares hereunder and under the Deposit Agreement shall be deemed
thereby to represent and warrant that such Shares and each certificate therefor are validly issued,
fully paid, non-assessable, and free of any preemptive rights of the holders of outstanding Shares
and that the person making such deposit is duly authorized so to do. Every such person shall also
be deemed to represent that (i) the Shares presented for deposit are not, and the Receipts issuable
upon such deposit will not be, restricted securities within the meaning of Rule 144(a)(3) under the
Securities Act of 1933, and (ii) the deposit of such Shares and the sale of Receipts evidencing
American Depositary Shares representing such Shares by that person are not otherwise restricted
under the Securities Act of 1933. Such representations and warranties shall survive the deposit of
Shares and issuance of Receipts.

6. FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.

     Any person presenting Shares for deposit or any Owner of a Receipt may be required from time
to time to file with the Depositary or the Custodian such proof of citizenship or residence,
exchange control approval, legal or beneficial ownership of Receipts, Deposited Securities or other
securities, compliance with all applicable laws or regulations or terms of the Deposit Agreement or
such Receipt, or such information relating to the registration on the books of the Company or the
Foreign Registrar, if applicable, to execute such certificates and to make such representations and
warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the
delivery or registration of transfer of any Receipt or the distribution of any dividend or sale or
distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until
such proof or other information is filed or such certificates are executed or such representations
and warranties made. The Depositary shall from time to time advise the Company of the availability
of any such proofs, certificates or other

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information and shall provide copies thereof to the Company as promptly as practicable upon
request by the Company, unless such disclosure is prohibited by law.

7. CHARGES OF DEPOSITARY.

     The Company agrees to pay the fees and reasonable out-of-pocket expenses of the Depositary and
those of any Registrar only in accordance with agreements in writing entered into between the
Depositary and the Company from time to time. The Depositary shall present detailed statement for
such expenses to the Company at least once every three months. The charges and expenses of the
Custodian are for the sole account of the Depositary.

     The following charges shall be incurred by any party depositing or withdrawing Shares or by
any party surrendering Receipts or to whom Receipts are issued (including, without limitation,
issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of
stock regarding the Receipts or Deposited Securities or a distribution of Receipts pursuant to
Section 4.03 of the Deposit Agreement), or by Owners, as applicable: (1) taxes and other
governmental charges, (2) such registration fees as may from time to time be in effect for the
registration of transfers of Shares generally on the Share register of the Company or Foreign
Registrar and applicable to transfers of Shares to the name of the Depositary or its nominee or the
Custodian or its nominee on the making of deposits or withdrawals under the terms of the Deposit
Agreement, (3) such cable, telex and facsimile transmission expenses as are expressly provided in
the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of
foreign currency pursuant to Section 4.05 of the Deposit Agreement, (5) a fee of $5.00 or less per
100 American Depositary Shares (or portion thereof) for the execution and delivery of Receipts
pursuant to Section 2.03, 4.03 or 4.04 of the Deposit Agreement and the surrender of Receipts
pursuant to Section 2.05 or 6.02 of the Deposit Agreement, (6) a fee of $.02 or less per American
Depositary Share (or portion thereof) for any cash distribution made pursuant to this Deposit
Agreement, including, but not limited to Sections 4.01 through 4.04 of the Deposit Agreement, (7) a
fee for the distribution of securities pursuant to Section 4.02 of the Deposit Agreement, such fee
being in an amount equal to the fee for the execution and delivery of American Depositary Shares
referred to above which would have been charged as a result of the deposit of such securities (for
purposes of this clause 7 treating all such securities as if they were Shares) but which securities
are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under
clause (6), a fee of $.02 or less per American Depositary Share (or portion thereof) for depositary
services, which will accrue on the last day of each calendar year and will be payable as provided
in clause 9 below and (9) any other charges payable by the Depositary, any of the Depositary’s
agents, including the Custodian, or the agents of the Depositary’s agents in connection with the
servicing of Shares or other Deposited Securities (which charge shall be assessed against Owners as
of the date or dates set by the Depositary in accordance with Section 4.06 of the Deposit Agreement
and shall be collected at the sole discretion of the Depositary by

- 5 -

 

billing such Owners for such charge or by deducting such charge from one or more cash
dividends or other cash distributions).

     The Depositary, subject to Article 8 hereof, may own and deal in any class of securities of
the Company and its affiliates and in Receipts.

8. PRE-RELEASE OF RECEIPTS.

     Neither the Depositary nor the Custodian shall deliver Shares, by physical delivery, book
entry or otherwise (other than to the Company or its agent as contemplated by Section 4.08 of the
Deposit Agreement), or otherwise permit Shares to be withdrawn from the facility created hereby,
except upon the receipt and cancellation of Receipts.

     The Depositary may issue Receipts against rights to receive Shares from the Company (or any
agent of the Company recording Share ownership). No such issue of Receipts will be deemed a
“Pre-Release” subject to the restrictions of the following paragraph.

