Document:

EX-4.1

 Exhibit 4.1 
  

 
 DEPOSIT AGREEMENT 

 
  

by and among 
 AZUL S.A.

 CITIBANK, N.A., 

as Depositary, 
 and

 THE HOLDERS AND BENEFICIAL OWNERS OF 

AMERICAN DEPOSITARY SHARES 

ISSUED HEREUNDER 
  

 
 Dated as of [date],
2017 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 Section 1.1 “ADS Record Date”
	  	 	1	  
	 Section 1.2 “Affiliate”
	  	 	1	  
	 Section 1.3 “American Depositary Receipt(s)”, “ADR(s)” and
“Receipt(s)”
	  	 	1	  
	 Section 1.4 “American Depositary Share(s)” and
“ADS(s)”
	  	 	2	  
	 Section 1.5 “Applicant”
	  	 	2	  
	 Section 1.6 “Beneficial Owner”
	  	 	2	  
	 Section 1.7 “BM&FBOVESPA”
	  	 	2	  
	 Section 1.8 “Brazil”
	  	 	2	  
	 Section 1.9 “Business Day”
	  	 	2	  
	 Section 1.10 “CBLC”
	  	 	2	  
	 Section 1.11 “Certificated ADS(s)”
	  	 	2	  
	 Section 1.12 “Central Bank”
	  	 	2	  
	 Section 1.13 “Commission”
	  	 	2	  
	 Section 1.14 “Company”
	  	 	3	  
	 Section 1.15 “Custodian”
	  	 	3	  
	 Section 1.16 “CVM”
	  	 	3	  
	 Section 1.17 “Deliver” and “Delivery”
	  	 	3	  
	 Section 1.18 “Deposit Agreement”
	  	 	3	  
	 Section 1.19 “Depositary”
	  	 	3	  
	 Section 1.20 “Deposited Property”
	  	 	3	  
	 Section 1.21 “Deposited Securities”
	  	 	3	  
	 Section 1.22 “Dollars” and “$”
	  	 	3	  
	 Section 1.23 “DTC”
	  	 	3	  
	 Section 1.24 “DTC Participant”
	  	 	3	  
	 Section 1.25 “Estatuto Social”
	  	 	3	  
	 Section 1.26 “Exchange Act”
	  	 	3	  
	 Section 1.27 “Foreign Currency”
	  	 	4	  
	 Section 1.28 “Full Entitlement ADR(s)”, “Full Entitlement
ADS(s)” and “Full Entitlement Share(s)”
	  	 	4	  
	 Section 1.29 “Holder(s)”
	  	 	4	  
	 Section 1.30 “Losses”
	  	 	4	  
	 Section 1.31 “Partial Entitlement ADR(s)”, “Partial Entitlement
ADS(s)” and “Partial Entitlement Share(s)”
	  	 	4	  
	 Section 1.32 “Pre-Release Transaction”
	  	 	4	  
	 Section 1.33 “Principal Office”
	  	 	4	  
	 Section 1.34 “Reais”, “Real”, “R$” or
“BRL”
	  	 	4	  
	 Section 1.35 “Registrar”
	  	 	4	  
	 Section 1.36 “Restricted Securities”
	  	 	4	  
	 Section 1.37 “Restricted ADR(s)”, “Restricted ADS(s)” and
“Restricted Shares”
	  	 	4	  
	 Section 1.38 “Securities Act”
	  	 	4	  
	 Section 1.39 “Share Registrar”
	  	 	4	  
	 Section 1.40 “Shares”
	  	 	4	  
	 Section 1.41 “Uncertificated ADS(s)”
	  	 	5	  
	 Section 1.42 “United States” and “U.S.”

 
	  	 	5	  
	 ARTICLE II APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION
AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS
	  	 	5	  
	 Section 2.1 Appointment of Depositary.
	  	 	5	  
	 Section 2.2 Form and Transferability of ADSs.
	  	 	5	  
	 Section 2.3 Deposit of Shares.
	  	 	6	  
	 Section 2.4 Registration and Safekeeping of Deposited Securities.
	  	 	7	  
	 Section 2.5 Issuance of ADSs.
	  	 	7	  
	 Section 2.6 Transfer, Combination and Split-up of ADRs.
	  	 	7	  
	 Section 2.7 Surrender of ADSs and Withdrawal of Deposited Securities.
	  	 	8	  
	 Section 2.8 Limitations on Execution and Delivery, Transfer, etc. of ADSs;
Suspension of Delivery, Transfer, etc.
	  	 	9	  
	 Section 2.9 Lost ADRs, etc.
	  	 	9	  
	 Section 2.10 Cancellation and Destruction of Surrendered ADRs; Maintenance of
Records.
	  	 	9	  

  
 i 

							
	 Section 2.11 Escheatment.
	  	 	9	  
	 Section 2.12 Partial Entitlement ADSs.
	  	 	10	  
	 Section 2.13 Certificated/Uncertificated ADSs.
	  	 	11	  
	 Section 2.14 Restricted ADSs.
	  	 	12	  
	 ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF ADSs
	  	 	13	  
	 Section 3.1 Proofs, Certificates and Other Information.
	  	 	13	  
	 Section 3.2 Liability for Taxes and Other Charges.
	  	 	13	  
	 Section 3.3 Representations and Warranties on Deposit of Shares.
	  	 	13	  
	 Section 3.4 Compliance with Information Requests.
	  	 	14	  
	 Section 3.5 Ownership Restrictions.
	  	 	14	  
	 Section 3.6 Reporting Obligations and Regulatory Approvals.
	  	 	14	  
	 Section 3.7 Delivery of Information to the CVM, the Central Bank and the
BM&FBOVESPA.
	  	 	14	  
	 ARTICLE IV THE DEPOSITED SECURITIES
	  	 	15	  
	 Section 4.1 Cash Distributions.
	  	 	15	  
	 Section 4.2 Distribution in Shares.
	  	 	15	  
	 Section 4.3 Elective Distributions in Cash or Shares.
	  	 	16	  
	 Section 4.4 Distribution of Rights to Purchase Additional ADSs.
	  	 	16	  
	 Section 4.5 Distributions Other Than Cash, Shares or Rights to Purchase
Shares.
	  	 	17	  
	 Section 4.6 Distributions with Respect to Deposited Securities in Bearer
Form.
	  	 	18	  
	 Section 4.7 Redemption.
	  	 	18	  
	 Section 4.8 Conversion of Foreign Currency.
	  	 	19	  
	 Section 4.9 Fixing of ADS Record Date.
	  	 	19	  
	 Section 4.10 Voting of Deposited Securities.
	  	 	20	  
	 Section 4.11 Changes Affecting Deposited Securities.
	  	 	21	  
	 Section 4.12 Available Information.
	  	 	21	  
	 Section 4.13 Reports.
	  	 	21	  
	 Section 4.14 List of Holders.
	  	 	21	  
	 Section 4.15 Taxation.
	  	 	22	  
	 ARTICLE V THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY
	  	 	23	  
	 Section 5.1 Maintenance of Office and Transfer Books by the Registrar.
	  	 	23	  
	 Section 5.2 Exoneration.
	  	 	23	  
	 Section 5.3 Standard of Care.
	  	 	24	  
	 Section 5.4 Resignation and Removal of the Depositary; Appointment of Successor
Depositary.
	  	 	24	  
	 Section 5.5 The Custodian.
	  	 	25	  
	 Section 5.6 Notices and Reports.
	  	 	25	  
	 Section 5.7 Issuance of Additional Shares, ADSs etc.
	  	 	26	  
	 Section 5.8 Indemnification.
	  	 	26	  
	 Section 5.9 ADS Fees and Charges.
	  	 	27	  
	 Section 5.10 Pre-Release Transactions.
	  	 	28	  
	 Section 5.11 Restricted Securities Owners.
	  	 	28	  
	 ARTICLE VI AMENDMENT AND TERMINATION
	  	 	29	  
	 Section 6.1 Amendment/Supplement.
	  	 	29	  
	 Section 6.2 Termination.
	  	 	29	  
	 ARTICLE VII MISCELLANEOUS
	  	 	30	  
	 Section 7.1 Counterparts.
	  	 	30	  
	 Section 7.2 No Third-Party
Beneficiaries.
	  	 	30	  
	 Section 7.3 Severability.
	  	 	30	  
	 Section 7.4 Holders and Beneficial Owners as Parties; Binding Effect.
	  	 	30	  
	 Section 7.5 Notices.
	  	 	31	  
	 Section 7.6 Governing Law and Jurisdiction.
	  	 	31	  
	 Section 7.7 Assignment.
	  	 	32	  
	 Section 7.8 Compliance with U.S. Securities Laws.
	  	 	32	  
	 Section 7.9 Brazilian Law References.
	  	 	32	  
	 Section 7.10 Titles and References.
	  	 	33	  
	 Section 7.11 Amendment and Restatement.
	  	 	33	  

  

							
	 EXHIBITS
	  			
	 Form of ADR.
	  	 	A-1	  
	 Fee Schedule.
	  	 	B-1	  

  
 ii 

 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT, dated as of
                        , 20        , by and among (i) Azul S.A., a
sociedade por ações organized under the laws of the Federative Republic of Brazil, and its successors (the “Company”), (ii) CITIBANK, N.A., a national banking association organized under the laws of the United States of
America acting in its capacity as depositary, and any successor depositary hereunder (the “Depositary”), and (iii) all Holders and Beneficial Owners of American Depositary Shares issued hereunder (all such capitalized terms as
hereinafter defined). 
 WITNESSETH THAT: 

WHEREAS, the Company desires to establish with the Depositary an ADR facility to provide inter alia for the
deposit of the Shares (as hereinafter defined) and the creation of American Depositary Shares representing the Shares so deposited and for the execution and Delivery of American Depositary Receipts (as hereinafter defined) evidencing such American
Depositary Shares;  
 WHEREAS, the Depositary is willing to act as the Depositary for such ADR facility upon the terms set
forth in the Deposit Agreement (as hereinafter defined);  
 WHEREAS, any American Depositary Receipts issued pursuant to the
terms of the Deposit Agreement are to be substantially in the form of Exhibit A attached hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in the Deposit Agreement; and 

WHEREAS, the shareholders of the Company have duly approved the establishment of an ADR facility upon the terms set forth in the
Deposit Agreement, the execution and delivery of the Deposit Agreement on behalf of the Company, and the actions of the Company and the transactions contemplated herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: 
 ARTICLE I 

DEFINITIONS 
 All
capitalized terms used, but not otherwise defined, herein shall have the meanings set forth below, unless otherwise clearly indicated: 

Section 1.1 “ADS Record Date” shall have the meaning given to such term in Section 4.9. 

Section 1.2 “Affiliate” shall have the meaning assigned to such term by the Commission (as hereinafter defined)
under Regulation C promulgated under the Securities Act (as hereinafter defined), or under any successor regulation thereto. 

Section 1.3 “American Depositary Receipt(s)”, “ADR(s)” and
“Receipt(s)” shall mean the certificate(s) issued by the Depositary to evidence the American Depositary Shares issued under the terms of the Deposit Agreement in the form of Certificated ADS(s) (as hereinafter defined),
as such ADRs may be amended from time to time in accordance with the provisions of the Deposit Agreement. An ADR may evidence any number of ADSs and may, in the case of ADSs held through a central depository such as DTC, be in the form of a
“Balance Certificate.” 
  

  
 1 

 Section 1.4 “American Depositary Share(s)” and
“ADS(s)” shall mean the rights and interests in the Deposited Property (as hereinafter defined) granted to the Holders and Beneficial Owners pursuant to the terms and conditions of the Deposit Agreement and, if issued as
Certificated ADS(s) (as hereinafter defined), the ADR(s) issued to evidence such ADSs. ADS(s) may be issued under the terms of the Deposit Agreement in the form of (a) Certificated ADS(s) (as hereinafter defined), in which case the ADS(s) are
evidenced by ADR(s), or (b) Uncertificated ADS(s) (as hereinafter defined), in which case the ADS(s) are not evidenced by ADR(s) but are reflected on the direct registration system maintained by the Depositary for such purposes under the terms
of Section 2.13. Unless otherwise specified in the Deposit Agreement or in any ADR, or unless the context otherwise requires, any reference to ADS(s) shall include Certificated ADS(s) and Uncertificated ADS(s), individually or collectively, as
the context may require. Each ADS shall represent the right to receive, and to exercise the beneficial ownership interests in, the number of Shares specified in the form of ADR attached hereto as Exhibit A (as amended from time to time) that
are on deposit with the Depositary and/or the Custodian, subject, in each case, to the terms and conditions of the Deposit Agreement and the applicable ADR (if issued as a Certificated ADS), until there shall occur a distribution upon Deposited
Securities referred to in Section 4.2 or a change in Deposited Securities referred to in Section 4.11 with respect to which additional ADSs are not issued, and thereafter each ADS shall represent the right to receive, and to exercise the
beneficial ownership interests in, the applicable Deposited Property on deposit with the Depositary and the Custodian determined in accordance with the terms of such Sections, subject, in each case, to the terms and conditions of the Deposit
Agreement and the applicable ADR (if issued as a Certificated ADS). In addition, the ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of the Deposit Agreement (which may give rise to Depositary fees). 

Section 1.5 “Applicant” shall have the meaning given to such term in Section 5.10. 

Section 1.6 “Beneficial Owner” shall mean, as to any ADS, any person or entity having a beneficial
interest deriving from the ownership of such ADS. Notwithstanding anything else contained in the Deposit Agreement, any ADR(s) or any other instruments or agreements relating to the ADSs and the corresponding Deposited Property, the Depositary, the
Custodian and their respective nominees are intended to be, and shall at all times during the term of the Deposit Agreement be, the record holders only of the Deposited Property represented by the ADSs for the benefit of the Holders and Beneficial
Owners of the corresponding ADSs. The Depositary, on its own behalf and on behalf of the Custodian and their respective nominees, disclaims any beneficial ownership interest in the Deposited Property held on behalf of the Holders and Beneficial
Owners of ADSs. The beneficial ownership interests in the Deposited Property are intended to be, and shall at all times during the term of the Deposit Agreement continue to be, vested in the Beneficial Owners of the ADSs representing the Deposited
Property. The beneficial ownership interests in the Deposited Property shall, unless otherwise agreed by the Depositary, be exercisable by the Beneficial Owners of the ADSs only through the Holders of such ADSs, by the Holders of the ADSs (on behalf
of the applicable Beneficial Owners) only through the Depositary, and by the Depositary (on behalf of the Holders and Beneficial Owners of the corresponding ADSs) directly, or indirectly through the Custodian or their respective nominees, in each
case upon the terms of the Deposit Agreement and, if applicable, the terms of the ADR(s) evidencing the ADSs. A Beneficial Owner of ADSs may or may not be the Holder of such ADSs. A Beneficial Owner shall be able to exercise any right or receive any
benefit hereunder solely through the person who is the Holder of the ADSs owned by such Beneficial Owner. Unless otherwise identified to the Depositary, a Holder shall be deemed to be the Beneficial Owner of all the ADSs registered in his/her/its
name. The manner in which a Beneficial Owner owns ADSs (e.g., in a brokerage account vs. as registered holder) may affect the rights and obligations of, and the manner in which services are made available to, Beneficial Owners pursuant to the terms
of the Deposit Agreement. 
 Section 1.7 “BM&FBOVESPA” shall mean the São Paulo Stock
Exchange (BM&FBOVESPA S.A. – Bolsa de Valores Mercadorias e Futuros). 
 Section 1.8
“Brazil” shall mean the Federative Republic of Brazil. 
 Section 1.9 “Business
Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in the Borough of Manhattan, The City of New York are authorized or obligated by law or executive order to
close. 
 Section 1.10 “CBLC” shall mean the Brazilian Clearing and Depository Corporation
(Companhia Brasileira de Liquidação e Custódia), which provides the book-entry settlement system for securities traded in BM&FBOVESPA, or any successor entity thereto. 

Section 1.11 “Certificated ADS(s)” shall have the meaning set forth in Section 2.13. 

Section 1.12 “Central Bank” shall mean the Banco Central do Brasil or any successor governmental agency in
Brazil. 
 Section 1.13 “Commission” shall mean the Securities and Exchange Commission of the
United States or any successor governmental agency thereto in the United States. 

  
 2 

 Section 1.14 “Company” shall mean Azul S.A., a
sociedade por ações incorporated and existing under the laws of Brazil, and its successors. 
 Section 1.15
“Custodian” shall mean (i) as of the date hereof, Banco Bradesco S.A., having its principal office at 4010-0 DEP de Ações e Custódia, Cidade de Deus, Vila Yara, S/N Prédio Amarelo 2
Andar, Osasco – SP Brazil – CEP: 06029-900, as the custodian of Deposited Property for the purposes of the Deposit Agreement, (ii) Citibank, N.A., acting as custodian of Deposited Property pursuant to the Deposit Agreement, and
(iii) any other entity that may be appointed by the Depositary pursuant to the terms of Section 5.5 as successor, substitute or additional custodian hereunder. The term “Custodian” shall mean any Custodian individually or all
Custodians collectively, as the context requires. 
 Section 1.16 “CVM” shall mean the
Comissão de Valores Mobiliários, the Brazilian National Securities Commission, or any successor governmental agency in Brazil. 

Section 1.17 “Deliver” and “Delivery” shall mean (x) when used in
respect of Shares and other Deposited Securities, either (i) the physical delivery of the certificate(s) representing such securities, or (ii) the book-entry transfer and recordation of such securities on the books of the Share
Registrar (as hereinafter defined) or in the book-entry settlement of CBLC, and (y) when used in respect of ADSs, either (i) the physical delivery of ADR(s) evidencing the ADSs, or (ii) the book-entry transfer and recordation
of ADSs on the books of the Depositary or any book-entry settlement system in which the ADSs are settlement-eligible. 

Section 1.18 “Deposit Agreement” shall mean this Deposit Agreement and all exhibits hereto, as the
same may from time to time be amended and supplemented from time to time in accordance with the terms of the Deposit Agreement. 

Section 1.19 “Depositary” shall mean Citibank, N.A., a national banking association organized under
the laws of the United States, in its capacity as depositary under the terms of the Deposit Agreement, and any successor depositary hereunder. 

Section 1.20 “Deposited Property” shall mean the Deposited Securities and any cash and other property held on
deposit by the Depositary and the Custodian in respect of the ADSs under the terms of the Deposit Agreement, subject, in the case of cash, to the provisions of Section 4.8. All Deposited Property shall be held by the Custodian, the Depositary
and their respective nominees for the benefit of the Holders and Beneficial Owners of the ADSs representing the Deposited Property. The Deposited Property is not intended to, and shall not, constitute proprietary assets of the Depositary, the
Custodian or their nominees. Beneficial ownership in the Deposited Property is intended to be, and shall at all times during the term of the Deposit Agreement continue to be, vested in the Beneficial Owners of the ADSs representing the Deposited
Property. Notwithstanding the foregoing, the collateral delivered in connection with Pre-Release Transactions described in Section 5.10 shall not constitute Deposited Property. 

Section 1.21 “Deposited Securities” shall mean the Shares and any other securities held on deposit by the
Custodian from time to time in respect of the ADSs under the Deposit Agreement and constituting Deposited Property. 
 Section 1.22
“Dollars” and “$” shall refer to the lawful currency of the United States. 

Section 1.23 “DTC” shall mean The Depository Trust Company, a national clearinghouse and the
central book-entry settlement system for securities traded in the United States and, as such, the custodian for the securities of DTC Participants (as hereinafter defined) maintained in DTC, and any successor thereto. 

Section 1.24 “DTC Participant” shall mean any financial institution (or any nominee of such
institution) having one or more participant accounts with DTC for receiving, holding and delivering the securities and cash held in DTC. A DTC Participant may or may not be a Beneficial Owner. If a DTC Participant is not the Beneficial Owner of the
ADSs credited to its account at DTC, or of the ADSs in respect of which the DTC Participant is otherwise acting, such DTC Participant shall be deemed, for all purposes hereunder, to have all requisite authority to act on behalf of the Beneficial
Owner(s) of the ADSs credited to its account at DTC or in respect of which the DTC Participant is so acting. 
 Section 1.25
“Estatuto Social” shall mean the bylaws and other constitutive documents of the Company, as amended from time to time. 

Section 1.26 “Exchange Act” shall mean the United States Securities Exchange Act of 1934, as
amended from time to time. 
  

  
 3 

 Section 1.27 “Foreign Currency” shall mean any
currency other than Dollars. 
 Section 1.28 “Full Entitlement ADR(s)”, “Full Entitlement ADS(s)”
and “Full Entitlement Share(s)” shall have the respective meanings set forth in Section 2.12. 

Section 1.29 “Holder(s)” shall mean the person(s) in whose name the ADSs are registered on the
books of the Depositary (or the Registrar, if any) maintained for such purpose. A Holder may or may not be a Beneficial Owner. If a Holder is not the Beneficial Owner of the ADS(s) registered in its name, such person shall be deemed, for all
purposes hereunder, to have all requisite authority to act on behalf of the Beneficial Owners of the ADSs registered in its name. The manner in which a Holder holds ADSs (e.g., in certificated vs. uncertificated form) may affect the rights and
obligations of, and the manner in which the services are made available to, Holders pursuant to the terms of the Deposit Agreement. 

Section 1.30 “Losses” shall mean any direct loss, liability, tax, charge or expense of any kind
whatsoever (including, but not limited to, the reasonable fees and expenses of counsel). 
 Section 1.31 “Partial
Entitlement ADR(s)”, “Partial Entitlement ADS(s)” and “Partial Entitlement Share(s)” shall have the respective meanings set forth in Section 2.12. 

Section 1.32 “Pre-Release Transaction” shall have the meaning set forth in Section 5.10. 

Section 1.33 “Principal Office” shall mean, when used with respect to the Depositary, the principal
office of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of the Deposit Agreement, is located at 388 Greenwich Street, New York, New York 10013, U.S.A. 

Section 1.34 “Reais”, “Real”, “R$” or
“BRL” shall refer to the lawful currency of Brazil. 
 Section 1.35
“Registrar” shall mean the Depositary or any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to register issuances, transfers and
cancellations of ADSs as herein provided, and shall include any co-registrar appointed by the Depositary for such purposes. Registrars (other than the Depositary) may be removed and substitutes appointed by the Depositary. Each Registrar (other than
the Depositary) appointed pursuant to the Deposit Agreement shall be required to give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of the Deposit Agreement. 

Section 1.36 “Restricted Securities” shall mean Shares, Deposited Securities or ADSs which
(i) have been acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving any public offering and are subject to resale limitations under the Securities Act or the rules
issued thereunder, or (ii) are held by an executive officer or director (or persons performing similar functions) or other Affiliate of the Company, or (iii) are subject to other restrictions on sale or deposit under the laws of the United
States, Brazil, or under a shareholders’ agreement or the Estatuto Social of the Company or under the regulations of an applicable securities exchange unless, in each case, such Shares, Deposited Securities or ADSs are being transferred
or sold to persons other than an Affiliate of the Company in a transaction (a) covered by an effective resale registration statement, or (b) exempt from the registration requirements of the Securities Act (as hereinafter defined), and the
Shares, Deposited Securities or ADSs are not, when held by such person(s), Restricted Securities. 
 Section 1.37
“Restricted ADR(s)”, “Restricted ADS(s)” and “Restricted Shares” shall have the respective meanings set forth in Section 2.14. 

Section 1.38 “Securities Act” shall mean the United States Securities Act of 1933, as amended from
time to time. 
 Section 1.39 “Share Registrar” shall mean Banco Bradesco S.A. or any other
institution organized under the laws of Brazil appointed by the Company to carry out the duties of registrar for the Shares, and any successor thereto. 

Section 1.40 “Shares” shall mean the Company’s preferred shares, without par value, validly
issued and outstanding and fully paid and may, if the Depositary so agrees after consultation with the Company, include evidence of the right to receive Shares; provided that in no event shall Shares include evidence of the right to receive
Shares with respect to which the full purchase price has not been paid or Shares as to which preemptive rights have theretofore not been validly waived or exercised; provided further, however, that, if there shall occur any
change in par or nominal value, split-up, consolidation, reclassification, exchange, conversion or any other event described in Section 4.11 in respect of the Shares of the Company, the term
“Shares” shall thereafter, to the maximum extent permitted by law, represent the successor securities resulting from such event. 

  
 4 

 Section 1.41 “Uncertificated ADS(s)” shall have the meaning set
forth in Section 2.13. 
 Section 1.42 “United States” and “U.S.”
shall have the meaning assigned to it in Regulation S as promulgated by the Commission under the Securities Act. 
 ARTICLE II 

 APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF
RECEIPTS 
 Section 2.1 Appointment of Depositary. The Company hereby appoints the Depositary as depositary
for the Deposited Property and hereby authorizes and directs the Depositary to act in accordance with the terms and conditions set forth in the Deposit Agreement and the applicable ADRs. Each Holder and each Beneficial Owner, upon acceptance of any
ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), and
(b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to
comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the
conclusive determinant of the necessity and appropriateness thereof. 
 Section 2.2 Form and Transferability of ADSs.

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

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

Without limiting any other provision of the Deposit Agreement, the Depositary shall instruct the Custodian not to, and the Depositary shall
not knowingly, accept for deposit (a) any Restricted Securities except as contemplated by Section 2.14 nor (b) any fractional Shares or fractional Deposited Securities nor (c) a number of Shares or Deposited Securities which upon
application of the ADS to Shares ratio would give rise to fractional ADSs. No Shares shall be accepted for deposit unless accompanied by evidence, if any is required by the Depositary, that is reasonably satisfactory to the Depositary or the
Custodian that all conditions to such deposit have been satisfied by the person depositing such Shares under the laws and regulations of Brazil and any necessary approval has been granted by the CVM, the Central Bank or any applicable governmental
body in Brazil, if any. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or
transaction records in respect of the Shares. Such evidence of rights shall consist of written blanket or specific guarantees of ownership of Shares furnished by the Company or any such custodian, registrar, transfer agent, clearing agency or other
entity involved in ownership or transaction records in respect of the Shares. 

  
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 Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit
under the Deposit Agreement (A) any Shares or other securities required to be registered under the provisions of the Securities Act, unless (i) a registration statement is in effect as to such Shares or other securities or (ii) the
deposit is made upon terms contemplated in Section 2.14, or (B) any Shares or other securities the deposit of which would violate any provisions of the Estatuto Social of the Company. For purposes of the foregoing sentence, the
Depositary shall be entitled to rely upon representations and warranties made or deemed made pursuant to the Deposit Agreement and shall not be required to make any further investigation. The Depositary will comply with written instructions of the
Company (received by the Depositary reasonably in advance) not to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to
facilitate the Company’s compliance with the securities laws of the United States.  
 Section 2.4 Registration and
Safekeeping of Deposited Securities. The Depositary shall instruct the Custodian upon each Delivery of registered Shares being deposited hereunder with the Custodian (or other Deposited Securities pursuant to Article IV hereof), together
with the other documents above specified, to present such Shares, together with the appropriate instrument(s) of transfer or endorsement, duly stamped, to the Share Registrar for transfer and registration of the Shares (as soon as transfer and
registration can be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either. Deposited Securities shall be held by the Depositary, or by a Custodian for the
account and to the order of the Depositary or a nominee of the Depositary, in each case, on behalf of the Holders and Beneficial Owners, at such place(s) as the Depositary or the Custodian shall determine. Notwithstanding anything else contained in
the Deposit Agreement, any ADR(s), or any other instruments or agreements relating to the ADSs and the corresponding Deposited Property, the registration of the Deposited Securities in the name of the Depositary, the Custodian or any of their
respective nominees, shall, to the maximum extent permitted by applicable law, vest in the Depositary, the Custodian or the applicable nominee the record ownership in the applicable Deposited Securities with the beneficial ownership rights and
interests in such Deposited Securities being at all times vested with the Beneficial Owners of the ADSs representing the Deposited Securities. Notwithstanding the foregoing, the Depositary, the Custodian and the applicable nominee shall at all times
be entitled to exercise the beneficial ownership rights in all Deposited Property, in each case only on behalf of the Holders and Beneficial Owners of the ADSs representing the Deposited Property, upon the terms set forth in the Deposit Agreement
and, if applicable, the ADR(s) representing the ADSs. The Depositary, the Custodian and their respective nominees shall for all purposes be deemed to have all requisite power and authority to act in respect of Deposited Property on behalf of the
Holders and Beneficial Owners of ADSs representing the Deposited Property, and upon making payments to, or acting upon instructions from, or information provided by, the Depositary, the Custodian or their respective nominees all persons shall be
authorized to rely upon such power and authority. 
 Section 2.5 Issuance of ADSs. The Depositary has made arrangements
with the Custodian for the Custodian to confirm to the Depositary upon receipt of a deposit of Shares (i) that a deposit of Shares has been made pursuant to Section 2.3, (ii) that such Deposited Securities have been recorded in the
name of the Depositary, the Custodian or a nominee of either on the shareholders’ register maintained by or on behalf of the Company by the Share Registrar on the books of the CBLC, (iii) that all required documents have been received, and
(iv) the person(s) to whom or upon whose order ADSs are deliverable in respect thereof and the number of ADSs to be so delivered. Such notification may be made by letter, cable, telex, SWIFT message or, at the risk and expense of the person
making the deposit, by facsimile or other means of electronic transmission. Upon receiving such notice from the Custodian, the Depositary, subject to the terms and conditions of the Deposit Agreement and applicable law, shall issue the ADSs
representing the Shares so deposited to or upon the order of the person(s) named in the notice delivered to the Depositary and, if applicable, shall execute and deliver at its Principal Office Receipt(s) registered in the name(s) requested by such
person(s) and evidencing the aggregate number of ADSs to which such person(s) are entitled, but, in each case, only upon payment to the Depositary of the charges of the Depositary for accepting a deposit of Shares and issuing ADSs (as set forth in
Section 5.9 and Exhibit B hereto) and all taxes and governmental charges and fees payable in connection with such deposit and the transfer of the Shares and the issuance of the ADS(s). The Depositary shall only issue ADSs in whole
numbers and deliver, if applicable, ADR(s) evidencing whole numbers of ADSs. Nothing herein shall prohibit any Pre-Release Transaction upon the terms set forth in the Deposit Agreement. 

Section 2.6 Transfer, Combination and Split-up of ADRs.  

(a) Transfer. The Registrar shall register the transfer of ADRs (and of the ADSs represented thereby) on the books maintained
for such purpose and the Depositary shall (x) cancel such ADRs and execute new ADRs evidencing the same aggregate number of ADSs as those evidenced by the ADRs canceled by the Depositary, (y) cause the Registrar to countersign such new
ADRs and (z) Deliver such new ADRs to or upon the order of the person entitled thereto, if each of the following conditions has been satisfied: (i) the ADRs have been duly Delivered by the Holder (or by a duly authorized attorney of the
Holder) to the Depositary at its Principal Office for the purpose of effecting a transfer thereof, (ii) the surrendered ADRs have been properly endorsed or are accompanied by proper instruments of transfer (including signature guarantees in
accordance with standard securities industry practice), (iii) the surrendered ADRs have been duly stamped (if required by the laws of the State of New York or of the United States), and (iv) all applicable fees and charges of, and expenses
incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 and Exhibit B hereto) have been paid, subject, however, in each case, to the terms and conditions of the
applicable ADRs, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof. 

  
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 (b) Combination & Split-Up. The Registrar shall register the
split-up or combination of ADRs (and of the ADSs represented thereby) on the books maintained for such purpose and the Depositary shall (x) cancel such ADRs and execute new ADRs for the number of ADSs requested, but in the aggregate not
exceeding the number of ADSs evidenced by the ADRs canceled by the Depositary, (y) cause the Registrar to countersign such new ADRs and (z) Deliver such new ADRs to or upon the order of the Holder thereof, if each of the following
conditions has been satisfied: (i) the ADRs have been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a split-up or combination thereof, and
(ii) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 and Exhibit B hereto) have been paid, subject, however, in each
case, to the terms and conditions of the applicable ADRs, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof. 

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

  
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 Section 2.8 Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension
of Delivery, Transfer, etc. 
 (a) Additional Requirements. As a condition precedent to the execution and Delivery,
the registration of issuance, transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal of any Deposited Property, the Depositary or the Custodian may require (i) payment from the
depositor of Shares or presenter of ADSs or of an ADR of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect
to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in Section 5.9 and Exhibit B, (ii) the production of proof satisfactory to it as to the identity and genuineness of
any signature or any other matter contemplated by Section 3.1, and (iii) compliance with (A) any laws or governmental regulations relating to the execution and Delivery of ADRs or ADSs or to the withdrawal of Deposited Securities and
(B) such reasonable regulations as the Depositary and the Company may establish consistent with the provisions of the representative ADR, if applicable, the Deposit Agreement and applicable law. 

(b) Additional Limitations. The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares
may be suspended, or the deposit of particular Shares may be refused, or the registration of transfer of ADSs in particular instances may be refused, or the registration of transfers of ADSs generally may be suspended, during any period when the
transfer books of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any
requirement of law or regulation, any government or governmental body or commission or any securities exchange on which the ADSs or Shares are listed, or under any provision of the Deposit Agreement or the representative ADR(s), if applicable, or
under any provision of, or governing, the Deposited Securities, or because of a meeting of the Board of Directors or shareholders of the Company or for any other reason, subject, in all cases, to Section 7.8. 

(c) Regulatory Restrictions. Notwithstanding any provision of the Deposit Agreement or any ADR(s) to the contrary, Holders are
entitled to surrender outstanding ADSs to withdraw the Deposited Securities associated herewith at any time subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in
connection with voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the ADSs or to
the withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time to time). 

Section 2.9 Lost ADRs, etc. In case any ADR shall be mutilated, destroyed, lost, or stolen, the Depositary shall execute
and deliver a new ADR of like tenor at the expense of the Holder (a) in the case of a mutilated ADR, in exchange of and substitution for such mutilated ADR upon cancellation thereof, or (b) in the case of a
destroyed, lost or stolen ADR, in lieu of and in substitution for such destroyed, lost, or stolen ADR, after the Holder thereof (i) has submitted to the Depositary a written request for such exchange and substitution before the
Depositary has notice that the ADR has been acquired by a bona fide purchaser, (ii) has provided such security or indemnity (including an indemnity bond) as may be required by the Depositary to save it and any of its agents harmless, and
(iii) has satisfied any other reasonable requirements imposed by the Depositary, including, without limitation, evidence satisfactory to the Depositary of such destruction, loss or theft of such ADR, the authenticity thereof and the
Holder’s ownership thereof. 
 Section 2.10 Cancellation and Destruction of Surrendered ADRs; Maintenance of
Records. All ADRs surrendered to the Depositary shall be canceled by the Depositary. Canceled ADRs shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable against the Depositary for any purpose. The
Depositary is authorized to destroy ADRs so canceled, provided the Depositary maintains a record of all destroyed ADRs. Any ADSs held in book-entry form (e.g., through accounts at DTC) shall be deemed canceled when the Depositary causes the
number of ADSs evidenced by the Balance Certificate to be reduced by the number of ADSs surrendered (without the need to physically destroy the Balance Certificate).  

Section 2.11 Escheatment. In the event any unclaimed property relating to the ADSs, for any reason, is in the possession of
Depositary and has not been claimed by the Holder thereof or cannot be delivered to the Holder thereof through usual channels, the Depositary shall, upon expiration of any applicable statutory period relating to abandoned property laws, escheat such
unclaimed property to the relevant authorities in accordance with the laws of each of the relevant States of the United States. 
  

  
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 Section 2.12 Partial Entitlement ADSs. In the event any Shares are
deposited which (i) entitle the holders thereof to receive a per-share distribution or other entitlement in an amount different from the Shares then on deposit or (ii) are not fully fungible (including, without limitation, as to settlement
or trading) with the Shares then on deposit (the Shares then on deposit collectively, “Full Entitlement Shares” and the Shares with different entitlement, “Partial Entitlement Shares”), the Depositary shall
(i) cause the Custodian to hold Partial Entitlement Shares separate and distinct from Full Entitlement Shares, and (ii) subject to the terms of the Deposit Agreement, issue ADSs representing Partial Entitlement Shares which are separate
and distinct from the ADSs representing Full Entitlement Shares, by means of separate CUSIP numbering and legending (if necessary) and, if applicable, by issuing ADRs evidencing such ADSs with applicable notations thereon (“Partial
Entitlement ADSs/ADRs” and “Full Entitlement ADSs/ADRs”, respectively). If and when Partial Entitlement Shares become Full Entitlement Shares, the Depositary shall (a) give notice thereof to Holders of Partial
Entitlement ADSs and give Holders of Partial Entitlement ADRs the opportunity to exchange such Partial Entitlement ADRs for Full Entitlement ADRs, (b) cause the Custodian to transfer the Partial Entitlement Shares into the account of the Full
Entitlement Shares, and (c) take such actions as are necessary to remove the distinctions between (i) the Partial Entitlement ADRs and ADSs, on the one hand, and (ii) the Full Entitlement ADRs and ADSs on the other. Holders and
Beneficial Owners of Partial Entitlement ADSs shall only be entitled to the entitlements of Partial Entitlement Shares. Holders and Beneficial Owners of Full Entitlement ADSs shall be entitled only to the entitlements of Full Entitlement Shares. All
provisions and conditions of the Deposit Agreement shall apply to Partial Entitlement ADRs and ADSs to the same extent as Full Entitlement ADRs and ADSs, except as contemplated by this Section 2.12. The Depositary is authorized to take any and
all other actions as may be necessary (including, without limitation, making the necessary notations on ADRs) to give effect to the terms of this Section 2.12. The Company agrees to give timely written notice to the Depositary if any Shares
issued or to be issued are Partial Entitlement Shares and shall assist the Depositary with the establishment of procedures enabling the identification of Partial Entitlement Shares upon Delivery to the Custodian. 

