Document:

EX-4.8

 Exhibit 4.8 

JUCESP PROTOCOL 
 0.841.901/18-1 
 PRIVATE INSTRUMENT OF INDENTURE OF THE NINTH (9th) ISSUE OF SIMPLE, NON-CONVERTIBLE, UNSECURED DEBENTURES, IN UP TO THREE SERIES, FOR PUBLIC DISTRIBUTION WITH RESTRICTED DISTRIBUTION EFFORTS, OF NATURA COSMÉTICOS S.A. 

By this private instrument, on one part, 

(a)    NATURA COSMÉTICOS S.A., a joint-stock company, registered as a publicly-held company before the Brazilian
Securities Commission (“CVM”), with its principal place of business in the city of São Paulo, State of São Paulo, at Avenida Alexandre Colares, n°. 1188, Vila Jaguara, CEP
05106-000, enrolled in the National Register of Legal Entities (“CNPJ/MF”) under No. 71.673.990/0001-77, herein represented pursuant to its bylaws
(“Issuer”); 
 and, on the other part 

(b)     PENTÁGONO S.A. DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS, a financial institution
authorized to operate by the Central Bank of Brazil, organized as a joint-stock company, with its principal place of business in the city of Rio de Janeiro, State of Rio de Janeiro, at Avenida das Américas, no. 4200, Bloco 08, Ala B,
Salas 302, 303, e 304, Barra da Tijuca, CEP 22640-102, enrolled in the CNPJ/MF under No. 17.343.682/0001-38, as representative of the debenture holders contemplated
by this issue (“Debenture Holders”), herein represented by its legal representative duly authorized and identified on the respective signature page of this instrument (“Trustee”); 

Issuer and Trustee are jointly referred to as “Parties” and, individually, as “Party”. 

The Parties hereby and pursuant to the law enter into this Private Instrument of Indenture of the Ninth (9th) Issue of Simple,
Non-Convertible, Unsecured Debentures, in up to Three Series, for Public Distribution with Restricted Distribution Efforts, of Natura Cosméticos S.A. (The “Issue Indenture” and the
“Debentures”, respectively), under the following clauses and conditions: 
 CLAUSE I    DEFINITIONS 

1.1.    Without prejudice to the other terms defined in this Issue Indenture, the following terms shall be used in this Issue Indenture, be
they in the singular or plural form, with the meaning set forth in this Clause I, as follows: 
 1.1.1.    “Credit Rating
Agency”: has the meaning established in item 5.15.1; 
 1.1.2.    “Trustee”: has the meaning
established in item (b) of the preamble; 
 1.1.3.    “Hedge Adjustments”: has the meaning established in
item 7.1(r) (ii); 
 1.1.4.    “ANBIMA”: has the meaning established in item 3.3.1; 

 1.1.5.    “General Debenture Holders Meeting”: has the meaning
established in item 10.1; 
 1.1.6.    “General First Series Debenture Holders Meeting”: has the meaning
established in item 5.2.6; 
 1.1.7.    “General Second Series Debenture Holders Meeting”: has the meaning
established in item 5.2.6; 
 1.1.8.    “General Third Series Debenture Holders Meeting”: has the meaning
established in item 5.2.6; 
 1.1.9.    “B3 - Cetip UTVM Segment”: has the meaning established in item 3.6.1;

 1.1.10.    “CETIP21” has the meaning established in item 3.6.1; 

1.1.11.    “Closing Communication”: has the meaning established in item 4.6.2; 

1.1.12.    “Start Communication”: has the meaning established in item 4.6.2; 

1.1.13.    “CNPJ/MF” has the meaning established in the Preamble; 

1.1.14.    “Placement Agreement”: has the meaning established in item 4.6.1; 

1.1.15.    “Relevant Subsidiaries” : has the meaning established in item 7.1.1; 

1.1.16.    “Bookrunners” : has the meaning established in item 4.6.1; 

1.1.17.    “CVM”: has the meaning established in item (a) of the preamble; 

1.1.18.    “Settlement Bank” : has the meaning established in item 4.8.1; 

1.1.19.    “Issue Date”: has the meaning established in item 5.1.1; 

1.1.20.    “Date of Payment of Compensatory Interest”: has the meaning established in item 5.4.1; 

1.1.21.    “Maturity Dates”: has the meaning established in item 5.1.5; 

1.1.22.    “First Series Maturity Date”: has the meaning established in item 5.1.5; 

1.1.23.    “Second Series Maturity Date”: has the meaning established in item 5.1.5; 

1.1.24.    “Third Series Maturity Date”: has the meaning established in item 5.1.5; 

1.1.25.    “Debentures” : has the meaning established in the preamble; 

1.1.26.    “First Series Debentures”: has the meaning established in item 4.4.1; 

  
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 1.1.27.    “Second Series Debentures”: has the meaning
established in item 4.4.1; 
 1.1.28.    “Third Series Debentures”: has the meaning established in item 4.4.1;

 1.1.29.    “Outstanding Debentures” : has the meaning established in item 10.3.2; 

1.1.30.    “Outstanding First Series Debentures”: has the meaning established in item 10.3.2; 

1.1.31.    “Outstanding Second Series Debentures”: has the meaning established in item 10.3.2; 

1.1.32.    “Outstanding Third Series Debentures”: has the meaning established in item 10.3.2; 

1.1.33.    “Debenture Holders”: has the meaning established in item (b) of the preamble; 

1.1.34.    “Business Day”: has the meaning established in item 5.2.10; 

1.1.35.     “Net Debt” has the meaning established in item 7.1(r) (ii); 

1.1.36.    “DOESP”: has the meaning established in item 3.4.1; 

1.1.37.    “EBITDA” : has the meaning established in item 7.1(r) (ii); 

1.1.38.    “Material Adverse Effect”: has the meaning established in item 7.1.1; 

1.1.39.    “Issue” has the meaning established in item 3.1; 

1.1.40.    “Issuer”: has the meaning established in item (a) of the preamble; 

1.1.41.    “Issue Indenture”: has the meaning established in the preamble; 

1.1.42.    “Bookkeeping Agent”: has the meaning established in item 4.8.1; 

1.1.43.    “Early Maturity Event”: has the meaning established in item 7.1; 

1.1.44.    “Financial Index”: has the meaning established in item 7.1(r); 

1.1.45.    “CVM Rule No. 358”: has the meaning established in item 8.1(a)(v); 

1.1.46.    “CVM Rule No. 476”: has the meaning established in item 3.1; 

1.1.47.    “CVM Rule No. 539”: has the meaning established in item 3.6.2; 

1.1.48.    “CVM Rule No. 583”: has the meaning established in item 9.4.1 (xiii); 

1.1.49.    “Professional Investors” : has the meaning established in item 4.6.4; 

1.1.50.    “JUCESP”: has the meaning established in item 3.4.1; 

  
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 1.1.51.    “Compensatory Interest”: has the meaning established
in item 5.2.2; 
 1.1.52.    “First Series Compensatory Interest”: has the meaning established in item 5.2.2.
(i); 
 1.1.53.    “Second Series Compensatory Interest”: has the meaning established in item 5.2.2. ii; 

1.1.54.    “Third Series Compensatory Interest”: has the meaning established in item 5.2.2. (iii); 

l.1.55.    “Leasing”: has the meaning established in item 7.1(r) (ii); 

1.1.56.    “Corporation Law”: has the meaning established in item 2.1; 

1.1.57.    “Anticorruption Laws”: has the meaning established in item 8.1 (dd); 

1.1.58.    “MDA”: has the meaning established in item 3.6.1; 

1.1.59.    “Restricted Offer”: has the meaning established in item 3.1; 

1.1.60.    “Parties” or “Party”: has the meaning established in the preamble; 

1.1.61.    “DI Rate Absence Period”: has the meaning established in item 5.2.6; 

1.1.62.    “Capitalization Period”: has the meaning established in item 5.2.4.4; 

1.1.63.    “Distribution Plan”: has the meaning established in item 4.6.3; 

1.1.64.    “First Date of Subscription and Full Payment”: has the meaning established in item 5.1.4; 

1.1.65.    “Bookbuilding Procedure”: has the meaning established in item 4.7.1; 

1.1.66.    “BoD Meeting”: has the meaning established in item 2.1; 

1.1.67.    “DI Rate”: has the meaning established in item 5.2.12; 

1.1.68.    “Replacement Rate”: has the meaning established in item 5.2.6; 

1.1.69.    “Total Issue Amount”: has the meaning established in item 4.3.1; and 

1.1.70.    “Unit Par Value”: has the meaning established in item 5.1.6. 

CLAUSE II    AUTHORIZATION 

2.1.    This Issue Indenture is executed based on the resolution of Issuer’s Board of Directors Meeting, held on August 27, 2018,
under article 59, paragraph one, of Law 

  
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No. 6,404, of December 15, 1976, as amended (the “BoD Meeting” and the “Corporation Law”, respectively). 

CLAUSE III     REQUIREMENTS 

3.1.    The ninth (9th) issue of simple,
non-convertible, unsecured debentures, in up to three series by Issuer (“Issue”), for public distribution with restricted distribution efforts, under CVM Rule No. 476, of January 16,
2009 (“Restricted Offer” and “CVM Rule No. 476”, respectively), shall occur in observance of the following requirements: 

3.2    Waiver of CVM Registration 

3.2.1.    The Restricted Offer shall be made under CVM Rule No. 476, thus, with the automatic waiver of the public distribution
registration before the CVM, as dealt on article 19 of Law No. 6,385, of December 7, 1976, as amended. 

3.3    Registration with ANBIMA - Brazilian Association of Entities of the Financial and Capital Markets 

3.3.1.    Due to being a public distribution with restricted efforts, the Restricted Offer may be filed with ANBIMA - Brazilian
Association of Entities of the Financial and Capital Markets (“ANBIMA”), under article 1, paragraph 2 of the “ANBIMA Code of Regulation and Best Practices for Public Offers for the Distribution and Acquisition of
Securities”, currently in force, exclusively for purposes of sending information to ANBIMA’s database, with such registration being conditioned to the issuance, until the date of the Closing Communication by the lead bookrunner of the
Restricted Offer to CVM, of specific guidelines in such sense by the ANBIMA Board of Regulation and Best Practices, under article 9, paragraph 1 of said code. 

3.4    Filing and Publication of the BoD Meeting’s Minutes 

3.4.1.    The minutes of the BoD Meeting which resolved upon the issue shall be filed with the Commercial Registry of the State of
São Paulo (“JUCESP”) and published (i) in the Official Gazette of the State of São Paulo (“DOESP”); and (ii) in newspaper “Valor Econômico”, under article 62, item I, of the
Corporation Law. 
 3.5    Filing of the Issue Indenture and any amendments 

3.5.1.    Issuer undertakes to provide Trustee with one (1) original counterpart of this Issue Indenture and any amendments,
duly filed with JUCESP, within five (5) Business Days, counted as of the date of such filing. 
 3.5.2.    Issuer undertakes
to request registration before JUCESP of this Issue Indenture and of all amendments to this Issue Indenture within the term of five (5) Business Days of the respective execution date. 

3.5.3.    Any amendment to this Issue Indenture shall be executed by Issuer and Trustee, and subsequently filed with JUCESP, under
item 3.5.1 above. 
 3.6.    Distribution, Trading and Electronic Custody 

  
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 3.6.1.     The Debentures shall be deposited for: (a) distribution in the
primary market by means of MDA - Asset Distribution Module (“MDA”), managed and operated by B3 S.A. - Brasil, Bolsa, Balcão – Segmento Cetip UTVM (“B3 - Cetip UTVM Segment”), with the distribution being
financially settled by B3 - Cetip UTVM Segment; and (b) trading, in observance of item 3.6.2 below, in the secondary market by means of CETIP21 - Títulos e Valores Mobiliários (“CETIP21”), managed and operated by
B3 - Cetip UTVM Segment, with the distribution and trades being financially settled and the Debentures being under the electronic custody of B3 - Cetip UTVM Segment. 

3.6.2.     Notwithstanding the provisions of item 3.6.1 above, the Debentures may only be traded in the regulated securities
markets among qualified investors, as set forth in article 9-B of CVM Rule No. 539, of November 13, 2013, as amended (CVM Rule No. 539), and after ninety (90) days from
the date of each subscription or acquisition by Professional Investors (as set forth below), as provided in articles 13 and 15 of CVM Rule No. 476 and once compliance by Issuer with its obligations set forth in article 17 of CVM Rule
No. 476 is verified, and the trading of Debentures shall always observe the applicable legal and regulatory provisions. Under article 13, item II, of CVM Rule No. 476, in case of exercise of firm guarantee, the ninety (90)-day restriction for negotiation of the Debentures in the regulated securities markets shall not be applicable between qualified investors. 

CLAUSE IV    CHARACTERISTICS OF THE ISSUE 

4.1    Issuer’s Corporate Purpose 

4.1.1.    The corporate object of Issuer on this date, according to article 3 of Issuer’s bylaws, is:
(i) exploitation of trade, export and import of beauty and hygiene products, toiletries, cosmetics, clothing, food, nutritional complements, medication, including phytotherapic and homeopathic, drugs, pharmaceutical input and house
cleaning products, both for human and animal use, and may, for such, perform all acts and carry out all operations related to said end; (ii) exploration of trade, export and import of electrical devices for personal use, jewelry, costume
jewelry, articles for the home, articles for babies and children, bedding, tableware and bathroom products, software, phone cards, books, editorial material, entertainment products, phonographic products, and may, for such, perform all acts and
carry out all operations related to said end; (iii) the provision of services of any kind, such as services connected to aesthetic treatments, market assistance, registration, planning and risk analysis; and (iv) the
organization, participation in and administration of, in any form, companies and businesses of any nature, as partner or shareholder. 