     In its capacity as Depositary, the Depositary will not deliver Shares held under the Deposit
Agreement prior to the receipt and cancellation by the Depositary of Receipts. The Depositary may
execute and deliver Receipts prior to the receipt of Shares pursuant to Section 2.02 of the Deposit
Agreement (“Pre-Release”). The Depositary may, pursuant to Section 2.05 of the Deposit Agreement,
deliver Shares upon the receipt and cancellation of Receipts which have been Pre-Released, whether
or not such cancellation is prior to the termination of such Pre-Release or the Depositary knows
that such Receipt has been Pre-Released. The Depositary may receive Receipts in lieu of Shares in
satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written
representation and agreement from the person to whom Receipts or Shares are to be delivered (the
“Pre-Releasee”) that the Pre-Releasee, or its customer, (i) owns the Shares or Receipts to be
remitted, as the case may be, (ii) assigns all beneficial right, title and interest in such Shares
or Receipts, as the case may be, to the Depositary for the benefit of the Owners, and (iii) agrees
in effect to hold such Shares or Receipts, as the case may be, for the account of the Depositary
until delivery of the same upon the Depositary’s request, (b) at all times fully collateralized
with cash or U.S. government securities, (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 number of American Depositary Shares which are outstanding at
any time as a result of Pre-Releases will not normally exceed thirty percent (30%) of the American
Depositary Shares outstanding (without giving effect to American Depositary Shares evidenced by
Receipts outstanding as a result of Pre-Releases); provided, however, that the Depositary reserves
the right to disregard such limit from time to time as it deems appropriate and may, with the prior
written consent of the Company, change such limit for purposes of general application. The
Depositary will also set limits with respect to the number of Pre-Released Receipts involved in
transactions to be done hereunder with any one person on a case by case basis as it deems
appropriate. The

- 6 -

 

collateral referred to in clause (b) above shall be held by the Depositary for the benefit of
the Owners as security for the performance of the obligations to deliver Shares or Receipts set
forth in clause (a) above (and shall not, for the avoidance of doubt, constitute Deposited
Securities hereunder).

     The Depositary may retain for its own account any compensation received by it in connection
with the foregoing.

9. TITLE TO RECEIPTS.

     It is a condition of this Receipt, and every successive holder and Owner of this Receipt by
accepting or holding the same consents and agrees, that title to this Receipt when properly
endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the
same effect as in the case of a negotiable instrument, provided, however, that the Depositary and
the Company, notwithstanding any notice to the contrary, may treat the person in whose name this
Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose
of determining the person entitled to distribution of dividends or other distributions or to any
notice provided for in the Deposit Agreement or for all other purposes.

10. VALIDITY OF RECEIPT.

     This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or
obligatory for any purpose, unless this Receipt shall have been executed by the Depositary by the
manual signature of a duly authorized signatory of the Depositary; provided,
however, that such signature may be a facsimile if a Registrar for the Receipts shall have
been appointed and such Receipts are countersigned by the manual signature of a duly authorized
officer of the Registrar.

11. REPORTS; INSPECTION OF TRANSFER BOOKS.

     The Company is subject to the periodic reporting requirements of the Securities Exchange Act
of 1934, as amended and, accordingly, files certain public reports with the Commission. Those
reports will be available for inspection and copying by Beneficial Owners and Owners at the public
reference facilities maintained by the Commission located at 100 F Street, N.E., Washington, D.C.
20549.

     The Depositary will make available for inspection by Owners of Receipts at its Corporate Trust
Office any reports and communications, including any proxy soliciting material, received from the
Company which are both (a) received by the Depositary as the holder of the Deposited Securities and
(b) made generally available to the holders of such Deposited Securities by the Company. The
Depositary will also send to Owners of Receipts copies of such reports when furnished by the
Company pursuant to the Deposit Agreement. Any such reports and communications, including any such
proxy soliciting material, furnished to the Depositary by the Company shall be furnished in English
to the

- 7 -

 

extent such materials are required to be translated into English pursuant to any regulations
of the Commission. The Company agrees to provide to the Depositary, at the Company’s expense
(unless otherwise agreed in writing by the Company and the Depositary), all documents that it
provides to the Custodian.

     In the event the Receipts are listed or quoted on a national securities exchange in the United
States, the Company will promptly transmit to the Custodian English language versions of any
reports and other communications that are made generally available by the Company to holders of its
Shares or other Deposited Securities and the Depositary will, at the Company’s expense (unless
otherwise agreed in writing by the Company and the Depositary), arrange for the prompt transmittal
by the Custodian to the Depositary of such notices, reports and other communications and arrange
for the mailing, at the Company’s expense (unless otherwise agreed in writing by the Company and
the Depositary), of copies thereof (or if requested by the Company, a summary of any such notice
provided by the Company) to all Owners or, at the request of the Company, make such notices,
reports and other communications available to all Owners 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 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 provisions of or governing
the Shares and any other Deposited Securities issued by the Company or any affiliate of the
Company, and promptly upon any amendment thereto or change therein, the Company shall deliver to
the Depositary and the Custodian a copy of such provisions as so amended or changed. The Depositary
may rely upon such copy for all purposes of this Deposit Agreement. The Depositary will, at the
expense of the Company (unless otherwise agreed in writing by the Company and the Depositary), make
such copy and such notices, reports and other communications available for inspection by Owners at
the Depositary’s office, at the office of the Custodian and at any other designated transfer
offices.

     The Depositary will keep books for the registration of Receipts and transfers of Receipts
which at all reasonable times shall be open for inspection by the Owners of Receipts provided that
such inspection shall not be for the purpose of communicating with Owners of Receipts for an object
other than the business of the Company, including, without limitation, a matter related to the
Deposit Agreement or the Receipts.

     The Depositary may close the transfer books after consultation with the Company to the extent
practicable, at any time or from time to time, when deemed expedient by it in connection with the
performance of its duties under the Deposit Agreement or at the request of the Company, provided
that any such closing of the transfer books shall be subject to the provisions of Section 2.06 of
the Deposit Agreement which limit the suspension of withdrawals of Shares.