 

  
 10 

 Section 2.13 Certificated/Uncertificated ADSs. Notwithstanding any other
provision of the Deposit Agreement, the Depositary may, at any time and from time to time, issue ADSs that are not evidenced by ADRs (such ADSs, the “Uncertificated ADS(s)” and the ADS(s) evidenced by ADR(s), the
“Certificated ADS(s)”). When issuing and maintaining Uncertificated ADS(s) under the Deposit Agreement, the Depositary shall at all times be subject to (i) the standards applicable to registrars and transfer agents maintaining
direct registration systems for equity securities in New York and issuing uncertificated securities under New York law, and (ii) the terms of New York law applicable to uncertificated equity securities. Uncertificated ADSs shall not be
represented by any instruments but shall be evidenced by registration in the books of the Depositary maintained for such purpose. Holders of Uncertificated ADSs, that are not subject to any registered pledges, liens, restrictions or adverse claims
of which the Depositary has notice at such time, shall at all times have the right to exchange the Uncertificated ADS(s) for Certificated ADS(s) of the same type and class, subject in each case to (x) applicable laws and any rules and
regulations the Depositary may have established in respect of the Uncertificated ADSs, and (y) the continued availability of Certificated ADSs in the U.S. Holders of Certificated ADSs shall, if the Depositary maintains a direct registration
system for the ADSs, have the right to exchange the Certificated ADSs for Uncertificated ADSs upon (i) the due surrender of the Certificated ADS(s) to the Depositary for such purpose and (ii) the presentation of a written request to that
effect to the Depositary, subject in each case to (a) all liens and restrictions noted on the ADR evidencing the Certificated ADS(s) and all adverse claims of which the Depositary then has notice, (b) the terms of the Deposit Agreement and
the rules and regulations that the Depositary may establish for such purposes hereunder, (c) applicable law, and (d) payment of the Depositary fees and expenses applicable to such exchange of Certificated ADS(s) for Uncertificated ADS(s).
Uncertificated ADSs shall in all material respects be identical to Certificated ADS(s) of the same type and class, except that (i) no ADR(s) shall be, or shall need to be, issued to evidence Uncertificated ADS(s), (ii) Uncertificated
ADS(s) shall, subject to the terms of the Deposit Agreement, be transferable upon the same terms and conditions as uncertificated securities under New York law, (iii) the ownership of Uncertificated ADS(s) shall be recorded on the books of the
Depositary maintained for such purpose and evidence of such ownership shall be reflected in periodic statements provided by the Depositary to the Holder(s) in accordance with applicable New York law, (iv) the Depositary may from time to time,
upon notice to the Holders of Uncertificated ADSs affected thereby, establish rules and regulations, and amend or supplement existing rules and regulations, as may be deemed reasonably necessary to maintain Uncertificated ADS(s) on behalf of
Holders, provided that (a) such rules and regulations do not conflict with the terms of the Deposit Agreement and applicable law, and (b) the terms of such rules and regulations are readily available to Holders upon request, (v) the
Uncertificated ADS(s) shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company unless such Uncertificated ADS(s) is/are registered on the books of the
Depositary maintained for such purpose, (vi) the Depositary may, in connection with any deposit of Shares resulting in the issuance of Uncertificated ADSs and with any transfer, pledge, release and cancellation of Uncertificated ADSs, require
the prior receipt of such documentation as the Depositary may deem reasonably appropriate, and (vii) upon termination of the Deposit Agreement, the Depositary shall not require Holders of Uncertificated ADSs to affirmatively instruct the
Depositary before remitting proceeds from the sale of the Deposited Property represented by such Holders’ Uncertificated ADSs under the terms of Section 6.2 of the Deposit Agreement. When issuing ADSs under the terms of the Deposit
Agreement, including, without limitation, issuances pursuant to Sections 2.5, 4.2, 4.3, 4.4, 4.5 and 4.11, the Depositary may in its discretion determine to issue Uncertificated ADSs rather than Certificated ADSs, unless otherwise specifically
instructed by the applicable Holder to issue Certificated ADSs. All provisions and conditions of the Deposit Agreement shall apply to Uncertificated ADSs to the same extent as to Certificated ADSs, except as contemplated by this Section 2.13.
The Depositary is authorized and directed to take any and all actions and establish any and all procedures deemed reasonably necessary to give effect to the terms of this Section 2.13. Any references in the Deposit Agreement or any ADR(s) to
the terms “American Depositary Share(s)” or “ADS(s)” shall, unless the context otherwise requires, include Certificated ADS(s) and Uncertificated ADS(s). Except as set forth in this Section 2.13 and except as required by
applicable law, the Uncertificated ADSs shall be treated as ADSs issued and outstanding under the terms of the Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect to any Uncertificated ADSs,
any conflict arises between (a) the terms of the Deposit Agreement (other than this Section 2.13) and (b) the terms of this Section 2.13, the terms and conditions set forth in this Section 2.13 shall be controlling and shall
govern the rights and obligations of the parties to the Deposit Agreement pertaining to the Uncertificated ADSs. 
  

  
 11 

 Section 2.14 Restricted ADSs. The Depositary shall, at the request and expense
of the Company, establish procedures enabling the deposit hereunder of Shares that are Restricted Securities in order to enable the holder of such Shares to hold its ownership interests in such Restricted Securities in the form of ADSs issued under
the terms hereof (such Shares, “Restricted Shares”). Upon receipt of a written request from the Company to accept Restricted Shares for deposit hereunder, the Depositary agrees to establish procedures permitting the deposit of such
Restricted Shares and the issuance of ADSs representing the right to receive, subject to the terms of the Deposit Agreement and the applicable ADR (if issued as a Certificated ADS), such deposited Restricted Shares (such ADSs, the
“Restricted ADSs,” and the ADRs evidencing such Restricted ADSs, the “Restricted ADRs”). Notwithstanding anything contained in this Section 2.14, the Depositary and the Company may, to the extent not prohibited
by law, agree to issue the Restricted ADSs in uncertificated form (“Uncertificated Restricted ADSs”) upon such terms and conditions as the Company and the Depositary may deem necessary and appropriate. The Company shall assist the
Depositary in the establishment of such procedures and agrees that it shall take all steps necessary and satisfactory to the Depositary to ensure that the establishment of such procedures does not violate the provisions of the Securities Act or any
other applicable laws. The depositors of such Restricted Shares and the Holders of the Restricted ADSs may be required prior to the deposit of such Restricted Shares, the transfer of the Restricted ADRs and Restricted ADSs or the withdrawal of the
Restricted Shares represented by Restricted ADSs to provide such written certifications or agreements as the Depositary or the Company may require. The Company shall provide to the Depositary in writing the legend(s) to be affixed to the Restricted
ADRs (if the Restricted ADSs are to be issued as Certificated ADSs), or to be included in the statements issued from time to time to Holders of Uncertificated ADSs (if issued as Uncertificated Restricted ADSs), which legends shall (i) be
in a form reasonably satisfactory to the Depositary and (ii) contain the specific circumstances under which the Restricted ADSs, and, if applicable, the Restricted ADRs evidencing the Restricted ADSs, may be transferred or the Restricted Shares
withdrawn. The Restricted ADSs issued upon the deposit of Restricted Shares shall be separately identified on the books of the Depositary and the Restricted Shares so deposited shall, to the extent required by law, be held separate and distinct from
the other Deposited Securities held hereunder. The Restricted Shares and the Restricted ADSs shall not be eligible for Pre-Release Transactions. The Restricted ADSs shall not be eligible for inclusion in any book-entry settlement system, including,
without limitation, DTC, and shall not in any way be fungible with the ADSs issued under the terms hereof that are not Restricted ADSs. The Restricted ADSs, and, if applicable, the Restricted ADRs evidencing the Restricted ADSs, shall be
transferable only by the Holder thereof upon delivery to the Depositary of (i) all documentation otherwise contemplated by the Deposit Agreement and (ii) an opinion of counsel satisfactory to the Depositary setting forth, inter
alia, the conditions upon which the Restricted ADSs presented, and, if applicable, the Restricted ADRs evidencing the Restricted ADSs, are transferable by the Holder thereof under applicable securities laws and the transfer restrictions
contained in the legend applicable to the Restricted ADSs presented for transfer. Except as set forth in this Section 2.14 and except as required by applicable law, the Restricted ADSs and the Restricted ADRs evidencing Restricted ADSs shall be
treated as ADSs and ADRs issued and outstanding under the terms of the Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect to any Restricted ADSs, any conflict arises between (a) the
terms of the Deposit Agreement (other than this Section 2.14) and (b) the terms of (i) this Section 2.14 or (ii) the applicable Restricted ADR, the terms and conditions set forth in this Section 2.14 and of the
Restricted ADR shall be controlling and shall govern the rights and obligations of the parties to the Deposit Agreement pertaining to the deposited Restricted Shares, the Restricted ADSs and Restricted ADRs. 

If the Restricted ADRs, the Restricted ADSs and the Restricted Shares cease to be Restricted Securities, the Depositary, upon receipt
of (x) an opinion of counsel satisfactory to the Depositary setting forth, inter alia, that the Restricted ADRs, the Restricted ADSs and the Restricted Shares are not as of such time Restricted Securities, and (y) instructions from
the Company to remove the restrictions applicable to the Restricted ADRs, the Restricted ADSs and the Restricted Shares, shall (i) eliminate the distinctions and separations that may have been established between the applicable Restricted
Shares held on deposit under this Section 2.14 and the other Shares held on deposit under the terms of the Deposit Agreement that are not Restricted Shares, (ii) treat the newly unrestricted ADRs and ADSs on the same terms as, and fully
fungible with, the other ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement that are not Restricted ADRs or Restricted ADSs, and (iii) take all actions necessary to remove any distinctions, limitations and
restrictions previously existing under this Section 2.14 between the applicable Restricted ADRs and Restricted ADSs, respectively, on the one hand, and the other ADRs and ADSs that are not Restricted ADRs or Restricted ADSs, respectively, on
the other hand, including, without limitation, by making the newly-unrestricted ADSs eligible for Pre-Release Transactions and for inclusion in the applicable book-entry settlement systems.  

 

  
 12 

 ARTICLE III 

CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF ADSs 

Section 3.1 Proofs, Certificates and Other Information. Any person presenting Shares for deposit, any Holder and any
Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary and the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other
governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Property, compliance with applicable laws, the terms of the Deposit Agreement or the ADR(s) evidencing the ADSs and the provisions of, or governing,
the Deposited Property, to execute such certifications and to make such representations and warranties, and to provide such other information and documentation (or, in the case of Shares in registered form presented for deposit, such information
relating to the registration on the books of the Company or of the Share Registrar) as the Depositary or the Custodian may deem necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its
obligations under the Deposit Agreement and the applicable ADR(s). The Depositary and the Registrar, as applicable, may withhold the execution or Delivery or registration of transfer of any ADR or ADS or the distribution or sale of any dividend or
distribution of rights or of the proceeds thereof or, to the extent not limited by the terms of Section 7.8, the delivery of any Deposited Property until such proof or other information is filed or such certifications are executed, or such
representations and warranties are made, or such other documentation or information provided, in each case to the Depositary’s, the Registrar’s and the Company’s satisfaction. The Depositary shall provide the Company, in a timely
manner, with copies or originals if necessary and appropriate of (i) any such proofs of citizenship or residence, taxpayer status, or exchange control approval or copies of written representations and warranties which it receives from Holders
and Beneficial Owners, and (ii) any other information or documents which the Company may reasonably request and which the Depositary shall request and receive from any Holder or Beneficial Owner or any person presenting Shares for deposit or
ADSs for cancellation, transfer or withdrawal. Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners, or (ii) verify or vouch for the accuracy of the
information so provided by the Holders or Beneficial Owners. 
 Section 3.2 Liability for Taxes and Other Charges. Any
tax or other governmental charge payable by the Custodian or by the Depositary with respect to any Deposited Property, ADSs or ADRs shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or the
Depositary may withhold or deduct from any distributions made in respect of Deposited Property, and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Property and apply such distributions and sale proceeds in
payment of, any taxes (including applicable interest and penalties) or charges that are or may be payable by Holders or Beneficial Owners in respect of the ADSs, Deposited Property and ADRs, the Holder and the Beneficial Owner remaining liable for
any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs, deliver ADRs, register the transfer of ADSs, register the split-up or combination of ADRs and
(subject to Section 7.8) the withdrawal of Deposited Property until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, and any
of their agents, officers, directors, employees and Affiliates for, and to hold each of them harmless from, any claims with respect to taxes or additions to tax (in each case, including applicable interest and penalties thereon) arising out of any
refund of taxes, reduced rate of withholding at source or from any tax benefit obtained for or by such Holder and/or Beneficial Owner. The obligations of Holders and Beneficial Owners under this Section 3.2 shall survive any transfer of ADSs,
any cancellation of ADSs and withdrawal of Deposited Securities, and the termination of the Deposit Agreement. 
 Section 3.3
Representations and Warranties on Deposit of Shares. Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized,
validly issued, fully paid, non-assessable and legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised,
(iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, (v) the Shares presented for
deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except as contemplated in Section 2.14), and (vi) the Shares presented for deposit have not been stripped of any rights or entitlements. Such
representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. If any such representations or warranties are false in any way, the Company
and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof. 
  

  
 13 

 Section 3.4 Compliance with Information Requests. Notwithstanding any other
provision of the Deposit Agreement or any ADR(s), each Holder and Beneficial Owner agrees to comply with requests from the Company pursuant to applicable law, the rules and requirements of the CVM and/or the BM&FBOVESPA, and any other stock
exchange on which the Shares or ADSs are, or will be, registered, traded or listed or the Estatuto Social of the Company, which are made to provide information, inter alia, as to the capacity in which such Holder or Beneficial Owner
owns ADSs (and Shares as the case may be) and regarding the identity of any other person(s) interested in such ADSs and the nature of such interest and various other matters, whether or not they are Holders and/or Beneficial Owners at the time of
such request. The Depositary agrees to use its reasonable efforts to forward, upon the request of the Company and at the Company’s expense, any such request from the Company to the Holders and to forward to the Company any such responses to
such requests received by the Depositary. 
 Section 3.5 Ownership Restrictions. Notwithstanding any other provision in
the Deposit Agreement or any ADR, the Company may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable law or the Estatuto Social of the Company. The Company may also
restrict, in such manner as it deems appropriate, transfers of the ADSs where such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial Owner to exceed any such limits. The Company may, in
its sole discretion but subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the preceding sentence, including, but not
limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting rights or mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder or
Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Estatuto Social of the Company. Nothing herein shall be interpreted as obligating the Depositary or the Company to ensure
compliance with the ownership restrictions described in this Section 3.5. 
 Section 3.6 Reporting Obligations and Regulatory
Approvals. Applicable laws and regulations, including those of the Central Bank, the CVM and the BM&FBOVESPA, may require holders and beneficial owners of Shares, including the Holders and Beneficial Owners of ADSs, to comply with
certain disclosure and trading standards (as of the date of this Deposit Agreement, mainly provided for in CVM Ruling no. 358/02), to satisfy reporting requirements and to obtain regulatory approvals in certain circumstances. Holders and Beneficial
Owners of ADSs are solely responsible for determining and complying with such reporting requirements and obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees to make such determination, file such reports, and obtain such
approvals to the extent and in the form required by applicable laws and regulations as in effect from time to time. Neither the Depositary, the Custodian, the Company or any of their respective agents or affiliates shall be required to take any
actions whatsoever on behalf of Holders or Beneficial Owners to determine or satisfy such reporting requirements or obtain such regulatory approvals under applicable laws and regulations. 

Section 3.7 Delivery of Information to the CVM, the Central Bank and the BM&FBOVESPA. The Company shall comply with
Brazil’s Monetary Council Resolution No. 4,373, dated as of September 29, 2013, and shall furnish to the CVM, the Central Bank and the BM&FBOVESPA, whenever required, information or documents related to the approved ADR program,
the Deposited Securities and distributions thereon. The Company hereby authorizes each of the Depositary and the Custodian to release such information or documents and any other information as required by local regulation, law or regulatory body
request. 

  
 14 

 ARTICLE IV 

THE DEPOSITED SECURITIES 

Section 4.1 Cash Distributions. Whenever the Company intends to make a distribution of a cash dividend or other cash
distribution in respect of any Deposited Securities, the Company shall give notice thereof to the Depositary at least twenty (20) days prior to the proposed distribution specifying, inter alia, the record date applicable for determining
the holders of Deposited Securities entitled to receive such distribution. Upon the timely receipt of such notice, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9. Upon receipt of confirmation of the
receipt of (x) any cash dividend or other cash distribution on any Deposited Securities, or (y) proceeds from the sale of any Deposited Property held in respect of the ADSs under the terms hereof, the Depositary will (i) if at the
time of receipt thereof any amounts received in a Foreign Currency can, in the judgment of the Depositary (pursuant to Section 4.8), be converted on a practicable basis into Dollars transferable to the United States, promptly convert or cause
to be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.8), (ii) if applicable and unless previously established, establish the ADS Record Date upon the terms described in
Section 4.9, and (iii) distribute promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders entitled thereto as of the ADS
Record Date in proportion to the number of ADSs held as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent, and any balance not so
distributed shall be held by the Depositary (without liability for interest thereon) and shall be added to and become part of the next sum received by the Depositary for distribution to Holders of ADSs outstanding at the time of the next
distribution. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities, or from any cash proceeds from the sales of Deposited
Property, an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to
the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary will hold any cash amounts it is unable to distribute in a non-interest bearing account
for the benefit of the applicable Holders and Beneficial Owners of ADSs until the distribution can be effected or the funds that the Depositary holds must be escheated as unclaimed property in accordance with the laws of the relevant states of the
United States. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for in this Section 4.1, the Depositary agrees
to use commercially reasonable efforts to perform the actions contemplated in this Section 4.1, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to
perform the actions contemplated in this Section 4.1 where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein. 

Section 4.2 Distribution in Shares. Whenever the Company intends to make a distribution that consists of a dividend in, or
free distribution of, Shares, the Company shall give notice thereof to the Depositary at least twenty (20) days prior to the proposed distribution, specifying, inter alia, the record date applicable to holders of Deposited Securities
entitled to receive such distribution. Upon the timely receipt of such notice from the Company, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9. Upon receipt of confirmation from the Custodian of the
receipt of the Shares so distributed by the Company, the Depositary shall either (i) subject to Section 5.9, distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional
ADSs, which represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the other terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and
expenses incurred by, the Depositary and (b) taxes), or (ii) if additional ADSs are not so distributed, take all actions necessary so that each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law,
thenceforth also represent rights and interests in the additional integral number of Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary
and (b) taxes). In lieu of Delivering fractional ADSs, the Depositary shall sell the number of Shares or ADSs, as the case may be, represented by the aggregate of such fractions and distribute the net proceeds upon the terms described in
Section 4.1. In the event that the Depositary determines that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, if the Company in the
fulfillment of its obligation under Section 5.7, has furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and no such registration
statement has been declared effective), the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary
deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of (a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon
the terms described in Section 4.1. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement. Notwithstanding anything contained in the Deposit Agreement to the
contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for in this Section 4.2, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in
this Section 4.2, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in this Section 4.2 where such notice
has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein. 

  
 15 

 Section 4.3 Elective Distributions in Cash or Shares. Whenever the Company
intends to make a distribution payable at the election of the holders of Deposited Securities in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least forty five (45) days prior to the proposed
distribution specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such elective distribution to be made available to Holders of ADSs.
Upon the timely receipt of a notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its
determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have
timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iii) the Depositary shall have received satisfactory
documentation within the terms of Section 5.7. If the above conditions are not satisfied or if the Company requests such elective distribution not to be made available to Holders of ADSs, the Depositary shall establish the ADS Record Date on
the terms described in Section 4.9 and, to the extent permitted by law, distribute to the Holders, on the basis of the same determination as is made in Brazil in respect of the Shares for which no election is made, either (x) cash upon the
terms described in Section 4.1 or (y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date on the terms
described in Section 4.9 and establish procedures to enable Holders to elect the receipt of the proposed distribution in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent
necessary. If a Holder elects to receive the proposed distribution (x) in cash, the distribution shall be made upon the terms described in Section 4.1, or (y) in ADSs, the distribution shall be made upon the terms described in
Section 4.2. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular,
will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the
Depositary timely notice of the proposed distribution provided for in this Section 4.3, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this Section 4.3, and the Company, the Holders and
the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in this Section 4.3 where such notice has not been so timely given, other than its failure to
use commercially reasonable efforts, as provided herein. 
 Section 4.4 Distribution of Rights to Purchase Additional
ADSs. 
 (a) Distribution to Holders of ADSs. Whenever the Company intends to distribute to the holders of the
Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least forty five (45) days prior to the proposed distribution specifying, inter alia, the record date applicable
to holders of Deposited Securities entitled to receive such distribution and whether or not it wishes such rights to be made available to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such rights to be made
available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such rights available to the Holders.
The Depositary shall make such rights available to Holders if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of
Section 5.7, and (iii) the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails
to give the Depositary timely notice of the proposed distribution provided for in this Section 4.4(a), the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this Section 4.4(a), and the
Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in this Section 4.4(a) where such notice has not been so timely given,
other than its failure to use commercially reasonable efforts, as provided herein. In the event any of the conditions set forth above are not satisfied or if the Company requests that the rights not be made available to Holders of ADSs, the
Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) below. In the event all conditions set forth above are satisfied, the Depositary shall establish the ADS Record Date (upon the terms described in
Section 4.9) and establish procedures to (x) distribute rights to purchase additional ADSs (by means of warrants or otherwise), (y) enable the Holders to exercise such rights (upon payment of the subscription price and of the
applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes), and (z) deliver ADSs upon the valid exercise of such rights. The Company shall assist the Depositary to the extent necessary in establishing
such procedures. Nothing herein shall obligate the Depositary to make available to the Holders a method to exercise rights to subscribe for Shares (rather than ADSs). 
  

  
 16 

 (b) Sale of Rights. If (i) the Company does not timely request the Depositary
to make the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7, or determines it is not lawful or
reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine, after consultation with the Company to the extent practicable,
whether it is lawful and reasonably practicable to sell such rights, in a riskless principal capacity, at such place and upon such terms (including public or private sale) as it may deem practicable. The Company shall assist the Depositary to the
extent necessary to determine such legality and practicability. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and
(b) taxes) upon the terms set forth in Section 4.1. 
 (c) Lapse of Rights. If the Depositary is unable to make
any rights available to Holders upon the terms described in Section 4.4(a) or to arrange for the sale of the rights upon the terms described in Section 4.4(b), the Depositary shall allow such rights to lapse. 

The Depositary shall not be liable for (i) any failure to accurately determine whether it may be lawful or practicable to make such
rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of
the Company in connection with the rights distribution. 
 Notwithstanding anything to the contrary in this Section 4.4, if
registration (under the Securities Act or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities
represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii) unless
the Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case reasonably satisfactory to the Depositary,
to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. 

In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of
Deposited Property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to the Holders of ADSs shall be reduced accordingly. In the event that the Depositary determines that any distribution of
Deposited Property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such Deposited Property
(including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or charges. 

There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive or exercise rights on
the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the
exercise of such rights. 
 Section 4.5 Distributions Other Than Cash, Shares or Rights to Purchase Shares. 

(a) Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to
purchase additional Shares, the Company shall give notice thereof to the Depositary at least thirty (30) days prior to the proposed distribution and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon
receipt of a notice indicating that the Company wishes such distribution to be made to Holders of ADSs, the Depositary shall consult with the Company, and the Company shall assist the Depositary, to determine whether such distribution to Holders is
lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the Company shall have requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory
documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution is lawful and reasonably practicable. 
  

  
 17 

 (b) Upon receipt of satisfactory documentation and the request of the Company to
distribute property to Holders of ADSs and after making the requisite determinations set forth in (a) above, the Depositary shall distribute the property so received to the Holders of record, as of the ADS Record Date, in proportion to the
number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by,
the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem
practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution. 

(c) If (i) the Company does not request the Depositary to make such distribution to Holders or requests the Depositary not to make
such distribution to Holders, (ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7, or (iii) the Depositary determines that all or a portion of such distribution is not reasonably
practicable, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem practicable and shall (i) cause the proceeds of such sale, if any, to be converted
into Dollars and (ii) distribute the proceeds of such conversion received by the Depositary (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS Record Date
upon the terms of Section 4.1. If the Depositary is unable to sell such property, the Depositary may dispose of such property for the account of the Holders in any way it deems reasonably practicable under the circumstances. 

(d) Neither the Depositary nor the Company shall be liable for (i) any failure to accurately determine whether it is lawful or
practicable to make the property described in this Section 4.5 available to Holders in general or any Holders in particular, nor (ii) any loss incurred in connection with the sale or disposal of such property. 

Section 4.6 Distributions with Respect to Deposited Securities in Bearer Form. Subject to the terms of this Article IV,
distributions in respect of Deposited Securities that are held by the Depositary or the Custodian in bearer form shall be made to the Depositary for the account of the respective Holders of ADS(s) with respect to which any such distribution is made
upon due presentation by the Depositary or the Custodian to the Company of any relevant coupons, talons, or certificates. The Company shall promptly notify the Depositary of such distributions. The Depositary or the Custodian shall promptly present
such coupons, talons or certificates, as the case may be, in connection with any such distribution. 
 Section 4.7
Redemption. If the Company intends to exercise any right of redemption in respect of any of the Deposited Securities, the Company shall give notice thereof to the Depositary, as is reasonably practicable having regard to all applicable
regulatory and other requirements to which the Company is subject from time to time, at least thirty (30) days prior to the intended date of redemption which notice shall set forth the particulars of the proposed redemption. Upon timely receipt
of (i) such notice and (ii) satisfactory documentation given by the Company to the Depositary within the terms of Section 5.7, and only if the Company and the Depositary shall have determined that such proposed redemption is
practicable, the Depositary shall provide to each Holder a notice setting forth the intended exercise by the Company of the redemption rights and any other particulars set forth in the Company’s notice to the Depositary. The Depositary shall
instruct the Custodian to present to the Company the Deposited Securities in respect of which redemption rights are being exercised against payment of the applicable redemption price. Upon receipt of confirmation from the Custodian that the
redemption has taken place and that funds representing the redemption price have been received, the Depositary shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and charges of, and the expenses incurred by, the
Depositary, and (b) taxes), retire ADSs and cancel ADRs, if applicable, upon Delivery of such ADSs by Holders thereof and the terms set forth in Sections 4.1 and 6.2. If less than all outstanding Deposited Securities are redeemed, the ADSs to
be retired will be selected by lot or on a pro rata basis, as may be determined by the Depositary, after consultation with the Company to the extent practicable. The redemption price per ADS shall be the dollar equivalent of the per share amount
received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited Securities represented by ADSs (subject to the terms of Section 4.8 and the applicable fees and charges of, and expenses incurred
by, the Depositary, and taxes) multiplied by the number of Deposited Securities represented by each ADS redeemed. 

  
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 Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the
Company fails to give the Depositary thirty (30) days’ prior notice of the proposed redemption provided for in this Section 4.7, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this
Section 4.7, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in this Section 4.7 where such notice has not
been so timely given, other than its failure to use commercially reasonable efforts, as provided herein. 
 Section 4.8
Conversion of Foreign Currency. Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of Deposited Property, which in the judgment of the
Depositary can at such time be converted on a practicable basis, by sale or in any other manner that it may determine in accordance with applicable law, into Dollars transferable to the United States and distributable to the Holders entitled
thereto, the Depositary shall convert or cause to be converted, by sale or in any other manner that it may determine, such Foreign Currency into Dollars, and shall distribute such Dollars (net of any applicable fees, any reasonable and customary
expenses incurred in such conversion and any expenses incurred on behalf of the Holders in complying with currency exchange control or other governmental requirements) in accordance with the terms of the applicable sections of the Deposit Agreement.
If the Depositary shall have distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders of such warrants and/or instruments upon surrender thereof for
cancellation, in either case without liability for interest thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Holders on account of any application of exchange restrictions or
otherwise. 
 If such conversion or distribution generally or with regard to a particular Holder can be effected only with the approval or
license of any government or agency thereof, the Depositary shall have authority to file such application for approval or license, if any, as it may deem desirable. In no event, however, shall the Depositary be obligated to make such a filing. 

If at any time the Depositary shall determine that in its judgment the conversion of any Foreign Currency and the transfer and distribution of
proceeds of such conversion received by the Depositary is not practicable or lawful, or if any approval or license of any governmental authority or agency thereof that is required for such conversion, transfer and distribution is denied or, in the
opinion of the Depositary, not obtainable at a reasonable cost or within a reasonable period, the Depositary may, in its discretion but subject to applicable laws and regulations, (i) make such conversion and distribution in Dollars to the
Holders for whom such conversion, transfer and distribution is lawful and practicable, (ii) distribute the Foreign Currency (or an appropriate document evidencing the right to receive such Foreign Currency) to Holders for whom this is lawful
and practicable, or (iii) hold (or cause the Custodian to hold) such Foreign Currency (without liability for interest thereon) for the respective accounts of the Holders entitled to receive the same. 

Section 4.9 Fixing of ADS Record Date. Whenever the Depositary shall receive notice of the fixing of a record date by the
Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares, rights, or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that
are represented by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or
convenient in connection with the giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix the record date (the “ADS Record Date”) for the determination of the Holders of ADS(s) who shall be
entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise take action, or to exercise the rights of
Holders with respect to such changed number of Shares represented by each ADS. The Depositary shall make reasonable efforts to establish the ADS Record Date as closely as practicable to the applicable record date for the Deposited Securities (if
any) set by the Company in Brazil and shall not announce the establishment of any ADS Record Date prior to the relevant corporate action having been made public by the Company (if such corporate action affects the Deposited Securities). Subject to
applicable law and the provisions of Section 4.1 through 4.8 and to the other terms and conditions of the Deposit Agreement, only the Holders of ADSs at the close of business in New York on such ADS Record Date shall be entitled to receive such
distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action. 

  
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 Section 4.10 Voting of Deposited Securities. As soon as
practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in
respect of such meeting or solicitation of consent or proxy in accordance with Section 4.9. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the
request shall not have been received by the Depositary at least thirty (30) days prior to the date of such vote or meeting), at the Company’s expense and provided no U.S. legal prohibitions exist, distribute to Holders as of the ADS Record
Date: (a) such notice of meeting or solicitation of consent or proxy, (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of the Deposit
Agreement, the Estatuto Social of the Company and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the
voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s ADSs, and (c) a brief statement as to the manner in which such voting instructions may be given.  

Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by law or
regulations, or by the requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of consents or proxies from, holders of
Deposited Securities, distribute to the Holders a notice that provides Holders with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials upon request (e.g., by reference to a website
containing the materials for retrieval or a contact for requesting copies of the materials). 
 Voting instructions may be given only
in respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs as of the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall
endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit Agreement, Estatuto Social of the Company and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the
Deposited Securities (in person or by proxy) represented by such Holder’s ADSs in accordance with such voting instructions. 

Deposited Securities represented by ADSs for which no timely voting instructions are received by the Depositary from the Holder shall not be
voted (except as otherwise contemplated herein). Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to
vote, or in any way make use of, for purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise
contemplated herein. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs, the Depositary will deem
such Holder (unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items set forth in such voting instructions. 

If (i) the Company made a timely request to the Depositary as contemplated by the second sentence of this Section 4.10 and
(ii) no timely voting instructions are received by the Depositary from a Holder with respect to the Deposited Securities represented by such Holder’s ADSs on or before the date established by the Depositary for such purpose, the Depositary
shall deem such Holder to have instructed the Depositary to give a discretionary proxy to a person designated by the Board of Directors of the Company with respect to such Deposited Securities and the Depositary shall endeavor, insofar as
practicable and permitted under applicable law, the provisions of the Deposit Agreement, Estatuto Social of the Company and the provisions of the Deposited Securities, to give or cause the Custodian to give a discretionary proxy to a person
designated by the Board of Directors of the Company to vote such Deposited Securities; provided, however, that no such instruction shall be deemed given and no such discretionary proxy shall be given with respect to any matter as to which the Board
of Directors of the Company informs the Depositary that (x) the Company does not wish such proxy given, (y) substantial opposition exists or (z) such matter materially and adversely affects the rights of holders of Shares. 

Notwithstanding anything else contained herein, the Depositary shall, if so requested in writing by the Company, represent all Deposited
Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose of establishing quorum at a meeting of shareholders. 

  
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 Notwithstanding anything else contained in the Deposit Agreement or any ADR, the Depositary shall
not have any obligation to take any action with respect to any meeting, or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. or Brazilian laws. The Company agrees to take any and
all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting rights accruing to the Deposited Securities and to deliver to the Depositary an opinion of U.S. or Brazilian counsel, as applicable, addressing any
actions requested to be taken if so requested by the Depositary. 
 There can be no assurance that Holders generally or any Holder in
particular will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner. 

Section 4.11 Changes Affecting Deposited Securities. Upon any change in nominal or par value, split-up, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale of assets affecting the Company or to which it
is a party, any property which shall be received by the Depositary or the Custodian in exchange for, or in conversion of, or replacement of, or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as
new Deposited Property under the Deposit Agreement, and the ADSs shall, subject to the provisions of the Deposit Agreement, any ADR(s) evidencing such ADSs and applicable law, represent the right to receive such additional or replacement Deposited
Property. In giving effect to such change, split-up, cancellation, consolidation or other reclassification of Deposited Securities, recapitalization, reorganization, merger, consolidation or sale of assets, the Depositary may, with the
Company’s approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary, and
(b) taxes) and receipt of an opinion of counsel to the Company satisfactory to the Depositary that such actions are not in violation of any applicable laws or regulations, (i) issue and deliver additional ADSs as in the case of a stock
dividend on the Shares, (ii) amend the Deposit Agreement and the applicable ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6 as filed with the Commission in respect of the ADSs, (iv) call for the surrender of
outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions as are appropriate to reflect the transaction with respect to the ADSs. The Company agrees to, jointly with the Depositary, amend the Registration Statement on Form
F-6 as filed with the Commission to permit the issuance of such new form of ADRs. Notwithstanding the foregoing, in the event that any Deposited Property so received may not be lawfully distributed to some or all Holders, the Depositary may, with
the Company’s approval, and shall, if the Company requests, subject to receipt of an opinion of Company’s counsel satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such
Deposited Property at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of (a) fees and charges of, and expenses incurred by, the Depositary and
(b) taxes) for the account of the Holders otherwise entitled to such Deposited Property upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the extent
practicable as in the case of a distribution received in cash pursuant to Section 4.1. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such Deposited Property available
to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such Deposited Property. 

Section 4.12 Available Information. The Company is subject to the periodic reporting requirements of the Exchange Act and,
accordingly, is required to file or furnish certain reports with the Commission. These reports can be retrieved from the Commission’s website (www.sec.gov) and can be inspected and copied at the public reference facilities maintained by
the Commission located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549. 
 Section 4.13
Reports. The Depositary shall make available for inspection by Holders at its Principal Office any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the
Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Property and (b) made generally available to the holders of such Deposited Property by the Company. The Depositary shall also provide or make available
to Holders copies of such reports when furnished by the Company pursuant to Section 5.6. 
 Section 4.14 List of
Holders. Promptly upon written request by the Company, the Depositary shall furnish to it a list, as of a recent date, of the names, addresses and holdings of ADSs of all Holders. 