4.2.    Issue Number 

4.2.1.    This Issue Indenture represents the ninth (9th) issue of Issuer’s debentures. 

4.3.    Total Issue Amount 

4.3.1.    The total Issue amount shall be one billion reais (BRL 1,000,000,000.00), on the Issue Date (as defined below)
(“Total Issue Amount”). 

  
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 4.4.    Number of Series 

4.4.1.    The Issue shall be carried out in up to three series (“First Series Debentures”, “Second Series
Debentures” and “Third Series Debentures”, respectively), in the communicating vessels system, and the allocation of Debentures in each series shall be defined as per the Bookbuilding Procedure (as defined below), and
Issuer’s allocation interest, it being certain that in case of exercise of the firm guarantee, the provisions of Clause 4.6.1 shall be applicable. 

4.4.2.    There will be no minimum or maximum quantity of Debentures or minimum or maximum amount for allocation between the
series, in observance that any of the series may not be issued, in which case, the total Debentures shall be issued in the remaining series, as agreed at the end of the Bookbuilding Procedure. 

4.4.3.    Except for any express references to the First Series Debentures, Second Series Debentures and Third Series Debentures,
any references to “Debentures” shall be understood as references to the First Series Debentures, Second Series Debentures and Third Series Debentures, jointly. 

4.5.    Number of Debentures 

4.5.1.    One hundred thousand (100,000) Debentures shall be issued, and the quantity of Debentures to be issued in each series of
the Issue shall be defined in a system of communicating vessels, pursuant to the Debenture demand by the investors found after the Bookbuilding Procedure is concluded and to Issuer’s allocation interest, it being certain that in case of
exercise of firm guarantee, the provisions of Clause 4.6.1 shall be applicable. 
 4.6.    Placement and Distribution Procedure

 4.6.1.    The Debentures will be subject to a public distribution with restricted distribution efforts, as per CVM Rule
No. 476, under a firm guarantee regime for the distribution for the entirety of the Debentures, intermediated by the financial institutions that comprise the securities distribution system (“Bookrunners”). The firm guarantee
commitment is individual and not jointly between Bookrunners and will follow the terms and conditions to be defined in the “Coordination, Placement and Public Distribution Agreement with Restricted Placement Efforts for Simple, Non-Convertible, Unsecured Debentures, in up to Three Series, under the Firm Guarantee Regime for Placement, of the Ninth (9th) Issue of Natura Cosméticos S.A.” to be entered into with the Bookrunners
and Issuer (“Placement Agreement”). The exercise of firm guarantee shall occur in any of the series, at the exclusive discretion of the Bookrunners. 

4.6.2.    The start of the Restricted Offer shall be informed by its lead bookrunner to CVM, within five (5) Business Days at
the most, counted from the date of the first search for potential investors, under article 7-A of CVM Rule No. 476 (“Start Communication”). The end of the Restricted Offer shall be
informed by its lead bookrunner to CVM, by means of sending a Closing Communication (as defined below), within five (5) Business Days at the most, counted from the closing date of the Restricted Offer, under article 8, CVM Rule No. 476
(“Closing Communication”). 

  
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 4.6.3.    The distribution plan shall comply with the procedure described in CVM
Rule No. 476, as set forth in the Placement Agreement, with the Bookrunners, jointly, being able to contact seventy-five (75) Professional Investors at the most and the subscription or acquisition of Debentures being possible for fifty
(50) Professional Investors at the most, pursuant to article 3 of CVM Rule No. 476, it being certain that investment funds and managed securities’ portfolios which investment decisions are taken by the same manager shall be deemed a
single Investor for purposes of the limits above (“Distribution Plan”). 
 4.6.4.    “Professional
Investors” are those as defined in article 9-A of CVM Rule No. 539, in observance of CVM Rule No. 476 and this Issue Indenture, including, without limitation: (i) financial institutions
and other institutions authorized to operate by the Central Bank of Brazil; (ii) insurance companies and capitalization companies; (iii) publicly-held and privately-held supplementary pension entities; (iv) individuals or legal
entities with financial investments greater than ten million Reais (BRL 10,000,000.00) and that, additionally, confirm in writing their condition of professional investor; (v) investment funds; (vi) investment clubs, provided that they
have a portfolio managed by a securities portfolio manager authorized by CVM; (vii) independent investment agents, portfolio managers, securities analysts and consultants authorized by CVM with respect to their own resources; and (viii) non-resident investors. 
 4.6.5.    The Parties undertake to not search for
investors through stores, offices or establishments open to the public, or through the use of public communication services, such as the press, radio, television and Internet pages open to the public, pursuant to CVM Rule No. 476. 

4.6.6.    The Issue and the Restricted Offer may not be increased under any circumstance. 

4.6.7.    The distribution of Debentures shall be made under the MD A procedures, managed and operated by B3 - Cetip UTVM Segment,
and the Distribution Plan described in Clause IV. 
 4.6.8.    Upon subscribing and paying the Debentures, the Professional
Investors shall sign a statement confirming, among other subjects, (i) that they made their own analysis with respect to Issuer’s payment capacity; (ii) their Professional Investor condition, under Exhibit 9-A of CVM Rule No. 539; and (iii) their awareness, among other things, that: (a) the Restricted Offer was not registered before CVM, and it may be registered with ANBIMA only for database information
purposes, under item 3.3.1 above, provided that specific ANBIMA guidelines are issued until the Closing Communication date; and (b) the Debentures shall be subject to the trading restrictions set forth in the applicable regulations and this
Issue Indenture, and they shall also, by means of such statement, expressly agree to all terms and conditions herein. 

4.6.9.    Issuer undertakes to: (a) not contact or supply information regarding the Issue and/or the Restricted Offer to any
Professional Investor, except if previously agreed with the Bookrunners; and (b) inform the Bookrunners, by the immediately subsequent Business Day, of the occurrence of contact it may receive from potential Professional Investors that may
express their interest in the Restricted Offer, hereby undertaking to not take any measures in relation to said potential Professional Investors during such period. 

  
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 4.6.10.    No discount will be granted by the Bookrunners to the Professional
Investors interested in acquiring Debentures within the Restricted Offer, and there will be no early reserves or the establishment of maximum or minimum lots, regardless of chronological order. 

4.6.11.    No liquidity support fund will be constituted, much less will a liquidity guarantee agreement be executed for the
Debentures. Further, no price stabilization agreement will be executed for the price of Debentures in the secondary market. 

4.7.    Investment Intention Collection Procedure (Bookbuilding Procedure) 

4.7.1.    Pursuant to the Placement Agreement, an investment intention collection procedure shall be adopted, organized by the
Bookrunners, without receipt of reserves, without minimum or maximum lots, in observance of article 3 of CVM Rule No. 476, for verification, with the Professional Investors, of the Debentures demand, so as to define: (i) the number
of Debentures to be allocated in each series; and (ii) the Compensatory Interest (as defined below) of the respective series (“Bookbuilding Procedure”). 

4.7.2.    The result of the Bookbuilding Procedure will be ratified by means of an amendment to this Issue Indenture, with a
General Debenture Holders Meeting being waived, pursuant to the provisions of item 12.4.2 below. 
 4.8.    Settlement Bank
and Bookkeeping Agent 
 4.8.1.    The settlement bank for this Issue shall be Itaú Unibanco S.A., a financial
institution with its principal place of business in the City of São Paulo, State of São Paulo, at Praça Alfredo Egydio de Souza Aranha, n° 100, Torre Olavo Setúbal, CEP
04.344-902, enrolled with the CNPJ/MF under No. 60.701.190/0001-04 (“Settlement Bank”), and the bookkeeping bank for this Issue shall be
Itaú Corretora de Valores S.A., a financial institution with its principal place of business in the City of São Paulo, State of São Paulo, at Avenida Brigadeiro Faria Lima, n° 3.400, 3° andar, CEP 04.538-132, enrolled with the CNPJ/MF under No. 61,194,353/0001-64 (“Bookkeeping Agent”), and such definitions include any other institution that may
succeed the Settlement Bank and/or the Bookkeeping Agent. 
 4.9.    Allocation of Funds:  

4.9.1.    The funds raised by Issuer through the Restricted Offer will be allocated to refinance Issuer’s debts. 

CLAUSE V    CHARACTERISTICS OF THE DEBENTURES 

5.1.    Basic Characteristics 

5.1.1.    Issue Date: For all legal purposes and effects, the issue date of the Debentures shall be September 21, 2018
(“Issue Date”). 

  
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 5.1.2.    Convertibility, Type and Form: The Debentures shall be simple, non-convertible into shares by Issuer, registered and book-entry, with no issue of certificates or the like. 

5.1.3.    Type: The Debentures shall be unsecured, under the terms of article 58, paragraph 4 of the Corporation Law,
without any additional security interest or personal guarantees. 
 5.1.4.    Subscription and Payment Term and Form: The
Debentures shall be subscribed for their Unit Par Value added by Compensatory Interest of the respective series, calculated pro rata temporis, from the First Date of Subscription and Full Payment (as defined below) until the date of the actual
subscription and full payment. The Debentures shall be paid up, at sight, in Brazilian currency, in the subscription act, under the settlement rules and procedures applicable to B3 - Cetip UTVM Segment. For the purposes of this Issue Indenture,
“First Date of Subscription and Full Payment” means the date on which the first subscription and payment of Debentures of the respective series occurs. 

5.1.5.    Term of Effectiveness and Maturity Date: The First Series Debentures shall have a term of two (2) years,
counted from the Issue Date, maturing on September 21, 2020 (“First Series Maturity Date”), and (ii) the Second Series Debentures shall have a term of three (3) years, counted from the Issue Date, maturing on
September 21, 2021 (“Second Series Maturity Date”), and (iii) the Third Series Debentures shall have a term of four (4) years, counted from the Issue Date, maturing on September 21, 2022 (“Third Series
Maturity Date” and, jointly with the First Series Maturity Date and the Second Series Maturity Date, the “Maturity Dates”). 

5.1.6.    Unit Par Value: The unit par value of the Debentures shall be ten thousand Reais (BRL 10,000.00), on the Issue
Date (“Unit Value”). 
 5.2.    Compensation 

5.2.1.    The Unit Par Value of the Debentures shall not be monetarily adjusted. 

5.2.2.    On the Unit Par Value of the Debentures, from the First Date of Subscription and Full Payment or from the immediately
preceding Date of Payment of Compensatory Interest of the respective series, as the case may be, until the date of its actual payment, compensatory interest shall accrue as defined according to the Bookbuilding Procedure and, in any case, limited
to: (i) to one hundred percent (100%) of the accrued variation of the daily average rates of DI - Interbank Deposits of one day, “over extra-group”, expressed as a percentage per year, on the basis of two hundred and fifty-two (252) Business Days, daily calculated and disclosed by B3 — Cetip UTVM Segment, in the daily newsletter made available on its website (http://www.cetip.com.br) (“DI
Rate”), plus spread or surcharge of zero point nine percent (0.90%) per base year of 252 Business Days or (b) one hundred and twelve percent (112%) of the accrued variation of the DI Rate, the largest between the two for the First
Series Debentures (“First Series Compensatory Interest”). 
 The determination between the provisions of items (a) and (b) of this
item (i) shall be carried out two (2) Business Days before the start of the Bookbuilding Procedure; 

  
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 (ii)    (a) one hundred percent (100%) of the accrued variation of the DI Rate
plus spread or surcharge of one percent (1%) per base year of 252 Business Days, or (b) one hundred and thirteen percent (113%) of the accrued variation of the DI Rate, the largest between the two for the Second Series Debentures
(“Second Series Compensatory Interest”). The determination between the provisions of items (a) and (b) of this item (ii) shall be carried out two (2) Business Days before the start of the Bookbuilding Procedure; and

 (iii)    (a) one hundred percent (100%) of the accrued variation of the DI Rate plus spread or surcharge of one point fifteen
percent (1.15%) per base year of 252 Business Days, or (b) one hundred and fourteen (114%) of the accrued variation of the DI Rate, the largest between the two for the Third Series Debentures (“Third Series Compensatory
Interest” and, jointly with the First Series Compensatory Interest and the Second Series Compensatory Interest, the “Compensatory Interest”). The determination between the provisions of items (a) and (b) of this item
(iii) shall be carried out two (2) Business Days before the start of the Bookbuilding Procedure. 
 The Compensatory Interest shall be calculated
based on two hundred and fifty-two (252) Business Days, exponentially and cumulatively, pro rata temporis per Business Days passed, from the First Date of Subscription and Full Payment or the immediately
preceding Date of Payment of Compensatory Interest, as the case may be. The Compensatory Interest shall be paid at the end of each Capitalization Period (as set forth below). 