12. DIVIDENDS AND DISTRIBUTIONS.

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     Whenever the Depositary or on its behalf, its agent, receives any cash dividend or other cash
distribution on any Deposited Securities, the Depositary will, if at the time of receipt thereof
any amounts received in a foreign currency can in the judgment of the Depositary be converted on a
reasonable basis into United States dollars transferable to the United States, and subject to the
Deposit Agreement, convert or will cause its agent to convert, as promptly as practicable, such
dividend or distribution into dollars and will, as promptly as practicable, distribute the amount
thus received (net of the expenses of the Depositary as provided in Article 7 hereof and Section
5.09 of the Deposit Agreement) to the Owners of Receipts entitled thereto, provided, however, that
in the event that the Company or the Depositary is required to withhold and does withhold from such
cash dividend or other cash distribution in respect of any Deposited Securities an amount on
account of taxes, the amount distributed to the Owners of the Receipts evidencing American
Depositary Shares representing such Deposited Securities shall be reduced accordingly.

     Subject to the provisions of Section 4.11 and 5.09 of the Deposit Agreement, whenever the
Depositary receives any distribution other than a distribution described in Sections 4.01, 4.03 or
4.04 of the Deposit Agreement, the Depositary will, as promptly as practicable, cause the
securities or property received by it to be distributed to the Owners of Receipts entitled thereto,
in any manner that the Depositary may deem equitable and practicable for accomplishing such
distribution; provided, however, that if in the opinion of the Depositary such distribution cannot
be made proportionately among the Owners of Receipts entitled thereto, or if for any other reason
the Depositary deems such distribution not to be feasible, the Depositary may, after consultation
with the Company, adopt such method as it may deem equitable and practicable for the purpose of
effecting such distribution, including, but not limited to, the public or private sale of the
securities or property thus received, or any part thereof, and the net proceeds of any such sale
(net of the fees of the Depositary as provided in Article 7 hereof and Section 5.09 of the Deposit
Agreement and any expenses in connection with such sale) shall be distributed by the Depositary to
the Owners of Receipts entitled thereto as in the case of a distribution received in cash, all in
the manner and subject to the conditions set forth in the Deposit Agreement.

     If any distribution consists of a dividend in, or free distribution of, Shares, the Depositary
may or shall, if the Company shall so request, distribute, as promptly as practicable, to the
Owners of outstanding Receipts entitled thereto, additional Receipts evidencing an aggregate number
of American Depositary Shares representing the amount of Shares received as such dividend or free
distribution subject to the terms and conditions of the Deposit Agreement with respect to the
deposit of Shares and the issuance of American Depositary Shares evidenced by Receipts, including
the withholding of any tax or other governmental charge as provided in Section 4.11 of the Deposit
Agreement and the payment of the fees of the Depositary as provided in Article 7 hereof and Section
5.09 of the Deposit Agreement. In lieu of delivering Receipts for fractional American Depositary
Shares in any such case, the Depositary will sell the

- 9 -

 

amount of Shares represented by the aggregate of such fractions and distribute the net
proceeds, all in the manner and subject to the conditions set forth in the Deposit Agreement. If
additional Receipts are not so distributed, each American Depositary Share shall thenceforth also
represent the additional Shares distributed upon the Deposited Securities represented thereby. In
addition, the Depositary may withhold any distribution of Receipts under this paragraph and Section
4.03 of the Deposit Agreement if it has not received satisfactory assurances from the Company that
such distribution does not require registration under the Securities Act or is exempt from
registration under the provisions of such Act; provided that, in any such event, the Depositary may
sell the Shares distributed upon the Deposited Securities and distribute the net proceeds, all in
the manner and subject to the conditions described in this Article and Section 4.01 of the Deposit
Agreement.

     In the event that the Depositary determines that any distribution in property other than cash
(including Shares and rights to subscribe therefor) is subject to any tax or other governmental
charge which the Depositary is obligated to withhold, the Depositary may by public or private sale
dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in
such amounts and in such manner as the Depositary deems necessary and practicable to pay any such
taxes or charges, and the Depositary shall distribute the net proceeds of any such sale after
deduction of such taxes or charges to the Owners of Receipts entitled thereto.

13. RIGHTS.

     In the event that the Company shall offer or cause to be offered to the holders of any
Deposited Securities any rights to subscribe for additional Shares or any rights of any other
nature, the Depositary, after consultation with the Company, shall have discretion as to the
procedure to be followed in making such rights available to any Owners or in disposing of such
rights on behalf of any Owners and making the net proceeds available to such Owners or, if by the
terms of such rights offering or for any other reason it would be unlawful for the Depositary
either to make such rights available to any Owners or to dispose of such rights and make the net
proceeds available to such Owners, then the Depositary shall allow the rights to lapse. If at the
time of the offering of any rights the Depositary determines in its discretion that it is lawful
and feasible to make such rights available to all or certain Owners but not to other Owners, the
Depositary may, and at the request of the Company shall, distribute to any Owner to whom it
determines the distribution to be lawful and feasible, in proportion to the number of American
Depositary Shares held by such Owner, warrants or other instruments therefor in such form as it
deems appropriate.

     In circumstances in which rights would otherwise not be distributed, if an Owner requests the
distribution of warrants or other instruments in order to exercise the rights allocable to the
American Depositary Shares of such Owner hereunder, the Depositary will promptly make such rights
available to such Owner upon written notice from the

- 10 -

 

Company to the Depositary that (a) the Company has elected in its sole discretion to permit
such rights to be exercised and (b) such Owner has executed such documents as the Company has
determined in its sole discretion are reasonably required under applicable law.