  
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 Section 4.15 Taxation. The Depositary will, and will instruct the
Custodian to, forward to the Company or its agents such information from its records as the Company may reasonably request to enable the Company or its agents to file the necessary tax reports with governmental authorities or agencies. The
Depositary, the Custodian or the Company and its agents may file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Property under applicable tax treaties or laws for
the Holders and Beneficial Owners. In accordance with instructions from the Company and to the extent practicable, the Depositary or the Custodian will take reasonable administrative actions to obtain tax refunds, reduced withholding of tax at
source on dividends and other benefits under applicable tax treaties or laws with respect to dividends and other distributions on the Deposited Property. As a condition to receiving such benefits, Holders and Beneficial Owners of ADSs may be
required from time to time, and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership (as applicable), to execute such certificates and to make such representations and warranties, or to provide any other
information or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary’s or the Custodian’s obligations under applicable law. The Depositary and the Company shall have no obligation or liability
to any person if any Holder or Beneficial Owner fails to provide such information or if such information does not reach the relevant tax authorities in time for any Holder or Beneficial Owner to obtain the benefits of any tax treatment. The Holders
and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian and any of their respective directors, employees, agents and Affiliates against, and hold each of them harmless from, any claims by any governmental authority with
respect to taxes or additions to tax (in each case, including applicable penalties or interest thereon) arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained. 

If the Company (or any of its agents) withholds from any distribution any amount on account of taxes or governmental charges, or pays
any other tax in respect of such distribution (e.g., stamp duty tax, capital gains or other similar tax), the Company shall (and shall cause such agent to) remit promptly to the Depositary information about such taxes or governmental charges
withheld or paid, and, if so requested, the tax receipt (or other proof of payment to the applicable governmental authority) therefor, in each case, in a form satisfactory to the Depositary. The Depositary shall, to the extent required by U.S. law,
report to Holders any taxes withheld by it or the Custodian, and, if such information is provided to it by the Company, any taxes withheld by the Company. The Depositary and the Custodian shall not be required to provide the Holders with any
evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the Depositary or the Custodian, as applicable. Neither the
Depositary nor the Custodian shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder’s or Beneficial
Owner’s income tax liability. 
 The Depositary is under no obligation to provide the Holders and Beneficial Owners with any
information about the tax status of the Company. The Depositary shall not incur any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the ADSs, including without limitation, tax
consequences resulting from the Company (or any of its subsidiaries) being treated as a “Passive Foreign Investment Company” (in each case as defined in the U.S. Internal Revenue Code and the regulations issued thereunder) or otherwise.

  
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 ARTICLE V 

THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY 

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

The Registrar may close the transfer books with respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by
it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Section 7.8. 

If any ADSs are listed on one or more stock exchanges or automated quotation systems in the United States, the Depositary shall act as
Registrar or appoint a Registrar or one or more co-registrars for registration of issuances, cancellations, transfers, combinations and split-ups of ADSs and, if applicable, to countersign ADRs evidencing the
ADSs so issued, transferred, combined or split-up, in accordance with any requirements of such exchanges or systems. Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary. 

Section 5.2 Exoneration. Notwithstanding anything contained in the Deposit Agreement or any ADR, neither the
Depositary nor the Company shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or incur any liability (i) if the Depositary or the Company or their respective controlling persons or
agents shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required by the terms of the Deposit Agreement, by reason of any provision of any present or future law or regulation of the United States or any State
thereof, Brazil or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of potential criminal or civil penalties or restraint, or by reason of any provision, present or future, of the
Estatuto Social of the Company or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation,
currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit
Agreement or in the Estatuto Social of the Company or provisions of or governing Deposited Securities, (iii) for any action or inaction in reliance upon the advice of or information from legal counsel, accountants, any person presenting
Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial
Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs, or (v) for any
consequential or punitive damages (including lost profits) for any breach of the terms of the Deposit Agreement. 

  
 23 

 The Depositary, its controlling persons, its agents, any Custodian and the Company, its
controlling persons and its agents may rely and shall be protected in acting upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

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

Section 5.3 Standard of Care. The Company and the Depositary and their respective directors, officers, Affiliates,
employees and agents assume no obligation and shall not be subject to any liability under the Deposit Agreement or any ADRs to any Holder(s) or Beneficial Owner(s), except that the Company and the Depositary agree to perform their respective
obligations specifically set forth in the Deposit Agreement or the applicable ADRs without negligence or bad faith. 
 Without limitation of
the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons, directors, officers, Affiliates, employees or agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other
proceeding in respect of any Deposited Property or in respect of the ADSs, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and
liability be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary). 

The Depositary and its agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or
for the manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and without negligence and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any
liability for any failure to accurately determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any
translation thereof, for any investment risk associated with acquiring an interest in the Deposited Property, for the validity or worth of the Deposited Property or for any tax consequences that may result from the ownership of ADSs, Shares or other
Deposited Property, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement, for the failure or timeliness of any notice from the Company, or for
any action of or failure to act by, or any information provided or not provided by, DTC or any DTC Participant. 
 None of the
Company, the Depositary or the Custodian shall be liable for any action or failure to act by any Holder relating to the Holder’s obligations under any applicable Brazilian law or regulation relating to foreign investment in Brazil in respect of
a withdrawal or sale of Deposited Securities, including, without limitation, any failure to comply with a requirement to register such investment pursuant to the terms of any applicable Brazilian law or regulation prior to such withdrawal or any
failure to report foreign exchange transactions to the Central Bank, as the case may be. Without limiting the provisions hereof, each Holder will be responsible for the payment and/or reimbursement of any and all taxes effectively paid or incurred
by the Company, the Depositary or the Custodian (including as a result of the execution of any symbolic foreign exchange transaction (operação simbólica de câmbio)) related to or as a result of a deposit of Shares
and/or withdrawal or sale of Deposited Property by such Holder. Each Holder will be responsible for the reporting of any false or misleading information, or the failure to report required information, relating to foreign exchange transactions to the
Custodian or the Central Bank, as the case may be, in connection with deposits or withdrawals of Deposited Securities. 
 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 liable for any acts or omissions made by a predecessor depositary whether in connection with an act or omission of
the Depositary or in connection with any matter arising wholly prior to the appointment of the Depositary or 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. 
 Section 5.4 Resignation
and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary hereunder by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of
(i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii) the appointment by the Company of a successor depositary and its acceptance
of such appointment as hereinafter provided. 
  

  
 24 

 The Depositary may at any time be removed by the Company by written notice of such removal, which
removal shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii) the appointment by the Company
of a successor depositary and its acceptance of such appointment as hereinafter provided. 
 In case at any time the Depositary acting
hereunder shall resign or be removed, the Company shall use its commercially reasonable efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every
successor depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed
(except as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor (other than as contemplated in Sections 5.8 and 5.9). The predecessor depositary, upon payment of all sums
due to it and on the written request of the Company, shall, (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9),
(ii) duly assign, transfer and deliver all of the Depositary’s right, title and interest to the Deposited Property to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADSs and such other
information relating to ADSs and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly provide notice of its appointment to such Holders. 

Any entity into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or
filing of any document or any further act. 
 Section 5.5 The Custodian. The Depositary has initially appointed Banco
Bradesco S.A. as Custodian for the purpose of the Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Deposited Property for which the
Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Property and no other Custodian has previously been appointed hereunder, the
Depositary shall promptly appoint a substitute custodian. The Depositary shall require such resigning or discharged Custodian to Deliver, or cause the Delivery of, the Deposited Property held by it, together with all such records maintained by it as
Custodian with respect to such Deposited Property as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, in its discretion, that it is appropriate to do so, it may appoint an additional
custodian with respect to any Deposited Property, or discharge the Custodian with respect to any Deposited Property and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Property. Immediately
upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADSs, each other Custodian and the Company. The Depositary agrees that at no time shall there be more than one Custodian acting in connection with the
Deposit Agreement unless permitted by Brazilian law. 
 Citibank, N.A. may at any time act as Custodian of the Deposited Property pursuant
to the Deposit Agreement, in which case any reference to Custodian shall mean Citibank, N.A. solely in its capacity as Custodian pursuant to the Deposit Agreement. Notwithstanding anything contained in the Deposit Agreement or any ADR, the
Depositary shall not be obligated to give notice to the Company, any Holders of ADSs or any other Custodian of its acting as Custodian pursuant to the Deposit Agreement. 

Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary,
continue to be the Custodian of the Deposited Property without any further act or writing, and shall be subject to the direction of the successor depositary. The successor depositary so appointed shall, nevertheless, on the written request of any
Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor depositary. 

Section 5.6 Notices and Reports. On or before the first date on which the Company gives notice, by
publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, or of the taking of any action in
respect of any cash or other distributions or the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in the English language but otherwise in the
form given or to be given to holders of Shares or other Deposited Securities. The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions of the Estatuto Social
of the Company that may be relevant or pertain to such notice of meeting or be the subject of a vote thereat. 
  

  
 25 

 The Company will also transmit to the Depositary (a) an English language version of the
other notices, reports and communications which are made generally available by the Company to holders of its Shares or other Deposited Securities and (b) the English language versions of the Company’s annual and semi-annual reports prepared in accordance with the applicable requirements of the Commission. The Depositary shall arrange, at the request of the Company and at the Company’s expense, to provide copies thereof
to all Holders or make such notices, reports and other communications available to all Holders on a basis similar to that for holders of Shares or other Deposited Securities or on such other basis as the Company may advise the Depositary or as may
be required by any applicable law, regulation or stock exchange requirement. The Company has delivered to the Depositary and the Custodian a copy of the Company’s Estatuto Social along with the provisions of or governing the Shares and
any other Deposited Securities issued by the Company in connection with such Shares, and promptly upon any amendment thereto or change therein, the Company shall deliver to the Depositary and the Custodian a copy of such amendment thereto or change
therein. The Depositary may rely upon such copy for all purposes of the Deposit Agreement. 
 The Depositary will, at the expense of the
Company, make available a copy of any such notices, reports or communications issued by the Company and delivered to the Depositary for inspection by the Holders of the ADSs at the Depositary’s Principal Office, at the office of the Custodian
and at any other designated transfer office. 
 Section 5.7 Issuance of Additional Shares, ADSs etc. The Company agrees
that in the event it or any of its Affiliates proposes (i) an issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance or assumption of
securities convertible into or exchangeable for Shares, (iv) an issuance of rights to subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited
Securities, (vii) a meeting of holders of Deposited Securities, or solicitation of consents or proxies, relating to any reclassification of securities, merger or consolidation or transfer of assets, (viii) any assumption, reclassification,
recapitalization, reorganization, merger, consolidation or sale of assets which affects the Deposited Securities, or (ix) a distribution of securities other than Shares, it will obtain U.S. legal advice and take all steps necessary to ensure
that the application of the proposed transaction to Holders and Beneficial Owners does not violate the registration provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as
amended, the Exchange Act and the securities laws of the states of the U.S.). In support of the foregoing, the Company will furnish to the Depositary (a) a written opinion of U.S. counsel (reasonably satisfactory to the Depositary) stating
whether such transaction (1) requires a registration statement under the Securities Act to be in effect or (2) is exempt from the registration requirements of the Securities Act and (b) an opinion of Brazil counsel stating that
(1) making the transaction available to Holders and Beneficial Owners does not violate the laws or regulations of Brazil and (2) all requisite regulatory consents and approvals have been obtained in Brazil. If the filing of a registration
statement is required, the Depositary shall not have any obligation to proceed with the transaction unless it shall have received evidence reasonably satisfactory to it that such registration statement has been declared effective. If, being advised
by counsel, the Company determines that a transaction is required to be registered under the Securities Act, the Company will either (i) register such transaction to the extent necessary, (ii) alter the terms of the transaction to avoid
the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures, in each case as contemplated in the Deposit Agreement, to prevent such transaction from violating the registration requirements of the
Securities Act. The Company agrees with the Depositary that neither the Company nor any of its Affiliates will at any time (i) deposit any Shares or other Deposited Securities, either upon original issuance or upon a sale of Shares or other
Deposited Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue additional Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for Shares or rights to subscribe
for such securities or distribute securities other than Shares, unless such transaction and the securities issuable in such transaction do not violate the registration provisions of the Securities Act, or any other applicable laws (including,
without limitation, the Investment Company Act of 1940, as amended, the Exchange Act and the securities laws of the states of the U.S.). 

Notwithstanding anything else contained in the Deposit Agreement, nothing in the Deposit Agreement shall be deemed to obligate the Company to
file any registration statement in respect of any proposed transaction. 
 Section 5.8 Indemnification. The Depositary
agrees to indemnify the Company and its directors, officers, employees, agents and Affiliates against, and hold each of them harmless from, any Losses which may arise out of acts performed or omitted by the Depositary under the terms hereof due to
the negligence or bad faith of the Depositary. 
  

  
 26 

 The Company agrees to indemnify the Depositary, the Custodian and any of their respective
directors, officers, employees, agents and Affiliates against, and hold each of them harmless from any Losses that may arise (a) out of, or in connection with, any offer, issuance, sale, resale, transfer, deposit or withdrawal of ADRs, ADSs,
the Shares, or other Deposited Securities, as the case may be, (b) out of, or as a result of, any offering documents in respect thereof or (c) out of acts performed or omitted, including, but not limited to, any delivery by the Depositary
on behalf of the Company of information regarding the Company, in connection with the Deposit Agreement, any ancillary or supplemental agreement entered into between the Company and the Depositary, the ADRs, the ADSs, the Shares, or any Deposited
Property, in any such case (i) by the Depositary, the Custodian or any of their respective directors, officers, employees, agents and Affiliates, except to the extent such Losses are due to the negligence or bad faith of any of them, or
(ii) by the Company or any of its directors, officers, employees, agents and Affiliates. 
 The indemnities provided by the Company in
the preceding paragraph shall not apply to the Depositary with respect to any Losses arising out of information relating to the Depositary previously furnished in writing by the Depositary to the Company expressly for use in any registration
statement, prospectus or preliminary prospectus or any other offering documents relating to the ADRs, ADSs, or any Deposited Securities. The indemnities provided by the Company in the preceding paragraph shall not apply to the Custodian with respect
to any Losses arising out of information relating to the Custodian previously furnished in writing by the Custodian to the Company expressly for use in any registration statement, prospectus or preliminary prospectus or any other offering documents
relating to the ADRs, ADSs, or any Deposited Securities. 
 The obligations set forth in this Section shall survive the termination of the
Deposit Agreement and the succession or substitution of any party hereto. 
 Any person seeking indemnification hereunder (an
“indemnified person”) shall notify the person from whom it is seeking indemnification (the “indemnifying person”) of the commencement of any indemnifiable action or claim promptly after such indemnified person becomes aware of
such commencement (provided that the failure to make such notification shall not affect such indemnified person’s rights to seek indemnification except to the extent the indemnifying person is materially prejudiced by such failure) and shall
consult in good faith with the indemnifying person as to the conduct of the defense of such action or claim that may give rise to an indemnity hereunder, which defense shall be reasonable in the circumstances. No indemnified person shall compromise
or settle any action or claim that may give rise to an indemnity hereunder without the consent of the indemnifying person, which consent shall not be unreasonably withheld. 

Section 5.9 ADS Fees and Charges. The Company, the Holders, the Beneficial Owners, and persons receiving ADSs upon issuance
or whose ADSs are being cancelled shall be required to pay the ADS fees and charges identified as payable by them respectively in the ADS fee schedule attached hereto as Exhibit B. All ADS fees and charges so payable may be deducted from
distributions or must be remitted to the Depositary, or its designee, and may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but, in the case of ADS fees and charges payable by Holders and
Beneficial Owners, only in the manner contemplated in Section 6.1. The Depositary shall provide, without charge, a copy of its latest ADS fee schedule to anyone upon request. 

ADS fees and charges payable upon (i) the issuance of ADSs and (ii) the cancellation of ADSs will be payable by the person to whom
the ADSs are so issued by the Depositary (in the case of ADS issuances) and by the person whose ADSs are being cancelled (in the case of ADS cancellations). In the case of ADSs issued by the Depositary into DTC or presented to the Depositary via
DTC, the ADS issuance and cancellation fees and charges will be payable by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) holding the ADSs being cancelled, as the case may be, on behalf of the Beneficial
Owner(s) and will be charged by the DTC Participant(s) to the account(s) of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC Participant(s) as in effect at the time. ADS fees and charges in respect of
distributions and the ADS service fee are payable by Holders as of the applicable ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of the applicable ADS fees and charges is deducted from the funds being
distributed. In the case of (i) distributions other than cash and (ii) the ADS service fee, the applicable Holders as of the ADS Record Date established by the Depositary will be invoiced for the amount of the ADS fees and charges and such
ADS fees may be deducted from distributions made to Holders. For ADSs held through DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from distributions made through DTC, and may be charged to the
DTC Participants in accordance with the procedures and practices prescribed by DTC from time to time and the DTC Participants in turn charge the amount of such ADS fees and charges to the Beneficial Owners for whom they hold ADSs. 

 

  
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 The Depositary may reimburse the Company for certain expenses incurred by the Company in respect
of the ADR program established pursuant to the Deposit Agreement, by making available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company and the Depositary agree from time to
time. The Company shall pay to the Depositary such fees and charges, and reimburse the Depositary for such out-of-pocket expenses, as the Depositary and the Company may agree from time to time. Responsibility for payment of such fees, charges and
reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise agreed, the Depositary shall present its statement for such fees, charges and reimbursements to the Company once every three
months. The charges and expenses of the Custodian are for the sole account of the Depositary. 
 The obligations of Holders and Beneficial
Owners to pay ADS fees and charges shall survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation or removal of such Depositary as described in Section 5.4, the right to collect ADS fees and charges shall
extend for those ADS fees and charges incurred prior to the effectiveness of such resignation or removal. 
 Section 5.10
Pre-Release Transactions. Subject to the further terms and provisions of this Section 5.10, the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its
Affiliates and in ADSs. In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 and (ii) deliver
Shares prior to the receipt of ADSs for withdrawal of Deposited Securities pursuant to Section 2.7, including ADSs which were issued under (i) above but for which Shares may not have been received (each such transaction a
“Pre-Release Transaction”). The Depositary may receive ADSs in lieu of Shares under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) subject to a written
agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares are to be delivered (w) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are
to be delivered by the Applicant under such Pre-Release Transaction, (x) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are
delivered to the Depositary or the Custodian, (y) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs, and (z) agrees to any additional restrictions or requirements that the
Depositary deems appropriate, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five
(5) Business Days’ notice and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release
Transactions at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs outstanding under (i) above), provided, however, that the Depositary reserves the right to change or disregard such limit from time
to time as it deems appropriate. 
 The Depositary may also set limits with respect to the number of ADSs and Shares involved in Pre-Release
Transactions with any one person on a case-by-case basis as it deems appropriate. The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above, but
not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant). 
 Section 5.11 Restricted
Securities Owners. The Company agrees to advise in writing each of the persons or entities who, to the knowledge of the Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder (except under
the circumstances contemplated in Section 2.14) and, to the extent practicable, shall require each of such persons to represent in writing that such person will not deposit Restricted Securities hereunder (except under the circumstances
contemplated in Section 2.14). 

  
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 ARTICLE VI 

AMENDMENT AND TERMINATION 

Section 6.1 Amendment/Supplement. Subject to the terms and conditions of this Section 6.1 and applicable law, the ADRs
outstanding at any time, the provisions of the Deposit Agreement and the form of ADR attached hereto and to be issued under the terms hereof may at any time and from time to time be amended or supplemented by written agreement between the Company
and the Depositary in any respect which they may deem necessary or desirable without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than charges in
connection with foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall
not, however, become effective as to outstanding ADSs until the expiration of thirty (30) days after notice of such amendment or supplement shall have been given to the Holders of outstanding ADSs. Notice of any amendment to the Deposit
Agreement or any ADR shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in
each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (e.g., upon retrieval from the Commission’s, the Depositary’s or the
Company’s website or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be
registered on Form F-6 under the Securities Act or (b) the ADSs to be settled solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be
borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to
hold such ADSs, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement and the ADR, if applicable, as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the
Holder to surrender such ADS and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws,
rules or regulations which would require an amendment of, or supplement to, the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and any ADRs at any time in accordance
with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement and any ADRs in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other
period of time as required for compliance with such laws, rules or regulations. 
 Section 6.2 Termination. The
Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in
such notice for such termination. If ninety (90) days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the
Depositary a written notice of the removal of the Depositary, and, in either case, a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 of the Deposit Agreement, the Depositary may
terminate the Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. The date so fixed for termination of
the Deposit Agreement in any termination notice so distributed by the Depositary to the Holders of ADSs is referred to as the “Termination Date”. Until the Termination Date, the Depositary shall continue to perform all of its
obligations under the Deposit Agreement, and the Holders and Beneficial Owners will be entitled to all of their rights under the Deposit Agreement. 

If any ADSs shall remain outstanding after the Termination Date, the Registrar and the Depositary shall not, after the Termination Date, have
any obligation to perform any further acts under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions of the Deposit Agreement, continue to (i) collect dividends and other distributions
pertaining to Deposited Securities, (ii) sell Deposited Property received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net
proceeds of the sale of any other Deposited Property, in exchange for ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by, the Depositary, and all
applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required under applicable
law in connection with its role as Depositary under the Deposit Agreement. 
  

  
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 At any time after the Termination Date, the Depositary may sell the Deposited Property then held
under the Deposit Agreement and shall after such sale hold un-invested the net proceeds of such sale, together with any other cash then held by it under the Deposit Agreement, in an un-segregated account and without liability for interest, for the
pro rata benefit of the Holders whose ADSs have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement except (i) to account for such net proceeds and other
cash (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each
case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in connection with the termination of the Deposit Agreement. After the Termination Date, the Company shall be discharged from all
obligations under the Deposit Agreement, except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6 of the Deposit Agreement. The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs
outstanding as of the Termination Date shall survive the Termination Date and shall be discharged only when the applicable ADSs are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement (except as
specifically provided in the Deposit Agreement). 
 Notwithstanding anything contained in the Deposit Agreement or any ADR, in connection
with the termination of the Deposit Agreement, the Depositary may, independently and without the need for any action by the Company, make available to Holders of ADSs a means to withdraw the Deposited Securities represented by their ADSs and to
direct the deposit of such Deposited Securities into an unsponsored American depositary shares program established by the Depositary, upon such terms and conditions as the Depositary may deem reasonably appropriate, subject however, in each case, to
satisfaction of the applicable registration requirements by the unsponsored American depositary shares program under the Securities Act, and to receipt by the Depositary of payment of the applicable fees and charges of, and reimbursement of the
applicable expenses incurred by, the Depositary. 
 ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Counterparts. The Deposit Agreement may be executed in any number of counterparts, each of which shall be
deemed an original and all of such counterparts together shall constitute one and the same agreement. An executed counterpart of the Deposit Agreement delivered by fax or other means of electronic transmission shall be deemed to be an original and
shall be as effective for all purposes as delivery of a manually executed counterpart. Copies of the Deposit Agreement shall be maintained with the Depositary and shall be open to inspection by any Holder during business hours. 

Section 7.2 No Third-Party Beneficiaries. The Deposit Agreement is for the
exclusive benefit of the parties hereto (and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except to the extent specifically set forth in the Deposit Agreement.
Nothing in the Deposit Agreement shall be deemed to give rise to a partnership or joint venture among the parties nor establish a fiduciary or similar relationship among the parties. The parties hereto acknowledge and agree that (i) the
Depositary and its Affiliates may at any time have multiple banking relationships with the Company and its Affiliates, (ii) the Depositary and its Affiliates may be engaged at any time in transactions in which parties adverse to the Company or
the Holders or Beneficial Owners may have interests and (iii) nothing contained in the Deposit Agreement shall (a) preclude the Depositary or any of its Affiliates from engaging in such transactions or establishing or maintaining such
relationships, and (b) obligate the Depositary or any of its Affiliates to disclose such transactions or relationships or to account for any profit made or payment received in such transactions or relationships. 

Section 7.3 Severability. In case any one or more of the provisions contained in the Deposit Agreement or in the ADRs
should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 

Section 7.4 Holders and Beneficial Owners as Parties; Binding Effect. The Holders and Beneficial Owners from time to time
of ADSs issued hereunder shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any ADR evidencing their ADSs by acceptance thereof or any beneficial interest therein. 

  
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 Section 7.5 Notices. Any and all notices to be given to the Company shall be
deemed to have been duly given if personally delivered or sent by mail, air courier or cable, telex, facsimile transmission or electronic transmission, confirmed by letter personally delivered or sent by mail or air courier, addressed to Azul S.A.,
Edifício Jatobá, 8th floor, Castelo Branco Office Park, Avenida Marcos Penteado de Ulhôa Rodrigues, 939, Tamboré, Barueri, São Paulo, São Paulo, Brazil,
06460-040, Attention: Mr. David Neeleman, Chief Executive Officer, or to any other address which the Company may specify in writing to the Depositary. 

Any and all notices to be given to the Depositary shall be deemed to have been duly given if personally delivered or sent by mail, air courier
or cable, telex, facsimile transmission or electronic transmission, confirmed by letter personally delivered or sent by mail or air courier, addressed to Citibank, N.A., 388 Greenwich Street, New York, New York 10013, U.S.A., Attention:
Depositary Receipts Department, or to any other address which the Depositary may specify in writing to the Company. 
 Any and all notices
to be given to any Holder shall be deemed to have been duly given (a) if personally delivered or sent by mail or cable, telex or facsimile transmission, confirmed by letter, addressed to such Holder at the address of such Holder as it appears
on the books of the Depositary or, if such Holder shall have filed with the Depositary a request that notices intended for such Holder be mailed to some other address, at the address specified in such request, or (b) if a Holder shall have
designated such means of notification as an acceptable means of notification under the terms of the Deposit Agreement, by means of electronic messaging addressed for delivery to the e-mail address designated by the Holder for such purpose. Notice to
Holders shall be deemed to be notice to Beneficial Owners for all purposes of the Deposit Agreement. Failure to notify a Holder or any defect in the notification to a Holder shall not affect the sufficiency of notification to other Holders or to the
Beneficial Owners of ADSs held by such other Holders. 
 Delivery of a notice sent by mail, air courier or cable, telex or facsimile
transmission shall be deemed to be effective at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office letter box
or delivered to an air courier service, without regard for the actual receipt or time of actual receipt thereof by a Holder. The Depositary or the Company may, however, act upon any cable, telex or facsimile transmission received by it from any
Holder, the Custodian, the Depositary, or the Company, notwithstanding that such cable, telex or facsimile transmission shall not be subsequently confirmed by letter. 

Delivery of a notice by means of electronic messaging shall be deemed to be effective at the time of the initiation of the transmission by the
sender (as shown on the sender’s records), notwithstanding that the intended recipient retrieves the message at a later date, fails to retrieve such message, or fails to receive such notice on account of its failure to maintain the designated
e-mail address, its failure to designate a substitute e-mail address or for any other reason. 
 Section 7.6 Governing Law and
Jurisdiction. The Deposit Agreement and the ADRs shall be interpreted in accordance with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference to
the principles of choice of law thereof. Notwithstanding anything contained in the Deposit Agreement, any ADR or any present or future provisions of the laws of the State of New York, the rights of holders of Shares and of any other Deposited
Securities and the obligations and duties of the Company in respect of the holders of Shares and other Deposited Securities, as such, shall be governed by the laws of Brazil (or, if applicable, such other laws as may govern the Deposited
Securities). 
 Except as set forth in the following paragraph of this Section 7.6, the Company and the Depositary agree that the
federal or state courts in the City of New York shall have jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection with the Deposit Agreement and, for such
purposes, each irrevocably submits to the non-exclusive jurisdiction of such courts. The Company hereby irrevocably designates, appoints and empowers National Corporate Research, Ltd. (the “Process Agent”) now at 10 East 40th
Street, 10th Floor, New York, NY 10016 as its authorized agent to receive and accept for and on its behalf, and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents that may
be served in any suit, action or proceeding brought against the Company in any federal or state court as described in the preceding sentence or in the next paragraph of this Section 7.6. If for any reason the Process Agent shall cease to be
available to act as such, the Company agrees to designate a new agent in New York on the terms and for the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees to the
service of any and all legal process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Process Agent (whether or not the appointment of such Process Agent shall for
any reason prove to be ineffective or such Process Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5. The
Company agrees that the failure of the Process Agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon. 

 

  
 31 

 Notwithstanding the foregoing, the Depositary and the Company unconditionally agree that in the
event that a Holder or Beneficial Owner brings a suit, action or proceeding against (a) the Company, (b) the Depositary in its capacity as Depositary under the Deposit Agreement or (c) against both the Company and the Depositary, in
any such case, in any state or federal court of the United States, and the Depositary or the Company have any claim, for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding, then the
Company and the Depositary may pursue such claim against each other in the state or federal court in the United States in which such suit, action, or proceeding is pending and, for such purposes, the Company and the Depositary irrevocably submit to
the non-exclusive jurisdiction of such courts. The Company agrees that service of process upon the Process Agent in the manner set forth in the preceding paragraph shall be effective service upon it for any suit, action or proceeding brought against
it as described in this paragraph. 
 The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any
objection that it may now or hereafter have to the laying of venue of any actions, suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives and agrees not to plead or
claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 
 The
Company irrevocably and unconditionally waives, to the fullest extent permitted by law, and agrees not to plead or claim, any right of immunity from legal action, suit or proceeding, from setoff or counterclaim, from the jurisdiction of any court,
from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, from execution of judgment, or from any other legal process or proceeding for the giving of any relief or for the enforcement of any
judgment, and consents to such relief and enforcement against it, its assets and its revenues in any jurisdiction, in each case with respect to any matter arising out of, or in connection with, the Deposit Agreement, any ADR or the Deposited
Property. 
 EACH OF THE PARTIES TO THE DEPOSIT AGREEMENT (INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY ARISING OUT OF, OR RELATING TO, THE DEPOSIT AGREEMENT, ANY ADR AND ANY TRANSACTIONS
CONTEMPLATED THEREIN (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE). 
 No disclaimer of liability under the Securities Act
is intended by any provision of the Deposit Agreement. The provisions of this Section 7.6 shall survive any termination of the Deposit Agreement, in whole or in part. 

Section 7.7 Assignment. Subject to the provisions of Section 5.4, the Deposit Agreement may not be assigned by either
the Company or the Depositary. 
 Section 7.8 Compliance with U.S. Securities Laws. Notwithstanding anything in the
Deposit Agreement to the contrary, the withdrawal or Delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to Form F-6 Registration
Statement, as amended from time to time, under the Securities Act. 
 Section 7.9 Brazilian Law References. Any summary
of Brazilian laws and regulations and of the terms of the Company’s Estatuto Social set forth in the Deposit Agreement have been provided by the Company solely for the convenience of Holders, Beneficial Owners and the Depositary. While
such summaries are believed by the Company to be accurate as of the date of the Deposit Agreement, (i) they are summaries and as such may not include all aspects of the materials summarized applicable to a Holder or Beneficial Owner, and
(ii) these laws and regulations and the Company’s Estatuto Social may change after the date of the Deposit Agreement. Neither the Depositary nor the Company has any obligation under the terms of the Deposit Agreement to update any such
summaries. 
  

  
 32 

 Section 7.10 Titles and References. 

(a) Deposit Agreement. All references in the Deposit Agreement to exhibits, articles, sections, subsections, and other
subdivisions refer to the exhibits, articles, sections, subsections and other subdivisions of the Deposit Agreement unless expressly provided otherwise. The words “the Deposit Agreement”, “herein”, “hereof”,
“hereby”, “hereunder”, and words of similar import refer to the Deposit Agreement as a whole as in effect at the relevant time between the Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any
particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice
versa unless the context otherwise requires. Titles to sections of the Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained in the Deposit Agreement. References to
“applicable laws and regulations” shall refer to laws and regulations applicable to ADRs, ADSs or Deposited Property as in effect at the relevant time of determination, unless otherwise required by law or regulation. 

(b) ADRs. All references in any ADR(s) to paragraphs, exhibits, articles, sections, subsections, and other
subdivisions refer to the paragraphs, exhibits, articles, sections, subsections and other subdivisions of the ADR(s) in question unless expressly provided otherwise. The words “the Receipt”, “the ADR”, “herein”,
“hereof”, “hereby”, “hereunder”, and words of similar import used in any ADR refer to the ADR as a whole and as in effect at the relevant time, and not to any particular subdivision unless expressly so limited. Pronouns
in masculine, feminine and neuter gender in any ADR shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa unless the context otherwise requires. Titles to
paragraphs of any ADR are included for convenience only and shall be disregarded in construing the language contained in the ADR. References to “applicable laws and regulations” shall refer to laws and regulations applicable to ADRs, ADSs
or Deposited Property as in effect at the relevant time of determination, unless otherwise required by law or regulation. 

Section 7.11 Amendment and Restatement. The Depositary shall arrange to have new ADRs printed that reflect the form
of ADR attached to the Deposit Agreement. All ADRs issued hereunder after the date hereof, whether upon the deposit of Shares or other Deposited Securities or upon the transfer, combination or split-up of existing ADRs, shall be substantially in the
form of the specimen ADR attached as Exhibit A hereto. However, American depositary receipts issued prior to the date hereof under the terms of the Original Deposit Agreement and outstanding as of the date hereof, which do not reflect the
form of ADR attached hereto as Exhibit A, do not need to be called in for exchange and may remain outstanding until such time as the Holders thereof choose to surrender them for any reason under the Deposit Agreement. The Depositary is
authorized and directed to take any and all actions deemed necessary to effect the foregoing. 
 [Signature Page Immediately
Follows] 

  
 33 

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

 

			
	 AZUL S.A.
  

		
	By:	 	 
		 	 Name:
 Title:

  

			
	 CITIBANK, N.A.
  

		
	By:	 	 
		 	 Name:
 Title:

  
 34 

 EXHIBIT A 

[FORM OF ADR] 
  

					
	 Number
	  		  	CUSIP NUMBER: 05501U 106
		  		  	ISIN NUMBER: US05501U1060

  

					
		  		  	American Depositary Shares (each American Depositary Share representing the right to receive one (1) fully paid preferred share of Azul S.A.)

 AMERICAN DEPOSITARY RECEIPT 

for 
 AMERICAN DEPOSITARY SHARES

 representing 
 DEPOSITED
PREFERRED SHARES 
 of 
 Azul
S.A. 
 (Incorporated under the laws of the Federative Republic of Brazil) 

CITIBANK, N.A., a national banking association organized and existing under the laws of the United States of America, as depositary
(the “Depositary”), hereby certifies that                     is the owner of
                    American Depositary Shares (hereinafter “ADS”) representing deposited preferred shares without par value,
including evidence of rights to receive such preferred shares (the “Shares”), of Azul S.A., a sociedade por ações organized under the laws of the Federative Republic of Brazil (the “Company”). As of the date
of issuance of this ADR, each ADS represents the right to receive one (1) Share deposited under the Deposit Agreement (as hereinafter defined) with the Custodian, which at the date of issuance of this ADR is Banco Bradesco S.A. (the
“Custodian”). The ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of the Deposit Agreement. The Depositary’s Principal Office is located at 388 Greenwich Street, New York, New York 10013, U.S.A.

 (1) The Deposit Agreement. This American Depositary Receipt is one of an issue of American Depositary Receipts
(“ADRs”), all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of [date], 2017 (as amended and supplemented from time to time, the “Deposit Agreement”), by and among the
Company, the Depositary, and all Holders and Beneficial Owners from time to time of ADSs issued thereunder, each of whom by accepting an ADS agrees to become a party thereto and becomes bound by all the terms and conditions thereof. The Deposit
Agreement sets forth the rights and obligations of Holders and Beneficial Owners of ADSs and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other Deposited Property (as defined in the Deposit
Agreement) from time to time received and held on deposit in respect of the ADSs. Copies of the Deposit Agreement are on file at the Principal Office of the Depositary and with the Custodian. Each Holder and each Beneficial Owner, upon acceptance of
any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), and
(b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit
Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit
Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof. 
  

  
 A-1 

 The statements made on the face and reverse of this ADR are summaries of certain
provisions of the Deposit Agreement and the Estatuto Social of the Company (as in effect on the date of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement and the Estatuto
Social, to which reference is hereby made.  
 All capitalized terms used, but not otherwise defined herein shall have the
meanings ascribed thereto in the Deposit Agreement. 
 The Depositary makes no representation or warranty as to the validity or worth of the
Deposited Property. The Depositary has made arrangements for the acceptance of the ADSs into DTC. Each Beneficial Owner of ADSs held through DTC must rely on the procedures of DTC and the DTC Participants to exercise and be entitled to any rights
attributable to such ADSs. The Depositary may issue Uncertificated ADSs subject, however, to the terms and conditions of Section 2.13 of the Deposit Agreement. 