5.2.3.    Calculation of Compensatory Interest shall observe the following formula: 

J = VNe x (FatorJuros - 1) 
 where: 

J = unit par value of the Compensatory Interest, due on each Date of Payment of Compensatory Interest, calculated with eight (8) decimal places not
rounded up or down; 
 VNe = Unit Par Value, informed/calculated with eight (8) decimal places, not rounded up or down; 

FatorJuros = Interest factor composed of the variation parameter, plus spread (surcharge), calculated with nine (9) decimal places, rounded up or down,
as follows: 
 FatorJuros = FatorDI x FatorSpread 

Where: 
 FatorDI = product of the DI Rates, from the First Date
of Subscription and Full Payment or the immediately preceding date of payment of Compensatory Interest, as the case may be, inclusive, until the calculation date, exclusive, calculated with eight (8) decimal places, rounded up or down, as
follows: 

  
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 where: 
 n = total number of
DI Rates considered in the calculation of the product, where “n” is an integral number; 
 k = Corresponds to the number of order of the DI Rates,
ranging from “1” to “n”; 
 p = (i.a) 100.00 (i.b) up to 112.00 for First Series Debentures; (ii.a) 100.00 or (ii.b) up to 113.00 for
Second Series Debentures; and (iii.a) 100.00 or (iii.b) up to 114.00 for Third Series Debentures, as applicable, according to the provisions in Clause 5.2.2 above. 

TDIk = DI Rate, of k order, expressed daily, calculated with eight (8) decimal places, rounded up
or down, ascertained as follows: 
  
 

 
 where: 
 DIk = DI Rate, of k order, disclosed by B3 - Cetip UTVM Segment, expressed as a percentage per year, used with two (2) decimal places; 

FatorSpread = Surcharge, calculated with nine (9) decimal places, rounded up or down, as follows: 

 
 

 
 Where: 
 spread = (i)
up to zero point nine (0.9000), if any, for the First Series Debentures, (ii) up to one integer (1.0000), if any, for the Second Series Debentures, and (iii) one point fifteen (1.1500), if any, for Third Series Debentures, according to the
provisions in Clause 5.2.2 above; and 
 n = number of Business Days between the First Date of Subscription and Full Payment or the immediately preceding
Compensatory Interest payment date, as the case may be, 

  
 12 

 
including such date, and the calculation date, excluding such date, with “n“ being an integral number. 

Notes: 
 1)    The factor resulting from the
expression (1 + TDIk) is considered with sixteen (16) decimal places, not rounded up or down. 
 2)    The product of the factors
(1 + TDIk) is obtained, and for each accrued factor, the result is truncated with sixteen (16) decimal places, applying the next daily factor and so on, until the last one to be
considered. 
 3)    Once the factors are accrued, the resulting “Fator DI” is considered with eight (8) decimal places,
rounded up or down. 
 4)    The factor resulting from the expression (Fator DI x FatorSpread) shall be considered with nine
(9) decimal places, rounded up or down. 
 5)    The DI Rate shall be used considering an identical number of decimal places
disclosed by the entity responsible for calculating it. 
 5.2.4.    For purposes of this Issue Indenture,
“Capitalization Period” is, for the first Capitalization Period, the time interval starting on the First Date of Subscription and Full Payment and ending on the first Date of Payment of Compensatory Interest, and for the other
Capitalization Periods, the time interval starting on a Date of Payment of Compensatory Interest and ending on the subsequent Date of Payment of Compensatory Interest. Each Capitalization Period succeeds the previous one with no interruption, until
the Maturity Date. 
 5.2.5.    In case of temporary unavailability of the DI Rate upon the payment of any monetary obligation
set forth in this Issue Indenture, the “TDIk” ascertainment shall use the latest DI Rate available on such date, with no financial offsetting being due, either by Issuer or the
Debenture Holders, upon the subsequent disclosure of the applicable DI Rate. 
 5.2.6.    In the lack of ascertainment,
disclosure or in case of limitation and/or extinction of the DI Rate for a term greater than ten (10) Business Days counted from the expected ascertainment or disclosure date (“DI Rate Absence Period”), or also, in case of
extinction or inapplicability of the DI Rate due to legal provision or court order, Trustee shall convene a General Debenture Holders Meeting for First Series Debentures (“General First Series Debenture Holders Meeting”), a General
Second Series Debenture Holders Meeting (“Second Series General Debenture Holders Meeting”) and a General Debenture Holders Meeting of Third Series Debentures (“General Third Series Debenture Holders Meeting”),
pursuant to and under the terms set forth in article 124 of the Corporation Law and Clause X below, in order to set forth, out of common agreement with Issuer, in observance of the applicable regulations, the new parameter to apply, which shall
reflect the parameters used in similar situations occurring at the time (“Replacement Rate”) of the respective series. The General First Series Debenture Holders Meeting, General Second Series Debenture Holders Meeting and General
Third Series Debenture Holders Meeting shall be called by Trustee within five (5) Business 

  
 13 

 
Days, at the most, counting from the last day of the DI Rate Absence Period or the extinction or inapplicability of the DI Rate due to legal or court order, whichever happens first. Until such
parameter is resolved upon, in order to calculate the amount of any monetary obligations set forth in this Issue Indenture, and for each day of the period when rates are absent, the formula set forth in item 5.2.3 above shall be used, and for the
“TDIk” ascertainment, the latest DI Rate officially disclosed shall be used, with no offsetting being due between Issuer and the Debenture Holders upon the resolution of a new
compensation parameter for the First Series Debentures, the Second Series Debentures and the Third Series Debentures, as the case may be. 

5.2.7.    In case the DI Rate is disclosed before a General First Series Debenture Holders Meeting, a Second Series General
Debenture Holders Meeting and a General Third Series Debenture Holders Meeting is held, said General Debenture Holders Meetings shall no longer be held, and use of the DI Rate as of the date of its maturity shall resume for calculation of the
Compensatory Interest of the respective series. 
 5.2.8.    In case there is no agreement on the Replacement Rate between Issuer
and the Debenture Holders representing, at least, two thirds (2/3) of the total Outstanding First Series Debentures, Outstanding Second Series Debentures and Outstanding Third Series debentures, or in the case of lack of installation quorum in a
second (2nd) call, as the case may be, Issuer shall redeem and, consequently, cancel in advance the total First Series Debentures, Second Series Debentures and Third Series Debentures, as the case may be, without paying any kind of fine or premium,
within thirty (30) days counted from the date of the respective General First Series Debenture Holders Meeting, General Second Series Debenture Holders Meeting and General Third Series Debenture Holders Meeting, or the date on which they should
have occurred, as the case may be, by their Unit Par Value, added by Compensatory Interest of the respective series, calculated pro rata temporis, since the First Date of Subscription and Full Payment or the immediately preceding Date of Payment of
Compensatory Interest of the respective series, as the case may be, until the date of effective redemption payment and consequent cancellation set forth in this item 5.2.8. In such case, in order to calculate the Compensatory Interest applicable to
the First Series Debentures, Second Series Debentures and Third Series Debentures to be redeemed and consequently canceled, for each day of the DI Rate Absence Period, the formula set forth in item 5.2.3 above shall be used, and for the “TDIk” ascertainment, the latest officially disclosed DI Rate shall be used. 

5.2.9.    Any holders of First Series Debentures, Second Series Debentures and Third Series Debentures, as the case may be, at the
end of the Business Day prior to each Date of Payment of Compensatory Interest (as defined below) shall be entitled to the payments set forth in this clause. 

5.2.10.    For purposes of this Issue Indenture, “Business Day” is understood as any day, except Saturdays, Sundays and
national holidays. 
 5.3.    Amortization of Principal: 

5.3.1.    The Unit Par Value of the Debentures shall be repaid on the respective Maturity Dates of each series. 

  
 14 

 5.4.    Compensatory Interest Payment 

5.4.1.    Notwithstanding the payments resulting from any early maturity of the obligations arising from the Debentures, under the
terms provided for in this Issue Indenture, the Compensatory Interest shall be paid, on a half-yearly basis, as of the Date of Issuance, with the first payment maturing on March 21, 2019, and the other payments maturing every 21st day of March
and September until the respective Maturity Dates, as per the schedule below (each payment date is a “Date of Payment of Compensatory Interest”): 
  

			
	Installment No.	  	Date of Payment of Compensatory Interest of the First Series Debentures
	01	  	March 21, 2019
	02	  	September 21, 2019
	03	  	March 21, 2020
	04	  	September 21, 2020
		
	Installment No.	  	Date of Payment of Compensatory Interest of the Second Series Debentures
	01	  	March 21, 2019
	02	  	September 21, 2019
	03	  	March 21, 2020
	04	  	September 21, 2020
	05	  	March 21, 2021
	06	  	September 21, 2021
		
	Installment No.	  	Date of Payment of Compensatory Interest of the Third Series Debentures
	01	  	March 21, 2019
	02	  	September 21, 2019
	03	  	March 21, 2020
	04	  	September 21, 2020
	05	  	March 21, 2021
	06	  	September 21, 2021
	07	  	March 21, 2022
	08	  	September 21, 2022

 5.5     Scheduled Rollover 

5.5.1.    The Debentures shall not be subject to scheduled renegotiation. 

5.6.    Payment Place 

5.6.1.    Any payments to which the Debenture Holders are entitled, and also any payment related to any other amounts due under the
Issue Indenture, shall be made on the same day of their maturity, using the procedures adopted by B3 - Cetip UTVM 

  
 15 

 
Segment, in case the Debentures are under the latter’s electronic custody. Debentures not under the custody of B3 - Cetip UTVM Segment shall be paid by the Debentures’ Settlement Bank
or in Issuer’s principal place of business, as the case may be. 
 5.7.    Term Extension 

5.7.1.    The terms corresponding to the payment of any obligation by any of the parties, including the Debenture Holders, as set
forth in and arising from this Issue Indenture, shall be deemed extended, with regard to the payment of the subscription price, until the first (1st) subsequent Business Day, if their maturity falls on a date when banks are not open in the city of
São Paulo, State of São Paulo, on national holidays, on Saturdays or Sundays, without any accretion to the amounts to be paid, with the exception of cases where payment must be made through B3 - Cetip UTVM Segment, in which case, there
will only be an extension when the payment date falls on a national holiday, a Saturday or a Sunday. 
 5.8.    Fine and Default
Interest 
 5.8.1.    Without prejudice to the Debentures’ Compensatory Interest, in case of any delay in the payment of
any sum due to the Debenture Holders, the delayed debts shall be subject to: (i) a non-compensatory default fine of two percent (2%) on the due and unpaid amount; and (ii) default interest calculated
pro rata temporis from the default date until the date of actual payment, at a rate of one percent (1%) per month, on such due and unpaid sum, regardless of notice, notification or judicial or extrajudicial summons, in addition to the expenses
incurred in charging. 
 5.9    Delay in the Receipt of Payments 

5.9.1.    Without prejudice to item 5.7.1 above, if the Debenture Holders do not come to receive the amount corresponding to any of
the monetary obligations owed by Issuer, on the dates set forth herein, or in a communication published by Issuer, on the terms hereof, they shall not be entitled to receive the Debentures’ Compensatory Interest and/or late payment charges set
forth herein from the date when the corresponding amount is provided by Issuer to the Debenture Holders, however, they are assured the rights acquired until the date the funds become available. 

5.10.    Subscription and Full Payment and Form 

5.10.1.     The Debentures shall be paid up, at sight, in Brazilian currency, on the subscription date, for their Unit Par Value
added by Compensatory Interest, calculated pro rata temporis, from the First Date of Subscription and Full Payment until the date of the actual subscription and full payment, under the settlement rules applicable to B3 - Cetip UTVM Segment. 

5.11.    Disclosure 

5.11.1.    All acts and decision taken as a result of this Issue that, in any way, encompass interests of the Debenture Holders
shall be mandatorily disclosed in the press entities where Issuer usually employs for its publications, as well as Issuer’s page on the Internet (http://natura.infoinvest.com.br/), it being certain that, in case Issuer changes its

  
 16 

 
disclosure newspaper after the Issue Date, it shall notify Trustee, informing the new vehicle, and disclose, in the previously used newspapers, a notice to the Debenture Holders informing the new
vehicle. 
 5.12.    Proof of Ownership of the Debentures 

5.12.1.    Issuer shall not issue Debenture certificates. For all legal purposes, the ownership of the Debentures shall be proved by
the statement of the Debentures deposit account, issued by the Bookkeeping Agent. In addition, for Debentures under the electronic custody of B3 - Cetip UTVM Segment, the statement issued by B3 - Cetip UTVM Segment in the name of the Debenture
Holder shall be accepted as ownership evidence. 
 5.13.    Immunity or Exemption of the Debenture Holders 

5.13.1.    If any Debenture Holder is entitled to any kind of tax immunity or exemption, it shall send to the Settlement Bank and
Bookkeeping Agent, with copy to Issuer, at least ten (10) Business Days prior to the date set for the receipt of any sums connected to the Debentures, documents proving said tax immunity or exemption, under penalty of having the amounts owed
under the tax legislation in force deducted from its profits. 
 5.13.2.    The Debenture Holder that has submitted the
documentation proving its condition of immunity or tax exemption, pursuant to item 5.13.1 above, and that has this condition altered and/or revoked by a normative provision, or because it no longer meets the conditions and requirements that may be
prescribed in the applicable legal provision, or, further, that has this condition challenged by a competent judicial, fiscal or regulatory authority, or, further, that has this condition altered and/or revoked for any other reason that not those
mentioned in this item 5.13.2, shall communicate this fact in detail and in writing to the Bookkeeping Agent and Settlement Bank, with copy to Issuer, as well as provide any additional information in relation to the subject that it is requested
thereto by the Bookkeeping Agent and Settlement Bank or by Issuer. 
 5.13.3.    Even if Issuer has received the documentation
referred to in item 5.13.1 above, and as long as it has legal grounds therefor, Issuer has to option to deposit in court or discount any amount related to the Debentures the taxes it understands to be due. 