     If the Depositary has distributed warrants or other instruments for rights to all or certain
Owners, then upon instruction from such an Owner pursuant to such warrants or other instruments to
the Depositary from such Owners to exercise such rights, upon payment by such Owner to the
Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to
be received upon the exercise of the rights, and upon payment of the fees of the Depositary and any
other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf
of such Owner, exercise the rights and purchase the Shares, and the Company shall cause the Shares
so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner,
the Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.02 of the
Deposit Agreement, and shall, pursuant to Section 2.03 of the Deposit Agreement, execute and
deliver Receipts to such Owner. In the case of a distribution pursuant to this paragraph, such
Receipts shall be legended in accordance with applicable U.S. laws, and shall be subject to the
appropriate restrictions on sale, deposit, cancellation, and transfer under such laws.

     If the Depositary determines that it is not lawful or feasible to make such rights available
to all or certain Owners, it may, and at the request of the Company will use its best efforts that
are reasonable under the circumstances to, sell the rights, warrants or other instruments in
proportion to the number of American Depositary Shares held by the Owners to whom it has determined
it may not lawfully or feasibly make such rights available, and allocate the net proceeds of such
sales (net of the fees of the Depositary as provided in Section 5.09 of the Deposit Agreement, any
expenses in connection with such sale and all taxes and governmental charges payable in connection
with such rights and subject to the terms and conditions of the Deposit Agreement) for the account
of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged
or other practical basis without regard to any distinctions among such Owners because of exchange
restrictions or the date of delivery of any Receipt or otherwise. Such proceeds shall be
distributed as promptly as practicable in accordance with Section 4.01 of the Deposit Agreement.

     If a registration statement under the Securities Act of 1933 is required with respect to the
securities to which any rights relate in order for the Company to offer such rights to Owners and
sell the securities represented by such rights, the Depositary will not offer such rights to Owners
having an address in the United States (as defined in Regulation S) unless and until such a
registration statement is in effect, or unless the offering and sale of such securities and such
rights to such Owners are exempt from registration under the provisions of such Act.

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     The Depositary shall not be responsible for any failure to determine that it may be lawful or
feasible to make such rights available to Owners in general or any Owner in particular.

14. 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, and if
at the time of the receipt thereof the foreign currency so received can, pursuant to applicable
law, be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the
United States, the Depositary or the Custodian shall convert or cause to be converted as promptly
as practicable, by sale or in any other manner that it may determine in accordance with applicable
law, such Foreign Currency into Dollars. If, at the time of conversion of such Foreign Currency
into Dollars, such Dollars can, pursuant to applicable law, be transferred outside of Brazil for
distribution to Owners entitled thereto, such Dollars shall be distributed as promptly as
practicable to the Owners entitled thereto or, if the Depositary shall have distributed any rights,
warrants or other instruments which entitle the holders thereof to such Dollars, then to the
holders of such rights, warrants and/or instruments upon surrender thereof for cancellation. Such
distribution or conversion may be made upon an averaged or other practicable basis without regard
to any distinctions among Owners on account of exchange restrictions, the date of delivery of any
Receipt or otherwise and shall be net of any expenses of conversion into Dollars incurred by the
Depositary as provided in Section 5.09 of the Deposit Agreement.

     If such conversion, transfer or distribution can be effected only with the approval or license
of any government or agency thereof, the Depositary shall file as promptly as practicable such
application for approval or license; however, the Depositary shall be entitled to rely upon
Brazilian local counsel in such matters, which counsel shall be instructed to act as promptly as
possible.

     If at any time foreign currency received by the Depositary or the Custodian is not, pursuant
to applicable law, convertible, in whole or in part, into Dollars transferable to the United
States, or if any approval or license of any government or agency thereof which is required for
such conversion is denied or in the opinion of the Depositary cannot be promptly obtained, the
Depositary shall, (a) as to that portion of the foreign currency that is convertible into Dollars,
make such conversion and, if permitted by applicable law, transfer such Dollars to the United
States for distribution to Owners in accordance with the first paragraph of this Article 13 or, if
such transfer is not so permitted, hold such Dollars uninvested and without liability for interest
thereon for the respective accounts of the Owners entitled to receive the same, and (b) as to the
nonconvertible balance, if any, (i) if requested in writing by an Owner, distribute or cause the
Custodian to distribute the foreign currency (or an appropriate document evidencing the right to
receive such foreign currency) received by the Depositary or Custodian to such Owner and (ii) the
Depositary

- 12 -

 

shall hold or shall cause the Custodian to hold any amounts of nonconvertible foreign currency
not distributed pursuant to the immediate preceding subclause (i) uninvested and without liability
for interest thereon for the respective accounts of the Owners entitled to receive the same.

15. RECORD DATES.

     Whenever any cash dividend or other cash distribution shall become payable or any distribution
other than cash shall be made, or whenever rights shall be issued with respect to the Deposited
Securities, or whenever for any reason the Depositary causes a change in the number of Shares that
are represented by each American Depositary Share, or whenever the Depositary shall receive notice
of any meeting of holders of Shares or other Deposited Securities, or whenever the Depositary shall
find it necessary or convenient, the Depositary shall fix a record date, which date shall, to the
extent practicable, be either (x) the same date as the record date fixed by the Company, or (y) if
different from the record date fixed by the Company, be fixed after consultation with the Company
(a) for the determination of the Owners of Receipts who shall be (i) entitled to receive such
dividend, distribution or rights or the net proceeds of the sale thereof or (ii) entitled to give
instructions for the exercise of voting rights at any such meeting, or (b) on or after which each
American Depositary Share will represent the changed number of Shares, subject to the provisions of
the Deposit Agreement.