(2) Surrender of ADSs and Withdrawal of Deposited Securities. The Holder of this ADR (and of the ADSs evidenced hereby) shall be
entitled to Delivery (at the Custodian’s designated office) of the Deposited Securities at the time represented by the ADSs evidenced hereby upon satisfaction of each of the following conditions: (i) the Holder (or a duly authorized
attorney of the Holder) has duly Delivered to the Depositary at its Principal Office the ADSs evidenced hereby (and, if applicable, this ADR) for the purpose of withdrawal of the Deposited Securities represented thereby, (ii) if applicable and
so required by the Depositary, this ADR Delivered to the Depositary for such purpose has been properly endorsed in blank or is accompanied by proper instruments of transfer in blank (including signature guarantees in accordance with standard
securities industry practice), (iii) if so required by the Depositary, the Holder of the ADSs has executed and delivered to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be
Delivered to or upon the written order of the person(s) designated in such order, and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in
Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid, subject, however, in each case, to the terms and conditions of this ADR evidencing the surrendered ADSs, of the Deposit Agreement, of the Estatuto
Social, of any applicable laws and the rules of CBLC, and to any provisions of or governing the Deposited Securities, in each case as in effect at the time thereof. 

Upon satisfaction of each of the conditions specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if
applicable, this ADR(s) evidencing the ADSs so Delivered), (ii) shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained for such purpose, and (iii) shall direct the Custodian to Deliver, or
cause the Delivery of, in each case, without unreasonable delay, the Deposited Securities represented by the ADSs so canceled together with any certificate or other document of title for the Deposited Securities, or evidence of the electronic
transfer thereof (if available), as the case may be, to or upon the written order of the person(s) designated in the order delivered to the Depositary for such purpose, subject however, in each case, to the terms and conditions of the Deposit
Agreement, of this ADR evidencing the ADS so canceled, of the Estatuto Social of the Company, of any applicable laws and of the rules of the CBLC, and to the terms and conditions of or governing the Deposited Securities, in each case as in
effect at the time thereof. 
 The Depositary shall not accept for surrender ADSs representing less than one (1) Share. In the
case of Delivery to it of ADSs representing a number other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the
discretion of the Depositary, either (i) return to the person surrendering such ADSs the number of ADSs representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share represented by the ADSs so
surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the person surrendering the ADSs. 

Notwithstanding anything else contained in this ADR or the Deposit Agreement, the Depositary may make delivery at the Principal Office of the
Depositary of Deposited Property consisting of (i) any cash dividends or cash distributions, or (ii) any proceeds from the sale of any non-cash distributions, which are at the time held by the Depositary in respect of the Deposited
Securities represented by the ADSs surrendered for cancellation and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs represented by this ADR, and for the account of such Holder, the Depositary shall direct the
Custodian to forward (to the extent permitted by law) any Deposited Property (other than Deposited Securities) held by the Custodian in respect of such ADSs to the Depositary for delivery at the Principal Office of the Depositary. Such direction
shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex, electronic or facsimile transmission. 

  
 A-2 

 (3) Transfer, Combination and Split-up of ADRs. The Registrar shall register the
transfer of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary shall (x) cancel this ADR and execute new ADRs evidencing the same aggregate number of ADSs as those evidenced by this ADR
when canceled by the Depositary, (y) cause the Registrar to countersign such new ADRs, and (z) Deliver such new ADRs to or upon the order of the person entitled thereto, if each of the following conditions has been satisfied: (i) this
ADR has been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a transfer thereof, (ii) this surrendered ADR has been properly endorsed or is
accompanied by proper instruments of transfer (including signature guarantees in accordance with standard securities industry practice), (iii) this surrendered ADR has been duly stamped (if required by the laws of the State of New York or of
the United States), and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit
Agreement) have been paid, subject, however, in each case, to the terms and conditions of this ADR, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof. 

The Registrar shall register the split-up or combination of this ADR (and of the ADSs represented hereby) on the books maintained for
such purpose and the Depositary shall (x) cancel this ADR and execute new ADRs for the number of ADSs requested, but in the aggregate not exceeding the number of ADSs evidenced by this ADR (canceled), (y) cause the Registrar to countersign
such new ADRs, and (z) Deliver such new ADRs to or upon the order of the Holder thereof, if each of the following conditions has been satisfied: (i) this ADR has been duly Delivered by the Holder (or by a duly authorized attorney of the
Holder) to the Depositary at its Principal Office for the purpose of effecting a split-up or combination hereof, and (ii) all applicable fees and charges of, and expenses incurred by, the Depositary and
all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid, subject, however, in each case, to the terms and conditions of this ADR, of the Deposit
Agreement and of applicable law, in each case as in effect at the time thereof. 
 (4) Pre-Conditions to Registration,
Transfer, Etc. As a condition precedent to the execution and Delivery, the registration of issuance, transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon,
or the withdrawal of any Deposited Property, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of ADSs or of this ADR of a sum sufficient to reimburse it for any tax or other governmental charge
and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in
Section 5.9 and Exhibit B to the Deposit Agreement and in this ADR, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1 of the
Deposit Agreement, and (iii) compliance with (A) any laws or governmental regulations relating to the execution and Delivery of this ADR or ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations as the
Depositary and the Company may establish consistent with the provisions of this ADR, the Deposit Agreement and applicable law. 
 The
issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused, or the registration of transfer of ADSs in particular instances may be refused, or
the registration of transfer of ADSs generally may be suspended, during any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary or advisable by the
Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law or regulation, any government or governmental body or commission or any securities exchange on which the Shares or ADSs are listed, or under
any provision of the Deposit Agreement or this ADR, or under any provision of, or governing, the Deposited Securities, or any a meeting of the Board of Directors or shareholders of the Company or for any other reason, subject, in all cases to
paragraph (26) of this ADR. Notwithstanding any provision of the Deposit Agreement or this ADR to the contrary, Holders are entitled to surrender outstanding ADSs to withdraw the Deposited Securities associated therewith at any time subject
only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees,
taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the ADSs or to the withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by
Instruction I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time to time). 

  
 A-3 

 (5) Compliance With Information Requests. Notwithstanding any other provision of
the Deposit Agreement or this ADR, each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to applicable law, the rules and requirements of the CVM and/or the BM&FBOVESPA, and any
other stock exchange on which the Shares or ADSs are, or will be, registered, traded or listed or the Estatuto Social of the Company, which are made to provide information, inter alia, as to the capacity in
which such Holder or Beneficial Owner owns ADSs (and Shares as the case may be) and regarding the identity of any other person(s) interested in such ADSs (and Shares as the case may be) and the nature of such interest and various other matters,
whether or not they are Holders and/or Beneficial Owners at the time of such request. The Depositary agrees to use its reasonable efforts to forward, upon the request of the Company and at the Company’s expense, any such request from the
Company to the Holders and to forward to the Company any such responses to such requests received by the Depositary.  
 (6)
Ownership Restrictions. Notwithstanding any other provision of this ADR or of the Deposit Agreement, the Company may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by
applicable law or the Estatuto Social of the Company. The Company may also restrict, in such manner as it deems appropriate, transfers of the ADSs where such transfer may result in the total number of Shares represented by the
ADSs owned by a single Holder or Beneficial Owner to exceed any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or
Beneficial Owner in excess of the limits set forth in the preceding sentence, including but not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting rights or the mandatory sale or disposition on
behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Estatuto
Social of the Company. Nothing herein or in the Deposit Agreement shall be interpreted as obligating the Depositary or the Company to ensure compliance with the ownership restrictions described herein or in Section 3.5 of the Deposit
Agreement. 
 (7) Reporting Obligations and Regulatory Approvals. Applicable laws and regulations, including those of
the Central Bank, the CVM and the BM&FBOVESPA, may require holders and beneficial owners of Shares, including the Holders and Beneficial Owners of ADSs, to comply with certain disclosure and trading standards (as of the date of this Deposit
Agreement, mainly provided for in CVM Ruling no. 358/02), to satisfy reporting requirements and to obtain regulatory approvals in certain circumstances. Holders and Beneficial Owners of ADSs are solely responsible for determining and complying with
such reporting requirements and for obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees to make such determination, file such reports, and obtain such approvals to the extent and in the form required by applicable laws and
regulations as in effect from time to time. Neither the Depositary, the Custodian, the Company or any of their respective agents or affiliates shall be required to take any actions whatsoever on behalf of Holders or Beneficial Owners to determine or
satisfy such reporting requirements or obtain such regulatory approvals under applicable laws and regulations. 
 (8) Delivery
of Information to the CVM, the Central Bank and the BM&FBOVESPA. The Company shall comply with Brazil’s Monetary Council Resolution No. 4,373, dated as of September 29, 2013, and shall furnish to the CVM, the Central Bank
and the BM&FBOVESPA, whenever required, information or documents related to the approved ADR program, the Deposited Securities and distributions thereon. The Company hereby authorizes each of the Depositary and the Custodian to release such
information or documents and any other information as required by local regulation, law or regulatory body request. 
 (9)
Liability for Taxes and Other Charges. Any tax or other governmental charge payable by the Custodian or by the Depositary with respect to any Deposited Property, ADSs or this ADR shall be payable by the Holders and Beneficial Owners to
the Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Property and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited
Property and apply such distributions and sale proceeds in payment of any taxes (including applicable interest and penalties) or charges that are or may be payable by Holders or Beneficial Owners in respect of the ADSs, Deposited Property and this
ADR, the Holder and the Beneficial Owner hereof remaining liable for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs, deliver ADRs, register the transfer of ADSs, register the split-up or
combination of ADRs and (subject to paragraph (26) of this ADR) the withdrawal of Deposited Property until payment in full of such tax, charge, penalty or interest is received.  

Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, and any of their agents, officers,
directors, employees and Affiliates for, and to hold each of them harmless from, any claims with respect to taxes or additions to tax (in each case, including applicable interest and penalties thereon) arising out of any refund of taxes, reduced
rate of withholding at source or from any tax benefit obtained for or by such Holder and/or Beneficial Owner. The obligations of Holders and Beneficial Owners under Section 3.2 of the Deposit Agreement shall survive any transfer of ADSs, any
cancellation of ADSs and withdrawal of Deposited Securities, and the termination of the Deposit Agreement. 

  
 A-4 

 (10) Representations and Warranties of Depositors. Each person depositing Shares
under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid and non-assessable and were legally obtained by such person,
(ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and
clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, (v) the Shares presented for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except as contemplated in
Section 2.14 of the Deposit Agreement), and (vi) the Shares presented for deposit have not been stripped of any rights or entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance
and cancellation of ADSs in respect thereof and the transfer of such ADSs. If any such representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares,
to take any and all actions necessary to correct the consequences thereof. 
 (11) Filing Proofs, Certificates and Other
Information. Any person presenting Shares for deposit, any Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary and the Custodian such proof of
citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Property, compliance with applicable laws, the terms of the
Deposit Agreement or this ADR evidencing the ADSs and the provisions of, or governing, the Deposited Property, to execute such certifications and to make such representations and warranties, and to provide such other information and documentation
(or, in the case of Shares in registered form presented for deposit, such information relating to the registration on the books of the Company or of the Share Registrar) as the Depositary or the Custodian may deem necessary or proper or as the
Company may reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement and this ADR. The Depositary and the Registrar, as applicable, may withhold the execution or Delivery or registration of
transfer of any ADR or ADS or the distribution or sale of any dividend or distribution of rights or of the proceeds thereof or, to the extent not limited by paragraph (26) of this ADR, the delivery of any Deposited Property until such proof or
other information is filed or such certifications are executed, or such representations and warranties are made or such other documentation or information are provided, in each case to the Depositary’s, the Registrar’s and the
Company’s satisfaction. Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners or (ii) verify or vouch for the accuracy of the information so
provided by the Holders or Beneficial Owners. 
 (12) ADS Fees and Charges. The following ADS fees are payable under the terms
of the Deposit Agreement: 
  

	 	(i)	ADS Issuance Fee: by any person to whom the ADSs are issued (e.g., an issuance of ADSs upon a deposit of Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding
ADS issuances described in paragraph (iv) below, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) issued;

  

	 	(ii)	ADS Cancellation Fee: by any person whose ADSs are being cancelled (e.g., a cancellation of ADSs for delivery of Deposited Property, upon a change in the ADS(s)-to-Share(s) ratio, or for any other
reason), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) cancelled; 

  

	 	(iii)	Cash Distribution Fee: by any Holder of ADSs, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held for the distribution of cash dividends or other cash distributions (e.g., upon
sale of rights and other entitlements); 

  

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

  

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

  

	 	(vi)	Depositary Services Fee: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the Depositary.

  
 A-5 

 In addition, Holders, Beneficial Owners, persons receiving ADSs upon issuance, and persons whose
ADSs are being cancelled will be responsible for the payment of the following ADS charges under the terms of the Deposit Agreement: 
  

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

  

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

  

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

  

	 	(d)	the expenses and charges incurred by the Depositary in the conversion of Foreign Currency; 

  

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

  

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

All ADS fees and charges may, at any time and from time to time, be changed by agreement between the Depositary and the Company but, in the
case of ADS fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated by paragraph (24) of this ADR and as contemplated in the Deposit Agreement. The Depositary shall provide, without charge, a copy of its
latest ADS fee schedule to anyone upon request. 
 ADS fees and charges payable upon (i) the issuance of ADSs and (ii) the
cancellation of ADSs will be payable by the person to whom the ADSs are so issued by the Depositary (in the case of ADS issuances) and by the person whose ADSs are being cancelled (in the case of ADS cancellations). In the case of ADSs issued by the
Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees and charges will be payable by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) holding the ADSs being
cancelled, as the case may be, on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the account(s) of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC Participant(s) as in
effect at the time. ADS fees and charges in respect of distributions and the ADS service fee are payable by Holders as of the applicable ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of the
applicable ADS fees and charges is deducted from the funds being distributed. In the case of (i) distributions other than cash and (ii) the ADS service fee, the applicable Holders as of the ADS Record Date established by the Depositary
will be invoiced for the amount of the ADS fees and charges and such ADS fees may be deducted from distributions made to Holders. For ADSs held through DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be
deducted from distributions made through DTC and may be charged to the DTC Participants in accordance with the procedures and practices prescribed by DTC from time to time and the DTC Participants in turn charge the amount of such ADS fees and
charges to the Beneficial Owners for whom they hold ADSs. 
 The Depositary may reimburse the Company for certain expenses incurred by the
Company in respect of the ADR program established pursuant to the Deposit Agreement, by making available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company and the Depositary
agree from time to time. The Company shall pay to the Depositary such fees and charges, and reimburse the Depositary for such out-of-pocket expenses, as the Depositary and the Company may agree from time to time. Responsibility for payment of such
fees, charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise agreed, the Depositary shall present its statement for such fees, charges and reimbursements to the Company once
every three months. The charges and expenses of the Custodian are for the sole account of the Depositary. 

  
 A-6 

 The obligations of Holders and Beneficial Owners to pay ADS fees and charges shall survive the
termination of the Deposit Agreement. As to any Depositary, upon the resignation or removal of such Depositary as described in Section 5.4 of the Deposit Agreement, the right to collect ADS fees and charges shall extend for those ADS fees and
charges incurred prior to the effectiveness of such resignation or removal. 
 (13) Title to ADRs. Subject to the limitations
contained in the Deposit Agreement and in this ADR, it is a condition of this ADR, and every successive Holder and Beneficial Owner of this ADR by accepting or holding the same consents and agrees, that title to this ADR (and to each Certificated
ADS evidenced hereby) shall be transferable by delivery of the ADR upon the same terms as a certificated security under the laws of the State of New York, provided that, in the case of Certificated ADSs, this ADR has been properly endorsed or is
accompanied by proper instruments of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of this ADR (that is, the person in whose name this ADR is registered on the books of the
Depositary) as the absolute owner thereof for all purposes. Neither the Depositary nor the Company shall have any obligation nor be subject to any liability under the Deposit Agreement or this ADR to any holder of this ADR or any Beneficial Owner
unless, in the case of a holder of ADSs, such holder is the Holder of this ADR registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner, or the Beneficial Owner’s representative, is the Holder
registered on the books of the Depositary. 
 (14) Validity of ADR. The Holder(s) of this ADR (and the ADSs represented
hereby) shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company unless this ADR has been (i) dated, (ii) signed by the manual or facsimile signature
of a duly authorized signatory of the Depositary, (iii) countersigned by the manual or facsimile signature of a duly authorized signatory of the Registrar, and (iv) registered in the books maintained by the Registrar for the registration
of issuances and transfers of ADRs. An ADR bearing the facsimile signature of a duly authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly authorized signatory of the Depositary or the Registrar, as the
case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the Delivery of such ADR by the Depositary. 

(15) Available Information; Reports; Inspection of Transfer Books. The Company is subject to the periodic reporting requirements
of the Exchange Act and, accordingly, is required to file or furnish certain reports with the Commission. These reports can be retrieved from the Commission’s website (www.sec.gov) and can be inspected and copied at the public reference
facilities maintained by the Commission located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549. The Depositary shall make available for inspection by Holders at its Principal Office any reports and
communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Property and (b) made
generally available to the holders of such Deposited Property by the Company. 

  
 A-7 

 The Registrar shall keep books for the registration of ADSs which at all reasonable times shall
be open for inspection by the Company and by the Holders of such ADSs, provided that such inspection shall not be, to the Registrar’s knowledge, for the purpose of communicating with Holders of such ADSs in the interest of a business or object
other than the business of the Company or other than a matter related to the Deposit Agreement or the ADSs. 
 The Registrar may close the
transfer books with respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company
subject, in all cases, to paragraph (26) of this ADR. 
 Dated: 
  

							
	 CITIBANK, N.A.

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

 

	 By:
	 	 	 	By:	  	 
		 	Authorized Signatory	 		  	Authorized Signatory

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

  
 A-8 

 [FORM OF REVERSE OF ADR] 

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS 

OF THE DEPOSIT AGREEMENT 

(16) Dividends and Distributions in Cash, Shares, etc. (a) Cash Distributions: Whenever the
Company intends to make a distribution of a cash dividend or other cash distribution in respect of any Deposited Securities, the Company shall give notice thereof to the Depositary at least twenty (20) days prior to the proposed distribution
specifying, inter alia, the record date applicable for determining the holders of Deposited Securities entitled to receive such distribution. Upon the timely receipt of such notice, the Depositary shall establish the ADS Record
Date upon the terms described in Section 4.9 of the Deposit Agreement. Upon receipt of confirmation of receipt of (x) any cash dividend or other cash distribution on any Deposited Securities, or (y) proceeds from the sale of any
Deposited Property held in respect of the ADSs under the terms of the Deposit Agreement, the Depositary will (i) if at the time of receipt thereof any amounts received in a Foreign Currency can in the judgment of the Depositary (pursuant to
Section 4.8 of the Deposit Agreement), be converted on a practicable basis into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms
described in Section 4.8 of the Deposit Agreement), (ii) if applicable and unless previously established, establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement, and (iii) distribute
promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders entitled thereto as of the ADS Record Date in proportion to the number of
ADSs held as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent, and any balance not so distributed shall be held by the Depositary
(without liability for interest thereon) and shall be added to and become part of the next sum received by the Depositary for distribution to Holders of ADSs outstanding at the time of the next distribution. If the Company, the Custodian or the
Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities, or from any cash proceeds from the sales of Deposited Property, an amount on account of taxes, duties or
other governmental charges, the amount distributed to Holders on the ADSs shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of
payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary will hold any cash amounts it is unable to distribute in a non-interest bearing account for the benefit of the applicable Holders and
Beneficial Owners of ADSs until the distribution can be effected or the funds that the Depositary holds must be escheated as unclaimed property in accordance with the laws of the relevant states of the United States. Notwithstanding anything
contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for above, the Depositary agrees to use commercially reasonable efforts to perform the
actions contemplated in Section 4.1 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated
in Section 4.1 of the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein. 

(b) Share Distributions: Whenever the Company intends to make a distribution that consists of a dividend in, or
free distribution of, Shares, the Company shall give notice thereof to the Depositary at least twenty (20) days prior to the proposed distribution, specifying, inter alia, the record date applicable to holders
of Deposited Securities entitled to receive such distribution. Upon the timely receipt of such notice from the Company, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement. Upon
receipt of confirmation from the Custodian of the receipt of the Shares so distributed by the Company, the Depositary shall either (i) subject to Section 5.9 of the Deposit Agreement, distribute to the Holders as of the ADS Record Date in
proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the terms of the Deposit Agreement (including,
without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if additional ADSs are not so distributed, take all actions necessary so that each ADS issued and outstanding
after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional integral number of Shares distributed upon the Deposited Securities represented thereby (net of (a) the
applicable fees and charges of, and expenses incurred by, the Depositary, and (b) taxes). In lieu of Delivering fractional ADSs, the Depositary shall sell the number of Shares or ADSs, as the case may be, represented by the aggregate of such
fractions and distribute the net proceeds upon the terms described in Section 4.1 of the Deposit Agreement. 
  

  
 A-9 

 In the event that the Depositary determines that any distribution in property (including Shares)
is subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, if the Company in the fulfillment of its obligation under Section 5.7 of the Deposit Agreement, has furnished an opinion of U.S. counsel
determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and no such registration statement has been declared effective), the Depositary may dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale
(after deduction of (a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms described in Section 4.1 of the Deposit Agreement. The Depositary shall hold and/or
distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely
notice of the proposed distribution provided for above, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.2 of the Deposit Agreement, and the Company, the Holders and the Beneficial
Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in Section 4.2 of the Deposit Agreement where such notice has not been so timely given, other than its failure
to use commercially reasonable efforts, as provided herein. 
 (c) Elective Distributions in Cash or Shares:
Whenever the Company intends to make a distribution payable at the election of the holders of Deposited Securities in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least forty five
(45) days prior to the proposed distribution specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such elective
distribution to be made available to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the Company to
determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make such elective distribution
available to Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and
(iii) the Depositary shall have received satisfactory documentation within the terms of the Deposit Agreement. If the above conditions are not satisfied or if the Company requests such elective distribution not to be made available to Holders
of ADSs, the Depositary shall establish the ADS Record Date on the terms described in Section 4.9 of the Deposit Agreement and, to the extent permitted by law, distribute to the Holders, on the basis of the same determination as is made in
Brazil in respect of the Shares for which no election is made, either (x) cash upon the terms described in Section 4.1 of the Deposit Agreement or (y) additional ADSs representing such additional Shares upon the terms described in
Section 4.2 of the Deposit Agreement. If the above conditions are satisfied, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish the ADS Record Date according to paragraph (17) of this ADR and
establish procedures to enable the Holder hereof to elect the receipt of the proposed distribution in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If a Holder elects to
receive the proposed distribution (x) in cash, the distribution shall be made upon the terms described in Section 4.1 of the Deposit Agreement, or (y) in ADSs, the distribution shall be made upon the terms described in
Section 4.2 of the Deposit Agreement. Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs). There can be no
assurance that the Holder hereof will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the
Company fails to give the Depositary timely notice of the proposed distribution provided for above, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.3 of the Deposit Agreement, and
the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in Section 4.3 of the Deposit Agreement where such notice has not
been so timely given, other than its failure to use commercially reasonable efforts, as provided herein. 

  
 A-10 

 (d) Distribution of Rights to Purchase Additional ADSs: Whenever the
Company intends to distribute to the holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least forty five (45) days prior to the proposed distribution
specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such distribution and whether or not it wishes such rights to be made available to Holders of ADSs. Upon the
timely receipt of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its
determination, whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to any Holders if (i) the Company shall have timely requested that such
rights be made available to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution of
rights is lawful and reasonably practicable. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for above, the
Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.4(a) of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no
liability for the Depositary’s failure to perform the actions contemplated in Section 4.4(a) of the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as
provided herein. In the event any of the conditions set forth above are not satisfied or if the Company requests that the rights not be made available to Holders of ADSs, the Depositary shall proceed with the sale of the rights as described below.
In the event all conditions set forth above are satisfied, the Depositary shall establish the ADS Record Date (upon the terms described in Section 4.9 of the Deposit Agreement) and establish procedures to (x) distribute rights to purchase
additional ADSs (by means of warrants or otherwise), (y) enable the Holders to exercise such rights (upon payment of the subscription price and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary and
(b) taxes), and (z) deliver ADSs upon the valid exercise of such rights. The Company shall assist the Depositary to the extent necessary in establishing such procedures. Nothing herein or in the Deposit Agreement shall obligate the
Depositary to make available to the Holders a method to exercise rights to subscribe for Shares (rather than ADSs). If (i) the Company does not timely request the Depositary to make the rights available to Holders or requests that the rights
not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement or determines it is not lawful or reasonably practicable to make the rights
available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine, after consultation with the Company to the extent practicable, whether it is lawful and reasonably
practicable to sell such rights, in a riskless principal capacity, at such place and upon such terms (including public or private sale) as it may deem practicable. The Company shall assist the Depositary to the extent necessary to determine such
legality and practicability. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the terms hereof and
of Section 4.1 of the Deposit Agreement. If the Depositary is unable to make any rights available to Holders upon the terms described in Section 4.4(a) of the Deposit Agreement or to arrange for the sale of the rights upon the terms
described in Section 4.4(b) of the Deposit Agreement, the Depositary shall allow such rights to lapse. The Depositary shall not be liable for (i) any failure to accurately determine whether it may be lawful or practicable to make such
rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise, or (iii) the content of any materials forwarded to the Holders of ADSs on
behalf of the Company in connection with the rights distribution. 
 Notwithstanding anything herein or in the Deposit
Agreement to the contrary, if registration (under the Securities Act or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders
and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act (or other applicable law) covering such offering is in
effect or (ii) unless the Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case reasonably
satisfactory to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In
the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of Deposited Property (including rights) an amount on account of taxes or other governmental charges, the amount
distributed to the Holders of ADSs shall be reduced accordingly. In the event that the Depositary determines that any distribution of Deposited Property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental
charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such Deposited Property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private
sale, as the Depositary deems necessary and practicable to pay any such taxes or charges. 
 There can be no assurance that Holders
generally, or any Holder in particular, will be given the opportunity to receive or exercise rights on the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein or in the Deposit Agreement shall
obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights. 
  

  
 A-11 

 (e) Distributions other than Cash, Shares or Rights to Purchase
Shares: Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase additional Shares, the Company shall give notice thereof to the Depositary at least thirty
(30) days prior to the proposed distribution and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating that the Company wishes such distribution to be made to Holders of
ADSs, the Depositary shall consult with the Company, and the Company shall assist the Depositary, to determine whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless
(i) the Company shall have requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received the documentation contemplated in the Deposit Agreement, and (iii) the Depositary shall have determined
that such distribution is lawful and reasonably practicable. Upon receipt of satisfactory documentation and the request of the Company to distribute property to Holders of ADSs and after making the requisite determinations set forth above, the
Depositary shall distribute the property so received to the Holders of record, as of the ADS Record Date, in proportion to the number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for
accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of all or a portion of the
property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental
charges applicable to the distribution. 
 If (i) the Company does not request the Depositary to make such distribution
to Holders or requests the Depositary not to make such distribution to Holders, (ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, or (iii) the Depositary
determines that all or a portion of such distribution is not reasonably practicable, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem practicable and
shall (i) cause the proceeds of such sale, if any, to be converted into Dollars and (ii) distribute the proceeds of such conversion received by the Depositary (net of applicable (a) fees and charges of, and expenses incurred by, the
Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of such property for the account of the Holders
in any way it deems reasonably practicable under the circumstances. 
 Neither the Depositary nor the Company shall be liable for
(i) any failure to accurately determine whether it is lawful or practicable to make the property described in Section 4.5 of the Deposit Agreement available to Holders in general or any Holders in particular, nor (ii) any loss
incurred in connection with the sale or disposal of such property. 
 (17) Redemption. If the Company intends to exercise any
right of redemption in respect of any of the Deposited Securities, the Company shall give notice thereof to the Depositary, as is reasonably practicable having regard to all applicable regulatory and other requirements to which the Company is
subject from time to time, at least thirty (30) days prior to the intended date of redemption which notice shall set forth the particulars of the proposed redemption. Upon timely receipt of (i) such notice and (ii) satisfactory
documentation given by the Company to the Depositary within the terms of Section 5.7 of the Deposit Agreement, and only if the Company and the Depositary shall have determined that such proposed redemption is practicable, the Depositary shall
provide to each Holder a notice setting forth the intended exercise by the Company of the redemption rights and any other particulars set forth in the Company’s notice to the Depositary. The Depositary shall instruct the Custodian to present to
the Company the Deposited Securities in respect of which redemption rights are being exercised against payment of the applicable redemption price. Upon receipt of confirmation from the Custodian that the redemption has taken place and that funds
representing the redemption price have been received, the Depositary shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and charges of, and the expenses incurred by, the Depositary, and (b) taxes), retire ADSs
and cancel ADRs, if applicable, upon Delivery of such ADSs by Holders thereof and the terms set forth in Sections 4.1 and 6.2 of the Deposit Agreement. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired will be
selected by lot or on a pro rata basis, as may be determined by the Depositary, after consultation with the Company to the extent practicable. The redemption price per ADS shall be the dollar equivalent of the per share amount received by the
Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited Securities represented by ADSs (subject to the terms of Section 4.8 of the Deposit Agreement and the applicable fees and charges of, and expenses
incurred by, the Depositary, and taxes) multiplied by the number of Deposited Securities represented by each ADS redeemed. Notwithstanding anything contained in this Deposit Agreement to the contrary, in the event the Company fails to give the
Depositary thirty (30) days’ prior notice of the proposed redemption provided for above, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.7 of the Deposit Agreement, and the
Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in Section 4.7 of the Deposit Agreement where such notice has
not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein. 

  
 A-12 

 (18) Fixing of ADS Record Date. Whenever the Depositary shall receive notice of the
fixing of a record date by the Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares, rights or other distribution), or whenever for any reason the Depositary causes a change
in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders of Shares or other Deposited Securities, or whenever the Depositary shall
find it necessary or convenient in connection with the giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix the record date (the “ADS Record Date”) for the determination of the Holders of
ADS(s) who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise take action, or to
exercise the rights of Holders with respect to such changed number of Shares represented by each ADS. The Depositary shall make reasonable efforts to establish the ADS Record Date as closely as practicable to the applicable record date for the
Deposited Securities (if any) set by the Company in Brazil and shall not announce the establishment of any ADS Record Date prior to the relevant corporate action having been made public by the Company (if such corporate action affects the Deposited
Securities). Subject to applicable law, the terms and conditions of this ADR and Sections 4.1 through 4.8 of the Deposit Agreement, only the Holders of ADSs at the close of business in New York on such ADS Record Date shall be entitled to receive
such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action. 
 (19)
Voting of Deposited Securities. As soon as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote or of solicitation of consents or proxies from holders of Deposited
Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of consent or proxy in accordance with Section 4.9 of the Deposit Agreement. The Depositary shall, if requested by the Company in writing in a
timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at least thirty (30) days prior to the date of such vote or meeting), at the Company’s expense and
provided no U.S. legal prohibitions exist, distribute to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy, (b) a statement that the Holders at the close of business on the ADS Record Date
will be entitled, subject to any applicable law, the provisions of the Deposit Agreement, the Estatuto Social of the Company and the provisions of or governing the Deposited Securities (which provisions, if any, shall be
summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s ADSs and (c) a brief statement as to the manner
in which such voting instructions may be given.  
 Notwithstanding anything contained in the Deposit Agreement or any ADR, the
Depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or
solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials
upon request (e.g., by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials). 

Voting instructions may be given only in respect of a number of ADSs representing an integral number of Deposited Securities. Upon the
timely receipt from a Holder of ADSs as of the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit
Agreement, Estatuto Social of the Company and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy) represented by such Holder’s ADSs in accordance with such
voting instructions. 
 Deposited Securities represented by ADSs for which no timely voting instructions are received by the
Depositary from the Holder shall not be voted (except as otherwise contemplated herein). Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion as to voting and neither the Depositary nor the Custodian shall
vote, attempt to exercise the right to vote, or in any way make use of, for purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting instructions timely
received from Holders or as otherwise contemplated in the Deposit Agreement or herein. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities
represented by such Holder’s ADSs, the Depositary will deem such Holder (unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items set forth in such voting instructions.

  

  
 A-13 

 If (i) the Company made a timely request to the Depositary as contemplated by the
second sentence of Section 4.10 of the Deposit Agreement and (ii) no timely voting instructions are received by the Depositary from the Holder of this ADR with respect to the Deposited Securities represented by the ADSs evidenced by this
ADR on or before the date established by the Depositary for such purpose, the Depositary shall deem such Holder to have instructed the Depositary to give a discretionary proxy to a person designated by the Board of Directors of the Company with
respect to such Deposited Securities and the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit Agreement, Estatuto Social of the Company and the provisions of the Deposited
Securities, to give or cause the Custodian to give a discretionary proxy to a person designated by the Board of Directors of the Company to vote such Deposited Securities; provided, however, that no such instruction shall be deemed given and no such
discretionary proxy shall be given with respect to any matter as to which the Board of Directors of the Company informs the Depositary that (x) the Company does not wish such proxy given, (y) substantial opposition exists or (z) such
matter materially and adversely affects the rights of holders of Shares. 
 Notwithstanding anything else contained herein, the
Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole
purpose of establishing quorum at a meeting of shareholders. 
 Notwithstanding anything else contained in the Deposit Agreement or this
ADR, the Depositary shall not have any obligation to take any action with respect to any meeting, or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. or Brazilian laws. The
Company agrees to take any and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting rights accruing to the Deposited Securities and to deliver to the Depositary an opinion of U.S. or Brazilian counsel, as
applicable, addressing any actions requested to be taken if so requested by the Depositary. There can be no assurance that Holders generally or any Holder in particular will receive the notice described above with sufficient time to enable the
Holder to return voting instructions to the Depositary in a timely manner. 
 (20) Changes Affecting Deposited Securities.
Upon any change in nominal or par value, split-up, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale
of assets affecting the Company or to which it is a party, any property which shall be received by the Depositary or the Custodian in exchange for, or in conversion of, or replacement of, or otherwise in respect of, such Deposited Securities shall,
to the extent permitted by law, be treated as new Deposited Property under the Deposit Agreement, and this ADR shall, subject to the provisions of the Deposit Agreement, this ADR and applicable law, represent the right to receive such additional or
replacement Deposited Property. In giving effect to such change, split-up, cancellation, consolidation or other reclassification of Deposited Securities, recapitalization, reorganization, merger, consolidation or sale of assets, the Depositary may,
with the Company’s approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary, and
(b) taxes) and receipt of an opinion of counsel to the Company satisfactory to the Depositary that such actions are not in violation of any applicable laws or regulations, (i) issue and deliver additional ADSs as in the case of a stock
dividend on the Shares, (ii) amend the Deposit Agreement and the applicable ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6 as filed with the Commission in respect of the ADSs, (iv) call for the surrender of
outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions as are appropriate to reflect the transaction with respect to the ADSs. The Company agrees to, jointly with the Depositary, amend the Registration Statement on Form
F-6 as filed with the Commission to permit the issuance of such new form of ADRs. Notwithstanding the foregoing, in the event that any Deposited Property so received may not be lawfully distributed to some or all Holders, the Depositary may, with
the Company’s approval, and shall, if the Company requests, subject to receipt of an opinion of Company’s counsel satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such
Deposited Property at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of (a) fees and charges of, and expenses incurred by, the Depositary and
(b) taxes) for the account of the Holders otherwise entitled to such Deposited Property upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the extent
practicable as in the case of a distribution received in cash pursuant to Section 4.1 of the Deposit Agreement. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such
Deposited Property available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such Deposited Property. 

  
 A-14 

 (21) Exoneration. Notwithstanding anything contained in the Deposit
Agreement or herein, neither the Depositary nor the Company shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or incur any liability (i) if the Depositary or the Company or their
respective controlling persons or agents shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required by the terms of the Deposit Agreement and this ADR, by reason of any provision of any present or future law
or regulation of the United States or any State thereof, Brazil or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of potential criminal or civil penalties or restraint, or by reason
of any provision, present or future, of the Estatuto Social of the Company or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without
limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise,
any discretion provided for in the Deposit Agreement or in the Estatuto Social of the Company or provisions of or governing Deposited Securities, (iii) for any action or inaction in reliance upon the advice of or information from legal
counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for
the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to
Holders of ADSs, or (v) for any consequential or punitive damages (including lost profits) for any breach of the terms of the Deposit Agreement. The Depositary, its controlling persons, its agents, any Custodian and the Company, its controlling
persons and its agents may rely and shall be protected in acting upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. No disclaimer of liability
under the Securities Act is intended by any provision of the Deposit Agreement or this ADR. 
 (22) Standard of Care.
The Company and the Depositary and their respective directors, officers, Affiliates, employees and agents assume no obligation and shall not be subject to any liability under the Deposit Agreement or this ADR to any Holder(s) or Beneficial Owner(s),
except that the Company and the Depositary agree to perform their respective obligations specifically set forth in the Deposit Agreement or this ADR without negligence or bad faith. Without limitation of the foregoing, neither the Depositary, nor
the Company, nor any of their respective controlling persons, directors, officers, Affiliates, employees or agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited
Property or in respect of the ADSs, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be
required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary).  