5.14.    Optional Acquisition 

5.14.1.    Issuer may, at any time, observing the terms set forth in CVM Rule No. 476, acquire Debentures, as defined below,
observing the provision of paragraph 3 of article 55 of the Corporation Law. The Debentures acquired by Issuer may be canceled, be held in Issuer’s treasury, or be replaced on the market, observing the restrictions imposed by CVM Rule
No. 476. The Debentures acquired by Issuer to be held in treasury pursuant to this item, if and when replaced on the market, shall be entitled to the same Compensatory Interest applicable to the other Debentures. 

5.15.    Risk Rating 

5.15.1.    Standard & Poor’s Ratings do Brasil Ltda. was engaged as credit rating agency of the Debentures (“Credit
Rating Agency”). During the effectiveness of the 

  
 17 

 
Debentures, Issuer shall maintained the Credit Rating Agency engaged for the annual updating of the risk rating of the Debentures, and, in case of replacement, the procedure set forth in item
8.1, letter (ee) below shall be observed. 
 CLAUSE VI     EARLY REDEMPTION AND EXTRAORDINARY REPAYMENT 

6.1.    The Issuer may not carry out the early redemption or the extraordinary repayment of the Debentures. 

CLAUSE VII    EARLY MATURITY 

7.1.    Observing the provision of items 7.2 and 7.3 below, Trustee shall consider the early maturity of all obligations related to the
Debentures and require the payment, by Issuer of the Unit Par Value added by the Compensatory Interest, calculated pro rata temporis from the First Date of Subscription and Full Payment or the Date of Payment of Compensatory Interest immediately
before, as the case may be, to the date of the effective payment, and other charges due and not paid up to the early maturity date, calculated as established by the law, in the occurrence of the following situations described below, being each an
“Early Maturity Event”: 
 (a)    non-compliance, by Issuer, of any non-pecuniary obligation provided for in this Issue Indenture, as long as it is not remedied within ten (10) days from the date of its knowledge or the date of receipt, by Issuer, of a notice to that effect to
be sent by Trustee, whichever occurs first, provided that, for obligations that have a specific remedy period, said 10-day period will not apply; 

(b)    non-compliance, by Issuer, with any monetary obligation related to the Issue and/or
to the Debentures, as long as it is not remedied within two (2) Business Days from the respective original maturity date; 
 (c)    non-renewal, cancellation, revocation or suspension of the authorizations and licenses, including the environmental ones, for the regular exercise of the activities developed by Issuer and/or
by any of its Relevant Subsidiaries (as defined below), the lack thereof results in a Material Adverse Effect (as defined below), unless, within thirty (30) days from the date of said non-renewal,
cancellation, revocation or suspension, Issuer proves to the Debenture Holders, represented by Trustee, the existence of a judicial or administrative order authorizing the continuity of the activities of Issuer or of its Relevant Subsidiaries, as
the case may be, or suspending the effects of said act until the renewal or obtaining of said license or authorization; 

(d)    request of judicial reorganization or the submission of a request of negotiation of extrajudicial reorganization plan, to
any creditor or class of creditors, made by Issuer or by any of its controlled companies; 
 (e)    the filing or the
commencement, against Issuer, of proceedings aiming at the judicial reorganization or extrajudicial reorganization, such proceedings or motion shall not be extinguished or suspended within fifteen (15) calendar days from its filing or,
regarding the Relevant Subsidiaries, the granting of the judicial reorganization or the ratification of the extrajudicial reorganization; 

  
 18 

 (f)    extinction, liquidation,
winding-up, request of self-bankruptcy, request of bankruptcy not dismissed within the legal term or decreeing of bankruptcy of Issuer or of any of its controlled companies; 

(g)    change in the corporate nature of Issuer, including the change of Issuer to a limited liability company, pursuant to
articles 220 to 222 of the Corporation Law; 
 (h)    failure to comply with any final and unappealable decision against Issuer
and/or any of its Relevant Subsidiaries, in an individual or aggregate amount greater than the amount equivalent in Reais to fifty million Reais (BRL 50,000,000.00), or the corresponding amount in other currencies, within fifteen (15) days from
the date set for payment or in a smallest term, if so defined in such decision; 
 (i)    conduct of Issuer’s capital
decrease, after the Issue Date, with no consent from the Debenture Holders representing two-thirds (2/3) of the Outstanding Debentures, gathered at a General Debenture Holders Meeting, except for a
capital decrease to absorb losses, pursuant to article 173 of the Corporation Law; 
 (j)    default, not remedied within the
respective remedy period, or early maturity of any financial obligations to which Issuer or any of its Relevant Subsidiaries are subject, in the domestic or international market, in an individual or aggregate amount greater than sixty million Reais
(BRL 60,000,000.00), or its corresponding amount in other currencies; 
 (k)    protest of credit instruments against Issuer or
any of its Relevant Subsidiaries in an individual or aggregate amount greater than fifty million Reais (BRL 50,000,000.00), or the corresponding amount in other currencies, for which payment Issuer or any of its Relevant Subsidiaries is responsible,
unless, within twenty (20) Business Days from said protest, it is validly proved to Trustee by Issuer that: (i) the protest was made by mistake or in bad faith by a third party; (ii) the protest was canceled or preliminarily
suspended; or, further, (iii) bonds were posted in court; 
 (l)    transfer or any form of assignment or promise of
assignment to a third party by Issuer, of the obligations assumed in the Issue Indenture, without the consent of the Debenture Holders representing two-thirds (2/3) of the Outstanding Debentures, gathered at a
General Debenture Holders Meeting; 
 (m)    change in the direct or indirect share control of Issuer that results in
(i) the substitution of at least two-thirds (2/3) of the members of the board of officers or of the board of directors of Issuer without the consent of the Debenture Holders representing two-third (2/3) of the Outstanding Debentures, gathered at a General Debenture Holders Meeting; or (ii) the lowering of the risk rating assigned to Issuer at the time of the change to the share control; 

(n)    merger, including merger of shares, of Issuer with any third party or conduct, by Issuer, of consolidation, spin-off or other form of corporate reorganization involving Issuer, except if: (i) said events occur within Issuer’s economic group; or (ii) upon previous consent of Debenture Holders
representing two-thirds (2/3) of the Outstanding Debentures, gathered at a General Debenture Holders Meeting, or exclusively in case of merger, spin-off or
consolidation, if it is ensured to the Debenture Holders that so 

  
 19 

 
wishes, during the minimum term of six (6) months from the date of the publication of the minutes of the Meeting related to the corporate reorganization transaction, the redemption of the
Debentures they hold, pursuant to article 231 of the Corporation Law; 
 (o)    payment of dividends, of interest on net equity
or of any other participation in the profits set forth in Issuer’s bylaws, if Issuer is in default regarding its monetary obligations in this Issue Indenture, observing any remedy periods, except for the payment of the mandatory minimum
dividend set forth in article 202 of the Corporation Law; 
 (p)    change or amendment to the corporate purpose of Issuer that
materially changes the activities performed by Issuer on the Issue Date, unless upon prior consent of the Debenture Holders representing two-thirds (2/3) of the Outstanding Debentures, gathered at a General
Debenture Holders Meeting; 
 (q)    proof of untruthfulness, inaccuracy or inconsistency of any statement made by Issuer in this
Issue Indenture that results in a Material Adverse Effect, and provided that, exclusively in case of inaccuracy or inconsistency, it is not remedied by Issuer within thirty (30) days from its verification; or 

(r)    non-compliance, by Issuer, with the financial index set forth below
(“Financial Index”), to be appraised every six months by Issuer, according to the table below and followed by Trustee, based on the financial statements of Issuer: 

(i)    the financial index arising from the ratio of dividing the Net Debt (as defined below) by the EBITDA (as defined below),
which shall be equal to or lower than what is set forth in the table below: 
  

			
	12-Month period ended on:	  	Financial Index
	 December 31, 2018

June 30, 2019
	  	three point five (3.50)
	 December 31, 2019

June 30, 2020
	  	three point twenty-five (3.25)
	 December 31, 2020

June 30, 2021
	  	three (3.00)
	 December 31, 2021

June 30, 2022
	  	three (3.00)

 (ii)     for the calculation of the Financial Index above, the following definitions apply,
according to the audited financial statements of Issuer: (a) “Net Debt” means, on consolidated basis, the sum of the balances of the debts of Issuer, including debts of Issuer before individuals and/or legal entities, such as
third-party loans, borrowings and financings, issue of fixed income instruments, convertible or not, in the local and/or international markets, and obligations regarding the payment in installments of taxes and/or fees; minus the cash
availabilities, Leasing (as defined below) and Hedge Adjustments (as defined below); (b) “Leasing” means the amount assigned to such definition in the “Performance Comments” of Issuer, ancillary to the financial
statements; (c) “Hedge Adjustments” means the amount assigned to such definition in the “Performance Comments” of Issuer, ancillary to the financial statements; and (d) “EBITDA” means, on a consolidated basis,
gross profit, deducted from operating 

  
 20 

 
expenses, excluding depreciation and repayment, added by other operating revenues or expenses, as the case may be, throughout the last four (4) quarters covered by the most recent
consolidated financial statements made available by Issuer, prepared according to the generally-accepted accounting principles in Brazil. 

7.1.1.    For purposes of this Issue Indenture: (i) “Material Adverse Effect” means any event that has a material
negative impact in the financial and economic conditions of Issuer and that affects its capacity to comply with the monetary obligations set forth in this Issue Indenture; and (ii) “Relevant Subsidiaries” means any company:
(a) in which Issuer holds, directly or indirectly, over fifty percent (50%) of its share capital, and (b) the gross revenue of which represents ten percent (10%) or more of the consolidated gross revenue of Issuer. 

7.2    The occurrence of any of the events indicated in letters (b), (d), (e), (f), (g), (i), (l), (o) of item 7.1 above shall cause the
automatic early maturity of the Debentures; regardless of any consultation to the Debenture Holders, of notification or judicial or extrajudicial notice, and Trustee shall, however, immediately send to Issuer a written communication informing the
knowledge of such occurrence. 
 7.3.    In case of occurrence of the events set forth in the letters of item 7.1 not listed in item 7.2
above, Trustee shall call a General First Series Debenture Holders Meeting, General Second Series Debenture Holders Meeting and General Third Series Debenture Holders Meeting, within two (2) Business Days from the date when it becomes aware of
said event or it is so informed by the Debentures holders, in order to resolve on any non-declaration of the early maturity of the First Series Debentures, of the Second Series Debentures or Third Series
Debentures, as the case may be, observing the call procedure set forth in Clause X below and the specific quorum established in item 7.3.1 below. The General Debenture Holders Meetings set forth in this Clause may also be called by Issuer, or as per
item 9.1 below. 
 7.3.1    The General Debenture Holders Meetings dealt with in item 7.3 above, which will be convened observing
the quorum set forth in item 10.23 of this Issue Indenture, may choose, whether on first call by resolution of the First Series Debenture Holders, the Second Series Debenture Holders or the Third Series Debenture Holders, as the case may be, that
represent at least two-thirds (2/3) of the Outstanding First Series Debentures, two-thirds (2/3) of the Outstanding Second Series Debentures or two-third (2/3) of the Outstanding Third Series Debentures, as the case may be, for not declaring the early maturity of the Debenture they hold. 

7.3.2.    If (i) the General Debenture Holders Meeting of the General First Series Debenture Holders Meeting, the General
Second Series Debenture Holders Meeting or the General Third Series Debenture Holders Meeting mentioned in item 7.3 is not convened due to lack of quorum, or (ii) the exercise of the option set forth in item 7.3.1 above is not approved by the
minimum resolution quorum, it shall be interpreted by Trustee as an option of the First Series Debenture Holders, the Second Series Debenture Holders or the Third Series Debenture Holders, as the case may be, to declare the early maturity of the
Debentures they hold. 
 7.4.    In the event of early maturity of the First Series Debentures, the Second Series Debentures or the
Third Series Debentures, as the case may be, by Trustee, it shall be 

  
 21 

 
immediately notify Issuer, which undertakes to pay the Unit Par Value of the Debentures added by the respective Compensatory Interest, calculated pro rata temporis from the First Date of
Subscription and Full Payment or from the Date of Payment of Compensatory Interest immediately before, as the case may be, due until the date of the effective payment of the First Series Debentures, the Second Series Debentures or the Third Series
Debentures, as the case may be, added by the amounts due as late payment charges set forth in this Issue Indenture, from the date of the effective default, in the cases of events of non-compliance with
monetary obligations, as well as any other amounts that may be due by Issuer pursuant to this Issue Indenture. 
 7.5.    The payment of
the amounts mentioned in item 7.4 above, as well as of any other amounts that may be due by Issuer pursuant to this Issue Indenture, shall be made within five (5) Business Days from (i) the date of receipt of the notice on the automatic
early maturity of the Debentures, as described above; (ii) the date of the General First Series Debenture Holders Meeting, the General Second Series Debenture Holders Meeting or the General Third Series Debenture Holders Meeting, as the case
may be, which did not exercise the option set forth in clause 7.3.1 or (iii) the date of the General First Series Debenture Holders Meeting, the General Second Series Debenture Holders Meeting or the General Third Series Debenture Holders
Meeting, as the case may be, which should have occurred, observing the provisions in Clause 7.3.2 of this Issue Indenture, as the case may be, under the penalty of, by not doing so, being further required to pay the late payment charges set forth in
this Issue Indenture. 
 CLAUSE VIII     ADDITIONAL OBLIGATIONS OF ISSUER. 