16. VOTING OF DEPOSITED SECURITIES.

     As soon as practicable after receipt of notice of any meeting or solicitation of consents or
proxies of holders of Shares or other Deposited Securities, if requested in writing by the Company,
the Depositary shall, as soon as practicable thereafter, mail to the Owners a notice, the form of
which notice shall be in the sole discretion of the Depositary, which shall contain (a) such
information as is contained in such notice of meeting (or if requested by the Company a summary of
such information provided by the Company), (b) a statement that the Owners as of the close of
business on a specified record date will be entitled, subject to any applicable provision of
Brazilian law and of the Charter of the Company, to instruct the Depositary as to the exercise of
the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities
represented by their respective American Depositary Shares and (c) a statement as to the manner in
which such instructions may be given, including an express indication that, if the Depositary does
not receive instructions, it may deem instructions to have been given under the last sentence of
this paragraph to give a discretionary proxy to a person designated by the Company. Upon the
written request of an Owner of a Receipt on that record date, received on or before the date
established by the Depositary for the purpose, the Depositary shall endeavor, in so far as
practicable, to vote or cause to be voted the amount of Shares or other Deposited Securities
represented by the American Depositary Shares evidenced by that Receipt in accordance with the
instructions set forth in that request. The Depositary shall not vote or attempt to exercise the
right to vote that

- 13 -

 

attaches to Deposited Securities other than in accordance with instructions received from
Owners or deemed received under the following sentence. If (i) the Company made a request to the
Depositary as contemplated by the first sentence of this paragraph and complied with the following
paragraph and (ii) no instructions are received by the Depositary from an Owner with respect to an
amount of Deposited Securities represented by the American Depositary Shares evidenced by that
Owner’s Receipts on or before the date established by the Depositary for that purpose, the
Depositary shall deem that Owner to have instructed the Depositary to give, and the Depositary
shall give, a discretionary proxy to a person designated by the Company with respect to that amount
of Deposited Securities, except that that such instruction shall not be deemed to have
been given and the Depositary shall not give a discretionary proxy with respect to any matter as to
which the Company informs the Depositary (and the Company agrees to provide that information as
promptly as practicable in writing, if applicable) that (x) the Company does not wish to receive a
discretionary proxy, (y) substantial opposition exists or (z) the matter materially and adversely
affects the rights of holders of Shares.

     In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise
of voting rights relating to Deposited Securities, if the Company will request the Depositary to
act under the preceding paragraph, the Company shall give the Depositary notice of any such meeting
or solicitation and details concerning the matters to be voted upon not less than 45 days prior to
the meeting date or date for giving such proxies or consents.

     Subject to the rules of any securities exchange on which American Depositary Shares or the
Deposited Securities represented thereby are listed, the Depositary shall if requested by the
Company deliver, at least two Business Days prior to the date of a meeting of holders of Shares or
other Deposited Securities, to the Company, to the attention of its Secretary, copies of all
instructions received from Owners in accordance with which the Depositary will vote, or cause to be
voted, Deposited Securities at such meeting. Delivery of instructions will be made at the expense
of the Company (unless otherwise agreed in writing by the Company and the Depositary) provided
that payment of such expense shall not be a condition precedent to the obligations of the
Depositary under Section 4.07 of the Deposit Agreement.

17. CHANGES AFFECTING DEPOSITED SECURITIES.

     In circumstances where the provisions of Section 4.03 of the Deposit Agreement do not apply,
upon any change in nominal value, change in par value, split-up, consolidation, or any other
reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or
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 a Custodian in exchange for or in conversion of or in
respect of Deposited Securities shall be treated as new Deposited Securities under the Deposit
Agreement, and American Depositary Shares shall thenceforth represent the new Deposited Securities
so

- 14 -

 

received in exchange or conversion, unless additional Receipts are delivered pursuant to the
following sentence. In any such case the Depositary may, and shall if the Company shall so
request, execute and deliver additional Receipts as in the case of a dividend in Shares, or call
for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing
such new Deposited Securities.

18. LIABILITY OF THE COMPANY AND DEPOSITARY.

     Neither the Depositary nor the Company nor any of their respective directors, employees,
agents or affiliates shall incur any liability to any Owner or Beneficial Owner, if by reason of
any provision of any present or future law or regulation of the United States or any other country,
or of any other governmental or regulatory authority, or by reason of any provision, present or
future, of the Charter of the Company, or by reason of any act of God or war or other circumstances
beyond its control, the Depositary or the Company shall be prevented or forbidden from or be
subject to any civil or criminal penalty on account of doing or performing any act or thing which
by the terms of the Deposit Agreement it is provided shall be done or performed; nor shall the
Depositary or the Company nor any of their respective directors, employees, agents or affiliates
incur any liability to any Owner or Beneficial Owner of a Receipt by reason of any non-performance
or delay, caused as aforesaid, in the performance of any act or thing which by the terms of the
Deposit Agreement it is provided shall or may be done or performed, or by reason of any exercise
of, or failure to exercise, any discretion provided for in the Deposit Agreement. Where, by the
terms of a distribution pursuant to Sections 4.01, 4.02 or 4.03 of the Deposit Agreement, or an
offering or distribution pursuant to Section 4.04 of the Deposit Agreement, such distribution or
offering may not be made available to Owners of Receipts, and the Depositary may not dispose of
such distribution or offering on behalf of such Owners and make the net proceeds available to such
Owners, then the Depositary shall not make such distribution or offering, and shall allow any
rights, if applicable, to lapse. Neither the Company nor the Depositary assumes any obligation or
shall be subject to any liability under the Deposit Agreement to Owners or Beneficial Owners of
Receipts, except that they agree to perform their obligations specifically set forth in the Deposit
Agreement without negligence or bad faith. The Depositary shall not be subject to any liability
with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the
Company 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 Receipts, which in its
opinion may involve it in expense or liability, unless indemnity satisfactory to it against all
expenses and liability shall be furnished as often as may be required, and the Custodian shall not
be under any obligation whatsoever with respect to such proceedings, the responsibility of the
Custodian being solely to the Depositary. Neither the Depositary nor the Company shall be liable
for any action or nonaction by it in reliance upon the advice of or information from legal counsel,
accountants, any person presenting Shares for deposit, any Owner or Beneficial Owner of a Receipt,
or any other person believed by it in good faith to be competent to give such advice or
information. The Depositary shall