The Depositary and its agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or
for the manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and without negligence and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any
liability for any failure to accurately determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any
translation thereof, for any investment risk associated with acquiring an interest in the Deposited Property, for the validity or worth of the Deposited Property or for any tax consequences that may result from the ownership of ADSs, Shares or other
Deposited Property, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement, for the failure or timeliness of any notice from the Company, or for
any action of or failure to act by, or any information provided or not provided by, DTC or any DTC Participant. 
 None of the
Company, the Depositary or the Custodian shall be liable for any action or failure to act by any Holder relating to the Holder’s obligations under any applicable Brazilian law or regulation relating to foreign investment in Brazil in respect of
a withdrawal or sale of Deposited Securities, including, without limitation, any failure to comply with a requirement to register such investment pursuant to the terms of any applicable Brazilian law or regulation prior to such withdrawal or any
failure to report foreign exchange transactions to the Central Bank, as the case may be. Without limiting the provisions hereof, each Holder will be responsible for the payment and/or reimbursement of any and all taxes effectively paid or incurred
by the Company, the Depositary or the Custodian (including as a result of the execution of any symbolic foreign exchange transaction (operação simbólica de câmbio)) related to or as a result of a deposit of Shares
and/or withdrawal or sale of Deposited Property by such Holder. Each Holder will be responsible for the reporting of any false or misleading information, or the failure to report required information, relating to foreign exchange transactions to the
Custodian or the Central Bank, as the case may be, in connection with deposits or withdrawals of Deposited Securities. 
 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. 

 

  
 A-15 

 The Depositary shall not be liable for any acts or omissions made by a predecessor depositary
whether in connection with an act or omission of the Depositary or in connection with any matter arising wholly prior to the appointment of the Depositary or 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. 

(23) Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as
Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall be
entitled to take the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The
Depositary may at any time be removed by the Company by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be
entitled to take the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. In case at
any time the Depositary acting hereunder shall resign or be removed, the Company shall use its commercially reasonable efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan,
the City of New York. Every successor depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary,
without any further act or deed (except as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor (other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement).
The predecessor depositary, upon payment of all sums due to it and on the written request of the Company, shall, (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other
than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement), (ii) duly assign, transfer and deliver all of the Depositary’s right, title and interest to the Deposited Property to such successor, and (iii) deliver to such
successor a list of the Holders of all outstanding ADSs and such other information relating to ADSs and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly provide notice of its appointment to such
Holders. Any entity 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. 

(24) Amendment/Supplement. Subject to the terms and conditions of this paragraph (24), the Deposit Agreement and applicable law,
this ADR and any provisions of the Deposit Agreement may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable without the
prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and other governmental
charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the expiration of thirty
(30) days after notice of such amendment or supplement shall have been given to the Holders of outstanding ADSs. Notice of any amendment to the Deposit Agreement or any ADR shall not need to describe in detail the specific amendments
effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders
and Beneficial Owners to retrieve or receive the text of such amendment (e.g., upon retrieval from the Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary). The parties
hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs to be
settled solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners.
Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADSs, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement and
this ADR as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such ADS and receive therefor the Deposited Securities represented thereby, except in order to comply with
mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require an amendment of, or supplement to, the Deposit Agreement to ensure compliance therewith,
the Company and the Depositary may amend or supplement the Deposit Agreement and this ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement and this ADR in such
circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, rules or regulations. 

 

  
 A-16 

 (25) Termination. The Depositary shall, at any time at the written direction of the
Company, terminate the Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. If ninety (90) days
shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and,
in either case, a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 of the Deposit Agreement, the Depositary may terminate the Deposit Agreement by distributing notice of such termination
to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. The date so fixed for termination of the Deposit Agreement in any termination notice so distributed by the
Depositary to the Holders of ADSs is referred to as the “Termination Date”. Until the Termination Date, the Depositary shall continue to perform all of its obligations under the Deposit Agreement, and the Holders and Beneficial
Owners will be entitled to all of their rights under the Deposit Agreement. If any ADSs shall remain outstanding after the Termination Date, the Registrar and the Depositary shall not, after the Termination Date, have any obligation to perform any
further acts under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions of the Deposit Agreement, continue to (i) collect dividends and other distributions pertaining to Deposited
Securities, (ii) sell Deposited Property received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of
any other Deposited Property, in exchange for ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by, the Depositary, and all applicable taxes or
governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required under applicable law in connection
with its role as Depositary under the Deposit Agreement. At any time after the Termination Date, the Depositary may sell the Deposited Property then held under the Deposit Agreement and shall after such sale hold un-invested the net proceeds of such
sale, together with any other cash then held by it under the Deposit Agreement, in an un-segregated account and without liability for interest, for the pro rata benefit of the Holders whose ADSs have not theretofore been surrendered. After making
such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement except (i) to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees and charges of,
and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as
may be required at law in connection with the termination of the Deposit Agreement. After the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement, except for its obligations to the Depositary under
Sections 5.8, 5.9 and 7.6 of the Deposit Agreement. The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination Date shall survive the Termination Date and shall be discharged
only when the applicable ADSs are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement (except as specifically provided in the Deposit Agreement). 

  
 A-17 

 Notwithstanding anything contained in the Deposit Agreement or any ADR, in connection with the
termination of the Deposit Agreement, the Depositary may, independently and without the need for any action by the Company, make available to Holders of ADSs a means to withdraw the Deposited Securities represented by their ADSs and to direct the
deposit of such Deposited Securities into an unsponsored American depositary shares program established by the Depositary, upon such terms and conditions as the Depositary may deem reasonably appropriate, subject however, in each case, to
satisfaction of the applicable registration requirements by the unsponsored American depositary shares program under the Securities Act, and to receipt by the Depositary of payment of the applicable fees and charges of, and reimbursement of the
applicable expenses incurred by, the Depositary. 
 (26) Compliance with U.S. Securities Laws. Notwithstanding any provisions
in this ADR or the Deposit Agreement to the contrary, the withdrawal or Delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to Form
F-6 Registration Statement, as amended from time to time, under the Securities Act. 
 (27) Certain Rights of the Depositary;
Limitations. Subject to the further terms and provisions of this paragraph (27), the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs.
The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in
respect of the Shares. Such evidence of rights shall consist of written blanket or specific guarantees of ownership of Shares. In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the
Depositary may (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 of the Deposit Agreement and (ii) deliver Shares prior to the receipt of ADSs for withdrawal of Deposited Securities pursuant to Section 2.7 of
the Deposit Agreement, including ADSs which were issued under (i) above but for which Shares may not have been received (each such transaction a “Pre-Release Transaction”). The Depositary may receive ADSs in lieu of Shares
under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) subject to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares
are to be delivered (w) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (x) agrees to indicate
the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian, (y) unconditionally guarantees to
deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs and (z) agrees to any additional restrictions or requirements that the Depositary deems appropriate, (b) at all times fully collateralized with cash, U.S.
government securities or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) Business Days’ notice and (d) subject to such further indemnities and credit
regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect
to ADSs outstanding under (i) above), provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The Depositary may also set limits with respect to the
number of ADSs and Shares involved in Pre-Release Transactions with any one person on a case-by-case basis as it deems appropriate. The Depositary may retain for its own account any compensation received by it
in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant). 

(28) Governing Law / Waiver of Jury Trial. The Deposit Agreement and the ADRs shall be interpreted in accordance with, and all
rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference to the principles of choice of law thereof. Notwithstanding anything contained in the Deposit Agreement, any
ADR or any present or future provisions of the laws of the State of New York, the rights of holders of Shares and of any other Deposited Securities and the obligations and duties of the Company in respect of the holders of Shares and other Deposited
Securities, as such, shall be governed by the laws of Brazil (or, if applicable, such other laws as may govern the Deposited Securities).  

EACH OF THE PARTIES TO THE DEPOSIT AGREEMENT (INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY ARISING OUT OF, OR RELATING TO, THE DEPOSIT AGREEMENT, ANY ADR AND ANY TRANSACTIONS CONTEMPLATED THEREIN
(WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE). 

  
 A-18 

 (ASSIGNMENT AND TRANSFER SIGNATURE LINES) 

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

 

					
	 Dated:
	 	Name:	  	 
		 		  	By:
		 		  	Title:
		 	  
 NOTICE: The signature of the Holder to this assignment must
correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever.
  

		 	 If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement
must give his/her full title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this ADR.

 

	 SIGNATURE GUARANTEED
	 	
		 	 All endorsements or assignments of ADRs must be guaranteed by a member of a Medallion Signature Program approved by the
Securities Transfer Association, Inc.
  

		 	Legends

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

  
 A-19 

 EXHIBIT B 

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

 I. ADS Fees 
 The following ADS fees are
payable under the terms of the Deposit Agreement: 
  

					
	 Service
	  	Rate	  	By Whom Paid
	 	 	 
	(1) Issuance of ADSs (e.g., an issuance upon a deposit of Shares, upon a change in the
ADS(s)-to-Share(s) ratio, or for any other reason), excluding issuances as a result of distributions described in paragraph (4) below.	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) issued.	  	Person receiving ADSs.
	 	 	 
	(2) Cancellation of ADSs (e.g., a cancellation of ADSs for Delivery of deposited Shares, upon a change
in the ADS(s)-to-Share(s) ratio, or for any other reason).	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) cancelled.	  	Person whose ADSs are being cancelled.
	 	 	 
	(3) Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other
entitlements).	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	  	Person to whom the distribution is made.
	 	 	 
	(4) Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or
(ii) an exercise of rights to purchase additional ADSs.	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	  	Person to whom the distribution is made.
	 	 	 
	(5) Distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., spin-off
shares).	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	  	Person to whom the distribution is made.
	6) ADS Services.	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the Depositary.	  	Person holding ADSs on the applicable record date(s) established by the Depositary.

  
 B-1 

 II. Charges 

The Company, Holders, Beneficial Owners, persons receiving ADSs upon issuance and persons whose ADSs are being cancelled shall be responsible for the
following ADS charges under the terms of the Deposit Agreement: 
  

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

  

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

  

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

  

	(iv)	the expenses and charges incurred by the Depositary in the conversion of Foreign Currency; 

  

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

  

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

  
 B-2EX-4.2

 Exhibit 4.2 
  

 
  

FIFTH AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

dated as of August 3, 2016 

among 
 AZUL S.A.

 and 
 THE
SHAREHOLDERS NAMED HEREIN 
  
  

 

 Table of Contents 

 
  

					
	 	  	Page	 
	 ARTICLE I DEFINED TERMS; RULES OF CONSTRUCTION
	  	 	1	  
	 SECTION 1.1 DEFINED TERMS
	  	 	1	  
	 SECTION 1.2 INDEX OF OTHER DEFINED TERMS
	  	 	8	  
	 SECTION 1.3 RULES OF CONSTRUCTION
	  	 	9	  
	 ARTICLE II TRANSFERS OF SHARES
	  	 	9	  
	 SECTION 2.1 GENERAL; PROHIBITION ON TRANSFERS
	  	 	9	  
	 SECTION 2.2 RIGHT OF FIRST OFFER FOR THE SHAREHOLDERS
	  	 	10	  
	 SECTION 2.3 CO-SALE RIGHTS BY THE SHAREHOLDERS
	  	 	11	  
	 SECTION 2.4 RIGHT OF FIRST REFUSAL ON TRANSFERS BY MINORITY SHAREHOLDERS

	  	 	11	  
	 SECTION 2.5 CALL RIGHT FOR EQUITY SECURITIES OF CERTAIN SHAREHOLDERS

	  	 	12	  
	 SECTION 2.6 DRAG-ALONG RIGHTS OF THE REQUISITE HOLDERS
	  	 	12	  
	 ARTICLE III ISSUANCES OF SECURITIES; PREEMPTIVE RIGHTS
	  	 	13	  
	 SECTION 3.1 ISSUANCES OF SECURITIES
	  	 	13	  
	 SECTION 3.2 PREEMPTIVE RIGHTS
	  	 	13	  
	 ARTICLE IV LIQUIDATION
	  	 	14	  
	 SECTION 4.1 DISTRIBUTIONS ON LIQUIDATION
	  	 	14	  
	 SECTION 4.2 PAYMENT TO INDIRECT OWNERS UPON
LIQUIDATION
	  	 	14	  
	 ARTICLE V PUT RIGHT; REDEMPTION RIGHT; CONVERSION
RIGHT
	  	 	15	  
	 SECTION 5.1 PUT RIGHT
	  	 	15	  
	 SECTION 5.2 PUT VALUE
	  	 	16	  
	 SECTION 5.3 PAYMENT TO INDIRECT OWNERS UPON EXERCISE OF PUT
RIGHT
	  	 	16	  
	 SECTION 5.4 CALFINCO REDEMPTION OPTION
	  	 	17	  
	 SECTION 5.5 CALFINCO CONVERSION EVENT
	  	 	18	  
	 SECTION 5.6 HNA REDEMPTION OPTION
	  	 	19	  
	 SECTION 5.7 HNA CONVERSION EVENT
	  	 	20	  
	 ARTICLE VI AGREEMENTS OF THE SHAREHOLDERS
	  	 	21	  
	 SECTION 6.1 BOARD OF DIRECTORS, APPROVAL RIGHTS; OBSERVER
RIGHT
	  	 	21	  
	 SECTION 6.2 MEETINGS
	  	 	23	  
	 SECTION 6.3 APPROVAL BY THE REQUISITE HOLDERS
	  	 	23	  
	 SECTION 6.4 APPROVAL BY THE HOLDERS OF COMMON SHARES
	  	 	25	  
	 SECTION 6.5 APPROVAL BY THE HOLDERS OF FOUNDER PREFERRED
SHARES
	  	 	25	  
	 SECTION 6.6 APPROVAL BY THE HOLDERS OF CALFINCO PREFERRED
SHARES
	  	 	25	  
	 SECTION 6.7 APPROVAL BY THE HOLDERS OF HNA PREFERRED
SHARES
	  	 	25	  
	 SECTION 6.8 APPROVAL BY THE BOARD OF DIRECTORS
	  	 	25	  
	 SECTION 6.9 PARTICIPATION IN CERTAIN HIRING AND FIRING
DECISIONS
	  	 	26	  
	 SECTION 6.10 EQUITY INCENTIVE PLAN
	  	 	26	  
	 SECTION 6.11 DEATH OF DAVID NEELEMAN
	  	 	26	  
	 SECTION 6.12 CONFIDENTIALITY
	  	 	26	  
	 SECTION 6.13 CONFLICT WITH BY-LAWS
	  	 	27	  
	 ARTICLE VII COVENANTS OF THE COMPANY
	  	 	27	  
	 SECTION 7.1 FINANCIAL STATEMENTS
	  	 	27	  
	 SECTION 7.2 INSPECTION
	  	 	28	  
	 SECTION 7.3 ANNUAL BUSINESS PLAN
	  	 	28	  
	 SECTION 7.4 D&O INSURANCE
	  	 	28	  
	 SECTION 7.5 KEY PERSON INSURANCE
	  	 	28	  
	 SECTION 7.6 PURPOSE OF SUBSIDIARIES
	  	 	28	  

  
 i 

					
	 ARTICLE VIII RECLASSIFICATION; LEGENDS
	  	 	29	  
	 SECTION 8.1 RECLASSIFICATION
	  	 	29	  
	 SECTION 8.2 LEGENDS
	  	 	29	  
	 SECTION 8.3 REGISTERED SHARES REGISTRATION BOOK
	  	 	29	  
	 ARTICLE IX DURATION; TERMINATION
	  	 	30	  
	 ARTICLE X EFFECTIVENESS
	  	 	30	  
	 SECTION 10.1 EFFECTIVENESS
	  	 	30	  
	 ARTICLE XI MISCELLANEOUS
	  	 	30	  
	 SECTION 11.1 NOTICES
	  	 	30	  
	 SECTION 11.2 ASSIGNMENT
	  	 	31	  
	 SECTION 11.3 ENTIRE AGREEMENT
	  	 	31	  
	 SECTION 11.4 MODIFICATIONS, AMENDMENTS AND WAIVERS
	  	 	32	  
	 SECTION 11.5 COUNTERPARTS
	  	 	32	  
	 SECTION 11.6 GOVERNING LAW
	  	 	32	  
	 SECTION 11.7 ARBITRATION
	  	 	32	  
	 SECTION 11.8 SEVERABILITY
	  	 	34	  
	 SECTION 11.9 NO PRESUMPTION
	  	 	34	  
	 SECTION 11.10 NO THIRD PARTY BENEFICIARY
	  	 	34	  
	 SECTION 11.11 NON-RECOURSE
	  	 	34	  
	 SECTION 11.12 SPECIFIC PERFORMANCE
	  	 	34	  
	 SECTION 11.13 BUSINESS DAYS
	  	 	35	  
	 SECTION 11.14 CURRENCY MATTERS
	  	 	35	  
	 SECTION 11.15 PORTUGUESE TRANSLATION
	  	 	35	  

 EXHIBITS 
  

					
	 Exhibit A
	  	-    	  	Form of Joinder Agreement
	 Exhibit B
	  	-    	  	Form of Spousal Consent

  
 ii 

 FIFTH AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

This Fifth Amended and Restated Shareholders Agreement dated as of August 3, 2016 (this “Agreement”) is among Azul S.A.,
a Brazilian corporation (sociedade anônima) (the “Company”), and each of the Company’s shareholders holding common shares, preferred shares Class A, preferred shares Class C and preferred shares Class D (the
“Shareholders”). Capitalized terms used but not defined elsewhere herein have the meanings assigned to them in Section 1.1. 

On February 5, 2016, the Company entered into an Investment Agreement (the “HNA Investment Agreement”) with Hainan
Airlines Co., Ltd. a limited company organized and existing under the laws of the People’s Republic of China, with its headquarters in Haikou City, Hainan Province, with Chinese Company Registration No. 460000400002151, represented herein
in accordance with its by-laws (“HNA”), pursuant to which, among other things, HNA upon the issuance to it of Equity Securities represented by preferred shares Class D pursuant to the HNA Investment Agreement became a shareholder of
the Company. As set forth in Article X, this Agreement shall only be effective upon the issuance to HNA of Equity Securities pursuant to the HNA Investment Agreement. At all times prior to the issuance to HNA of Equity Securities pursuant to
the HNA Investment Agreement, the Fourth Amended and Restated Shareholders Agreement, dated June 26, 2015, as it may be amended from time to time (the “Fourth Amended and Restated Shareholders Agreement”), shall be in full
force and effect. 
 The Company and the Shareholders desire to promote their mutual interests by amending and restating the Fourth Amended
and Restated Shareholders Agreement (with such amendment and restatement to be effective upon the consummation of the closing of the transactions contemplated by the HNA Investment Agreement as contemplated by Article X) in order to, among
other things, impose certain limitations on the transfer of the Equity Securities now owned by them and that may be acquired by any Shareholder at any time or from time to time after the date of this Agreement, whether by subscription or grant
directly from the Company, by purchase from a third party, or pursuant to the exercise of any option, all upon the terms and conditions set forth below. 

The Company and the Shareholders desire to cause each Person who shall from time to time after such date become a holder of the Equity
Securities to execute and deliver a Joinder Agreement, thereby becoming a party to this Agreement as a Shareholder. 
 In consideration of
the premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

ARTICLE I 

DEFINED TERMS; RULES OF CONSTRUCTION 

Section 1.1 DEFINED TERMs. Capitalized terms used and not otherwise
defined in this Agreement have the meanings ascribed to them below: 
 “ADS” means an American Depositary Share, which
shall be evidenced by an American Depositary Receipt. 
 “Adverse Tax Law Changes” means changes to U.S. or Brazilian
tax laws that would result in adverse tax consequences to the Company or any of its Subsidiaries or the relevant LLC in connection with any purchase by the Company of the membership interests of a LLC pursuant to Section 4.2(a) or
Section 5.3(a). 
  

  
 1 

 “Affiliate” of any particular Person means any other Person controlling,
controlled by or under common control with such particular Person, where “control” means the possession, directly or indirectly through one or more intermediaries, of the ownership of more than 50% of the voting stock of a Person, or the
power to direct the management and policies of a Person whether through the ownership of voting securities, contract or otherwise. 

“Board” means the Company’s board of directors. 

“BR$” means the lawful currency of Brazil. 

“Brazilian GAAP” means generally accepted accounting principles in Brazil. 

“Business” means operation of an airline (including, without limitation, the provision of air transportation of passengers,
cargo and mail, the ownership and leasing of aircraft and other assets relating thereto and the marketing of such airline) and all activities that are in any way in connection therewith or in any way related or incidental thereto. 

“Business Day” means any day that is not a Saturday, Sunday, legal holiday or other day on which banks are authorized or
required to be closed in Hong Kong, PRC, Beijing, PRC, New York, NY, USA, São Paulo, SP, Brazil or Barueri, SP, Brazil. 

“By-laws” means the Company’s by-laws, as amended from time to time. 

“Calfinco” means the shareholder Calfinco Inc., a company incorporated under the laws of Delaware, United States of America,
having its principal place of business at 233 S. Wacker Dr., Chicago, Illinois 60606. 
 “Calfinco Investment Agreement”
means the Investment Agreement, dated as of June 26, 2015, by and between Calfinco, the Company and the other parties thereto. 

“Calfinco Preferred Shares” means the Class C Preferred Shares held by Calfinco. 

“Class A Preferred Shares” means the Company’s preferred shares Class A. 

“Class B Preferred Shares” means the Company’s preferred shares Class B. 

“Class C Preferred Shares” means the Company’s preferred shares Class C. 

“Class D Preferred Shares” means the Company’s preferred shares Class D. 

“Common Shares” means the Company’s common shares. 

“Converted Preferred Shares” means the Company’s preferred shares into which Class B Preferred Shares, Class C Preferred
Shares and Class D Preferred Shares will convert upon consummation of an IPO in accordance with the By-laws. 
 “Corporation
Law” means Brazilian Law no. 6,404 of December 15, 1976, as amended from time to time. 
 “Equity
Securities” means: (a) the Common Shares and the Preferred Shares; and (b) all securities that may now or at any time in the future be exercisable or exchangeable for, or convertible into, Common Shares and Preferred Shares. 

“Family”, as applied to any individual, means: (a) the Relatives of such individual; and (b) the estate of such
individual. 

  
 2 

 “Founder Preferred Shares” means the Class A Preferred Shares held by the
Founders. 
 “Founders” means: (a) David Neeleman, Gianfranco Zioni Beting, Regis Da Silva Brito, Gerald B. Lee,
Thomas Eugene Kelly, Tom Anderson, Carol Elizabeth Archer, Cindy England, Robert C. Land, Robert Milton, Mark Neeleman, Marlon Ramirez, John Rodgerson, Maximilian Urbahn, Joel Peterson, John Daly, Amir Nasruddin, Jason Ward, Miguel Dau and
João Carlos Fernandes; (b) any LLC that is wholly-owned by any of the foregoing individuals; and (c) any Permitted Transferee of any of the foregoing Persons. 

“Freely Tradeable Securities” means securities that have been registered under the Securities Act or may be re-sold without
restriction under Rule 144 under the Securities Act. 
 “Governmental Authority” means any U.S., Brazilian, Chinese or
other government or political subdivision or quasi-governmental authority thereof, whether on a federal, national, state, provincial, municipal or local level and whether executive, legislative or judicial in nature, including any agency, entity,
body, authority, board, bureau, commission, court, tribunal, department, commission or other instrumentality thereof and, if relevant or appropriate, in any other country. 

“HNA Preferred Shares” means the Class D Preferred Shares held by HNA. 

“HSR Act” means the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 

“Independent Director” means a director who (a) other than in connection with his or her service as a director of the
Company or his or her ownership of Equity Securities, has no relationship with the Company or TRIP or either of their Affiliates; (b)(i) is not a controlling shareholder of the Company or TRIP or a Relative of the Controlling Shareholder of the
Company or TRIP up to the second degree of the director, or (ii) is not and has not been, in the last three years, an employee of any company or entity related to the controlling shareholder of the Company or TRIP (except for persons related to
public schools and/or research institutions); (c) has not been, in the last three years, an employee or officer of the Company, TRIP or either of their Affiliates, or an employee or officer of the controlling shareholder of the Company or any
entity controlled by the Company or TRIP; (d) is not a supplier or buyer, whether direct or indirect, of the services and/or products of either the Company or TRIP to an extent that is reasonably expected to jeopardize the independence thereof;
(e) is not an employee, officer or director of any company or entity that offers or demands services and/or products to/from the Company or TRIP; (f) is not the Relative of any officer or director of the Company or TRIP; and (g) does
not receive any other compensation from the Company or TRIP, other than that related to his or her service as a director of the Company and for revenues arising out of Equity Securities owned by such director). 

“Investment Agreement” means the Investment Agreement, dated as of May 25, 2012, by and between the TRIP Shareholders (as defined
therein), the Company and the other parties thereto. 
 “Investor Preferred Shares” means the Class A Preferred Shares
held by the Investors. 
 “Investors” means Star Sabia LLC, WP-New Air LLC, Azul HolCo, LLC, Maracatu LLC , GIF Mercury
LLC, GIF- II Fundo de Investimentos em Participações, ZDBR LLC, Kadon Empreendimentos S.A., Bozano Holdings Ltd., JJL Brazil LLC and Morris Azul, LLC. 

“IPO” means a firm commitment underwritten public offering of new preferred shares pursuant to a Prospectus of Distribution
under Instrução no. 400/03 of the Brazilian Securities Commission (Comissão de Valores Mobiliários – CVM) and article 19 of Federal Law no. 6,385/76, lead-managed by an underwriter of international
standing, for listing on the São Paulo stock exchange (BM&FBOVESPA) (with a concurrent offering of ADSs representing shares of new preferred shares on the NASDAQ Stock Market or The New York Stock Exchange). 

  
 3 

 “Joinder Agreement” means the Joinder Agreement attached to this Agreement as
Exhibit A. 
 “Lien” means a lien, pledge, security interest, charge, encumbrance, defect in title, mortgage, deed
of trust, right of others, claim, burden, title retention agreement, lease, sublease, license, occupancy agreement (usufruto), easement (servidão), covenant, condition, encroachment (esbulho possessório), voting
trust agreement, interest, option, right of first offer, negotiation or refusal, proxy, or other restrictions, adverse claims or limitations of any nature whatsoever, including but not limited to such Liens as may arise under any contract. 

“Liquidation” means a Sale of the Company or the liquidation, dissolution or winding up of the Company, in each case prior to
the consummation of a Qualified IPO. 
 “LLC” means a limited liability company organized under the laws of one of the
states of the United States that: (a) was formed solely for the purpose of holding Preferred Shares; (b) has no liabilities or obligations other than under the Transaction Documents to which it is a party and de minimis ongoing
expenses related to the existence of such limited liability company (e.g., franchise taxes); and (c) is treated as a partnership or disregarded entity for U.S. federal, state, and local income tax purposes. 

“Mandatory Dividends” means the minimum dividends that are required under Brazilian law to be paid on each class of the
Company’s shares (as set forth in the By-laws in an amount equal to the lowest amount of the Company’s annual profits permitted to be paid in order to avoid the statutory payment of higher dividends under Brazilian law). 

“Material Subsidiary” means: (a) the Person that holds the airline operating certificate used for the Company to conduct
its business; and (b) any other Subsidiary of the Company if the total assets of such Subsidiary exceed 10% of the Company’s consolidated total assets as of the end of the Company’s most recently completed fiscal year;
provided, however, that in no event shall a Material Subsidiary have less than US$2,000,000 in assets. 
 “Minority
Shareholder” means any shareholder other than the Shareholders or the Permitted Transferees of the TRIP Shareholders. 

“Neeleman Employment Agreement” means the Employment Agreement, dated as of March 10, 2008 between David Neeleman and
the Company, as amended from time to time. 
 “Permitted Affiliate Transfer” means: (a) any Transfer by a Shareholder
of Equity Securities to any one or more of its Affiliates; provided, however, that, in the case of this clause (a), in the event that the transferor is David Neeleman or an entity controlled by David Neeleman, the transferor
retains the sole power to direct the voting and disposition of any Equity Securities transferred to such Affiliate; and (b) in the case of a Transfer from an individual or an entity controlled by an individual, any Transfer to a member of the
Family of such individual, or a trust or other entity for the sole benefit of a member of the Family of such individual; provided, however, that, in the case of a Transfer from David Neeleman or an entity controlled by David Neeleman,
the transferor retains the sole power to direct the voting and disposition of any Equity Securities transferred to such member of the Family of such transferor, such trust or such other entity. 

“Permitted Transfer” means: (a) a Permitted Affiliate Transfer; (b) in the case of David Neeleman or an LLC owned
by David Neeleman, the Transfer of: (i) in the aggregate after March 10, 2008, no more than 52,500 Preferred Shares; (ii) in the aggregate after March 10, 2008, no more than 1,925 Founder Preferred Shares and 38,500 Common Shares
in the aggregate to one or more officers of the Company; and (iii) in the aggregate after March 10, 2008, no more than 1,300 Founder Preferred Shares and 25,900 Common Shares in the aggregate to up to three other Founders; (c) any
fiduciary Transfer of one Common Share or Preferred Share to an individual designated as a member of the Board by any Shareholder and any Transfer of one Common Share or Preferred Share by such an individual back to such Shareholder or a transferee
of such Shareholder; and (d) in the case of HNA, a pledge of all or part of its Equity Securities, provided that such pledge is not granted to the benefit of a company, or any Affiliate of a company, engaged in providing air transport services.

  
 4 

 “Permitted Transferee” means a Person who acquires Equity Securities in a
Permitted Transfer. 
 “Person” shall be construed as broadly as possible and shall include an individual, a partnership
(including a limited liability partnership), a corporation (including, without limitation, a sociedade anônima), an association, a fund, a joint stock company, a limited liability company, a trust, a joint venture, a firm, an
unincorporated association, a Governmental Authority or any other entity. 
 “Preferred Shares” means the Class A
Preferred Shares, the Class C Preferred Shares and the Class D Preferred Shares. 
 “Pro Rata Share” of any Shareholder in
relation to any one or more other Shareholders (such one or more other Shareholders, the “Reference Shareholders”) means the amount, expressed as a percentage, of the proceeds to which such Shareholder is entitled in a Liquidation
relative to the aggregate proceeds to which such Shareholder, together with the Reference Shareholders, are entitled in such Liquidation. 

“PTAX Exchange Rate” means, as of any date, the average of the buy and sell rate for US$ published by the Central Bank of
Brazil on the Business Day in Brazil immediately preceding such date through the SISBACEN data system under rate PTAX 800, option 5 – L—Taxas para Contabilidade. 

“Put Right” means the right of the Requisite Holders to require the Company to purchase all Preferred Shares owned by such
Requisite Holders and each of the holders of Preferred Shares and Common Shares, including the TRIP Shareholders (and Permitted Transferees of the TRIP Shareholders) in accordance with Article V. 

“Qualified IPO” means a firm commitment underwritten public offering of new preferred shares pursuant to a Prospectus of
Distribution under Instrução no. 400/03 of the Brazilian Securities Commission (Comissão de Valores Mobiliários – CVM) and article 19 of Federal Law no. 6,385/76, lead-managed by an underwriter of
international standing, for listing on the São Paulo stock exchange (BM&FBOVESPA) (with a concurrent offering of ADSs representing shares of new preferred shares on the NASDAQ Stock Market or The New York Stock Exchange) at a public
offering price of at least US$480 per share resulting in aggregate gross proceeds to the Company and/or selling shareholders in excess of US$150,000,000 (or its equivalent in BR$ at the time of receipt by the Company and/or such selling
shareholders). 
 “Registration Rights Agreement” means the Fifth Amended and Restated Registration Rights Agreement, dated
as of the date of this Agreement, among the Company and the Persons named therein as “Shareholders.” 

“Relative” of an individual means such individual’s children (by birth or adoption), parents, spouse and siblings, as
well as the children of such siblings. 
 “Representative” of a Person shall be construed broadly and shall include such
Person’s members, managers, partners, officers, directors, employees, agents, counsel, accountants and other representatives. 

“Requisite Holders” means, at any time, the holders of a majority of the Investor Preferred Shares, Calfinco Preferred Shares
and HNA Preferred Shares, taken together, outstanding at such time. 
  

  
 5 

 “Sale of the Company” means: (a) a merger, consolidation, amalgamation,
acquisition, change of control, reorganization or consolidation of the Company in which the Shareholders and their respective Affiliates immediately prior to such transaction or series of transactions do not own a majority of the voting power of the
surviving entity or the right to receive a majority of the proceeds in a Liquidation; (b) a sale of equity interests in the Company or other transaction or series of transactions in which the Shareholders and their respective Affiliates
immediately prior to such transaction or series of transactions do not own a majority of the voting power of the surviving entity or the right to receive a majority of the proceeds in a Liquidation; and (c) a sale of all or substantially all of
the Company’s assets to one or more Persons that are not direct or indirect wholly owned Subsidiaries of the Company or Shareholders or Affiliates of the Shareholders. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Share Register” means the Company’s share register (livro de registro de ações nominativas). 

“Share Transfer Register” means the Company’s share transfer register (livro de registro de transferência de
ações). 
 “Spousal Consent” means the Spousal Consent attached to this Agreement as Exhibit B.

 “Subsidiary” of any Person means an Affiliate controlled by such Person, either directly or through one or more
intermediaries. 
 “TAP” means TAP – Transportes Aéreos Portugueses, SGPS, S.A. 

“TAP Bonds” means the convertible bonds to be issued by TAP in the amount of EUR€120,000,000.00. 

“Third Party Purchaser” means a Person that is not an Affiliate of the Company or the applicable Initiating Shareholder (in
the case of Transfer pursuant to Section 2.3) who does not anywhere in the world directly or indirectly engage or participate in, or render services to (whether as owner, operator, member, shareholder, manager, consultant, strategic partner,
employee or otherwise), an airline headquartered in Brazil. 
 “Transaction Documents” means this Agreement, the
Registration Rights Agreement and the Investment Agreement. 
 “Transfer” means any direct or indirect sale, assignment,
gift, conveyance, transfer or other disposition or any pledge, hypothecation or other encumbrance, either voluntarily or involuntarily, with or without consideration, including but not limited to, fiduciary disposition
(“alienação fiduciária”), usufruct (“usufruto”), fidei commissum (“fideicomisso”) or donation (“doação”). For the purposes of this
Agreement, it is understood and agreed that the issuance or sale of an ownership interest in a Person who directly or indirectly owns Equity Securities shall (other than in the case of the issuance or sale of interests in an investment fund that
indirectly owns Equity Securities that constitute less than 10% of the assets of such investment fund) be deemed an indirect Transfer by such Person of such Equity Securities. 

 

  
 6 

 “Trigger Event” means, prior to the consummation of a Qualified IPO: 

(a) with respect to any required redemption of the Investor Preferred Shares pursuant to Article V, the first to occur of: (i) the
date that the Company has notified the Investors of the rejection by the Company of the due exercise of the Put Right in accordance with Article V; (ii) the date the Company notifies the holders of the Investor Preferred Shares that the
Company is otherwise unable or unwilling to fulfill its obligations upon the due exercise of the Put Right in accordance with Article V, including because of an actual or purported shortfall in funds legally available therefor; (iii) any
failure by the Company, during the period following its receipt of a Put Notice, to use its reasonable efforts to fulfill its obligations in connection with the due exercise of the Put Right in accordance with Article V; or (iv) one day
after the Put Value is required to be paid to the Investors if the Company fails for any reason to repurchase the outstanding shares of Investor Preferred Shares that were put to the Company; 

(b) the failure by the Company to perform or observe Section 3.2, 6.3(j), 7.2, 7.4 or 7.5 of this Agreement that remains uncured for more
than 30 days (or, in the case of Section 6.3(j), 90 days) after the Company shall receive written notice of such failure from the Requisite Holders; 

(c) the failure by the Company or any of its Subsidiaries to make payments when due (which failure is continued beyond the cure period
contained in the documents governing such payments or which has not been waived by the lender) that results in the acceleration of indebtedness for borrowed money which aggregates in excess of US$3,000,000 (or an equivalent amount of BR$ at such
time); 
 (d) the failure of David Neeleman to serve as a senior officer or Chairman of the Board of the Company as a result of a voluntary
termination by him or an involuntary termination, other than as a result of his death or Disability (as defined in the Neeleman Employment Agreement); or 

(e) the final non-appealable termination of the concession agreement to operate regular air transportation services within six months after
the date it shall have been signed by the Company (or a Subsidiary of the Company, as applicable) and the Civil Aviation National Agency (Agência Nacional de Aviação Civil—ANAC) due to the failure by the Company (or a
Subsidiary of the Company, as applicable) to begin operations. 
 “TRIP Shareholders” means TRIP
Participações S.A., Trip Investimentos Ltda. and Rio Novo Locações Ltda. 
 “United” means
United Airlines, Inc., a corporation organized under the laws of the State of Delaware, United States of America, having its principal place of business at 233 South Wacker Dr, Chicago, IL 60606. 