8.1.    Issuer assumes the following obligations: 

(a)    to supply to Trustee: 

(i)    within ninety (90) days from the date of the end of the each fiscal year, (a) copy of its consolidated and audited
financial statements, related to the respective fiscal year, prepared in accordance with the generally accepted accounting principles in Brazil, accompanied by the report of the management and by the opinion of the independent auditors, if they are
not available in CVM’s website or in Issuer’s website; and (b) declaration signed by legal representatives with powers to do so, certifying that: (1) the provisions contained in the Issue Indenture remain valid; (2) there
was no events of Early Maturity Event as set forth in Clause 7.1 of this Issue Indenture, and there is no default of the obligations of Issuer before Debenture Holders and Trustee set forth in this Issue Indenture, observing any remedy periods; and
(3) no acts in disagreement with the bylaws of Issuer were practiced; 
 (ii)    within ninety (90) days from the date
of the end of the first fiscal semester, (a) copy of its consolidated and reviewed financial statements, related to the respective fiscal semester, prepared in accordance with the generally accepted accounting principles in Brazil, accompanied
by the report of the management and by the opinion of the independent auditors, if they are not available in CVM’s website or in Issuer’s website; 

(iii) within five (5) Business Days from the date of availability of the financial statements referred to in items (i) and (ii) above, with
the demonstration of the 

  
 22 

 
calculation of the Financial Index made by Issuer containing all items necessary to the verification of the Financial Index, under penalty of impossibility of said Financial Index being followed
by Trustee, which can request from Issuer or independent auditors of Issuer all the additional clarifications that may be necessary; 

(iv)    within at most five (5) days from the receipt of the request, any material clarification within the scope of the Issue
that may be requested thereto, in writing, by Trustee in relation to Issuer or, further, in the interest of Debenture Holders, to the extent that: (a) such information does not have a commercial and strategic nature and does not result from
confidentiality obligations assumed by Issuer before third parties; or (b) the provision of such information is not prohibited by the legislation or regulation to which Issuer or its economic group are subject. Extraordinarily, in an urgency
manner and to defend the legitimate interests of the Debenture Holders, including to verify the occurrence of an Early Maturity Event, Trustee may set forth another term to comply with its requests; and 

(v)    copy of the notices to Debenture Holders, of material facts, as defined in CVM Rule No. 358, of January 3, 2002,
as amended (“CVM Rule No. 358”), as well as minutes of the general Meetings and of the meetings of the board of directors of Issuer, as applicable, which, in any way, involve interest of Debenture Holders, within
five (5) Business Days from the date of publication or, if they are not published, from the date they occurred; 
 (b)    to
convene, pursuant to Clause X below, a General. Meeting to deliberate on any matter directly or indirectly related to this Issue, in case Trustee has to do so in accordance with this Issue Indenture, but fails to do so; 

(c)    to inform Trustee, within two (2) Business Days from the knowledge by Issuer, on the occurrence of any of the
situations of early maturity set forth in item 7.1 of this Issue Indenture; 
 (d)    to comply with all determinations issued by
CVM, including by sending documents, and also providing the information are requested therefrom; 
 (e) not to perform transactions foreign to its
corporate purpose, with due regard for the provisions of the bylaws, legal and regulatory rules in force; 
 (f)    to notify,
within five (5) Business Days from the knowledge by Issuer, Trustee on any change in the financial, economic, commercial, operational, regulatory or corporate conditions or in the businesses of Issuer, which (i) causes a Material Adverse
Effect; or (ii) causes the financial statements or information provided by Issuer to no longer reflect the actual financial conditions of Issuer; 

(g)    to communicate, within two (2) Business Days from the knowledge by Issuer, to Trustee, the occurrence of any event or
situation of which it is aware and which may affect in a negative manner its ability to timely comply with the main and ancillary obligations, in whole or in part, assumed pursuant to this Issue Indenture; 

(h)    not to practice any act in disagreement with the bylaws and this Issue Indenture, in particular those that may directly or
indirectly compromise the timely and full 

  
 23 

 
compliance with the main and ancillary obligations assumed before Debenture Holders, pursuant to this Issue Indenture; 

(i)    to comply with all main and ancillary obligations assumed pursuant to this Issue Indenture, including regarding the
allocation of the funds raised through the Issue; 
 (j)    to maintain engaged during the effectiveness of the Debentures, at
its costs, the Settlement Bank, the Bookkeeping Agent, Trustee and the negotiation system in the secondary market through CETIP21; 
 (k) to pay any
taxes, charges, fees or expenses that levy or may be levied on the Issue and that are the responsibility of Issuer; 
 (l)    to
pay all expenses provenly incurred by Trustee, as long as previously approved by Issuer, that may be necessary in order to protect the rights and interests of Debenture Holders or to realize its credits, including attorney’s fees and other
expenses and costs incurred by virtue of the collection of any given amount owed to Debenture Holders pursuant to this Issue Indenture; 

(m)    to obtain and maintain valid and in force, during the term of effectiveness of the Debentures, licenses, permits, grants,
studies, certificates and authorizations, as applicable, for the good operation of Issuer’s businesses, other than those the absence of which does not result in a Material Adverse Effect, undertaking to adopt the preventive and recovery
measures and actions, intended to avoid and correct any environmental damage found, resulting from the activity described in its corporate purpose and being liable only and exclusively for the allocation of the financial funds that it may obtain
with the Restricted Offer; 
 (n) to prepare financial statements for the end of the year and, as the case may be, consolidated statements, in
conformity with the Corporation Law and with the regulation enacted by CVM; 
 (o)    to observe the provisions of CVM Rule
No. 476 and CVM Rule No. 358 regarding the duty of secrecy and prohibitions to the negotiation, as well as to disclose in its page in the worldwide web the occurrence of material fact, as defined by article 2 of CVM Rule No. 358 and
by article 17, item VI, of CVM Rule No. 476, immediately informing the Bookrunners and Trustee; 
 (p) to submit its financial statements to
auditing by an independent auditor registered with CVM; 
 (q)    to disclose its financial statements, accompanied by
explanatory notes and opinion of the independent auditors, in its page in the worldwide web, within three (3) months from the end of the fiscal year, and to maintain such financial statements in its page in the worldwide web for at least three
(3) years from its availability pursuant to article 17, items III and IV, of CVM Rule No. 476; 
 (r)    to provide all
the information that may be requested by CVM or by B3 - Cetip UTVM Segment; 

  
 24 

 (s)    to maintain valid and in good standing, until the date of full payment of
the Debentures presented in this Issue Indenture, where applicable; 
 (t)    maintain the Company’s registration as
publicly-held company up-to-date before the CVM; 

(u)    to maintain its accounting books updated and carry out the respective registrations in accordance with the generally
accepted accounting principles in Brazil; 
 (v)    provide clarifications to the Debenture Holders and Trustee within the
maximum term of ten (10) calendar days from the respective request, or in a smaller term, if so determined by the relevant authority, on the infraction notices carried out by governmental authorities or a fiscal, environmental or competition
nature, among others, in relation to Issuer, that result in a Material Adverse Effect; 
 (w)    to comply with the environmental
legislation regarding the National Environmental Policy, the Resolutions of CONAMA - National Environmental Council - and the other labor and supplementary environmental legislation and regulations in force, including those related to the
occupational safety and health defined in the regulatory rules of the Ministry of Labor and Employment - MTE and of the Human Rights Office of the Presidency of the Republic, adopting the preventive or recovery measures and actions intended to avoid
and correct any damage to the environment and to its workers as a result of the activities described in its corporate purpose, except in cases where, in good faith, Issuer is discussing its application in the courts and/or before the competent
authority. Issuer further undertakes to conduct all diligences required for this activity, preserving the environment and complying with the determinations of the municipal, state, district and federal bodies that subsidiarily may legislate or
regulate the environmental rules in force, except in cases where, in good faith, Issuer is discussing its application in the courts and/or before the competent authority; 

(x)    to notify Trustee within two (2) Business Days of the convening, by Issuer, of any General Debenture Holders Meeting;

 (y)    to attend the General Debenture Holders Meeting, whenever requested; 

(z)    to comply with the laws, regulations, administrative rules and determinations of governmental bodies, agencies, courts or
tribunals, applicable to the conduct of its business, except by those challenged in good faith at the administrative and/or judicial spheres; 

(aa)    to send to B3 - Cetip UTVM Segment: (i) the information disclosed at the worldwide web set forth in letters
(o) and (q) above; (ii) documents and information required by that entity within the term requested; 
 (bb)    to
refrain from adopting practices of work similar to slavery and illegal work of children and adolescents in the performance of its activities; 

(cc)    to inform and send the organizational chart, all financial data and corporate acts necessary to prepare the annual report,
pursuant to CVM Rule No. 583, that may be requested by Trustee, which must be duly sent by Issuer within thirty (30) days prior to 

  
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the end of the term for availability at CVM. The referred organizational chart of Issuer’s corporate group must also contain controlling companies, controlled companies, common control,
affiliates, and companies in a control block, at the end of each fiscal year; 
 (dd) to comply with any domestic or foreign law or regulation, in
force in the jurisdictions where Issuer has a branch or where its Relevant Subsidiaries have their headquarters, against corruption practices or acts harmful to the public administration, as applicable (“ Anticorruption Laws”),
undertaking to maintain or establish policies and procedures that ensure full compliance with Anticorruption Laws, and to provide full knowledge of such rules to all of their respective employees, as well as to communicate to Trustee if it becomes
aware of any act or fact that violates the Anticorruption Laws. and 
 (ee)     to maintain engaged the Credit Rating Agency, to
carry out the risk rating of the Debentures of this Issue, as well as to (a) annually update the risk rating of the Debentures, until the Maturity Date; (b) disclose or allow that the credit rating agency fully disclose to the market the
report with the summaries of the risk rating; (c) deliver to Trustee the risk rating reports prepared by the credit rating agency within five (5) Business Days from the date of its receipt by Issuer; and (d) communicate to Trustee,
within three (3) Business Days, any change and the commencement of any review process of the risk rating; it being certain that, in case the credit rating agency engaged ceases its activities in Brazil or, for any reason, is or becomes
prevented from issuing the risk rating of the Debentures, Issuer shall (i) engage another credit rating agency without the need for approval of the Debenture Holders, it being sufficient to notify Trustee, provided that such credit rating
agency is Moody’s Latin America, Standard & Poor’s Ratings do Brasil Ltda. or Fitch Ratings; or (ii) notify Trustee within one (1) Business Day and call the General Debenture Holders Meeting, so that they define the
substitute credit rating agency. and 
 (ff)    sent the original copy of the acts and meetings of the Debenture Holders that are
part of the Issue and are filed with JUCESP to Trustee. 
 8.2    Issuer hereby undertakes, on an irrevocable and irreversible basis, to
ensure the transactions it practices within the scope of B3 - Cetip UTVM Segment are always supported by good market practices, with full and perfect observance of the rules applicable to the matter, exempting Trustee from any and all liability for
claims, losses and damages, loss of profits and/or incidental damages to which the failure to observe such rules gives cause, provided that they have provenly not been generated by the action or omission of Trustee. 

CLAUSE IX     TRUSTEE 

9.1.    Appointment 

9.1.1.    Issuer hereby constitutes and appoints as Trustee of the Debenture Holders of this Issue to Pentágono S.A.
Distribuidora de Títulos e Valores Mobiliários, identified in the preamble of this Issue Indenture, which hereby accepts the appointment to, pursuant to the law and to this Issue Indenture, represent the group of Debenture Holders.

  
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 9.1.2.    Trustee hereby represents that it has verified the truthfulness of the
information included in this Issue Indenture and that it has made diligences in order to remedy the omissions, failures or defects of which it has become aware. 

9.2.    Trustee’s Compensation 

9.2.1.    An annual compensation corresponding to nine thousand Reais (BRL 9,000.00), where the first installment will be due on the
first Thursday after fifteen (15) days from the date of execution of this Issue Indenture and the other installments on the same day of the subsequent years, will be due by Issuer to Trustee, as fees for the performance of the duties and
attributions incumbent thereupon, pursuant to the law and to this Issue Indenture. The first installment shall be due even if the Issue is not paid-up, as structuring and implementation services. 