- 15 -

 

not be responsible for any failure to carry out any instructions to vote any of the Deposited
Securities, or for the manner in which any such vote is cast or the effect of any such vote,
provided that any such action or nonaction is in good faith. The Depositary shall not be liable
for any acts or omissions made by a successor depositary whether in connection with a previous act
or omission of the Depositary or in connection with a matter arising wholly after the removal or
resignation of the Depositary, provided that in connection with the issue out of which such
potential liability arises, the Depositary performed its obligations without negligence or bad
faith while it acted as Depositary.

     The Company agrees to indemnify the Depositary, its directors, employees, agents and
affiliates and any Custodian against, and hold each of them harmless from, any liability or expense
(including, but not limited to, the reasonable fees and expenses of counsel) which may arise out of
acts performed or omitted, in accordance with the provisions of the Deposit Agreement and of the
Receipts, as the same may be amended, modified, or supplemented from time to time, (i) by either
the Depositary or a Custodian or their respective directors, employees, agents and affiliates,
except for any liability or expense arising out of the negligence or bad faith of either of them,
and except to the extent that such liability or expense arises out of information relating to the
Depositary or the Custodian, as applicable, furnished in writing to the Company by the Depositary
or the Custodian, as applicable, expressly for use in any registration statement, proxy statement,
prospectus (or placement memorandum) or preliminary prospectus (or preliminary placement
memorandum) relating to the Shares, or omissions from such information; or (ii) by the Company or
any of its directors, employees, agents and affiliates. The indemnities contained in this
paragraph shall not extend to any liability or expense which may arise out of any Pre-Release.

     No disclaimer of liability under the Securities Act of 1933 is intended by any provisions of
the Deposit Agreement.

     The Depositary, subject to Sections 2.05 and 2.09 of the Deposit Agreement, may own and deal
in any class of securities of the Company and its affiliates and in Receipts.

19. RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.

     The Depositary may at any time resign as Depositary hereunder by written notice of its
election so to do delivered to the Company, such resignation to take effect 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, effective upon the appointment of a successor depositary and its acceptance of such
appointment as provided in the Deposit Agreement. Whenever the Depositary in its discretion
determines that it is in the best interest of the Owners of Receipts to do so, it may appoint a
substitute custodian.

20. AMENDMENT.

- 16 -

 

     The form of the Receipts and any provisions of the Deposit Agreement may at any time and from
time to time be amended by agreement between the Company and the Depositary in any respect which
they may deem necessary or desirable. Any amendment which shall impose or increase any fees or
charges (other than taxes and other governmental charges, registration fees and cable, telex or
facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise
prejudice any substantial existing right of Owners of Receipts, shall, however, not become
effective as to outstanding Receipts until the expiration of thirty days after notice of such
amendment shall have been given to the Owners of outstanding Receipts. Every Owner of a Receipt at
the time any amendment so becomes effective shall be deemed, by continuing to hold such Receipt, to
consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby.
In no event shall any amendment impair the right of the Owner of any Receipt to surrender such
Receipt and receive therefor the Deposited Securities represented thereby except in order to comply
with mandatory provisions of applicable law.

21. TERMINATION OF DEPOSIT AGREEMENT.

     The Depositary at any time, at the direction of the Company, shall terminate the Deposit
Agreement by mailing notice of such termination to the Owners of all Receipts then outstanding at
least 30 days prior to the date fixed in such notice for such termination. The Depositary may
likewise terminate the Deposit Agreement by mailing notice of such termination to the Company and
the Owners of all Receipts then outstanding, such termination to be effective on a date specified
in such notice not less than 30 days after the date thereof, if at any time 60 days shall have
expired after the Depositary shall have delivered to the Company a written notice of its election
to resign and a successor depositary shall not have been appointed and accepted its appointment as
provided in the Deposit Agreement. On and after the date of termination, the Owner of a Receipt
will, upon (a) surrender of such Receipt at the Corporate Trust Office of the Depositary, (b)
payment of the fee of the Depositary for the surrender of Receipts referred to in Section 2.05 of
the Deposit Agreement, and (c) payment of any applicable taxes or governmental charges, be entitled
to delivery, to the Owner or upon the Owner’s order, of the amount of Deposited Securities
represented by the American Depositary Shares evidenced by such Receipt. If any Receipts shall
remain outstanding after the date of termination, the Depositary thereafter shall discontinue the
registration of transfers of Receipts, shall suspend the distribution of dividends to the Owners
thereof, and shall not give any further notices or perform any further acts under the Deposit
Agreement, except that the Depositary shall continue to collect dividends and other distributions
pertaining to Deposited Securities, shall sell rights as provided in the Deposit Agreement, and
shall continue to deliver Deposited Securities, together with any dividends or other distributions
received with respect thereto and the net proceeds of the sale of any rights or other property, in
exchange for Receipts surrendered to the Depositary (after deducting, in each case, the fee of the
Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such
Receipt in accordance with the terms and conditions of the