“United States” or “U.S.” means the United States of America. 

“US$” means the lawful currency of the United States. 

“US GAAP” means generally accepted accounting principles in the United States. 

“Voting Failure” means, following the death of David Neeleman, the failure of the Equity Securities owned by David Neeleman
that are entitled to vote and the Equity Securities owned by any Person controlled by David Neeleman that are entitled to vote to be voted in accordance with the first sentence of Section 6.11, which such failure is not cured within
90 days after the Requisite Holders shall have given the executor or administrator (as the case may be) of David Neeleman’s estate and the Company written notice of such failure. 

“Weston Presidio” means Weston Presidio V, L.P. 
  

  
 7 

 Section 1.2 INDEX OF
OTHER DEFINED TERMS1. The following terms are defined in the Sections of the Agreement indicated: 

 

			
	 Term
	  	 Section

	 Agreed Sworn Translation
	  	11.15(a)
	 Agreement
	  	Preamble
	 Calfinco Commercial Cooperation Agreement
	  	5.4(c)
	 Calfinco Notice of Breach
	  	5.4(a)
	 Calfinco Redeemed Shares
	  	5.4(a)
	 Calfinco Redemption Notice
	  	5.4(a)
	 Calfinco Redemption Option
	  	5.4(a)
	 Calfinco Significant Event
	  	5.4(c)
	 Class C Conversion Notice
	  	5.5(c)
	 Class C Conversion Ratio
	  	5.5(b)
	 Class D Conversion Notice
	  	5.7(c)
	 Class D Conversion Ratio
	  	5.7(b)
	 Company
	  	Preamble
	 Company Sale Notice
	  	2.6(a)
	 Confidential Information
	  	6.12
	 Co-Sale Notice
	  	2.3(a)
	 Equity Incentive Plans
	  	6.10(a)
	 Fair Market Value
	  	5.2(b)
	 First Offer Notice
	  	2.2(a)
	 First Offer Period
	  	2.2(b)
	 Fourth Amended and Restated Shareholders Agreement
	  	Recitals
	 HNA
	  	Preamble
	 HNA Commercial Cooperation Agreement
	  	5.6(c)
	 HNA Investment Agreement
	  	Recitals
	 HNA Notice of Breach
	  	5.6(a)
	 HNA Redeemed Shares
	  	5.6(a)
	 HNA Redemption Notice
	  	5.6(a)
	 HNA Redemption Option
	  	5.6(a)
	 HNA Significant Event
	  	5.6(c)
	 ICC Rules
	  	11.7(a)
	 Initiating Shareholder
	  	2.2(a)
	 Mandatory Calfinco Conversion
	  	5.5(a)
	 Mandatory HNA Conversion
	  	5.7(a)
	 Neeleman Designee
	  	6.1(a)(v)
	 Offered Securities
	  	2.2(a)
	 Other Shareholders
	  	2.2(a)
	 Party-Appointed Arbitrator
	  	11.7(b)
	 Put Election Date
	  	5.1(a)
	 Put Notice
	  	5.1(a)
	 Put Value
	  	5.2(a)
	 Reference Shareholders
	  	1.1
	 ROFR Exercise Notice
	  	2.4(b)
	 ROFR Exercise Period
	  	2.4(b)
	 ROFR Securities
	  	2.4(a)
	 Shareholders
	  	Preamble
	 Tag-Along Notice
	  	2.3(b)
	 Third Party Offer
	  	2.4(a)
	 Tribunal
	  	11.7(b)

  

	1 	NTD: Section to be revised accordingly once the parties have a final version. 

  
 8 

 Section 1.3 RULES OF
CONSTRUCTION. The term “this Agreement” means this shareholders agreement together with all schedules and exhibits hereto, as the same may from time to time be amended, modified, supplemented or
restated in accordance with the terms hereof. The use in this Agreement of the term “including” means “including, without limitation.” The words “herein,” “hereof,” “hereunder” and other words of
similar import refer to this Agreement as a whole, including the schedules and exhibits, as the same may from time to time be amended, modified, supplemented or restated, and not to any particular section, subsection, paragraph, subparagraph or
clause contained in this Agreement. All references to sections, schedules and exhibits mean the sections of this Agreement and the schedules and exhibits attached to this Agreement, except where otherwise stated. The title of and the section and
paragraph headings in this Agreement are for convenience of reference only and shall not govern or affect the interpretation of any of the terms or provisions of this Agreement. The use herein of the masculine, feminine or neuter forms shall also
denote the other forms, as in each case the context may require or permit. Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any
manner the construction of the general statement to which it relates. Unless expressly provided otherwise, the measure of a period of one month or year for purposes of this Agreement shall be that date of the following month or year corresponding to
the starting date; provided that if no corresponding date exists, the measure shall be that date of the following month or year corresponding to the next day following the starting date. For example, one month following February 18 is
March 18, and one month following March 31 is May 1. 
 ARTICLE II 

TRANSFERS OF SHARES 
 
Section 2.1 GENERAL; PROHIBITION ON TRANSFERS. 

(a) Prior to the consummation of a Qualified IPO, no Shareholder may Transfer any right, title or interest in any or all of its Equity
Securities, except that: 
 (i) a Shareholder may Transfer all or part of its Equity Securities in a Permitted Transfer;

 (ii) after March 10, 2013: (A) any Shareholder may Transfer all or part of its Equity Securities pursuant to
Section 2.2 or 2.3; and (B) a Minority Shareholder may Transfer all or part of its Equity Securities pursuant to Section 2.4 or 2.5; 

(iii) a Shareholder may Transfer all of its Equity Securities pursuant to Section 2.6; 

(iv) a Shareholder may Transfer all or part of its Equity Securities to the Company to the extent such Transfer is not
otherwise prohibited pursuant to this Agreement; and 
 (v) a Shareholder may Transfer all or part of its Equity Securities
with the prior written consent of the Requisite Holders, the holders of a majority of the Calfinco Preferred Shares, the holders of a majority of the HNA Preferred Shares, the holders of a majority of the outstanding Common Shares and the holders of
a majority of the outstanding Founder Preferred Shares. 
  

  
 9 

 (b) Any Transfer of Equity Securities permitted by Section 2.1(a)(i) or 2.1(a)(ii) shall not
be effective unless and until the transferee thereof shall sign a Joinder Agreement and, if required by applicable law (as determined by the Company), shall cause one or more Spousal Consents to be signed by the individuals requested by the Company;
provided, however, that no such Transfer shall release the transferor of its obligations under this Agreement. 
 (c)
Notwithstanding anything in Section 2.1(a) to the contrary, no Shareholder may Transfer any right, title or interest in any or all of its Equity Securities if such Transfer would result in or be reasonably likely to result in a violation of any
aspect of the provision of the Brazilian Aviation Code (law no. 7.565/86) that requires a specified percentage of the capital stock of scheduled air service companies to be owned by Brazilian citizens. 

Section 2.2 RIGHT OF FIRST OFFER
FOR THE SHAREHOLDERS. 
 (a) The Shareholders and the Permitted Transferees
of the TRIP Shareholders (an “Initiating Shareholder”) may Transfer its Equity Securities (the “Offered Securities”) only if such Initiating Shareholder first offers to the other Shareholders and the Permitted
Transferees of the TRIP Shareholders (collectively, the “Other Shareholders”) (as applicable) the right to purchase all such Offered Securities pursuant to a written notice (the “First Offer Notice”). 

(b) In the event the Other Shareholders do not, individually or collectively, offer to purchase all of the Offered Securities on terms that
are acceptable to the Initiating Shareholder within 30 days after the First Offer Notice is given (the “First Offer Period”), then, subject to Section 2.3, the Initiating Shareholder shall have the right, for a period of
90 days after expiration of the First Offer Period, to sell the Offered Securities to a Third Party Purchaser on terms that are more favorable to the Initiating Shareholder than the highest price for which any one or more Other Shareholder(s)
shall have offered to purchase all of the Offered Securities from the Initiating Shareholder in writing during the First Offer Period; provided, however, that, for the purposes of this clause (b), in the event that the price
offered by a Third Party Purchaser is at least 95% of the highest price offered by any Other Shareholder to the Initiating Shareholder during the First Offer Period, then the terms of sale offered to the Initiating Shareholder by such Third Party
Purchaser shall not, solely by virtue of the price offered by such Third Party Purchaser, be deemed not to be “more favorable” to the Initiating Shareholder than those offered by any Other Shareholder; provided further,
however, that, in the event that the Other Shareholders shall not have offered in writing to acquire all of the Offered Securities from the Initiating Shareholder during the First Offer Period, the Initiating Shareholder shall, subject to
Section 2.3, have the right, for a period of 90 days after expiration of the First Offer Period, to sell the Offered Securities to a Third Party Purchaser on any terms. In any event, the consideration to be paid by such Third Party
Purchaser may consist only of cash and Freely Tradeable Securities. 
 (c) In the event that more than one Other Shareholder shall offer to
purchase, collectively, all or more than all of the Offered Securities on terms acceptable to the Initiating Holder, such Other Shareholders shall have the right to purchase the Offered Securities from the Initiating Shareholder in proportion to
their respective Pro Rata Shares (or in such other proportion as they shall otherwise agree). 
 (d) Notwithstanding anything to the
contrary set forth herein, in no event shall any Shareholder, including the Initiating Shareholder, be permitted to make any Transfer of Equity Securities under this Section 2.2 at any time: (i) following the exercise by the holders of
Investor Preferred Shares of any remedies hereunder in respect of the occurrence of a Trigger Event, including, without limitation, the exercise by such holders of any rights under Section 2.6 in respect of such Trigger Event; or
(ii) during which the Company is engaged in a Qualified IPO process. 

  
 10 

 Section 2.3 Co-Sale Rights By The Shareholders. 

(a) At least 20 days prior to the consummation of any Transfer to a Third Party Purchaser after expiration of the First Offer Period as
provided in Section 2.2, the Initiating Shareholder shall deliver a written notice (the “Co-Sale Notice”) to each of the Other Shareholders offering the Other Shareholders the option to participate as sellers in such proposed
Transfer. Such Co-Sale Notice shall identify the Third Party Purchaser and specify in reasonable detail the terms and conditions of the Transfer, including the price to be paid. 

(b) Each Other Shareholder may, within 20 days of the giving of the Co-Sale Notice, give written notice (a “Tag-Along
Notice”) to the Initiating Shareholder stating that such Other Shareholder wishes to participate in such proposed Transfer and specifying the number and type of Equity Securities such Other Shareholder desires to include in such proposed
Transfer. Each Other Shareholder shall be entitled to receive its Pro Rata Share of the aggregate consideration paid by the Third Party Purchaser to all of the Other Shareholders participating in such proposed Transfer. In any event, the
consideration to be paid by such Third Party Purchaser shall consist only of cash and Freely Tradeable Securities, and to the extent such consideration consists of Freely Tradeable Securities, the fair market value of such consideration shall be the
average closing price of such Freely Tradeable Securities on the last three trading days before the consummation of the Transfer to the Third Party Purchaser. 

(c) If none of the Other Shareholders gives the Initiating Shareholder a timely Tag-Along Notice with respect to the Transfer proposed in the
Co-Sale Notice, the Initiating Shareholder may thereafter Transfer the Equity Securities specified in the Co-Sale Notice on the same terms and conditions set forth in the Co-Sale Notice. If one or more of the Other Shareholders gives the Initiating
Shareholder a timely Tag-Along Notice, then the Initiating Shareholder shall use all reasonable efforts to cause the Third Party Purchaser to agree to acquire all Equity Securities identified in all Tag-Along Notices that are timely given to the
Initiating Shareholder, upon the same terms and conditions as applicable to the Initiating Shareholder’s Equity Securities (including, without limitation, with respect to price and form of payment). If the Third Party Purchaser is unwilling or
unable to acquire all Equity Securities proposed to be included in such sale upon such terms, then the Initiating Shareholder may elect either (i) to cancel such proposed Transfer (including any securities to be sold by the Initiating
Shareholder in connection therewith) or (ii) to allocate the maximum number of Equity Securities that the Third Party Purchaser is willing to purchase among the Initiating Shareholder and the Other Shareholders giving timely Tag-Along Notices
in proportion to their respective Pro Rata Shares. 
 (d) Notwithstanding anything to the contrary set forth herein, in no event shall any
Shareholder, including the Initiating Shareholder, be permitted to make any Transfer of Equity Securities under this Section 2.3 at any time: (i) following the exercise by the holders of Investor Preferred Shares of any remedies hereunder
in respect of the occurrence of a Trigger Event, including, without limitation, the exercise by such holders of any rights under Section 2.6 in respect of such Trigger Event; or (ii) during which the Company is engaged in a Qualified IPO
process. 
 Section 2.4 RIGHT OF FIRST
REFUSAL ON TRANSFERS BY MINORITY SHAREHOLDERS. 

(a) In the event that after March 10, 2013, a Minority Shareholder receives and desires to accept an arm’s length written offer (a
“Third Party Offer”) from a Third Party Purchaser to purchase some or all of its Equity Securities for cash (such Equity Securities, the “ROFR Securities”), such Minority Shareholder shall promptly provide a copy
thereof to the Company. 
 (b) The Company shall have the right to purchase from such Minority Shareholder all but not less than all of the
ROFR Securities proposed to be sold pursuant to the Third Party Offer on the same terms and conditions as those contained therein (including, without limitation, with respect to price and form of payment). The Company may exercise such option by
giving written notice (an “ROFR Exercise Notice”) to such Minority Shareholder within 45 days after receipt of a copy of the Third Party Offer (the “ROFR Exercise Period”). 

  
 11 

 (c) If the Company shall elect to purchase all of the ROFR Securities proposed to be sold
pursuant to the Third Party Offer, the closing of any purchase and sale thereof shall occur at the location specified in the ROFR Exercise Notice on the date and at the time specified therein (or at such other place, date and time mutually agreed
upon by the Company and such Minority Shareholder). At the closing of any such purchase and sale, such Minority Shareholder shall Transfer the ROFR Securities to the Company by delivering one or more certificates representing the ROFR Securities or
by executing the relevant transfer term (termo de transferência) in the Share Transfer Register in order to perfect such Transfer of the Equity Securities by such Minority Shareholder, in each instance free and clear of all Liens (other
than Liens (x) in respect of accrued taxes not yet payable, (y) arising under the Transaction Documents and (z) created under or applicable securities laws), and delivery of such certificates of authority, consents to transfer and
other instruments or evidences of good title to the ROFR Securities as may be reasonably requested by the Company. 
 (d) If the Company
shall fail to deliver a ROFR Exercise Notice during the ROFR Exercise (or if, at any time during the ROFR Exercise Period, the Company shall notify such Minority Shareholder that the Company will not deliver a ROFR Exercise Notice during the ROFR
Exercise Period), such Minority Shareholder shall be free, for a period of 45 days following expiration of the ROFR Exercise Period (or, if applicable, for 45 days after such Minority Shareholder’s receipt of a notice that the Company
will not deliver a ROFR Exercise Notice during the ROFR Exercise Period) to sell the ROFR Securities identified in the Third Party Offer to the Third Party Purchaser on the terms and subject to the conditions set forth therein. Any sale of Equity
Securities to a different Person than the Third Party Purchaser identified in the Third Party Offer and any sale of Equity Securities that is not at the same price or is on other terms or subject to other conditions that are different from those
described in the Third Party Offer, shall require such Minority Shareholder to deliver a copy of the new terms and conditions of such sale to the Company and will recommence the provisions of this Section 2.4. 

Section 2.5 CALL RIGHT FOR EQUITY
SECURITIES OF CERTAIN SHAREHOLDERS. Subject to Section 6.3(e), the Company shall have the right to purchase Equity Securities from any Shareholder upon termination
of such Shareholder’s employment with the Company or any of its Subsidiaries to the extent (if any) set forth in any written agreement between the Company and such Shareholder. 

Section 2.6 DRAG-ALONG RIGHTS OF
THE REQUISITE HOLDERS. 
 (a) At any time after the occurrence of a Voting
Failure or a Trigger Event, the Requisite Holders shall have the right (but not the obligation) to initiate a Sale of the Company and to require each other Shareholder to participate in a Sale of the Company on the same terms and conditions as the
Requisite Holders, except that each Shareholder would be entitled to be paid its Pro Rata Share of the aggregate consideration paid to the Shareholders in such Sale of the Company (it is understood and agreed that the Requisite Holders may exercise
such right only if, subject to the proviso to this sentence, they require each other Shareholder to participate in such Sale of the Company and thereby cause the sale of 100% of the equity of the Company); provided, however, that,
notwithstanding the foregoing, (i) the Requisite Holders and any such other Shareholder that is an employee or management member of the Company may agree to permit such Shareholder to “rollover” all or a portion of such
Shareholder’s Equity Securities into equity interests in the acquiring or surviving Person in such Sale of the Company. and (ii) if the Sale of the Company occurs within three (3) years of August 3, 2016, the aggregate cash
proceeds received by HNA shall be at least equal to the amount paid by HNA for each of the HNA Preferred Shares to be sold by HNA in such Sale of the Company, accreted in an amount necessary to produce a 15% annual internal rate of return for the
time period from August 3, 2016, to the date of the closing of the Sale of the Company. The Requisite Holders shall give the Company and each other Shareholder written notice of such determination not less than 45 days prior to the
proposed date of the Sale of the Company (a “Company Sale Notice”). To the extent such consideration does not consist solely of cash, the fair market value of such consideration shall be determined in good faith by the Board (it is
understood and agreed that, subject to the proviso to the first sentence of this Section 2.6(a), the proportion of cash to non-cash consideration paid to each Shareholder shall be the same). 

  
 12 

 (b) In any Sale of the Company under this Section 2.6, each Shareholder: 

(i) shall, severally and not jointly, make the same representations, warranties and covenants, and provide the same
indemnities, regarding the Company and its subsidiaries and their respective assets, liabilities and business as those made by the Requisite Holders; 

(ii) shall (mutatis mutandis), severally and not jointly, make the same representations, warranties and covenants, and
provide the same indemnities, regarding itself as the representations, warranties and covenants made, and indemnities provided by the Requisite Holders regarding themselves; and 

(iii) shall in no event be liable for more than the consideration received by such Shareholder in such Sale of the Company.

 (c) In any Sale of the Company under this Section 2.6, the Company and each Shareholder shall take all commercially reasonable
action in its power necessary to cause the consummation of such Sale of the Company, including, without limitation, obtaining all consents and approvals reasonably necessary, desirable or appropriate for such Shareholder to consummate such Sale of
the Company. Without limitation of the foregoing, each Shareholder agrees to vote its Equity Securities in favor of any Sale of the Company under this Section 2.6 in which the Requisite Holders have determined to participate or otherwise effect
and waive all appraisal and dissenters’ or similar rights that are applicable to such Sale of the Company. 
 
ARTICLE III 
 ISSUANCES OF SECURITIES; PREEMPTIVE RIGHTS 

Section 3.1 ISSUANCES OF SECURITIES.
Prior to the consummation of a Qualified IPO, the Company shall not issue any Equity Securities unless the Person to whom such Equity Securities are issued shall sign a Joinder Agreement or shall be a Shareholder as of the date of this Agreement.
Any such Person (other than a Person who is a Shareholder as of the date of this Agreement) to whom such Equity Securities are issued shall be deemed a Minority Shareholder hereunder, and shall have the same rights and obligations provided for the
Minority Shareholders herein, unless otherwise agreed to by the Requisite Holders and the holders of a majority of the then outstanding Common Shares. 

SECTION 3.2 PREEMPTIVE RIGHTS. 

(a) The Company shall observe the preemptive rights of Shareholders who own shares of the Company’s capital stock under the Corporation
Law. Each such Shareholder shall have a right of oversubscription such that if any other Shareholder does not subscribe for its pro rata portion of any Equity Securities in any issuance, all of the Shareholders who have subscribed for
their pro rata portion of such Equity Securities shall, among themselves, have the right to purchase up to the balance of the unsubscribed Equity Securities (sobras) on a pro rata basis (based on the number of Equity
Securities held by each such oversubscriber at the time the issuance of such Equity Securities commenced for purposes of the Corporation Law) unless they shall otherwise agree among themselves. 

(b) The preemptive rights for subscription of Equity Securities issued by the Company in accordance with the Corporation Law may be assigned
by any Shareholder to any Affiliate who is then a Shareholder or who shall sign a Joinder Agreement but cannot be assigned to any other Person that is not a Shareholder or an Affiliate thereof. 

  
 13 

 ARTICLE IV 

LIQUIDATION 
 
Section 4.1 DISTRIBUTIONS ON LIQUIDATION. In the event of a Liquidation prior to the consummation of a Qualified IPO: 

(a) first, (x) the holders of Investor Preferred Shares, Calfinco Preferred Shares and HNA Preferred Shares shall be entitled to be paid
out of the assets of the Company legally available for distribution (i) an amount equal to US$160 for each Preferred Share held by an Investor, Calfinco, HNA or a TRIP Shareholder or any Permitted Transferee of a TRIP Shareholder, or
(ii) an amount in reais equal to the purchase price or option exercise price, as applicable, paid by such holder to the Company on the date of such purchase or exercise in respect of the issuance of such Preferred Share, in the case of a
Preferred Share held by a holder other than an Investor, Calfinco, HNA, a TRIP Shareholder or a Permitted Transferee of a TRIP Shareholder; and (y) the holders of HNA Preferred Shares shall be entitled to be paid out of the assets of the
Company legally available for distribution in the amount in US$ equivalent to the difference, if positive, between the amount paid by HNA for the HNA Preferred Shares and the amount received by HNA in accordance with item (i) above;
provided, however, that in the event the assets of the Company shall be insufficient to make payment in full of such amounts to all holders of such Preferred Shares, then such assets shall be distributed among the holders of such
Preferred Shares at the time outstanding ratably in proportion to the full amounts to which they would otherwise be respectively entitled; 

(b) second, the holders of Founder Preferred Shares shall be entitled to be paid out of the assets of the Company legally available for
distribution an amount equal to US$310 for each Founder Preferred Share held by each such holder; provided, however, that in the event the assets of the Company shall be insufficient to make payment in full of such amounts to all
holders of Founder Preferred Shares, then such assets shall be distributed among the holders of Founder Preferred Shares at the time outstanding ratably in proportion to the full amounts to which they would otherwise be respectively entitled; and

 (c) third, all remaining assets of the Company legally available for distribution shall be paid to the holders of Common Shares and
Preferred Shares such that the amount paid in respect of each Preferred Share shall equal 75 times the amount paid in respect of each Common Share; 

provided, however, that in the event of a Liquidation referred to in clauses (a) or (b) of the definition of Sale of the Company, the
holders of Common Shares and Preferred Shares shall only be entitled to receive the foregoing to the extent their Common Shares and/or Preferred Shares (as applicable) are actually sold to a third party in such Sale of the Company. 

SECTION 4.2 PAYMENT TO INDIRECT
OWNERS UPON LIQUIDATION. 
 (a) Instead of the obligation to pay a
Shareholder amounts due to it upon Liquidation (other than a Sale of the Company) in accordance with Section 4.1, a Shareholders that is an LLC shall, if there are no Adverse Tax Law Changes (including any such changes which would adversely
affect a subsequent liquidation of the Investor) between March 10, 2008, and the date such amount is required to be paid in accordance with Section 4.1 and such payment is not otherwise prohibited under Brazilian law, have the right to
require the Company to cause such amount (reduced by any liabilities of the Shareholder) to instead be paid to the member(s) of such Shareholder through the purchase of all (but not less than all) of the membership interests of such Shareholder at
the same time such amount is required to be paid pursuant to Section 4.1 in any Liquidation that is not a Sale of the Company. Such Shareholder may exercise such right by giving the Company written notice thereof not less than ten Business Days
before such payment is required to be made (it is understood and agreed that the Company shall give the applicable Shareholders written notice of the date such payment is required to be made). 

  
 14 

 (b) The obligation of the Company to cause the purchase of the membership interest in a
Shareholder pursuant to Section 4.2(a) shall not be required in the event that at the time such purchase is required to made by the Company such Shareholder has any liabilities or obligations other than under the Transaction Documents to which
it is a party and de minimis ongoing expenses related to the existence of such LLC (e.g., franchise taxes) and shall be subject to the receipt by the Company of evidence reasonably satisfactory to it that such Shareholder:
(i) was formed solely for the purpose of holding Preferred Shares; and (ii) has no liabilities or obligations other than under the Transaction Documents to which it is a party and de minimis ongoing expenses related to
the existence of such LLC (e.g., franchise taxes). Additionally, the Company shall only be required to pay for such membership interests against receipt of an instrument in form and substance reasonably satisfactory to the Company evidencing
the transfer of good and marketable title to such membership interests to the Company, free and clear of all Liens (other than Liens (x) in respect of accrued taxes not yet payable (but any such taxes shall be paid by the owner of such
Shareholder when due an payable) and (y) created under or applicable securities laws) and such certificates of authority, consents to transfer and other instruments or evidences of good title to such membership interests (and evidence that such
LLC owns its Investor Preferred Shares free and clear of all such Liens, other than Liens (x) in respect of accrued taxes not yet payable and (y) created under or applicable securities laws) as may be reasonably requested by the Company.

 ARTICLE V 

PUT RIGHT; REDEMPTION RIGHT; CONVERSION RIGHT 

Section 5.1 PUT RIGHT. 

(a) Except to the extent prohibited by Brazilian law (in which case a Trigger Event under clause (a)(ii) of the definition thereof shall
be deemed to have occurred), at any time after March 10, 2013, or, except to the extent prohibited by Brazilian law, at any time following the occurrence of a Trigger Event, the Requisite Holders shall have the right (but not the obligation) to
put, and require each of the other Shareholders (and Permitted Transferee of each TRIP Shareholder) to put, all of their Preferred Shares to the Company (or, at the Company’s option, a wholly-owned Subsidiary of the Company) at the same time as
the Requisite Holders; provided, however, that the Requisite Holders shall not have any rights under this Section 5.1 after the consummation of a Qualified IPO. In the event that the Requisite Holders elect to exercise the Put
Right in accordance with this Article V, the Requisite Holders shall give the Company and each other Shareholder (and Permitted Transferee of each TRIP Shareholder) who owns Preferred Shares written notice of such election (a “Put
Notice”) of such requirement not less than 90 days nor more than 120 days prior to the date on which the Preferred Shares are to be put to the Company (such date, the “Put Election Date”). 

(b) In the event that the Requisite Holders elect to exercise the Put Right in accordance with this Article V, each Shareholder (and
Permitted Transferee of each TRIP Shareholder) who owns Preferred Shares shall take, all actions in its power necessary to cause its Preferred Shares to be put to the Company (or, at the Company’s option, a wholly-owned Subsidiary of the
Company) on the Put Election Date (or, if later, promptly following the determination of the Put Value and the expiration or termination of any applicable waiting period under the HSR Act or any other anti-competition or similar law). 

 

  
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 (c) On the Put Election Date (or, if later, promptly following the determination of the Put Value
and the expiration or termination of any applicable waiting period under the HSR Act or any other anti-competition or similar law), the Company shall (or, if applicable, shall cause its wholly-owned Subsidiary to) pay to each Shareholder (and
Permitted Transferee of each TRIP Shareholder) who owns Preferred Shares the portion of the Put Value to which such Shareholder (and Permitted Transferee of each TRIP Shareholder) is entitled (determined in accordance with Section 5.1(d) below)
by delivering one or more certificates representing such Equity Securities or by executing the relevant transfer term (termo de transferência) in the Share Transfer Register in order to perfect such Transfer to the Company, in each
instance free and clear of all Liens (other than (x) Liens in respect of accrued taxes not yet payable and (y) restrictions on transfer under applicable securities laws), and delivery of such certificates of authority, consents to transfer
and other instruments or evidences of good title to such Preferred Shares by such Shareholder (or Permitted Transferee of a TRIP Shareholder, as the case may be) as may be reasonably requested by the Company. 

(d) In the event that the Requisite Holders exercise the Put Right in accordance with this Article V, each Shareholder (and Permitted
Transferee of each TRIP Shareholder) who owns Preferred Shares shall be entitled to receive a portion of the Put Value (expressed as a percentage) determined by dividing the number of Preferred Shares owned by such Shareholder (or Permitted
Transferee of such TRIP Shareholder, as the case may be) by the aggregate number of Preferred Shares being repurchased by the Company (or its wholly-owned Subsidiary) in connection with the Put Right. 

SECTION 5.2 PUT VALUE. 

(a) “Put Value” means the greater of: (i) the gross proceeds (in United States Dollars) received by the Company for all
Preferred Shares issued to the Shareholders (plus any declared and unpaid dividends on such Preferred Shares); and (ii) the Fair Market Value (in US$) of such Preferred Shares. 

(b) “Fair Market Value” means the fair market value of the Preferred Shares, as agreed to by the Company and the Requisite
Holders, or if such agreement does not occur within 60 days after the Company shall receive the Put Notice, the value determined, without discount for minority, illiquidity or other matters, by the average of the values determined by two
internationally recognized investment banks with expertise in aviation (one selected by the Company and one by the Requisite Holders on behalf of the Shareholders) or, in the event the two values are more than 15% apart, by a third investment bank
selected by the first two (which will be required to select one of the valuations determined by the first two investment banks). The Company, on the one hand, and the Shareholders, on the other hand, would each pay the fees of the investment bank
selected by them, and they would split the fees of the third investment bank, if any (each Investor would pay a portion of such fees and expenses equal to the percentage obtained by dividing the number of Preferred Shares owned by such Investor by
the aggregate number of Preferred Shares owned by all Shareholders). 
 SECTION 5.3
PAYMENT TO INDIRECT OWNERS UPON EXERCISE OF PUT RIGHT. 

(a) Instead of the obligation to pay a Shareholder the portion of the Put Value to which it is entitled pursuant to Section 5.1(d), a
Shareholder that is an LLC shall, if there are no Adverse Tax Law Changes (including any such changes which would adversely affect a subsequent liquidation of the Shareholder) between March 10, 2008, and the date such amount is required to be
paid pursuant to Section 5.1(c) and such payment is not otherwise prohibited pursuant to Brazilian law, have the right to require the Company to cause such portion of the Put Value (reduced by any liabilities of the Shareholder) to instead be
paid to the member(s) of such Shareholder through the purchase of all (but not less than all) of the membership interests of such Shareholder at the same time such amount is required to be paid pursuant to Section 5.1(c). Such Shareholder may
exercise such right by giving the Company written notice thereof not less than ten Business Days before such amount is required to be paid pursuant to Section 5.1(c). 

  
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 (b) The obligation of the Company to cause the purchase of the membership interest in a
Shareholder pursuant to Section 5.3(a) shall not be required in the event that at the time the Put Value is required to be paid by the Company such Shareholder has any liabilities or obligations other than under the Transaction Documents to
which it is a party and de minimis ongoing expenses related to the existence of such LLC (e.g., franchise taxes) and shall be subject to the receipt by the Company of evidence reasonably satisfactory to it that such
Shareholder: (i) was formed solely for the purpose of holding Preferred Shares; and (ii) has no liabilities or obligations other than under the Transaction Documents to which it is a party and de minimis ongoing expenses
related to the existence of such LLC (e.g., franchise taxes). Additionally, the Company shall only be required to pay for such membership interests against receipt of an instrument in form and substance reasonably satisfactory to the Company
evidencing the transfer of good and marketable title to such membership interests to the Company, free and clear of all Liens (other than Liens (x) in respect of accrued taxes not yet payable (but any such taxes shall be paid by the owner of
such Existing Shareholder when due an payable) and (y) created under or applicable securities laws) and such certificates of authority, consents to transfer and other instruments or evidences of good title to such membership interests (and
evidence that such LLC owns its Investor Preferred Shares free and clear of all Liens, other than Liens (x) in respect of accrued taxes not yet payable and (y) created under or applicable securities laws) as may be reasonably requested by
the Company. 
 Section 5.4 CALFINCO REDEMPTION
OPTION. 
 (a) Calfinco Redemption Option. The Shareholders acknowledge that the Company’s
entry into the Calfinco Commercial Cooperation Agreement, as defined below, is a material inducement to the Investment (as defined in the Calfinco Investment Agreement) by Calfinco, and the occurrence of a Calfinco Significant Event would cause
irreparable harm to Calfinco and United. Therefore, if (x) United or Calfinco notifies the Company in writing of the occurrence of a Calfinco Significant Event (the “Calfinco Notice of Breach”) and (y) an IPO shall not
have been consummated at such time, then Calfinco shall have the option (the “Calfinco Redemption Option”), exercisable by Calfinco providing written notice of such election to the Company (the “Calfinco Redemption
Notice”), to require the Company to redeem for cash, all of the Class C Preferred Shares held by Calfinco for a total price in Brazilian reais equivalent to US$100,000,000, according to the average conversion rate published by the
Brazilian Central Bank (PTAX800 – 5) for the 10 Business Days prior to the conversion. Calfinco shall have the right to deliver a Redemption Notice in respect of a Calfinco Significant Event at any time until the 90th day following the date of the Notice of Breach relating to such Calfinco Significant Event. The Class C Preferred Shares redeemed pursuant to this Section 5.4 are referred to as
“Calfinco Redeemed Shares.” 
 (b) Closing of Calfinco Redemption Option. The closing of the Calfinco Redemption
Option for the Calfinco Redeemed Shares shall take place as soon as reasonably practicable, and in no event later than 60 days, after the Company’s receipt of the Calfinco Redemption Notice, at the principal office of the Company, or at such
other time and location as the parties to such transaction may mutually determine. At the closing of the Calfinco Redemption Option, Calfinco will deliver to the Company all appropriate documentation evidencing the transfer of the Calfinco Redeemed
Shares consistent with market requirements. 
 (c) Definitions. For purposes of this Section 5.4, the term “Calfinco
Significant Event” means (x) a Significant Breach (as defined in the Commercial Cooperation Agreement entered into as of June 26, 2015, by and between United and the Company’s subsidiary Azul Linhas Aereas Brasileiras S.A.
(the “Calfinco Commercial Cooperation Agreement”)); or (y) the failure of the Effective Date (as such term is defined in the Calfinco Commercial Cooperation Agreement) to occur on or prior to June 27, 2016. 

  
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 Section 5.5 CALFINCO
CONVERSION EVENT. 
 (a) Mandatory Calfinco Conversion. No later than one Business
Day before the publication of the first notice to the market (Aviso ao Mercado) of an IPO, all the Calfinco Preferred Shares will be automatically and mandatorily converted into a number of fully paid Class A Preferred Shares, calculated
by multiplying (i) the number of Calfinco Preferred Shares to be converted by (ii) the Class C Conversion Ratio (as defined below in Section 5.5(b)), which conversion will be on the terms, and subject to the conditions, set forth in
this Section 5.5 (the “Mandatory Calfinco Conversion”). If the IPO shall fail to be consummated for any reason, the Shareholders agree to convene both a general and a special shareholders’ meeting of the Company and at
such meetings vote their respective shares of capital stock to approve the conversion of the newly issued Converted Preferred Shares held by Calfinco back into Class C Preferred Shares. As a result, in case this conversion occurs, Calfinco will
continue to be entitled to its original rights as stated in the By-laws and in this Agreement. 
 (b) Class C Conversion Ratio. Each
Calfinco Preferred Share will initially be convertible into one Converted Preferred Share, subject to the adjustments set forth in this Section 5.5 (as same may be adjusted from time to time, the “Class C Conversion Ratio”).