9.2.2.    The installments mentioned in item 9.2.1 above will be adjusted by the positive variation of the IGP-M/FGV [General Market Price Index/Getulio Vargas Foundation] or, in its absence, by the index that may replace it, from the date of the first payment to the following payment dates, calculated pro rata die, if
necessary. 
 9.2.3.    In case of default on the payment of any amount due, the debts in arrears shall be subject to a
contractual fine of two percent (2%) on the debt amount, as well as to default interest of one percent (1%) per month. The amount of the debt in arrears shall be subject to monetary adjustment according to the
IGP-M/FGV [General Market Price Index/Getulio Vargas Foundation], applicable from the default date until the date of the effective payment, calculated pro rata die. 

9.2.4.    The compensation does not include expenses considered necessary to the exercise of the role of Trustee, during the
implementation or effectiveness of the service, which will be covered by Issuer, pursuant to item 9.6.1 below. 
 9.2.5.    The
installments mentioned in item 9.2.1 above will be added by the following taxes: ISS (Tax on Services of Any Nature), PIS (Contribution to the Social Integration Program), CSLL (Social Contribution on Net Profit), IRRF (Income Tax Withheld at the
Source), COFINS (Social Security Financing Contribution) and any other tax that may be levied on the compensation of Trustee, at the tax rates in force at each payment date. 

9.2.6.    The compensation set forth in this clause will be due even after the maturity of the Debentures, if Trustee is still
exercising the activities inherent to their title in relation to the Issue, compensation that will be calculated proportionally to the months of work of Trustee. 

9.3.    Replacement 

9.3.1.    In the event of impediment, waiver, intervention, judicial or extrajudicial liquidation, a General Debenture Holders
Meeting shall be held within a maximum term of thirty (30) days from the event causing such vacancy, in order to choose the new Trustee, which may be called Issuer or by Debenture Holders representing at least ten percent (10%) of the
Outstanding Debentures. In case the meeting is not convened 

  
 27 

 
within fifteen (15) days prior to the end of the aforementioned term, it shall be incumbent upon Issuer to perform it. In exceptional cases, CVM may convene such General Debenture Holders
Meeting or appoint a temporary replacement. 
 9.3.2.    The compensation of the new trustee will be the same as already set
forth in this Issue Indenture, unless another one is negotiated with Issuer. 
 9.3.3.    In the event that Trustee is prevented
from continuing to perform its duties due to circumstances supervening this Issue Indenture, it shall promptly inform the fact to Issuer and to Debenture Holders, by calling a General Debenture Holders Meeting, requesting its replacement. 

9.3.4.    Debenture Holders may, after the end of the term for the distribution of the Debentures in the market, replace Trustee
and indicate its substitute, in a General Debenture Holders Meeting specially called for that end, observing the provision of item 9.3.2 above. 

9.3.5.    The replacement of Trustee shall be informed to CVM within seven (7) Business Days from the date of the filing
mentioned in item 9.3.6 below. 
 9.3.6.    The permanent replacement of Trustee shall be object of an amendment to this Issue
Indenture, which shall be filed at JUCESP, as per item 3.4.1 of this Issue Indenture. 
 9.3.7.    Trustee shall be vested in its
functions from the date of the execution of this Issue Indenture or, in case of a substitute trustee, at the date of the execution of the corresponding amendment to the Issue Indenture, and it shall remain in the exercise of its functions until its
effective replacement or until the full payment of the outstanding balance of the Debentures, whichever occurs first. 

9.3.8.    The rules and provisions in this regard enacted by act(s) of CVM shall apply to the cases of replacement of Trustee. 

9.4.    Duties of Trustee 

9.4.1.    In addition to other duties set forth in law, in CVM’s normative rule or in this Issue Indenture, Trustee has the
following duties and attributions: 
 (i)    exercise its activities in good faith, transparency and loyalty toward the Debenture
Holders; 
 (ii)    protect the rights and interests of the Debenture Holders, employing, in the exercise of their duty, the care
and thoroughness that every active and honest man usually employees in the management of their own assets; 
 (iii)    resign
from office in the event of supervening conflicts of interest or of any other type of disqualification, and immediately call a General Debenture Holders Meeting to resolve on their own replacement; 

(iv)    take full responsibility for the contracted services, under the legislation in force; 

  
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 (v)    conserve and safeguard the documentation related to the exercise of their
duties; 
 (vi)    verify, upon accepting office, the consistency of the information contained in this Issue Indenture, taking
all necessary steps to cause any omissions, flaws, or defects of which they becomes aware, to be cured; 
 (vii)    cause, along
with Issuer, that this Issue Indenture and its respective amendments be registered with the relevant bodies, adopting, in case of omission of Issuer, the measures that may be set forth in law; 

(viii)    monitor the provision of the periodical information, warning the Debenture Holders, in the annual report mentioned in
item (xiii) below, of any inconsistencies or omissions of which they may be aware; 
 (ix)    request, when deeming
necessary, update certificates from state civil distributors (including bankruptcy, judicial reorganization and tax enforcement actions), federal distributions, from the Public Treasury Courts, Protest Offices. Labor Courts and the Public Treasury
Attorney Office of the courts of the city where Issuer’s main offices are located or the domicile of Issuer, as well as any other judicial districts where Issuer may carry out its activities; 

(x)    whenever necessary, to request an independent audit on Issuer; 

(xi)    call, when necessary, a General Debenture Holders Meeting, in accordance with this Issue Indenture; 

(xii)    attend the General Debenture Holders Meeting in order to provide any information requested thereto; 

(xiii)    create a report intended for the Debenture Holders, pursuant to the provisions in article 68, paragraph 1, line
“(b)”, of the Corporation Law and of article 15 of CVM Rule No. 583, of December 20, 2016, as amended (“CVM Rule No. 583”), which shall contain at least the following information: 

(a)    compliance by Issuer with its obligations to provide periodical information indicating any inconsistencies or omissions of
which it may become aware; 
 (b)    changes to the bylaws occurred in the period with material effects on the Debenture Holders;

 (c)    comments on Issuer’s economic, financial and capital structure indicators related to contractual clauses designed
to protect the interest of the holders of securities and that establish conditions that should not be breached by Issuer; 

(d)    number of issued Debentures, quantity of Outstanding Debentures and canceled balance for the period; 

(e)    redemption, amortization, renegotiation and payment of interest of the Debentures realized in the period; 

  
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 (f)    allocation of the funds raised by means of the Issue, according to
information provided by Issuer; 
 (g)    compliance with other obligations undertaken by Issuer in this Issue Indenture; 

(h)    statement on the absence of a conflict of interest situation that would prevent Trustee from continuing to exercise such
duties; and 
 (i)    existence of other issues of securities, whether public or private, made by Issuer, by an affiliate,
controlled company, controlling company or a company that is a member of the same group as Issuer’s, in which it has acted as a trustee in the same period , as well as the following data on such issues, (1) name of the offering company;
(2) number of issued Securities; (3) issue amount; (4) type and guarantees involved; (5) maturity and interest rate; and (6) pecuniary default in the period. 

(xiv)    make available the report mentioned in item (xii) above on its website, within no longer than four (4) months,
counted as of the end of Issuer’s fiscal year; 
 (xv)    maintain up to date the list of Debenture Holders and their
addresses, including by means of request of information made to Issuer, to the Bookkeeping Agent and B3 - Cetip UTVM Segment, it being certain that for purposes of complying with the provisions of this item, Issuer and the Debenture Holders, as soon
as they subscribe, pay up or acquire the Debentures hereby expressly authorize the Bookkeeping Agent and B3 - Cetip UTVM Segment to disclose, at any time, the position of the Debentures, as well as the list of Debenture Holders; 

(xvi)    oversee the compliance with the clauses included in this Issue Indenture, especially those imposing positive and negative
covenants; 
 (xvii)    communicate to the Debenture Holders any default, by Issuer, of financial obligations undertaken in this
Issue Indenture, including those clauses intended to protect the interest of the Debenture Holders and that establish conditions that must not be violated by Issuer, indicating the consequences for the Debenture Holders and the measures it intends
to take with respect to the matter, within seven (7) Business Days counted as of awareness, by Trustee, of the default; 

(xviii)    render an opinion on the sufficiency of the information provided in the proposals of changes to the conditions of the
Debentures; and 
 (xix)    make the unit value of the Debentures available on a daily basis to the Debenture Holders and the
market participants, through its assistance center and/or its website. 
 9.5.    Specific Powers and Duties 

9.5.1.    In case of default of any of the conditions of the Issue, Trustee must use any and all measures set forth in law or herein
to protect rights or defend the interests of the Debenture Holders, as set forth in article 12 of CVM Rule No. 583. 

  
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 9.5.2.    The Trustee shall not issue any kind of opinion or make any kind of
judgment regarding the guidance about any fact of the Issue which is Debenture Holders’ responsibility to define, undertaking only to act in accordance to the Debenture Holders’ instructions provided by the Debenture Holders. In this
regard, Trustee shall not have any responsibility related to the result or the legal effects arising from the strict compliance with the Debenture Holders’ guidance provided to such Trustee and reproduced to Issuer, regardless of any damages
that may be caused thereby to the Debenture Holders or to Issuer. Trustee’s operation is limited to the scope of CVM Rule No. 583 and the applicable articles of the Corporation Law, being exempt, in any form or under any context, from any
additional responsibility that has not arisen from the applicable legislation. 
 9.5.3.    Without prejudice to the diligence
duty of Trustee, Trustee shall assume that the original documents or certified copies of the documents provided by Issuer or by third parties at the request thereof were not contemplated by fraud or forgery. Trustee shall not, under any
circumstances, be responsible for the creation of corporate documents of Issuer, with Issuer remaining with a legal and regulatory obligation to create them, pursuant to the applicable legislation. 

9.5.4.    Trustee shall be responsible for verifying, upon acceptance of the duties, the veracity, completeness of the technical
and financial information included in any documents that may be sent thereto with the purpose of informing, complementing, clarifying, rectifying or ratifying the information contained in this Issue Indenture, ensuring any omissions, flaws or
defects of which Trustee may learn are cured, pursuant to the provisions of item V of article 11 of CVM Rule No. 583. 

9.5.5.    Any acts or pronouncements on the part of Trustee that create a liability for the Debenture Holders and/or hold third
parties harmless from obligations toward them, as well as those related to due compliance with the obligations undertaken herein, may only be valid when previously resolved upon at a General Debenture Holders Meeting by the quorum set out in item
9.6 below; unless otherwise set out in this Issue Indenture. 
 9.6.    Expenses 

9.6.1.    Issuer shall reimburse Trustee for all reasonable and usual expenses in which it has provenly incurred so as to protect
the rights and interests of Debenture Holders or to realize its credits, upon payment of the respective invoices along with a copy of the respective receipts, directly issued on behalf of Issuer or by means of reimbursement, it being certain that
such expenses must, where possible, be previously approved by Issuer. 
 9.6.2.    The reimbursement to which this item 9.6
refers shall be carried out on the first Thursday after fifteen (15) days as of the performance of the respective issue of the invoice or request for reimbursement requested to Issuer. 

9.6.3.    All expenses in which Trustee incurs to protect the interests of the Debenture Holders shall be, where possible, approved
in advance and advanced by the Debenture Holders and, subsequently, reimbursed by Issuer upon receipt. Such expenses include expenditure with Reasonable Attorney’s Fees, including of third parties, deposits, indemnities, court costs and fees
related to actions filed by Trustee, provided that they 

  
 31 

 
are related to the solution of the default, as representative of the Debenture Holders. Any expenses, deposits and court costs arising from the loss of suit in court actions shall be equally
borne by the Debenture Holders, as well as the remuneration and reimbursable expenses of Trustee, in case Issuer remains in default in relation to their payment for a period longer than thirty (30) consecutive days, and Trustee may request a
guarantee from the Debenture Holders to cover the risk loss of suit expenses. 
 9.6.4.    The Trustee, however, is hereby aware
and agrees with the risk of not having such expenses previously approved and/or reimbursed by Issuer or by the Debenture Holders, as the case may be, in case they have been carried out against (i) criteria of common sense and reasonability
generally accepted in commercial relationship of the gender or (ii) the fiduciary duty that is inherent thereto. 

9.6.5.    The expenses referred to in this item 9.6 shall include those incurred with: 

(i)    the publication of reports, notices and communications, as provided for in this Issue Indenture, and others that may be
required based on applicable regulations; 
 (ii)    collection of certificates and expenses with notary public and mail when
necessary for the performance of Trustee’s duties; 
 (iii)    photocopies, scanning, submission of documents; 

(iv)    costs incurred with telephone calls related to the issue; 

(v)    transfer between the Federation States and respective accommodation, transportation and food, when necessary for the
performance of the duties; and 
 (vi)    any additional, special or expert surveys that may become crucial, in case of omissions
and/or obscure points in the information pertaining to the strict interests of the Debenture Holders. 
 9.6.6.    Any of
Trustee’s credit for previously approved expenses, where possible, which it has made so as to protect rights and interests or realize credits of Debenture Holders, which has not been paid off as described in items 9.6.1 and 9.6.2 above, shall
be added to Issuer’s debt, with the latter having preference in the order of payment, pursuant to the provisions of paragraph 5 of article 68 of the Corporation Law. 