- 17 -

 

Deposit Agreement, and any applicable taxes or governmental charges). At any time after the
expiration of one year from the date of termination, the Depositary may sell the Deposited
Securities then held under the Deposit Agreement and may thereafter hold uninvested the net
proceeds of any such sale, together with any other cash then held by it thereunder, unsegregated
and without liability for interest, for the pro rata benefit of the Owners of Receipts which have
not theretofore been surrendered, such Owners thereupon becoming general creditors of the
Depositary with respect to such net proceeds. After making such sale, the Depositary shall be
discharged from all obligations under the Deposit Agreement, except to account for such net
proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender
of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the
terms and conditions of the Deposit Agreement, and any applicable taxes or governmental charges)
and except as provided in Section 5.08 of the Deposit Agreement. Upon the termination of the
Deposit Agreement, the Company shall be discharged from all obligations under the Deposit Agreement
except for its obligations to the Depositary with respect to indemnification, charges, and
expenses.

22. DISCLOSURE OF INTERESTS.

     To the extent that provisions of or governing any Deposited Securities (including the
Company’s Charter or applicable law) may require the disclosure of beneficial or other ownership of
Deposited Securities, other Shares and other securities to the Company and may provide for blocking
transfer and voting or other rights to enforce such disclosure or limit such ownership, the
Depositary shall use its best efforts that are reasonable under the circumstances to comply with
Company instructions as to Receipts in respect of any such enforcement or limitation, and Owners
and Beneficial Owners shall comply with all such disclosure requirements and ownership limitations
and shall cooperate with the Depositary’s compliance with such Company instructions.

23. DELIVERY OF INFORMATION TO THE CVM.

     Each of the Depositary and the Company hereby confirms to the other that for as long as the
Deposit Agreement is in effect, it shall furnish the CVM and the Central Bank, at any time and
within the period that may be determined, with any information and documents related to the Global
Depositary Receipt program and the Receipts issued hereunder. In the event that the Depositary or
the Custodian shall be advised in writing by reputable independent Brazilian counsel that the
Depositary or Custodian reasonably could be subject to criminal, or material, as reasonably
determined by the Depositary, civil, liabilities as a result of the Company having failed to
provide such information or documents reasonably available only through the Company, the Depositary
shall have the right to terminate the Deposit Agreement, upon at least 15 days’ prior notice to the
Owners and the Company, and the Depositary shall not be subject to any liability hereunder on
account of such termination or such determination. The effect of any such

- 18 -

 

termination of the
Deposit Agreement shall be as provided in Section 6.02 of that Agreement.

- 19 -EX-10.9

 

Exhibit 10.9

LOCK UP AGREEMENT

This private instrument, hereinafter referred to as “Agreement”, is made by and between:

AG Telecom Participações S.A., a company with its registered office located at Avenida do Contorno,
No. 8.123, Bairro Cidade Jardim, Belo Horizonte, MG, enrolled with the tax payer national registry
under number 03.260.334/0001-92, hereafter referred to as “AG Telecom”, represented herein in
accordance to its by-laws;

Asseca Participaçoes S.A., a company with its registered office located at Rua Pamplona, No. 818,
gropu 92São Paulo, SP, enrolled with the tax payer national registry under number
03.548.276/0001-05, hereafter referred to as “Asseca”, represented herein in accordance to its
by-laws;

LF Tel S.A. a company with its registered office located at Avenida. Dr. Chucri Zaidan No. 920, 16o
floor, São Paulo, SP, enrolled with the tax payer national registry under number
02.390.206/0001-09, hereafter referred to as “LF Tel”, represented herein in accordance to its
by-laws;

Lexpart Participações S.A., a company with its registered office located at Rua Mayrink Veiga No.
9, 12o floor, room 1, Rio de Janeiro, RJ, enrolled with the tax payer national registry under
number 03.204.002/0001-90, hereafter referred to as “Lexpart”, represented herein in accordance to
its by-laws;

Brasilcap Capitalização S.A., a company with its registered office located at Rua Senador Dantas
No. 105, 25° floor, Rio de Janeiro, RJ, , enrolled with the tax payer national registry under
number 15.138.043/0001-05, hereafter referred to as “Brasilcap”, represented herein in accordance
to its by-laws;

BNDES Participações S.A — BNDESPAR, a company with its headquarters located in Brasília, Federal
District, and with office Avenida República do Chile No. 100, 19o and 20o 
floors, Rio de Janeiro, RJ, enrolled with the tax payer national registry under number
00.383.281/0001-09, hereafter referred to as “BNDESPAR”, represented herein in accordance to its
by-laws;

Brasil Veículos Companhia de Seguros, a company with its registered office located at Rua Senador
Dantas No. 105, 29° floor, Rio de Janeiro, enrolled with the tax payer national registry under
number 01.356.570/0001-81, hereafter referred to as “Brasil Veículos”, represented herein in
accordance to its by-laws;

Fundação Atlântico de Seguridade Social, an institution with its registered office located at Rua
Lauro Muller No. 116, 29o floor, room 2901, Botafogo, Rio de Janeiro, RJ, enrolled with the tax
payer national registry under number 07.110.214/0001-60, hereafter referred to as “Fundação
Atlântico”, represented herein in accordance to its by-laws;

 

 

Fiago Participações S.A., a company with its registered office located at Avenida Presidente
Wilson, No. 231 — 11o floor, enrolled with the tax payer national registry under number
02.335.514/0001-23, hereafter referred to as “Fiago”, represented herein in accordance to its
by-laws;