 (c) Optional Conversion. At any time prior to a Mandatory Calfinco Conversion, Calfinco will have the option to convert all of the
Calfinco Preferred Shares into a number of fully paid Class A Preferred Shares, calculated by multiplying (i) the number of Calfinco Preferred Shares to be converted by (ii) the Class C Conversion Ratio, which conversion will be on
the terms, and subject to the conditions, set forth in this Section 5.5. Calfinco will give written notice to the Company of the conversion of the Calfinco Preferred Shares (the “Class C Conversion Notice”). The Company will,
as soon as practicable thereafter, issue and deliver to Calfinco evidence of ownership of the number of Class A Preferred Shares (reasonably satisfactory to Calfinco) to which Calfinco is entitled. Such conversion will be deemed to have been
made immediately upon the Company’s receipt of the Class C Conversion Notice, and Calfinco will be treated for all purposes as the record holder of such Class A Preferred Shares on such date. 

(d) Adjustment for Splits and Combinations. If the Company at any time or from time to time after the date hereof effects a split or
other subdivision of the outstanding Class A Preferred Shares, the Class C Conversion Ratio then in effect immediately before that subdivision will be proportionately increased, and conversely, if the Company at any time or from time to time
after the date hereof combines the outstanding Class A Preferred Shares into a smaller number of Class A Preferred Shares, the Class C Conversion Ratio in effect immediately before the combination will be proportionately decreased to give
effect to any such split, subdivision or combination. 
 (e) Adjustment for Reclassification, Exchange and Substitution. In the event
that at any time or from time to time after the date hereof, the Converted Preferred Shares issuable upon the conversion of the Calfinco Preferred Shares is changed into the same or a different number of shares of any class or classes, whether by
recapitalization, reclassification or otherwise (other than a subdivision or combination of Class A Preferred Shares or Class A Preferred Share distribution provided for elsewhere in clause (d) above), then and in any such event
Calfinco will convert such Calfinco Preferred Shares into the kind and amount of shares and other securities and property receivable upon such recapitalization, reclassification or other change, by holders of the maximum number of Converted
Preferred Shares into which such Calfinco Preferred Shares could have been converted immediately prior to such recapitalization, reclassification or change, all subject to further adjustment as provided herein. 

 

  
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 (f) Reorganizations, Mergers, Consolidations or Sales of Assets. If at any time or from
time to time after the hereof there is a capital reorganization of the Class A Preferred Shares (other than a recapitalization, subdivision, combination, reclassification or exchange of shares provided for elsewhere in this Section 5.5) or
a merger or consolidation of the Company with or into another entity, or the sale of all or substantially all of the Company’s properties and assets to any other Person, in each case other than in connection with a liquidity event, then, as a
part of such reorganization, merger, consolidation or sale, provision will be made so that Calfinco will thereafter be entitled to receive the number of Converted Preferred Shares, shares of stock or other securities or property to which Calfinco,
upon conversion of the Calfinco Preferred Shares, would have been entitled to receive on such capital reorganization, merger, consolidation or sale. In any such case, appropriate adjustment will be made in the application of the provisions of this
Section 5.5 with respect to the rights of Calfinco after the reorganization, merger, consolidation or sale to the end that the provisions of this Section 5.5 (including adjustment of the Class C Conversion Ratio then in effect and the
number of Converted Preferred Shares into which the Calfinco Preferred Shares may be converted) will be applicable after that event and be as nearly equivalent as may be practicable. 

(g) Certificate of Adjustment. Upon the occurrence of each adjustment or readjustment of the Class C Conversion Ratio pursuant to this
Section 5.5, the Company will promptly compute such adjustment or readjustment in accordance with the terms hereof and will prepare and furnish to Calfinco a certificate setting forth such adjustment or readjustment and showing in detail the
basis of such adjustment or readjustment. The Company will, upon the written request at any time of Calfinco furnish or cause to be furnished to Calfinco a certificate setting forth (a) such adjustments and readjustments, (b) the Class C
Conversion Ratio in effect at the time, and (c) the number of Converted Preferred Shares which at the time would be received upon the conversion of the Calfinco Preferred Shares. 

(h) No Fractional Shares. No fractional Converted Preferred Share shall be issued upon conversion of the Calfinco Preferred Shares. In
lieu of any fractional shares to which Calfinco would otherwise be entitled, the Company shall make a cash payment in United States dollars to Calfinco in an amount equal to such fraction multiplied by the then-effective Class C Conversion Ratio.

 Section 5.6 HNA REDEMPTION OPTION. 

(a) HNA Redemption Option. The Shareholders acknowledge that the Company’s entry into the HNA Commercial Cooperation Agreement, as
defined below, is a material inducement to the Investment (as defined in the HNA Investment Agreement) by HNA, and the occurrence of an HNA Significant Event would cause irreparable harm to HNA. Therefore, if (x) HNA notifies the Company in
writing of the occurrence of an HNA Significant Event (the “HNA Notice of Breach”) and (y) an IPO shall not have been consummated at such time, then HNA shall have the option (the “HNA Redemption Option”),
exercisable by HNA providing written notice of such election to the Company (the “HNA Redemption Notice”), to require the Company to redeem for cash, all of the Class D Preferred Shares held by HNA for a total price in Brazilian
reais equivalent to US$450,000,000, according to the average conversion rate published by the Brazilian Central Bank (PTAX800 – 5) for the 10 business days prior to the conversion. HNA shall have the right to deliver an HNA Redemption
Notice in respect of an HNA Significant Event at any time until the 90th day following the date of the HNA Notice of Breach relating to such HNA Significant Event. The Class D Preferred Shares
redeemed pursuant to this Section 5.6 are referred to as “HNA Redeemed Shares.” 
 (b) Closing of HNA Redemption
Option. The closing of the HNA Redemption Option for the HNA Redeemed Shares shall take place as soon as reasonably practicable, and in no event later than 60 days, after the Company’s receipt of the HNA Redemption Notice, at the principal
office of the Company, or at such other time and location as the parties to such transaction may mutually determine. At the closing of the HNA Redemption Option, HNA will deliver to the Company all appropriate documentation evidencing the transfer
of the HNA Redeemed Shares consistent with market requirements. 
  

  
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 (c) Definitions. For purposes of this Section 5.6, the term “HNA Significant
Event” means any breach by Azul of Section D of the Commercial Cooperation Agreement entered into as of August 3, 2016, by and between HNA and the Company’s subsidiary Azul Linhas Aereas Brasileiras S.A. (the “HNA
Commercial Cooperation Agreement”). 
 Section 5.7 HNA CONVERSION
EVENT. 
 (a) Mandatory HNA Conversion. No later than one Business Day before the publication of
the first notice to the market (Aviso ao Mercado) of an IPO, all the HNA Preferred Shares will be automatically and mandatorily converted into a number of fully paid Class A Preferred Shares, calculated by multiplying (i) the number
of HNA Preferred Shares to be converted by (ii) the Class D Conversion Ratio (as defined below in Section 5.7(b)), which conversion will be on the terms, and subject to the conditions, set forth in this Section 5.7 (the
“Mandatory HNA Conversion”). If the IPO shall fail to be consummated for any reason, the Shareholders agree to convene both a general and a special shareholders’ meeting of the Company and at such meetings vote their respective
shares of capital stock to approve the conversion of the newly issued Converted Preferred Shares held by HNA back into HNA Preferred Shares. As a result, in case this conversion occurs, HNA will continue to be entitled to its original rights as
stated in the By-laws and in this Agreement. 
 (b) Class D Conversion Ratio. Each HNA Preferred Share will initially be convertible
into one Converted Preferred Share, subject to the adjustments set forth in this Section 5.7 (as same may be adjusted from time to time, the “Class D Conversion Ratio”). 

(c) Optional Conversion. At any time prior to a Mandatory HNA Conversion, HNA will have the option to convert all of the HNA Preferred
Shares into a number of fully paid Class A Preferred Shares, calculated by multiplying (i) the number of HNA Preferred Shares to be converted by (ii) the Class D Conversion Ratio, which conversion will be on the terms, and subject to
the conditions, set forth in this Section 5.7. HNA will give written notice to the Company of the conversion of the HNA Preferred Shares (the “Class D Conversion Notice”). The Company will, as soon as practicable thereafter,
issue and deliver to HNA evidence of ownership of the number of Class A Preferred Shares (reasonably satisfactory to HNA) to which HNA is entitled. Such conversion will be deemed to have been made immediately upon the Company’s receipt of
the Class D Conversion Notice, and HNA will be treated for all purposes as the record holder of such Class A Preferred Shares on such date. 

(d) Adjustment for Splits and Combinations. If the Company at any time or from time to time after the date hereof effects a split or
other subdivision of the outstanding Class A Preferred Shares, the Class D Conversion Ratio then in effect immediately before that subdivision will be proportionately increased, and conversely, if the Company at any time or from time to time
after the date hereof combines the outstanding Class A Preferred Shares into a smaller number of Class A Preferred Shares, the Class D Conversion Ratio in effect immediately before the combination will be proportionately decreased to give
effect to any such split, subdivision or combination. 
 (e) Adjustment for Reclassification, Exchange and Substitution. In the event
that at any time or from time to time after the date hereof, the Converted Preferred Shares issuable upon the conversion of the HNA Preferred Shares is changed into the same or a different number of shares of any class or classes, whether by
recapitalization, reclassification or otherwise (other than a subdivision or combination of Class A Preferred Shares or Class A Preferred Share distribution provided for elsewhere in clause (d) above), then and in any such event HNA
will convert such HNA Preferred Shares into the kind and amount of shares and other securities and property receivable upon such recapitalization, reclassification or other change, by holders of the maximum number of Converted Preferred Shares into
which such HNA Preferred Shares could have been converted immediately prior to such recapitalization, reclassification or change, all subject to further adjustment as provided herein. 

 

  
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 (f) Reorganizations, Mergers, Consolidations or Sales of Assets. If at any time or from
time to time after the hereof there is a capital reorganization of the Class A Preferred Shares (other than a recapitalization, subdivision, combination, reclassification or exchange of shares provided for elsewhere in this Section 5.7) or
a merger or consolidation of the Company with or into another entity, or the sale of all or substantially all of the Company’s properties and assets to any other Person, in each case other than in connection with a liquidity event, then, as a
part of such reorganization, merger, consolidation or sale, provision will be made so that HNA will thereafter be entitled to receive the number of Converted Preferred Shares, shares of stock or other securities or property to which HNA, upon
conversion of the HNA Preferred Shares, would have been entitled to receive on such capital reorganization, merger, consolidation or sale. In any such case, appropriate adjustment will be made in the application of the provisions of this
Section 5.7 with respect to the rights of HNA after the reorganization, merger, consolidation or sale to the end that the provisions of this Section 5.7 (including adjustment of the Class D Conversion Ratio then in effect and the number of
Converted Preferred Shares into which the HNA Preferred Shares may be converted) will be applicable after that event and be as nearly equivalent as may be practicable. 

(g) Adjustment due to Class B Preferred Shares Conversion. In case of conversion of Class B Preferred Shares into Converted Preferred
Shares, the Class D Conversion Ratio shall be adjusted in order to neutralize any dilution effects to HNA due to the conversion of Class B Preferred Shares into Converted Preferred Shares. 

(h) Certificate of Adjustment. Upon the occurrence of each adjustment or readjustment of the Class D Conversion Ratio pursuant to this
Section 5.7, the Company will promptly compute such adjustment or readjustment in accordance with the terms hereof and will prepare and furnish to HNA a certificate setting forth such adjustment or readjustment and showing in detail the basis
of such adjustment or readjustment. The Company will, upon the written request at any time of HNA furnish or cause to be furnished to HNA a certificate setting forth (a) such adjustments and readjustments, (b) the Class D Conversion Ratio
in effect at the time, and (c) the number of Converted Preferred Shares which at the time would be received upon the conversion of the HNA Preferred Shares. 

(i) No Fractional Shares. No fractional Converted Preferred Share shall be issued upon conversion of the HNA Preferred Shares. In lieu
of any fractional shares to which HNA would otherwise be entitled, the Company shall make a cash payment in United States dollars to HNA in an amount equal to such fraction multiplied by the then-effective Class D Conversion Ratio. 

ARTICLE VI 

AGREEMENTS OF THE SHAREHOLDERS 
 
Section 6.1 BOARD OF DIRECTORS, APPROVAL RIGHTS; OBSERVER RIGHT. 

(a) Each Shareholder hereby covenants and agrees to vote all of its Equity Securities that are entitled to vote to cause: 

(i) Subject to clauses (ii) through (vi) below, the Board to consist of no more than fourteen and no less than five
directors, as determined (x) by David Neeleman, or (y) in accordance with Section 6.11; 
  

  
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 (ii) the holders of Investor Preferred Shares (other than the TRIP Shareholders
and their Permitted Transferees) to designate two directors to the Board (and, in the event permitted by applicable law, each Material Subsidiary of the Company that shall have a board of directors; it being understood and agreed that nothing herein
shall require any Subsidiary of the Company to have a board of directors) for so long as they own Equity Securities that entitle them the right to receive, pursuant to Section 4.1, at least 40% of proceeds in a Liquidation and one director for
so long as they own Equity Securities that entitle them to receive, pursuant to Section 4.1, at least 20% of the proceeds in a Liquidation (each Investor agrees that (x) in the event that the holders of Investor Shares (other than the TRIP
Shareholders and their Permitted Transferees) are entitled to designate two directors pursuant to this clause (ii), then the Investor who, together with its Affiliates, owns the largest number of Investor Preferred Shares (other than the TRIP
Shareholders and their Permitted Transferees) and the Investor (other than the TRIP Shareholders and their Permitted Transferees) who, together with its Affiliates, owns the second largest number of Investor Preferred Shares shall each be entitled
to designate one of such directors, and (y) in the event that the holders of Investor Shares (other than the TRIP Shareholders and their Permitted Transferees) are entitled to designate only one director pursuant to this clause (ii), then
the Investor who, together with its affiliates, owns the largest number of Investor Preferred Shares (other than the TRIP Shareholders and their Permitted Transferees) shall be entitled to designate such director); 

(iii) the holders of a majority of the Common Shares owned by the TRIP Shareholders to designate three directors to the Board
for so long as they own more than 20% of the Common Shares, two directors for so long as they own at least 10%, and no more than 20%, of the Common Shares and one director for so long as they own at least 5% and less than 10% of the Common Shares;

 (iv) Calfinco to designate one director to the Board for so long as it, together with its Permitted Transferees, own at
least 50% of the Calfinco Preferred Shares that Calfinco owns as of the date of this Agreement (or the equivalent number of Converted Preferred Shares into which Calfinco Preferred Shares are convertible); 

(v) HNA to designate (a) three (3) directors for so long as HNA, together with its Permitted Transferees,
(i) has at least a 20% economic interest in the Company and (ii) owns the largest percentage of economic interest in the Company, taking account of the TRIP Shareholders as a single shareholding block; (b) two (2) directors for
so long as HNA has at least a 10% economic interest in the Company; and (c) one (1) director for so long as HNA has less than a 10% but at least a 5% economic interest in the Company. In any case, no director appointed by HNA may be a
United States citizen or resident; and 
 (vi) David Neeleman (or, following his death, the three individuals designated in
accordance with Section 6.11) to elect the remaining directors to the Board (each, a “Neeleman Designee”); provided, however, that (x) a majority of the individuals elected by David Neeleman (or the three
individuals designated in accordance with Section 6.11) shall be Brazilian citizens to the extent that any applicable Brazilian law or Governmental Authority requires a majority of the Board to consist of Brazilian citizens, and (y) two of
the Neeleman Designees shall be Independent Directors. 
 For the avoidance of doubt, it is understood and agreed that for
so long as one or more Shareholders is entitled to designate one or more directors pursuant to clauses (ii) through (v) or this Section 6.1(a), the other Shareholders may not remove such director or directors without the prior written
consent of the Shareholder(s) entitled to designate such director or directors. 
 (b) The holders of Equity Securities entitled to vote
shall vote such Equity Securities: (i) to remove any director whose removal is required by the Shareholder with the right to designate such director pursuant to Section 6.1(a); and (ii) for the election of a new director that a
Shareholder is entitled to designate pursuant to Section 6.1(a) in order to fill any vacancy created by the removal, resignation or death of such a director. Vacancies on the Board shall be filled promptly (but in any event within 30 days
of the date of such vacancy) or immediately before the first action to be taken by the Board after the date such vacancy is created. 
  

  
 22 

 (c) For so long as an Affiliate of Weston Presidio is an Investor who owns at least 50% of the
Investor Preferred Shares owned by it on the date of this Agreement, Weston Presidio shall have right to send one representative to attend all meetings of the Board solely in a non-voting observer capacity;
provided, however, that the Company may exclude any such observer from any meeting or portion thereof when attendance by such observer could adversely affect the attorney-client privilege between the Company and its counsel. The
Company will furnish to any such observer copies of all notices, minutes, consents and other materials that it generally makes available to its directors. Any such observer may participate in discussions of matters under consideration by the Board
but will not be entitled to vote on any matter presented to the Board; provided, however, that if the Company proposes to take any action by written consent in lieu of a meeting of the Board the form of such written consent shall be
forwarded to such observer at the same time as the members of the Board. The foregoing right of such observer shall be conditioned on such observer’s agreement to hold in confidence and trust all information he or she is provided. 

(d) For the purposes of this Agreement, the qualifying shares held by a director shall be deemed to be the property of the Shareholder who
appointed such director. 
 (e) The Company shall pay the directors the minimum compensation required by the Brazilian Board of Trade for
their service as directors, except for the Independent Directors, who shall be paid in accordance with market practice in Brazil for companies that are similarly situated to the Company. 

(f) Any Shareholder with the right to designate a director pursuant to Section 6.1(a) shall cause each director who is not a Brazilian
citizen and is so designated by such Shareholder to execute and deliver to the Company an appropriate power of attorney so that service of process can be received on behalf of such director. 

Section 6.2 MEETINGS. 

(a) The Company shall hold meetings of the Board at least once every quarter. 

(b) The Company shall reimburse each director for his or her reasonable and documented out-of-pocket expenses incurred in connection with the
attendance of meetings of the Board or the performance of his or her other duties as a director. 

Section 6.3 APPROVAL BY THE REQUISITE
HOLDERS. Prior to the consummation of a Qualified IPO, the prior written approval of the Requisite Holders shall be required for the following: 

(a) any authorization or issuance of shares of any class of shares of the Company or any Material Subsidiary that is directly or indirectly
wholly-owned by the Company or that has a majority of its voting securities directly or indirectly owned by the Company (and, if such Material Subsidiary is governed by a board of directors (or a similar body with a different name), the Company (or
a Subsidiary of the Company) either appoints a majority of its directors or has the right to appoint a majority of its directors), but excluding: (i) “qualifying shares” issued to any director; (ii) any shares issued by a
Material Subsidiary to the Company or a wholly-owned Subsidiary of the Company; (iii) options to subscribe for 71,480 Investor Preferred Shares that would be reserved for employees (and any Investor Preferred Shares issued upon exercise of such
options); and (iv) any shares of preferred shares issued in a Qualified IPO; 
 (b) any amendment to the organizational or governing
documents (including the by-laws (other than any amendment to the By-laws to change the location of the Company’s head office), articles of association and (other than with respect to this Agreement) shareholders agreement, as applicable) of
the Company or any Material Subsidiary or any alteration (by merger, consolidation or otherwise) of the terms, rights or preferences of the Preferred Shares; 
  

  
 23 

 (c) (i) any Sale of the Company, (ii) any sale of the stock or all or substantially all
of the assets of a Material Subsidiary or (iii) any merger, consolidation, acquisition or similar transaction involving the Company or any Material Subsidiary that is not of the type incurred by airlines in the ordinary course, except in each
instance referred to in clauses (ii) and (iii) for acquisitions (other than acquisitions of some or all of the equity of any Person or all or substantially all of the assets of any Person) and dispositions of assets or stock of no more
than US$15,000,000 in the aggregate per year; provided, however, that the prior written consent of the Requisite Holders required for any acquisition of some or all of the equity of any Person or all or substantially all of the assets
of any Person pursuant to this Section 6.3(c) shall, for so long as GIF Mercury LLC or one of its Permitted Transferees is a Shareholder, include the prior written approval of GIF Mercury LLC or one of its Permitted Transferees, as applicable
(it is understood and agreed that nothing in this Section 6.3(c) will require the prior written consent of any of Person in connection with the formation by the Company of a direct or indirect Subsidiary and the acquisition of the equity of
such a Subsidiary); provided further, however, that if the Sale of the Company involves the sale or disposal of HNA Preferred Shares by any means and occurs within three (3) years of August 3, 2016, the aggregate cash
proceeds received by HNA shall be at least equal to the amount paid by HNA for each of the HNA Preferred Shares to be sold by HNA in such Sale of the Company, accreted in an amount necessary to produce a 15% annual internal rate of return for the
time period from August 3, 2016, to the date of the closing of the Sale of the Company. 
 David Neeleman, any of his Permitted
Transferees or any company controlled by David Neeleman shall abstain from voting in any resolution and from taking part in any decision related to the conversion of the TAP Bonds into TAP equity securities. 

(d) a Liquidation (other than a Sale of the Company) or the liquidation or dissolution of any Material Subsidiary; 

(e) (i) the declaration or payment of a dividend or distribution on any of the Company’s securities (other than Mandatory Dividends)
or (ii) the redemption or the repurchase of any securities of the Company, other than (x) the Preferred Shares pursuant to Section 5.1 or Section 5.4 and (y) Common Shares and Preferred Shares from employees of the Company
upon termination of their employment at cost (or, if at fair market value, for no more than US$1,000,000 per year, in the aggregate for all such redemptions and repurchases); 

(f) (i) any amendment or modification to the Neeleman Employment Agreement or any termination by the Company of David Neeleman’s
employment thereunder and (ii) other than under the Neeleman Employment Agreement or any other employment agreement approved by the Board, any transaction or business arrangement with any shareholder or affiliate or family member or any other
legal entity in which shareholder of the Company owns any of the outstanding equity unless such transaction is of the type incurred by airlines in the ordinary course and does not exceed US$500,000; 

(g) the incurrence or guarantee of any indebtedness for borrowed money (other than any such incurrence or guarantee of indebtedness of the
type incurred by airlines in the ordinary course, including for financing of aircraft, aircraft engines, spare parts or facilities) in excess of US$10,000,000; 

(h) any change to the maximum or minimum number of directors on the Board, as set forth in Section 6.1(a)(i); 

(i) any transaction that would result in a Subsidiary of the Company becoming a Material Subsidiary of the Company if, prior to such
transaction, such Subsidiary had taken any action or been involved in any transaction that would have required the prior written approval of the Requisite Holders under this Section 6.3 if such Subsidiary had, at such prior time, been a
Material Subsidiary; or 
 (j) the Company or any of its Subsidiaries to engage in any business other than the Business. 

 

  
 24 

 In the event that the Company seeks the prior written approval of the Requisite Holders under
this Section 6.3 with respect to any of the matters set forth above, the Company shall give written notice thereof to each of the holders of Investor Preferred Shares. In the event that the Requisite Holders shall provide the Company with any
such prior written approval in accordance with this Section 6.3, the Company shall give each Investor prompt written notice of the Company’s receipt of such approval. 

Section 6.4 APPROVAL BY THE HOLDERS
OF COMMON SHARES. Prior to consummation of a Qualified IPO, the approval of the holders of a majority of the outstanding Common Shares shall be required for any alteration of the terms
of the Common Shares. 
 Section 6.5 APPROVAL BY THE
HOLDERS OF FOUNDER PREFERRED SHARES. Prior to consummation of a Qualified IPO, the approval of the holders of a majority of the outstanding Founder
Preferred Shares shall be required for any alteration of the terms of the Founder Preferred Shares. 

Section 6.6 APPROVAL BY THE HOLDERS
OF CALFINCO PREFERRED SHARES. Prior to consummation of a Qualified IPO, the approval of Calfinco shall be required for any alteration of the terms of the Calfinco
Preferred Shares, except for the conversion of Calfinco Preferred Shares into Converted Preferred Shares, as described in Section 5.5. 

Section 6.7 APPROVAL BY THE HOLDERS
OF HNA PREFERRED SHARES. Prior to consummation of a Qualified IPO, the approval of HNA shall be required for any alteration of the terms of the HNA Preferred Shares, except for the
conversion of the HNA Preferred Shares into of the Class A Preferred Shares, as described in Section 5.7, or any modifications to any of the other rights granted exclusively to HNA or to the holders of HNA Preferred Shares under this
Agreement. In addition, (i) the approval of HNA shall be required for any modification to the Company’s rights or obligations under the TAP Bonds (or Equity Securities into which the TAP Bonds are convertible); and (ii) HNA shall have
the right to receive information with respect to the TAP Bonds, including the financial statements of TAP. 

Section 6.8 APPROVAL BY THE BOARD
OF DIRECTORS. The approval of the Board (including, prior to the consummation of a Qualified IPO, the affirmative vote of at least one of the director(s) designated by the holders of the Investor
Preferred Shares pursuant to Section 6.1(a) above) shall be required to approve the following, unless contained in the business plan approved by the Board as contemplated by Section 7.3: 

(a) other than with respect to the incurrence or guarantee of indebtedness that the Company is permitted to incur pursuant to
Section 6.3(g), any transaction (or series of related transactions) of the Company or any of its Material Subsidiaries involving payments to or by the Company or such Material Subsidiary in excess of US$10,000,000; 

(b) any employee stock option or other equity plan other than the Equity Incentive Plans or any material amendments or modifications to the
Equity Incentive Plans; 
 (c) the compensation of the chief executive officer, if any, president or chief financial officer in excess of
more than US$500,000 per year; 
 (d) any transaction between the Company and/or any of its Subsidiaries, on the one hand, and any Affiliate
of the Company (other than the Company’s Subsidiaries), on the other hand, except for any transaction expressly contemplated by this Agreement (including pursuant to Article II, Article III or Article V); and 

(e) management compensation policies and programs applicable to the Company and any of its Subsidiaries. 

 

  
 25 

 Section 6.9 PARTICIPATION
IN CERTAIN HIRING AND FIRING DECISIONS. Prior to the consummation of a Qualified IPO, the Board will permit one individual designated by
each Investor and one individual designated by Calfinco to actively participate in the hiring or decision to fire the Company’s chief executive officer, if any, president or chief financial officer. 

Section 6.10 EQUITY INCENTIVE PLAN.

 (a) Each Shareholder hereby covenants and agrees to vote all of its Equity Securities that are entitled to vote to approve an option
and/or restricted share plans (the “Equity Incentive Plans”) providing for the grant to the employees of the Company and its Subsidiaries of options and/or restricted share to subscribe for no more than 8,309,355 Class A
Preferred Shares (inclusive of all grants made pursuant to the Equity Incentive Plans prior to the date hereof). 
 (b) Notwithstanding the
provisions of Section 6.10(a) above, without the prior written approval of the Requisite Holders: (i) all options granted under the Equity Incentive Plans shall be subject to monthly vesting in equal installments over 4 years subject
to acceleration of vesting in the event of a Sale of the Company, and if the Company’s Compensation Committee determines in its sole discretion, in the event of termination of employment without Cause or for Good Reason (as such terms are
defined in the applicable Stock Option Agreement or Restricted Share Agreement pursuant to which such options and/or restricted shares were granted); and (ii) the Company shall have a repurchase option on any unvested and vested shares issued
pursuant to the Equity Incentive Plans at the greater of cost and fair market value, as determined in good faith by the Board. 
 
Section 6.11 DEATH OF DAVID NEELEMAN. In the event of David Neeleman’s death, all of the Equity Securities owned by David Neeleman that are entitled to
vote and all of the Equity Securities owned by any Person controlled by David Neeleman that are entitled to vote shall be voted by majority vote of the following three individuals: (a) an individual who is a member of David Neeleman’s
Family (as specified in clauses (a), (b) or (c) in the definition thereof) and is designated by David Neeleman from time to time prior to his death (in the absence of a subsequent designation by David Neeleman, such member of his
Family shall be Daniel Neeleman); (b) Regis Da Silva Brito or, in the event that such individual cannot at any time serve in such capacity, by an individual identified by David Neeleman (or, after his death, by the individual identified in the
preceding clause (a)) and reasonably acceptable to the Requisite Holders; and (c) one individual selected from time to time by the Requisite Holders after David Neeleman’s death. David Neeleman hereby agrees that the certificate of
incorporation, bylaws or shareholders agreement (or comparable organizational documents with different names) of any entity controlled by him that owns any Equity Securities shall include a provision that provides for such Equity Securities to be
voted in accordance with the immediately preceding sentence following his death. 
 Section 6.12
CONFIDENTIALITY. From and after the date of this Agreement, each Shareholder shall maintain the confidentiality of, and shall not use for the benefit of itself or others, any confidential information concerning
the Company, its Subsidiaries and their respective businesses (the “Confidential Information”), except that a Shareholder may disclose Confidential Information: 

(a) to its Affiliates and Representatives (and, in the event that one or more of the Affiliates of an Shareholder is a limited partnership or
limited liability company, to the limited partners and members of its Affiliates) but only to those Affiliates, Representatives and (if applicable) limited partners of such Shareholder who have been informed of the obligations of such Shareholder
under this Agreement and have agreed to be subject to this Section 6.12 (and such Shareholder shall, in any event, be liable for the breach by any such Affiliate, Representative or limited partner of this Section 6.12); 

 

  
 26 

 (b) to the extent required by applicable law, legal process or stock exchange rules or by any
Governmental Authority; provided, however, that in the event such Shareholder or any of its Representatives is so required to disclose any Confidential Information: (i) such Shareholder shall, to the extent practicable, give the
Company prompt prior written notice of such requirement so that the Company may take any steps it deems appropriate in order to challenge such requirement (and if the Company takes any such steps, such Shareholder will, to the extent practicable and
legal, provide such cooperation as the Company shall reasonably request); and (ii) in the event the Company does not take any such steps or is unable to challenge such requirement successfully, such Shareholder or its Representative, as the
case may be, may disclose only that portion of the Confidential Information that it is required by applicable law, legal process or stock exchange rules or by any Governmental Authority to be disclosed, and such Shareholder shall use reasonable best
efforts to obtain, to the extent practicable, assurance that confidential treatment will be afforded to such Confidential Information; 

(c) that is or becomes generally available to such Shareholder on a non-confidential basis from a source that, to the knowledge of such
Shareholder after reasonable inquiry, is entitled to disclose it; 
 (d) that at the time of disclosure is generally available to and known
by the public (other than as a result of the breach of this Agreement by such Shareholder); 
 (e) in connection with the preservation,
exercise and/or enforcement of any of such Shareholder’s rights or remedies under this Agreement, the other Transaction Documents, the Calfinco Investment Agreement and the HNA Investment Agreement; or 

(f) in connection with any contemplated transfer of Equity Securities held by such Shareholder pursuant to Section 2.2 (so long as the
recipient of such information agrees pursuant to a written instrument in form and substance reasonably satisfactory to the Company to keep such information confidential on terms substantially similar to those set forth in this Section 6.12).

 Section 6.13 CONFLICT WITH
BY-LAWS. In the event the provisions of this Agreement shall conflict with, or modify the provisions of the By-laws, then, as among the Shareholders, this Agreement shall control and the Shareholders,
to the extent permitted by law, shall take any required action to amend the By-laws in order to remove such conflict. 
 
ARTICLE VII 
 COVENANTS OF THE COMPANY 

Section 7.1 FINANCIAL STATEMENTS. 

(a) Within 90 days after the end of each fiscal year (or, if later, promptly after the Company’s financial statements are required
to be approved under Brazilian law), the Company shall furnish to (i) each Investor; (ii) the Trip Shareholders; (iii) Calfinco; and (iv) HNA the Company’s audited consolidated balance sheet as of the end of such year,
together with the Company’s audited consolidated statements of operations, shareholders’ equity and cash flows for such year (such financial statements shall be audited by an outside independent accounting firm of recognized national
standing in Brazil). 
 (b) Within 45 days after the end of each fiscal quarter, the Company shall furnish to (i) each Investor;
(ii) the TRIP Shareholders; (iii) Calfinco; and (iv) HNA the Company’s unaudited consolidated balance sheet as of the end of such period, together with the Company’s unaudited consolidated statements of operations and cash
flows for such period. 
  

  
 27 

 (c) Within 30 days after the end of each calendar month, the Company shall furnish to
(i) each Investor; (ii) the TRIP Shareholders; (iii) Calfinco; and (iv) HNA that requests such information the Company’s unaudited consolidated balance sheet as of the end of such period, together with the Company’s
consolidated statements of operations and cash flows for such period. 
 (d) The accounting, auditing and preparation of the Company’s
financial statements and other corporate documents shall observe both the Brazilian GAAP and the US GAAP and all audit reports of the Company shall be made in accordance with Brazilian GAAP and US GAAP. 

Section 7.2 INSPECTION. The Company shall, upon reasonable prior
notice, permit authorized representatives of (i) each Investor; (ii) the TRIP Shareholders; (iii) Calfinco; and (iv) HNA to visit and inspect any of the properties of the Company including its books of account (and to make copies
thereof and take extracts therefrom), and to discuss the affairs, finances and accounts of the Company with its officers, administrative employees and independent auditors, all as often as may be reasonably requested but only during normal business
hours and without interfering with the performance of the Company’s regular activities. 

Section 7.3 ANNUAL BUSINESS PLAN.
The officers of the Company shall prepare annually (prior to the commencement of each fiscal year of the Company) a written business plan for the Company, which business plan shall include as attachments line-item operating and capital expenditure
budgets for the coming fiscal year, and target ranges for compensation of executive officers. Such business plan shall be submitted to the Board for approval at least thirty 30 days prior to the commencement of such fiscal year. 

Section 7.4 D&O INSURANCE. The Company shall purchase, within
a reasonable period following the execution of this Agreement, and maintain for such periods as the Board shall in good faith determine (provided, that, such insurance must be maintained at least for so long as any director designated pursuant to
Section 6.1(a)(ii) or 6.1(a)(iv) is a member of the Board), at its expense, insurance in an amount determined in good faith by the Board to be appropriate, on behalf of any person who is or was a director or officer of the Company, or is or was
serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including any direct or indirect subsidiary of the Company, against any expense, liability
or loss asserted against such Person and incurred by such Person in any such capacity, or arising out of such Person’s status as such, subject to customary exclusions. 

Section 7.5 KEY PERSON INSURANCE.
The Company shall purchase, within a reasonable period following the execution of this Agreement, a key person life insurance policy on David Neeleman in the amount of US$5,000,000 and will use commercially reasonable efforts to cause such insurance
policy to be maintained until such time as the Board, including the directors designated by the holders of Investor Preferred Shares, determines that such insurance should be discontinued. The key person policy shall name the Company as loss payee,
and the policy shall not be cancelable by the Company without prior approval of the Board, including the directors designated by the holders of Investor Preferred Shares. 

Section 7.6 PURPOSE OF SUBSIDIARIES.
The Company shall, within a reasonable period following its acquisition or formation of any additional Subsidiaries, cause the by-laws (or other organizational document with a different name) of both of such Subsidiaries to include a limitation in
their by-laws (or other organizational document with a different name) on their authority to conduct business that is no broader than the “corporate purpose” contained in Article IV of the By-laws. 

 

  
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 ARTICLE VIII 

RECLASSIFICATION; LEGENDS 
 
Section 8.1 RECLASSIFICATION. In the event that any Equity Securities should, as a result of a stock split or stock dividend or combination of shares or any other change or exchange for other securities
by reclassification, reorganization, redesignation, merger, consolidation, recapitalization, split-up, spinoff, partial or complete liquidation, sale of assets, distribution to shareholders, combination of shares or otherwise, be increased or
decreased or changed into or exchanged for a different number or kind of shares of capital stock or other securities of the Company or of another corporation or other entity: (a) the number of Equity Securities held by the Shareholders shall be
appropriately and proportionately adjusted to reflect such action and the terms and provisions of this Agreement shall apply to all of the capital stock of any class of the Company now owned or that may be issued hereafter to the Shareholders in
consequence of any event; and (b) each reference in this Agreement to a specific number of Equity Securities or an amount per Equity Security in United States Dollars (or some other currency) shall be appropriately and proportionately adjusted
to reflect such action. 
 Section 8.2 LEGENDS. So long as any
Equity Securities are subject to the provisions of this Agreement, the records in the Share Register and any certificates representing any such Equity Securities shall bear legends in substantially the following form: 

THESE SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD,
TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (i) AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR (ii) AN APPLICABLE EXEMPTION TO THE REGISTRATION REQUIREMENTS OF
SUCH ACT AND SUCH LAWS. ANY TRANSFER PURSUANT TO CLAUSE (ii) OF THE PRECEDING SENTENCE SHALL BE ACCOMPANIED BY AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER TO THE EFFECT THAT SUCH EXEMPTION FROM REGISTRATION IS AVAILABLE IN
CONNECTION WITH SUCH TRANSFER. 
 THESE SHARES ARE SUBJECT TO THE TERMS OF THE FIFTH AMENDED AND RESTATED SHAREHOLDERS AGREEMENT, DATED AS
OF AUGUST 3, 2016, AND AS AMENDED, MODIFIED OR SUPPLEMENTED FROM TIME TO TIME, AMONG THE ISSUER HEREOF AND CERTAIN OTHER PERSONS, A TRUE AND CORRECT COPY OF WHICH, AS IT MAY BE IN EFFECT FROM TIME TO TIME, IS ON FILE AT THE ISSUER’S
HEADQUARTERS. UPON WRITTEN REQUEST TO THE ISSUER, A COPY THEREOF WILL BE MAILED OR OTHERWISE PROVIDED WITHOUT CHARGE. 
 