9.7.    Trustee’s Representations 

9.7.1.    The Trustee, appointed in this Issue Indenture, represents, under the penalties of the law: 

(i)    that it has not legal impediment, pursuant to paragraph 3 of article 66, of the Corporation Law, to exercise the duty
bestowed thereupon; 
 (ii)    it accepts the duties attributed to it herein, and assumes all duties and attributions set forth
in the specific legislation and in this Issue Indenture; 
 (iii)    fully accepts this Issue Indenture, all its clauses and
conditions; 

  
 32 

 (iv)    it has no connection with Issuer that could prevent it from performing
its duties; 
 (v)    it is aware of the applicable regulations enacted by the Central Bank of Brazil and the CVM; 

(vi)    it is duly authorized to enter into this Issue Indenture and comply with its obligations set out herein, having met all
legal and bylaws requirements for such purpose; 
 (vii)    it is not included in any of the events of conflict of interests set
forth in article 6 of CVM Rule No. 583; 
 (viii)    it is duly qualified to act as a trustee, according to the applicable
regulations in force; 
 (ix)    this Issue Indenture constitutes a legal, valid, binding, and effective obligation of Trustee,
enforceable in accordance with its terms and conditions; 
 (x)    the execution of this Issue Indenture and compliance with its
obligations set out herein do not violate any obligations previously undertaken by Trustee; 
 (xi)    it verified the
consistency of the information contained in this Issue Indenture, taking due care so that any omissions, flaws or defects that may be known thereto may be cured; 

(xii)    the legal representative that signs this Issue Indenture has powers pursuant to the bylaws and/or delegated powers to
undertake, on Trustee’s behalf, the obligations hereby established and, being an attorney-in-fact, had their powers lawfully granted, with the respective powers of
attorney being in full effect; 
 (xiii)    it complies with all the laws, regulations, administrative rules and orders from the
governmental bodies, independent agencies or courts, applicable to the conduct of its businesses; 
 (xiv)    on the execution
date of this Issue Indenture, as per the organizational chart submitted by Issuer, for purposes of CVM Rule No. 583, Trustee identified that it provide trustee services in issues described pursuant to Exhibit I to this Issue Indenture; 

(xv)    ensure now and in the future, as per paragraph 1 of article 6 of CVM Rule No. 583, equal treatment to all debenture
holders of any issues of debentures made by Issuer, an affiliate, controlled or controlling company, or a company that is part of the same economic group as Issuer’s where it may act as trustee. 

CLAUSE X    GENERAL DEBENTURE HOLDERS MEETING 

10.1.    The Debenture Holders may, at any time, hold at a General Debenture Holders Meeting, as set forth in article 71 of the Corporation
Law, in order to resolve on matters of interest to the pooling of Debenture Holders (“General Debenture Holders Meeting”). 

  
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 10.1.1.    When the matter to be resolved upon is specific to the holders of
First Series Debentures, holders of Second Series Debentures or holders of Third Series Debentures, they may, individually and at any time, in accordance with the provisions of article 71 of the Corporation Law, meet at a General Meeting,
which shall be held separately, so as to resolve upon a matter of interest to the pooling of Debenture holders of Debentures of the respective series, as the case may be. 

10.1.2.    The procedures set out in this Clause X shall be applicable jointly with the General Debenture Holders Meetings of all
series; and individually for the General Debenture Holders Meetings of each one of the respective series; as the case may be. The quorums mentioned in this Clause X shall be calculated taking into account the total number of Outstanding Debentures
or the Outstanding Debentures of the respective series, as the case may be. 
 10.2     Call. 

10.2.1.    The General Debenture Holders Meeting may be convened by Trustee, by Issuer, by Debenture Holders representing ten
percent (10%) at least of the Outstanding Debentures or the Outstanding Debentures of the respective series, as the case may be, of by CVM. 

10.2.2.    The call notice shall occur by means of an announcement published at least three (3) times in press channels where
Issuer publishes, subject to other rules regarding the publication of call notices of General Meetings contained in the Corporation Law, the applicable regulations and this Issue Indenture. 

10.2.3.    The General Debenture Holders Meeting shall be held within at least fifteen (15) days from the date on which the
first call notice is published. The General Debenture Holders Meeting, at second call, may only be held within at least five (8) consecutive days from the date scheduled for the General Debenture Holders Meeting to be called to order at first
call. 
 10.2.4.    Those resolutions taken by the Debenture Holders, within the scope of their legal authority, with due regard
to the quorums established in this Issue Indenture, shall be existing, valid and effective before Issuer and shall be binding upon all holders of Outstanding Debentures or Outstanding Debentures of the respective series, as the case may be,
regardless of having attended the General Debenture Holders Meeting or any vote cast at the respective General Debenture Holders Meeting. 

10.2.5.    Regardless of the formalities set out in the legislation applicable to this Issue Indenture, a General Debenture Holders
Meeting shall be deemed regular when holders of all Outstanding Debentures or of Outstanding Debentures of the respective series are present, regardless of publications and/or notices. 

10.3.    Instatement Quorum 

10.3.1    The General Debenture Holders Meeting shall be instated, at first call, with the presence of Debenture Holders
representing at least half of the Outstanding Debentures or the Outstanding Debentures of the respective series, as the case may be and, at second call, with any given quorum. 

  
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 10.3.2.    For purposes of the creation of any and all instatement or and/or
resolution quorums of the General Debenture Holders Meeting set out in this Issue Indenture, the following is considered: (i) “Outstanding Debentures” are all subscribed Debentures, excluding those held in treasury by Issuer and
those held by controlled companies by, or affiliates of, Issuer (whether directly or indirectly), controlling (or control group) companies under common control or managers of Issuer, including, but not limited to, persons directly or indirectly
related to any of the previously mentioned persons; (ii) “Outstanding First Series Debentures” all subscribed First Series Debentures, excluding those held in treasury by Issuer and those held by companies controlled by, or
affiliates of, Issuer (whether directly or indirectly), controlling (or control group) companies under common control or managers of Issuer, including, but not limited to, persons directly or indirectly related to any of the previously mentioned
persons; (iii) “Outstanding Second Series Debentures” all subscribed Second Series Debentures, excluding those held in treasury by Issuer and those held by companies controlled by, or affiliates of, Issuer (whether directly or
indirectly), controlling (or control group) companies under common control or managers of Issuer, including, but not limited to, persons directly or indirectly related to any of the previously mentioned persons. and (iv) “Outstanding Third
Series Debentures” all subscribed Third Series Debentures, excluding those held in treasury by Issuer and those held by companies controlled by, or affiliates of, Issuer (whether directly or indirectly), controlling (or control group)
companies under common control or managers of Issuer, including, but not limited to, persons directly or indirectly related to any of the previously mentioned persons. 

10.4.    Presiding Board 

10.4.1.    The presidency of the General Debenture Holders Meeting shall be incumbent upon the Debenture Holder elected by the
Debenture holders or to whomever is designated by the CVM. 
 10.5.    Resolution Quorum 

10.5.1.    Upon the resolutions of the General Debenture Holders Meeting, each Debenture shall give the right to one vote, with the
appointment of an attorney in fact being accepted, who could be Debenture holder or not. Unless otherwise set out in this Issue Indenture, any changes to the terms and conditions of this Issue Indenture shall be approved, whether at first call of
the General Debenture Holders Meeting or any other subsequent one, by Debenture Holders representing at least (a) two-thirds (2/3) of the total Outstanding Debentures; or
(b) two-thirds (2/3) of the Outstanding Debentures of the respective services, as the case may be. 

10.5.2.    The resolutions of the General Debenture Holders Meeting that contemplate changes to the characteristics of the
Debentures, such as, (i) Compensatory Interest; (ii) the dates of payment of Compensatory Interest; (iii) the amounts and dates of amortization of the Debentures; (iv) Maturity Date; (v) resolution quorums of General
Debenture Holders Meeting set out in this item 10.5.2, must be approved, whether at first call of the General Debenture Holders Meeting or in any other subsequent meeting, by Debenture Holders representing at least ninety percent (90%) of the
Outstanding Debentures of the respective series. 

  
 35 

 10.5.2.1. Unless otherwise set out herein, changes to the cases of early maturity, as set out in item
7.1 above, shall be approved, whether at first call of the General Debenture Holders Meeting or at any other subsequent meeting, by Debenture Holders representing at least ninety percent (90%) of the Outstanding Debentures of the respective series.
The quorum set out to amend the cases of early maturity does not bear any relation with the quorum for declaration of early maturity set out in item 7.3.1 above, it being certain that for the performance of the changes set out in this item 10.5.2.1,
the General Debenture Holders Meeting shall be jointly held, and the total Outstanding Debentures must be considered for the ascertainment of the instatement and resolution quorums. 

10.5.3.    The quorum mentioned in item 10.5.1 above does not include the quorums expressly set out in other Clauses of this Issue
Indenture. 
 10.5.4.    The presence of Issuer’s legal representatives of Issuer at the General Debenture Holders Meeting
shall be optional. 
 10.5.5.     Trustee shall attend the General Debenture Holders Meeting to provide to the Debenture Holders
any information requested thereto. 
 CLAUSE XI    ISSUER’S REPRESENTATIONS AND WARRANTIES 

11.1.    Issuer represents and warrants that, on the execution date of this Issue Indenture: 

(a)     it is a company duly organized, incorporated and existing under the type of a joint-stock corporation under the Brazilian
laws and it is duly authorized to conduct its business, with full powers to hold, own and operate its assets; 
 (b)    it is
duly authorized and, except for the: (i) grant of registration for distribution and trading of the Debentures at B3 - Cetip UTVM Segment, pursuant to the provisions of item 3.6.1 above; (ii) grant of prior consent by the
Brazilian Development Bank – BNDES; and (iii) the grant of prior consent by Banco Itaú BBA S.A. or Itaú Unibanco S.A., as the case maybe, it obtained all necessary authorizations, including corporate authorizations,
for the execution of this Issue Indenture, for the issue of the Debentures and compliance with its obligations set out herein, having met all legal and bylaws requirements necessary for such purpose. Issuer shall send to Trustee within two
(2) Business Days, as of its receipt, the copies of the consents described in items (ii) and (iii); 
 (c)    the legal
representatives that sign this Issue Indenture have powers pursuant to the bylaws and/or delegated powers to undertake, on its behalf, the obligations hereby established and, being
attorneys-in-fact, had their powers lawfully granted, with the respective powers of attorney being in full effect; 

(d)    the execution of this Issue Indenture, compliance with its obligations set out in this Issue Indenture, issue and
distribution of the Debentures do not violate or contradict (i) any agreement or document to which Issuer is a party or through which any of its assets and properties are bound, nor shall it result in (aa) the early maturity of any obligation
established in any of such agreements or instruments; (bb) creation of any lien over any asset or property of Issuer, or (cc) termination of such Agreements or 

  
 36 

 
instruments; (ii) any law, decree or regulation to which Issuer or any of its assets and properties are subject; or (iii) any orders, decision or administrative, judicial or arbitral
award that affects Issuer or any of its assets and property; 
 (e)    it shall comply with all obligations undertaken pursuant
to this Issue Indenture, including, but not limited to, the obligation to allocate the funds obtained through the Issue for the purposes set out in item 4.9.1 of this Issue Indenture; 

(f) it is not aware of the existence of any lawsuit, administrative proceeding, arbitration procedure, inquiry or another kind of governmental
investigation that may cause a Material Adverse Effect, save for those informed to the market by means of a material fact and/or notice to the market, or stated in the reference form or in the financial statements of Issuer on the date hereof; 

(g)    the information and representations contained in this Issue Indenture in relation to Issuer and to the Restricted Offer, as
the case may be, are true, consistent, accurate and sufficient; 
 (h)    there is no connection between Issuer and Trustee that
prevents Trustee from fully exercising its duties; 
 (i)    it is fully aware and fully agrees with the form of disclosure and
calculation of the DI Rate, disclosed by B3 - Cetip UTVM Segment, and that the form of calculation of the remuneration of the Debentures was agreed upon with free intent between Issuer and the Bookrunners, subject to the principle of good faith;

 (j)    this Issue Indenture constitutes a legal, valid, effective and binding obligation of Issuer, enforceable in accordance
with its terms and conditions, with the force of an extrajudicial enforcement instrument pursuant to the provisions of article 784, item I, of the Brazilian Civil Code of Procedure; 

(k)    a regulatory authorization for the execution of this Issue Indenture is not necessary for the Issue and the Restricted
Offer; 
 (l)    is complying with the laws, regulations, administrative rules and determinations (including environmental) of
governmental bodies, independent agencies, courts or tribunals applicable to the exercise of its activities, including with the provisions in the legislation in force concerning the National Policy of the Environment - Conama, the Anti-corruption
Laws and the other supplemental environmental laws and regulations, adopting preventive or reparatory measures and actions intended to prevent or correct any environmental damages arising from the exercise of the activities described in its
corporate purpose, except for those the applicability of which is being challenged in good faith either in court and/or before the relevant authority by Issuer or have been communicated to the market by means of a material fact and/or communication
to the market, or indicated in the Reference Form or in the financial statements of Issuer; 
 (m)    the financial statements of
Issuer related to the financial years ended on December 31, 2015, 2016 and 2017 are true, complete and correct in all aspects on the date on which they are prepared; reflect, in a clear and accurate manner, the financial and equity positions,
results, cash flow transactions of Issuer in the period; 

  
 37 

 (n)    Issuer, on this date, is observing and complying with its bylaws or any
obligations and/or conditions contained in agreements, contracts, mortgages, deeds, loans, credit facility agreements, promissory notes, commercial leasing agreements or other agreements or instruments to which it may be a party, except in cases
that they are discussed in good faith in court and/or before the relevant authority, or the counterparty, as the case may be, its applicability or noncompliance with which does not cause a Material Adverse Effect; 

(o)    it is fully aware that, under article 9 of CVM Rule No. 476, it may not carry out other public offering of the same
type of debentures issued thereby within four (4) months from the date of expiration of the Restricted Offer, unless a new offer is submitted for registration with CVM; 

(p)    it is up-to-date with the payment of all
local, state, district and federal tax, labor, social security and environmental obligations, and any other obligations imposed by law, except in cases where it is, in good faith, discussing the applicability thereof before a court or the authority
with jurisdiction, or which do not cause a Material Adverse Effect; and 
 (q)    it has valid, effective, and in perfect order
and full effect, all authorizations and licenses, including environmental license, applicable to the regular exercise of their activities, except those the absence of which does not result, on this date, in a Material Adverse Effect. 