AG Telecom, Asseca, LF Tel, Lexpart, Brasilcap, BNDESPAR, Brasil Veículos, Fundação Atlântico and
Fiago hereinafter being referred to collectively as the “Parties” and individually as a “Party”;
and

Telemar Participações S.A., a company with its registered office located at Praia de Botafogo 300,
11o  floor, room 1101 (part), Rio de Janeiro, RJ, enrolled with the tax payer national
registry under number 02.107.946/0001-87, hereafter referred to as “Company”, represented herein
in accordance to its by-laws; and for the purposes of this Agreement an intervening party;

Whereas the Company management has proposed a corporate restructuring through which Tele Norte
Leste Participações S.A. (“TNL”), a controlled subsidiary of the Company, will ask its
shareholders to approve a corporate transaction under Brazilian corporate law known as
incorporação de ações (or stock swap).

Whereas if the stock swap is consummated, TNL shareholders (other than the Company) will exchange
their TNL shares for common shares newly issued by the Company, causing TNL to become a
wholly-owned subsidiary of Company.

Whereas for the purpose of implementing the stock swap the Company filed with the Securities and
Exchange Commission of the United States of America a registration statement on Form F-4
(Registration No. 333-133992) registering the Company’s common shares to be issued pursuant to the
stock swap.

Whereas the management of the Company and of TNL have recommended the Parties not to sell or offer
to sell the common shares, and derivatives thereof, of the Company held by the Parties in any stock
market or stock exchange, until six months after the date approval of the stock swap by the
shareholders of the Company in accordance with Brazilian laws, since such transactions could
adversely affect the stock swap.

Whereas each Party agrees to attend the recommendation of the Company and of TNL and, consequently,
agrees not to sell or offer to sell in any stock market or stock exchange the common shares, and
derivatives thereof, of the Company it holds, during six months after the date of approval of the
stock swap by the shareholders of the Company in accordance with Brazilian laws;

Now therefore, in reliance upon the representations, warranties and covenants made herein and in
consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

 

1. In recognition of the benefit that the stock swap will confer upon the Company, each Party
agrees and undertakes before each other party and the Company not to, during a period of 180 (one
hundred and eighty) days commencing on the date of the Shareholders’ Meeting of the Company
approving the stock swap in accordance with Brazilian laws (“Restriction Period”), sell or offer to
sell in any stock market or stock exchange the common shares, and derivatives thereof, issued by
the Company which such Party holds on the date of effectiveness of this Agreement as specified in
paragraph 3 below (“Restricted Securities”). Derivatives for the purpose hereof shall mean the
bonds and securities traded in futures markets or other instruments for which securities issued by
the Company serve as underlying or referenced assets.

2. Each Party also agrees that this Agreement shall be filed with the Company in its headquarters
and any transaction involving the Restricted Securities not permitted by the terms of this
Agreement shall be null and void ab initio, and the Company shall instruct the registrar agent of
the Restricted Securities not to transfer ownership of any Restricted Security in violation of this
Agreement. The Parties hereby instruct the Company to file this Agreement with the transfer agent
of the Restricted Securities for the purposes hereof and pursuant to the article 118 of the
Brazilian Federal Law No. 6,404/76 as amended.

3. The Parties execute this Agreement under suspensive condition (condição suspensiva), in
accordance with article 125 of Brazilian Federal Law No. 10.406, as of January 10th,
2002 (the Brazilian Civil Code), being the effectiveness of this Agreement conditioned to the
approval of the stock swap by the shareholders of the Company in accordance with applicable laws.
Furthermore, this Agreement shall automatically terminate upon the termination of the Restriction
Period.

4. All notices or other communication arising from or in connection with this Agreement shall be in
writing and delivered by hand, registered or certified mail, or express delivery service, return
receipt requested, to the addresses set out in the preamble of this Agreement. Notices shall be
deemed to have been given for the purposes of this Agreement on the day such notice is sent.

5. Wherever possible, each provision of this Agreement shall be construed in such a manner as to be
valid and effective under applicable law. If, however, any provision hereof is found to be invalid
or void, it shall be invalid or void only to the extent required by law, and no other provisions
hereof shall be affected or impaired thereby but shall continue in full force and effect.

6. The Parties hereby elect the courts of the City of Rio de Janeiro, State of Rio de Janeiro, for
the resolution of any disputes arising out of this Agreement, to the exclusion of all other court,
however privileged it may be.

In witness whereof, the Parties to this Agreement and the Company by their duly authorized
representatives have executed this Agreement in 10 (ten) counterparts before the undersigned
witnesses.

Rio de Janeiro, 20 de setembro de 2006.

 

 

In the capacity of shareholder of the Company:

	 	 	 
	 

	 	 
	AG Telecom Participações S.A.

	 	Asseca Participaçoes S.A.
	 
	 	 
	 

	 	 
	LF Tel S.A.

	 	Lexpart Participações S.A.
	 
	 	 
	 

	 	 
	Brasilcap Capitalização S.A.

	 	BNDES Participações S.A — BNDESPAR
	 
	 	 
	 

	 	 
	Brasil Veículos Companhia de Seguros

	 	Fiago Participações S.A.
	 
	 	 
	 
	 	 
	Fundação Atlântico de Seguridade Social
	 	 

In the capacity of intervening party:

                                                            

Telemar Participações S.A.

In the capacity of Witnesses:

	 	 	 
	Name:

	 	Name:
	Id. Number:

	 	Id. Number:

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