Section 8.3 REGISTERED SHARES REGISTRATION BOOK. This Agreement, as amended from time to time, shall be filed, under the terms and for the purposes of article
118 of the Corporation Law, at the headquarters of the Company, and any restrictions on the transfer of Equity Securities and on the voting rights relating thereto shall be recorded in the Share Register and in the share certificates representing
the Equity Securities, if issued. 

  
 29 

 ARTICLE IX 

DURATION; TERMINATION 
 The
provisions of this Agreement shall terminate upon the first to occur of: (a) a Liquidation; (b) the approval of such termination by (i) the Company and (ii) the Requisite Holders, the holders of a majority of the outstanding
Founder Preferred Shares and the holders of a majority of the Common Shares; (c) the consummation of a Sale of the Company; (d) the consummation of a Qualified IPO; and (e) March 10, 2028; provided, however, that in
the event of a termination of this Agreement pursuant to this clause (e) (but not pursuant to any other provision of this Article IX), the terms and provisions of Section 4.1 (Distributions on Liquidation) shall remain in full force
and effect. 
 ARTICLE X 

EFFECTIVENESS 
 
Section 10.1 EFFECTIVENESS. This Agreement shall only be effective upon the issuance to HNA of HNA Preferred Shares pursuant to the HNA Investment Agreement. At all times prior to the consummation of
such issuance thereunder, the Fourth Amended and Restated Shareholders Agreement, as it may be amended from time to time, shall be in full force and effect. 

ARTICLE XI 

MISCELLANEOUS 
 
Section 11.1 NOTICES. All notices or other communications required or permitted hereunder shall be given in writing and given by certified or registered mail, return receipt requested, nationally
recognized overnight delivery service, such as Federal Express, facsimile or e-mail (or like transmission) with confirmation of transmission by the transmitting equipment or personal delivery against receipt to the party to whom it is given, in each
case, at such party’s address, facsimile number or e-mail address set forth below or such other address, facsimile number or e-mail address as such party may hereafter specify by notice to the other parties hereto given in accordance herewith.
Any such notice or other communication shall be deemed to have been given as of the date so personally delivered or transmitted by facsimile (or, if delivered or transmitted after normal business hours, on the next Business Day) or e-mail or like
transmission, on the next Business Day when sent by overnight delivery services or five days after the date so mailed if by certified or registered mail: 

If to the Company, to: 
 Azul
S.A. 
 Av. Marcos Penteado de Ulhoa Rodrigues, 939, 

9th floor, Ed. Jatobá, 

Barueri 06460-040 SP 
 Brazil 

Fax No.: (55 11) 4134-9890 

E-mail Address: renato.covelo@voeazul.com.br 

Attention: Renato Covelo 
 If to
an Investor, to its address on a signature page hereto. 

  
 30 

 If to Calfinco, to: 

CALFINCO Inc. 
 233 S. Wacker Dr.

 Chicago, Illinois 60606, United States 

Fax No.: +1 (872) 825-3321 

E-mail Address: gerry.laderman@united.com 

Attention: Gerald Laderman 
 with
a copy to (which shall not constitute notice): 
 CALFINCO Inc. 

233 S. Wacker Dr. 
 Chicago,
Illinois 60606, United States 
 Fax No.: +1 (872) 825-0309 

E-mail Address: thomas.bolling@united.com 

Attention: Thomas N. Bolling 
 If
to HNA, to: 
 Hainan Airlines Co., Ltd. 

HNA Plaza, No. 7 Guoxing Road 

Haikou City, Hainan Province China 

Attn: Zhao Ke 
 Facsimile: +86 898
68875300 
 E-mail: ke-zhao3@hnair.com 

Section 11.2 ASSIGNMENT. This Agreement and all of the provisions
hereof shall be binding upon and inure to the benefit of the parties hereto and their respective heirs (in the case of any individual), successors and permitted assigns; provided, however, that no Shareholder may assign this Agreement or any of its
rights, interests or obligations hereunder, except as expressly permitted herein and that David Neeleman may assign his right to elect directors pursuant to Section 6.1(a)(v). Any purported assignment or delegation in violation of this
Agreement shall be null and void ab initio. 
 Section 11.3 ENTIRE
AGREEMENT. This Agreement, the other Transaction Documents and the HNA Investment Agreement (including the Schedules and Exhibits hereto and thereto) embodies the entire agreement and understandings of the parties
and their respective Affiliates with respect to the transactions contemplated hereby and merges in, supersedes and cancels all prior written or oral commitments, arrangements or understandings with respect thereto, including the Commitment Letter
dated November 12, 2015 (including the Annexes thereto). There are no restrictions, agreements, promises, warranties, covenants or undertakings with respect to the transactions contemplated hereby other than those expressly set forth in this
Agreement, the other Transaction Documents and the HNA Investment Agreement. 
  

  
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 Section 11.4 MODIFICATIONS,
AMENDMENTS AND WAIVERS. This Agreement may not be modified or amended except by an instrument or instruments in writing that expressly states that it is modifying or amending this
Agreement and that is signed by the Company, the Requisite Holders, the holders of a majority of the then outstanding Founder Preferred Shares and the holders of a majority of the then outstanding Common Shares; provided, however, that
any such modification or amendment shall not be effective against a holder of Investor Preferred Shares, the Calfinco Preferred Shares, the HNA Preferred Shares, Founder Preferred Shares or Common Shares (as the case may be) without such
holder’s prior written consent with respect to any modification or amendment to this Agreement that would have the effect of treating such holder disproportionately adverse in relation to other holders of Preferred Shares or Common Shares (as
the case may be). Any party hereto may (or the Requisite Holders, the holders of a majority of the then-outstanding Founder Preferred Shares and the holders of a majority of the then-outstanding Common Shares on behalf of any Shareholder may), only
by an instrument in writing that expressly states that it is waiving compliance with this Agreement, waive compliance by any other party or parties hereto with any term or provision hereof on the part of such other party or parties hereto to be
performed or complied with. No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor will any single or partial exercise of any right or power, or any abandonment or discontinuance of steps
to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The waiver by any party hereto of a breach of any term or provision hereof shall not be construed as a waiver of any
subsequent breach. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder. 

Section 11.5 COUNTERPARTS. This Agreement may be executed in one
or more counterparts, all of which shall be considered one and the same agreement and each of which shall be deemed an original, and will become effective when one or more counterparts have been signed by a party and delivered to the other parties.
Copies of executed counterparts transmitted by telecopy, telefax or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 11.5, provided that receipt of copies of such counterparts
is confirmed. This Agreement shall be effective when signed by the Persons required to effect an amendment to the Fourth Amended and Restated Shareholders Agreement pursuant to Section 11.4 thereof. 

Section 11.6 GOVERNING LAW. THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF BRAZIL WITHOUT REGARD TO ITS CONFLICT OF LAWS PRINCIPLES THAT WOULD DEFER TO THE LAW OF ANOTHER JURISDICTION. 

Section 11.7 ARBITRATION. 

(a) Except as set forth in Section 11.7(l) and (m), each Shareholder and the Company agree that all disputes between or among any of them
or any of their respective Affiliates arising out of or in connection with this Agreement, or any further agreements resulting herefrom, will be finally resolved exclusively by arbitration under the Rules of Arbitration of the International Chamber
of Commerce (“ICC Rules”) as in effect on the date of commencement of the arbitration by the provisions herein. All disputes concerning or relating to arbitrability of a dispute under this Agreement or the jurisdiction of the
arbitrators shall be resolved in the first instance by the arbitrators. 

  
 32 

 (b) The arbitration shall be conducted by a panel of three arbitrators (the
“Tribunal”). Each party to the arbitration shall select a single arbitrator (each, a “Party-Appointed Arbitrator”). The claimant will select its Party-Appointed Arbitrator in its request for arbitration and the
respondent will select its Party-Appointed Arbitrator in its answer. The Party-Appointed Arbitrators will attempt to agree on a chairman. If, within 30 days after the confirmation of the last Party-Appointed Arbitrator, they have not agreed on a
chairman, then the chairman will be appointed by the International Court of Arbitration of the International Chamber of Commerce. If any party to the arbitration shall fail to select its Party-Appointed Arbitrator as provided above, the
International Court of Arbitration of the International Chamber of Commerce will appoint such Party-Appointed Arbitrator. All three arbitrators will be neutral and independent of the parties to the Arbitration and their respective Affiliates. There
shall be no ex parte communications with the arbitrators after the first organizational meeting. 
 (c) In the event a dispute
involves more than two parties, the parties shall attempt to align themselves into two sides (i.e., claimant and respondent), and each side shall appoint one of the Party-Appointed Arbitrators as if there were only two parties to the dispute.
If such alignment and appointment shall not have taken place within 30 days after submission of the answer, the International Chamber of Commerce shall appoint all three arbitrators. 

(d) Prior to commencing arbitration, a party shall deliver notice of the applicable dispute to the other parties and the parties shall meet
and discuss possible resolution of such dispute. Within 30 days of delivery of notice of a dispute, representatives of the parties to the arbitration shall meet and attempt to negotiate a resolution. Any dispute remaining after notice and the
expiration of such 30-day period will be finally resolved in the manner set forth in Section 11.7(a). 
 (e) The confidentiality of all
proceedings shall be strictly maintained, as shall the confidentiality of any documents, deposition testimony or other information exchanged in connection with the arbitral proceedings (except if disclosure of such proceedings and information may be
required by application laws, rules or regulations, including, but not limited to, in any judicial proceeding brought to enforce these arbitration provisions or any award rendered hereunder). 

(f) The arbitrators are authorized to consolidate multiple disputes between the parties to this Agreement where efficient and appropriate.

 (g) The arbitral proceedings and all documents delivered to or by the arbitrators shall be conducted in English. 

(h) The place of arbitration shall be New York, New York. 

(i) The Tribunal shall render findings of fact and conclusions of law and a written award setting forth the basis and reasons for any decision
rendered. The decision of the Tribunal will be final and may not be appealed. 
 (j) The costs and expenses of the arbitration shall be
borne equally by the parties to the arbitration. In addition, the parties hereby acknowledge and confirm that each party shall bear all of its own costs in connection with all disputes arising in connection with this Agreement and the transactions
contemplated hereby and all further agreements resulting herefrom, and which are being settled by the International Chamber of Commerce, in its entirety, irrespective of the outcome of the arbitral proceedings. 

(k) The Tribunal will not act as amiables compositeurs or ex aequo et bono. 

(l) No party to this Agreement shall be precluded from applying for specific performance or injunctive relief (including, without limitation,
a temporary restraining order) hereunder before any court or court of competent jurisdiction instead of the arbitration provisions of this Section 11.7. 

(m) Judgment on the arbitral award may be entered by any court or courts of competent jurisdiction including, but not limited to, any court
that has jurisdiction over any of the parties or any of their assets. 
  

  
 33 

 (n) To the extent it has or hereafter may acquire any immunity from jurisdiction of any court or
from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself, or its property, the Company and each Shareholder, on behalf of itself and its
Affiliates, hereby irrevocably waives such immunity in respect of its obligations with respect to this Agreement. 
 (o) No party to this
Agreement is permitted to bring an arbitration on a class action basis. 
 Section 11.8
SEVERABILITY. To the fullest extent that they may effectively do so under applicable law, the parties hereto hereby waive any provision of law which renders any provision of this Agreement invalid, illegal or
unenforceable in any respect. Such parties further agree that any provision of this Agreement which, notwithstanding the preceding sentence, is rendered or held invalid, illegal or unenforceable in any respect in any jurisdiction shall be
ineffective, but such ineffectiveness shall be limited as follows: (a) if such provision is rendered or held invalid, illegal or unenforceable in such jurisdiction only as to a particular Person or Persons or under any particular circumstance
or circumstances, such provision shall be ineffective, but only in such jurisdiction and only with respect to such particular Person or Persons or under such particular circumstance or circumstances, as the case may be; (b) without limitation
of clause (a), such provision shall in any event be ineffective only as to such jurisdiction and only to the extent of such invalidity, illegality or unenforceability, and such invalidity, illegality or unenforceability in such jurisdiction
shall not render invalid, illegal or unenforceable such provision in any other jurisdiction; and (c) without limitation of clause (a) or (b), such ineffectiveness shall not render invalid, illegal or unenforceable this Agreement or any of
the remaining provisions hereof. 
 Section 11.9 NO
PRESUMPTION. With regard to each and every term and condition of this Agreement, the parties hereto understand and agree that the same have or has been mutually negotiated, prepared and drafted, and if at any time
the parties hereto desire or are required to interpret or construe any such term or condition or any agreement or instrument subject hereto, no consideration shall be given to the issue of which party hereto actually prepared, drafted or requested
any term or condition of this Agreement or any agreement or instrument subject hereto. 

Section 11.10 NO THIRD PARTY
BENEFICIARY. This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other
Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 
Section 11.11 NON-RECOURSE. No past, present or future director, officer, employee, incorporator, member, partner, stockholder, Affiliate, agent, attorney, consultant, representative or
principal of the Company or any Affiliate of the Company shall have any liability for any liabilities of Company under this Agreement or for any claim based on, in respect of, or by reason of, the transactions contemplated hereby or thereby. 

Section 11.12 SPECIFIC PERFORMANCE. Each of the
parties hereto acknowledges that the others would not have an adequate remedy at law for money damages in the event that any of the covenants or agreements set forth in this Agreement were not performed in accordance with its terms and therefore,
each of the parties agrees that the others shall be entitled to specific performance and injunctive relief (including, without limitation, a temporary restraining order) in accordance with Section 11.7(l) and other equitable relief that may be
awarded by the Tribunal in addition to any other remedy to which it may be entitled hereunder (without the necessity of proving the inadequacy as a remedy of money damages or the posting of a bond). 

  
 34 

 Section 11.13 BUSINESS
DAYS. If any date provided for in this Agreement shall fall on a day that is not a Business Day, the date provided for shall be deemed to refer to the next Business Day. 

Section 11.14 CURRENCY MATTERS. Except as otherwise
expressly provided herein, all BR$ amounts to be translated to US$ under this Agreement, and all US$ amounts to be translated to BR$ under this Agreement, as of any date, shall be translated at the PTAX Exchange Rate. 

Section 11.15 PORTUGUESE TRANSLATION. 

(a) This Agreement has been negotiated and executed in the English language. To prevent the possibility of having different and, eventually,
conflicting translations of this Agreement into Portuguese, the parties to this Agreement unconditionally and irrevocably agree that only one translation of this Agreement (the “Agreed Sworn Translation”) shall be prepared, exist
and be used by the parties for any purposes or in any situation in which the submission of a translation of this Agreement into Portuguese language is required under Brazilian law, including, without limitation, for the (i) filling of this
Agreement in the Company’s headquarters, (ii) presentation or filing, if required, of this Agreement with any Governmental Authority in Brazil, such as ANAC, CADE or any Brazilian court having jurisdiction, as provided pursuant to the
terms hereof. 
 (b) The parties to this Agreement hereby irrevocably agree that the Agreed Sworn Translation shall be prepared by
Mr. Manoel Reverendo Vidal Neto. Any of the parties to this Agreement shall have the right to, upon presentation of a manifest error, disagree with the contents of the Agreed Sworn Translation prepared by Mr. Manoel Reverendo Vidal Neto,
within five Business Days after receipt thereof. In this event, if the Agreed Sworn Translation is not corrected within five Business Days thereafter, any party to this Agreement shall have the right to request that a second, final and binding sworn
translation into Portuguese of this Agreement is prepared by Mr. Antônio Ernesto Pasqualin and that the translation prepared by Mr. Manoel Reverendo Vidal Neto is destroyed and disregarded for all purposes. The Portuguese sworn
translation prepared by Mr. Antônio Ernesto Pasqualin shall immediately, without the necessity of any act by any of the parties hereto, become the Agreed Sworn Translation and be final and binding upon the parties. 

(c) The absence of an objection by any of the parties to this Agreement with respect to the contents of Mr. Manoel Reverendo Vidal
Neto’s translation within such five Business Days shall be considered as an irrevocable approval thereof. 
 (d) The parties to this
Agreement further agree that until such date when the Agreed Sworn Translation is available, no other translation of this Agreement into Portuguese shall be used by the parties, for any reason; provided, however, that the provisions of
this Section 11.15 shall not prevent any party from obtaining another sworn translation to enforce any of its rights under this Agreement in the event of a default by any other party hereto. In such case, the parties shall substitute such
translation for the Agreed Sworn Translation as soon as it is available. 
 [The next page is the signature page] 

  
 35 

 The parties have executed and delivered this Shareholders Agreement as of the date first written
above. 
  

			
	AZUL S.A.
		
	By:	 	/s/    David Neeleman        
	Name:	 	David Neeleman
	Title:	 	Chief Executive Officer

  

			
	WP – NEW AIR, LLC
		
	By:	 	/s/    Michael P. Lazarus        
	Name:	 	Michael P. Lazarus
	Title:	 	Authorized Signatory
	  
 Address:

 
 c/o Weston Presidio

One Ferry Building, Suite 350
 San Francisco, CA 94111-4226

Fax No.: (415) 398-0770
 E-mail Address:

tmrozek@westonpresidio.com
 Attention: Therese
Mrozek

  

			
	AZUL HOLDCO LLC
		
	By:	 	/s/    Aryeh Davis        
	Name:	 	Aryeh Davis
	Title:	 	Authorized Signature
	  
 Address:

 
 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.:

E-mail Address: aryeh@pequotcap.com
 Attention: Aryeh
Davis

 [Shareholder Signature Page to Shareholders Agreement] 

  
 S-1 

 
			
	MARACATU, LLC
		
	By:	 	/s/    Peterson Partners, Inc.        
	Its:	 	Manager
		
	By:	 	/s/    Eric Noble        
	Name:	 	Eric Noble
	Title:	 	CFO & Authorized Signatory
	  
 Address:

 
 2825 East Cottonwood Parkway, Suite 400

Salt Lake City, UT 84121
 Fax No.: (801) 365-0181

E-mail Address:
 dan@petersonpartnerslp.com

Attention: Daniel Peterson

  

					
	GIF MERCURY LLC	 	
			
	By:	 	/s/    Marcos Pinto	 	/s/     Marcelo Hudik F. de Albuquerque
		 	  
	 	  

	Name:	 	Marcos Pinto	 	 Marcelo Hudik
 F. de
Albuquerque

	Title:	 	Manager	 	Manager
	  
 Address:

 
 Gif Gestão de Investimentos e Participações Ltda. Rua Dias Ferreira
190, 4 andar, Leblon
 22431-050, Rio de Janeiro, RJ, Brasil

E-mail: malbuquerque@gaveainvest.com.br Attention: Marcelo Albuquerque
  

with a copy to:
  

Gif Gestão de Investimentos e Participações Ltda. Rua Dias Ferreira 190, 4 andar, Leblon

22431-050, Rio de Janeiro, RJ, Brasil
 Attention: Luiz Henrique
Fraga

 [Shareholder Signature Page to Shareholders Agreement] 

  
 S-2 

 
					
	GIF II FUNDO DE INVESTIMENTO EM PARTICIPAÇÕES
			
	By:	 	/s/    Marcos Pinto	 	/s/     Marcelo Hudik F. de Albuquerque
		 	  
	 	  

	Name:	 	Marcos Pinto	 	 Marcelo Hudik
 F. de
Albuquerque

	Title:	 	Manager	 	Manager
	  
 Address:

 
 Gif Gestão de Investimentos e Participações Ltda. Rua Dias Ferreira
190, 4 andar, Leblon
 22431-050, Rio de Janeiro, RJ, Brasil

E-mail: malbuquerque@gaveainvest.com.br Attention: Marcelo Albuquerque
  

with a copy to:
  

Gif Gestão de Investimentos e Participações Ltda. Rua Dias Ferreira 190, 4 andar, Leblon

22431-050, Rio de Janeiro, RJ, Brasil
 Attention: Luiz Henrique
Fraga

  

			
	ZDBR LLC
		
	By:	 	/s/    Kevin Cannon        
	Name:	 	Kevin Cannon
	Title:	 	CFO of Manager
	  
 Address:

 
 c/o Zweig-DiMenna Associates, Inc.

900 Third Avenue, 31st Floor
 New York, NY 10022

Fax No.: (212) 451-1450
 E-mail Address:
KCannon@zweig-dimenna.com
 Attention: Kevin Cannon

 [Shareholder Signature Page to Shareholders Agreement] 

  
 S-3 

 
			
	KADON EMPREENDIMENTOS S.A.
		
	By:	 	/s/    Lucianne Nigri Finkelstain        
	Name:	 	Lucianne Nigri Finkelstain
	Title:	 	Director
		
	By:	 	/s/    Oswaldo Prado Sanches        
	Name:	 	Oswaldo Prado Sanches
	Title:	 	Director
	  
 Address:

 
 Rua Visconde de Ouro Preto n°5-11 andar

Botafogo – Rio de Janeiro, RJ Brasil
 CEP: 22250-180

Fax No.: (55) (21) 3237-9129
 E-mail Address:
eraldo@bozano.com.br
 lnigri@bozano.com.br

  

			
	Bozano Investments LLC
		
	By:	 	/s/    Lucianne Nigri Finkelstain        
	Name:	 	Lucianne Nigri Finkelstain
	Title:	 	Director
		
	By:	 	/s/    Oswaldo Prado Sanches        
	Name:	 	Oswaldo Prado Sanches
	Title:	 	Director
	  
 Address:

 
 Rua Visconde de Ouro Preto n°5-11 andar

Botafogo – Rio de Janeiro, RJ Brasil
 CEP: 22250-180

Fax No.: (55) (21) 3237-9129
 E-mail Address:
eraldo@bozano.com.br
 lnigri@bozano.com.br

 [Shareholder Signature Page to Shareholders Agreement] 

 

  
 S-4 

 
			
		
	By:	 	/s/    David Neeleman        
		 	David Neeleman
	  
 Address:

 
 Alameda Surubiju, n 2.010/2.050, parte,

Bloco A, Alphaville, Centro Industrial e
 Empresarial, Barueri,
SP
 Fax No.: (5511) 4134-9890
 Attention: David
Neeleman

  

			
		
	By:	 	/s/    John Peter Rodgerson        
		 	John Peter Rodgerson
	 Attorney in Fact
 GIANFRANCO
ZIONI BETING
  
 Address:

 
 Rua Eliseu Visconti

188 – Morumbi
 Fax No.: (5511) 3758-9076

Attention: Gianfranco Zioni Beting

  

			
		
	By:	 	/s/    Regis da Silva Brito        
		 	Regis da Silva Brito
	  
 Address:

 
 Rua Bento Gonçalves, 1902, apto 401,

CEP 95780 000, Montenegro-RS
 Attention: Regis Da Silva
Brito

 [Shareholder Signature Page to Shareholders Agreement] 

 

  
 S-5 

 
			
	SALEB II FOUNDER 1 LLC
		
	By:	 	/s/    John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager
	  
 Address:

 
 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (11) 4134-9890

Attention: David Neeleman

  

			
	SALEB II FOUNDER 2 LLC
		
	By:	 	/s/    Gerald Blake Lee        
	Name:	 	Gerald Blake Lee
	Title:	 	Member
	  
 Address:

 
 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (11) 4134-9890

Attention: Gerald B. Lee

 [Shareholder Signature Page to Shareholders Agreement] 

 

  
 S-6 

 
			
	SALEB II FOUNDER 3 LLC
		
	By:	 	/s/    John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager
	  
 Address:

 
 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (11) 4134-9890

Attention: Thomas Eugene Kelly

  

			
	SALEB II FOUNDER 4 LLC
		
	By:	 	/s/    John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager
	  
 Address:

 
 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (206) 361-7290

Attention: Tom Anderson

  

			
	SALEB II FOUNDER5 LLC
		
	By:	 	/s/    John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager
	  
 Address:

 
 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (718) 709-3600

Attention: Carol Elizabeth Archer

 [Shareholder Signature Page to Shareholders Agreement] 

  
 S-7 

 
			
	SALEB II FOUNDER 6 LLC
		
	By:	 	/s/     John Rodgerson         
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (801) 770-3090

Attention: Cindy England

  

			
	SALEB II FOUNDER 7 LLC
		
	By:	 	/s/    John Rodgerson         
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (301) 279-9728

Attention: Robert Land

  

			
	SALEB II FOUNDER 8 LLC
		
	By:	 	/s/     John Rodgerson         
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (44) 1428-685965

Attention: Robert Milton

 [Shareholder Signature Page to Shareholders Agreement] 

  
 S-8 

 
			
	SALEB II FOUNDER 9 LLC
		
	By:	 	/s/     John Rodgerson         
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (801) 363-4968

Attention: Mark Neeleman

  

			
	SALEB II FOUNDER 10 LLC
		
	By:	 	/s/    Marlon Ramirez         
	Name:	 	Marlon Ramirez
	Title:	 	Director

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (801) 990-3097

Attention: Marlon Ramirez

  

			
	SALEB II FOUNDER 11 LLC
		
	By:	 	/s/     John Rodgerson         
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (11) 4134-9890

Attention: John Rodgerson

 [Shareholder Signature Page to Shareholders Agreement] 

  
 S-9 

 
			
	SALEB II FOUNDER 12 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (203) 966-2740

Attention: Maximilian Urbahn

  

			
	SALEB II FOUNDER 13 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (801) 365-0181

Attention: Joel Peterson

  

			
	SALEB II FOUNDER 14 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (11) 4134-9890

Attention: Amir Nasruddin

 [Shareholder Signature Page to Shareholders Agreement] 

  
 S-10 

 
			
	SALEB II FOUNDER 15 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (11) 4134-9890

Attention: Jason Ward

  

			
	SALEB II FOUNDER 16 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (11) 4134-9890

Attention: John Daly

 [Shareholder Signature Page to Shareholders Agreement] 

  
 S-11 

 
			
	JJL BRAZIL, LLC
		
	By:	 	/s/    James J. Liautaudn        
	Name:	 	James J. Liautaud
	Title:	 	Manager
	  
 Address:

2212 Fox Drive
 Champaign, IL 61820

Fax No.: (217) 359-2956
 E-mail Address:

Attention: Nic Mueth

  

			
	MORRIS AZUL, LLC
		
	By:	 	/s/    June M. Morris        
	Name:	 	June M. Morris
	Title:	 	Manager
	  
 Address:

4277 Park Terrace Drive
 Salt Lake City, UT 84124

Fax No.: (801) 273-7734
 E-mail Address:

Attention: June M. Morris

                G. Mitchell Morris

  

	
	
	
	/s/     Miguel Dau        
	MIGUEL DAU

  

			
	Address:
	
	 Rua Barão de Ipanema, 130/C01

Copacaba
 Rio de Janeiro / RJ. 22050-032

Brasil
 Att. Miguel Dau

 [Shareholder Signature Page to Shareholders Agreement] 

  
 S-12 

 
	
	
	
	 /s/     John Rodgerson        

John Rodgerson
 Attorney in fact

	João Carlos Fernandes

  

			
	Address:
	
	 Alameda Rosas, 231

Norada das Flores
 Aldeia da Serra, Santana do Parnaiba

São Paulo
 Fax No.:

Attention: João Carlos Fernandes

  

			
	STAR SABIA LLC
		
	By:	 	/s/     Clive Bode        
	Name:	 	Clive Bode
	Title:	 	Vice President

  

			
	Address:
	
	 c/o TPG Capital, L.P.

301 Commerce Street, Suite 3300
 Fort Worth, TX 76102

Fax No.: (817) 871-4001
 Attention: General
Counsel

  

	
	
	
	/s/     Carolyn Trabuco        
	Carolyn Trabuco

  

			
	Address:
	
	 500 Nyala Farm Road, Westport,

Connecticut 06824
 Fax No.:

Attention: John Rodgerson

 [Shareholder Signature Page to Shareholders Agreement] 

  
 S-13 

 
	
	
	
	/s/     Sergio Eraldo Sales Pinto        
	Sergio Eraldo Sales Pinto

  

			
	Address:
	
	 Rua Visconde de Ouro Preto n°5-11 andar

Botafogo—Rio de Janeiro, RJ Brasil
 CEP: 22250-180

Fax No.: (55) (21) 3237-9129
 E-mail Address:
eraldo@bozano.com.br

  

									
	TRIP PARTICIPAÇÕES S.A.
					
	By:	 	/s/    Renan Chieppe        	 		 	By:	 	/s/    Decio Luiz Chieppe        
	Name:	 	Renan Chieppe	 		 	Name:	 	Decio Luiz Chieppe
	Title:	 	Director	 		 	Title:	 	Director
	  
 Address:  Rodovia BR 262, Km 05, Campo Grande, CEP
29.145-901
                 Cidade de Cariacica, Estado do Espírito
Santo, Brasil
                 E-mail Address:
RicardoV@aguiabranca.com.br

  

									
	TRIP INVESTIMENTOS LTDA.
					
	By:	 	/s/    Renan Chieppe        	 		 	By:	 	/s/    José Mario Caprioli dos Santos        
	Name:	 	Renan Chieppe	 		 	Name:	 	José Mario Caprioli dos Santos
	Title:	 	Director	 		 	Title:	 	Director
	  
 Address:  Avenida Cambacicas, no. 1200,
Parque Imperador,
                 Condomínio Flex Buildings,
Módulo 2, CEP 13097-104
                 Campinas, São Paulo,
Brasil
                 E-mail Address:
RicardoV@aguiabranca.com.br

  

									
	RIO NOVO LOCAÇÕES LTDA.
					
	By:	 	/s/    Decio Luiz Chieppe         	 		 	By:	 	/s/    Luiz Wagner Chieppe        
	Name:	 	Decio Luiz Chieppe	 		 	Name:	 	Luiz Wagner Chieppe
	Title:	 	Director	 		 	Title:	 	Director
	  
 Address:  Rodovia BR 262, Km 6,3, Sala 208, CEP
29.157-405
                 Cidade de Cariacica, Estado do Espírito
Santo, Brasil
                 E-mail Address:
RicardoV@aguiabranca.com.br

 [Shareholder Signature Page to Shareholders Agreement] 

 

  
 S-14 

 
			
	CALFINCO Inc.
		
	By:	 	/s/     Gerald Laderman        
	Name:	 	Gerald Laderman
	Title:	 	Treasurer

  

			
	HAINAN AIRLINES CO., LTD.
		
	By:	 	/s/     Xin Di        
	Name:	 	Xin Di
	Title:	 	Chairman

 [Shareholder Signature Page to Shareholders Agreement] 

  
 S-15 

 EXHIBIT A 

FORM OF JOINDER AGREEMENT 

Reference is made to the Fifth Amended and Restated Shareholders Agreement (the “Shareholders Agreement”) dated as of
[—]among Azul S.A., a Brazilian corporation (sociedade anônima) f/k/a Saleb II Participações S.A. (the “Company”), and the Company’s shareholders party thereto, as amended from time to time.
Capitalized terms used but not defined herein have the meanings assigned to them in the Shareholders Agreement. 
 1. The undersigned hereby
agrees to become a party to, and be bound by, the Shareholders Agreement as a[n] “[ [Minority] Shareholder.” 
 2. The undersigned
represents and warrants as follows: 
 2.1 ORGANIZATION. If the undersigned is an entity, the
undersigned is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization and has all requisite limited liability company (or other) power and authority, and has all Permits (as
defined in the Subscription Agreement) required, to own, lease and operate its assets and properties and to carry on its business as presently conducted and as presently proposed to be conducted. 

2.2 AUTHORIZATION, EXECUTION, ENFORCEABILITY AND NO
CONFLICTS. If the undersigned is an entity, the undersigned has all requisite limited liability company (or other) power and authority to execute, deliver and perform its obligations under the this Joinder and the
Shareholders Agreement and to consummate the transactions contemplated hereby and thereby. If the undersigned is an individual, the undersigned has all requisite capacity to execute, deliver and perform its obligations under this Joinder and the
Shareholders Agreement and to consummate the transactions contemplated hereby and thereby. The execution and delivery by the undersigned of this Joinder, and the performance by the undersigned of its obligations under this Joinder and the
Shareholders Agreement, have been duly and validly authorized by all requisite action on the part of the undersigned and its member(s). This Joinder has been duly executed and delivered by the undersigned. This Joinder and the Shareholders Agreement
constitute a valid and binding obligation of such Investor enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws relating to or affecting the rights and remedies of creditors generally and to general principles of equity (regardless of whether in equity or at law). 

2.3 NON-CONTRAVENTION. The execution and delivery by the undersigned of this Joinder, the
performance by the undersigned of his or its obligations hereunder and under the Shareholders Agreement and the consummation by the undersigned of the transactions contemplated hereby and thereby do not and will not: (a) if the undersigned is
an entity, violate any provision of the certificate of formation or limited liability company agreement (or comparable organizational documents with different names) of the undersigned; (b) require on the part of the undersigned any notice,
registration or filing with, or any Permit, or other authorization of, or any exemption by, any Governmental Authority (as defined in the Subscription Agreement); (c) in any material respect, result in a violation or breach of, constitute a
default under, result in the acceleration of, give rise to any right to accelerate, terminate, modify or cancel, or require any notice, consent, authorization, approval or waiver under, or result in any other adverse consequence under, any contract
to which the undersigned is a party or by which the undersigned or any of his, her or its assets or properties is bound; (d) violate or breach the terms of or cause any default under any law applicable to the undersigned or any of his, her or
its properties or assets; or (e) with the passage of time, the giving of notice or both, have any of the effects described in clauses (a) through (d) of this Section 2.3. 

 

  
 A-1 

 2.4 INVESTMENT REPRESENTATIONS. 

(a) The undersigned is acquiring the Equity Securities for its own account, for investment and not with a view to the distribution thereof in
violation of the Securities Act or other applicable securities laws. 
 (b) The undersigned understands that (i) such Equity Securities
have not been, and will not (except to the extent contemplated by the Registration Rights Agreement) be, registered under the Securities Act or applicable state securities laws by reason of their issuance by the Company in a transaction exempt from
the registration requirements of the Securities Act and applicable state securities laws and (ii) such Equity Securities must be held by the undersigned indefinitely unless a subsequent disposition thereof is registered under the Securities Act
and other applicable securities laws or is exempt from registration. 
 (c) The undersigned further understands that the exemption from
registration afforded by Rule 144 (the provisions of which are known to the undersigned) promulgated under the Securities Act depends on the satisfaction of various conditions, and that, if applicable, Rule 144 may only afford the basis
for sales of securities only in limited amounts. 
 (d) The undersigned is an “accredited investor” (as defined in
Rule 501(a) of Regulation D promulgated under the Securities Act). The Company has made available to the undersigned or his, her or its representatives all agreements, documents, records and books that the undersigned has requested
relating to an investment in the Company. The undersigned has had an opportunity to ask questions of, and receive answers from, a person or persons acting on behalf of the Company, concerning the terms and conditions of this investment, and answers
have been provided to all of such questions to the full satisfaction of the undersigned. The undersigned has such knowledge and experience in financial and business matters that he, she or it is capable of evaluating the risks and merits of this
investment and is capable of losing his, her or its entire investment. 
  

			
	[TRANSFEREE]
		
	By:	 	 
	Name:	 	
	[Title:]	 	

  
 A-2 

 EXHIBIT B 

FORM OF SPOUSAL CONSENT 

Reference is made to the Fifth Amended and Restated Shareholders Agreement (the “Shareholders Agreement”) dated as of
[—], 2015 among Azul S.A., a Brazilian corporation (sociedade anônima) f/k/a Saleb II Participações S.A. (the “Company”), and each of the Company’s shareholders party thereto, as amended from
time to time. Capitalized terms used but not defined herein have the meanings assigned to them in the Shareholders Agreement. 
 The undersigned hereby
agrees as follows: 
 1. I have read and hereby consent to and approve the Shareholders Agreement and the transactions contemplated thereby.

 2. I agree to be bound by the provisions of the Shareholders Agreement insofar as I may have any rights thereunder or any rights in and
to any of the Equity Securities including in each case rights under the community property or similar laws relating to marital property in effect in the state or other jurisdiction of my residence as of the date hereof. 

Dated: 
  

			
		
		 	 
		 	Name:

  
 B-1

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