11.2.    The Issuer undertakes to notify, within five (5) Business Days, the Debenture Holders and Trustee in case any of the
representations made herein become totally or partially untrue, incomplete or incorrect. 
 CLAUSE XII    MISCELLANEOUS. 

12.1.    Communications 

12.1.1.    Any communications to be submitted by any of the parties under the terms of this Issue Indenture shall be submitted to
the following addresses: 
 If to Issuer: 
 Natura
Cosméticos S.A. 
 Avenida Alexandre Colares, n° 1188, Vila Jaguará 

São Paulo - SP 
 Att.: Messrs. Marco Oliveira and
Otávio Tescari 
 With copy to: Mr. Itamar Gaino Filho 

Phone: (11) 4389-7493 / 4389-7814 
 Email:
marcooliveira@natura.net / otaviotescari@natura.net / itamargaino@natura.net 
 If to Trustee: 

Pentágono S.A. Distribuidora de Títulos e Valores Mobiliários 

Avenida das Américas, no. 4200, Bloco 08, Ala B, Salas 302, 303, e 304, Barra da Tijuca 

CEP 22640-102 Rio de Janeiro, RJ 

  
 38 

 Att.: Mr. Marco Aurélio Ferreira, Mrs. Marcelle Santoro and Mrs. Karolina Vangelotti

 Phone: (21) 3385-4565 
 Email:
operacional@pentagonotrustee.com.br 
 To the Settlement Bank: 

Itaú Unibanco S.A. 
 Praça Alfredo Egydio de
Souza Aranha, 100 
 CEP 04344-902 - São Paulo - SP 

Att.: André Sales 
 Phone: (11) 2740-2568 

Email: escrituracaorf@itau-unibanco.com.br 
 To the
Bookkeeping Agent: 
 Itaú Corretora de Valores S.A. 

Brigadeiro Faria Lima, 3500, 3o andar 
 CEP 04538-132 - São Paulo - SP. 
 Att.: André Sales 

Phone: (11) 2740-2568 
 Email: escrituracaorf@itau-unibanco.com.br

 To B3 - CETIP UTVM Segment 
 B3 S.A. - BRASIL,
BOLSA, BALCÃO, CETIP UTVM SEGMENT 
 Alameda Xingu, n° 350, 1o andar 

CEP 06455-030, Alphaville/Barueri - São Paulo 

Att.: Superintendence Office of Securities 
 Phone: (11) 0300-111-1596 
 Email: Gr.GEVAM-GerenciadeValoresMobiliarios@b3.com.br 

12.1.2.    Any communications and notices shall be deemed to have been delivered when registered or with return receipt issued by
“Empresa Brasileira de Correios” at the addresses above. 
 12.1.3.    Changes to any of the addresses above shall be
communicated to all parties by Issuer, with the application of the same rule to all the other parties mentioned in this instrument with regard to the obligation of communicating to Issuer. 

12.2.    Waiver 

12.2.1.    Waiver of any rights arising from this Issue Indenture may not be presumed. Therefore, no delay, omission or forbearance
in the exercise of any right, prerogative or remedy to which Trustee and/or the Debenture Holders are entitled, by virtue of any default by Issuer shall hinder such rights, options or remedies, nor shall be construed as a waiver thereto or
acceptance in relation to such default, nor shall it constitute any novation or amendment to any other obligations undertaken by Issuer in this Issue Indenture or any precedent in respect of any other default or delay. 

12.3.    Registration Costs 

  
 39 

 12.3.1.    Any and all costs incurred by virtue of the registration of this Issue
Indenture and its potential addenda, as well as the corporate acts regarding this Issue, before the relevant registry offices, shall be exclusively borne by Issuer. 

12.4.    Amendments 

12.4.1.    Any amendments to the terms and conditions of this Issue Indenture shall be effective only by means of their
formalization through amendment to be executed by all Parties. 
 12.4.2.    The necessity to convene the General Meeting is
hereby waived to resolve on: (i) correction of material errors, whether it is a gross mistake, a typing error or an mathematical error, (ii) changes to any transaction documents that have already been expressly permitted under the
respective transaction document(s) due to the requirements made by CVM, B3, or (iv) due to the updating of the registration data of the Parties, such as the change in the trade name, address and phone number, among others, provided that such
changes or corrections referred to in items (i), (ii), (iii) and (iv) above, are not capable of resulting in any losses to the Debenture Holders or any changes in the flow of Debenture Holders, and provided that there are no other additional
costs or expenses for the Debenture Holders. 
 12.5.    Severability in the Issue Indenture 

12.5.1.    If any of the provisions in this Issue Indenture are deemed null, invalid or ineffective, all other provisions not
affected by such judgment shall prevail, and the parties shall undertake, in good-faith, to replace the affected provision with another which, to the extent possible, produces the same effect. 

12.6.    Applicable Law 

12.6.1.    This Issue Indenture shall be governed by the laws of the Federative Republic of Brazil. 

12.7.    Jurisdiction 

12.7.1.    The courts of the Judicial District of the Capital City of the State of São Paulo are hereby elected, with the
exclusion of any other court, however privileged it may be. 
 12.8.    Authorization to Initial 

12.8.1.    By this instrument, Issuer authorizes any of the following persons to, on its behalf, initial each page of this Issue
Indenture and its respective Exhibit I: 
  

			
	Name	  	Individual Taxpayers’ Register of the Ministry of Finance (CPF/MF)
	Gisele Trindade Kim	  	031.450.746-95
	Isabella Magalhães Pinto Coutinho	  	095.299.926-96
	Marco Aurélio Franceschini Rodrigues de Oliveira	  	076.638.998-73

  
 40 

 In witness whereof, the parties execute this instrument in three (3) counterparts of equal content and
form, together with the two (2) undersigned witnesses. 
 São Paulo, August 27, 2018. 

(Signature page 1/3 of the “Private Instrument of Indenture of the 9th Issue of Simple, Non-Convertible,
Unsecured Debentures of Natura Cosméticos S.A.”) 
 NATURA COSMÉTICOS S.A. 

 

			
	[signature]	  	[signature]
	Name: José Antonio de Almeida Filippo	  	Name: João Paulo Ferreira
	Title: Chief Financial and Investor Relations Officer	  	Title: CEO

 (Signature page 2/3 of the “Private Instrument of Indenture of the 9th Issue of Simple,
Non-Convertible, Unsecured Debentures of Natura Cosméticos S.A.”) 

PENTÁGONO S.A. DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS 

 

			
	[signature]
	Name: [blank]	  	Nathanny Manhães
	Title: [blank]	  	Individual Taxpayers Register (CPF): 113.345.473-20
		  	Title: Attorney-In-Fact

 (Signature page 3/3 of the “Private Instrument of Indenture of the 9th Issue of Simple,
Non-Convertible, Unsecured Debentures of Natura Cosméticos S.A.”) 
 WITNESSES: 

 

			
	[signature]	  	[signature]
	Name: Felipe de Araújo Silva	  	Name: Jonathan Santos de Oliveira
	Individual Taxpayers Register (CPF): 454.428.708-11	  	Individual Taxpayers Register (CPF): 425.579.438-35
	ID (RG) No.: 38.614.219-1	  	ID (RG) No.: 36.155.975-6

 Exhibit I 
  

			
	Issue	  	5th issue of debentures of Natura Cosméticos S.A. (1st and 2nd series due)
	Total Issue Amount	  	Six hundred million Reais (R$ 600,000,000.00)
	Quantity	  	20,000 (1st series); 20,000 (2nd series); 20,000 (3rd series)
	Type	  	Unsecured
	Guarantees	  	N/A
	Maturity Date	  	02/25/2019 (3rd series)
	Compensation	  	108% of the DI Rate (3rd series)
	Classification	  	Financial Compliance

  
 41 

			
	Issue	  	6th issue of debentures of Natura Cosméticos S.A. (1st series due)
	Total Issue Amount	  	Eight hundred million Reais (R$ 800,000,000.00)
	Quantity	  	40,000 (1st series); 25,000 (2nd series); 15,000 (3rd series)
	Type	  	Unsecured
	Guarantees	  	N/A
	Maturity Date	  	03/16/2019 (2nd series); 03/16/2020 (3rd series)
	Compensation	  	108.25% of the DI Rate (2nd series); 109% of the DI Rate (3rd series)
	Classification	  	Financial Compliance
		
	Issue	  	8th issue of debentures of Natura Cosméticos S.A.
	Total Issue Amount	  	One billion and four hundred million Reais (R$ 1,400,000,000.00)
	Quantity	  	One hundred and forty thousand (140,000)
	Type	  	unsecured, with personal guarantee
	Guarantees	  	Surety; Corporate Guarantee by The Body Shop
	Maturity Date	  	08/14/2019
	Compensation	  	110% of the DI rate
	Classification	  	Financial Compliance

  
 42EX-4.9

 Exhibit 4.9 

EXECUTION VERSION 
  

 
  

NATURA COSMÉTICOS S.A., 

as Company, 
 and

 U.S. BANK NATIONAL ASSOCIATION, 

as Trustee, Paying Agent, Registrar and Transfer Agent, 

Indenture 
 Dated as of
February 1, 2018 
  
  

5.375% Notes Due 2023 
  

 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
		 	Article 1	  			
			
		 	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Rules of Construction	  	 	21	 
	 Section 1.03
	 	Table of Contents; Headings	  	 	22	 
	 Section 1.04
	 	Form of Documents Delivered to Trustee	  	 	22	 
			
		 	Article 2	  			
			
		 	THE NOTES	  			
			
	 Section 2.01
	 	Form, Dating and Denominations; Legends	  	 	22	 
	 Section 2.02
	 	Execution and Authentication; Additional Notes	  	 	24	 
	 Section 2.03
	 	Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust	  	 	25	 
	 Section 2.04
	 	Replacement Notes	  	 	26	 
	 Section 2.05
	 	Outstanding Notes	  	 	26	 
	 Section 2.06
	 	Temporary Notes	  	 	27	 
	 Section 2.07
	 	Cancellation	  	 	27	 
	 Section 2.08
	 	CUSIP and ISIN Numbers	  	 	28	 
	 Section 2.09
	 	Registration, Transfer and Exchange	  	 	28	 
	 Section 2.10
	 	Restrictions on Transfer and Exchange	  	 	31	 
	 Section 2.11
	 	Open Market Purchases	  	 	32	 
			
		 	Article 3	  			
			
		 	ADDITIONAL AMOUNTS; REDEMPTION	  			
			
	 Section 3.01
	 	Additional Amounts	  	 	32	 
	 Section 3.02
	 	Optional Redemption with a Make-Whole Premium	  	 	34	 
	 Section 3.03
	 	Optional Redemption Without a Make-Whole Premium	  	 	35	 
	 Section 3.04
	 	Optional Redemption upon Sale of Equity Interests	  	 	35	 
	 Section 3.05
	 	Redemption for Taxation Reasons	  	 	35	 
	 Section 3.06
	 	Method, Effect and Notice of Redemption	  	 	36	 
	 Section 3.07
	 	Notice of Redemption by the Company	  	 	37	 
	 Section 3.08
	 	Additional Redemption Procedures	  	 	37	 
	 Section 3.09
	 	Deposit of Redemption Price	  	 	38	 
	 Section 3.10
	 	Effect of Notice of Redemption	  	 	38	 
	 Section 3.11
	 	Offer to Purchase	  	 	38	 

  
 i 

							
	 	 	 	  	Page	 
		 	Article 4	  			
			
		 	COVENANTS	  			
			
	 Section 4.01
	 	Payment of Principal and Interest under the Notes	  	 	40	 
	 Section 4.02
	 	Maintenance of Office or Agency	  	 	41	 
	 Section 4.03
	 	Maintenance of Corporate Existence	  	 	41	 
	 Section 4.04
	 	Payment of Taxes	  	 	42	 
	 Section 4.05
	 	[RESERVED]	  	 	42	 
	 Section 4.06
	 	Maintenance of Properties	  	 	42	 
	 Section 4.07
	 	Limitation on Debt and Disqualified Stock	  	 	42	 
	 Section 4.08
	 	Limitation on Restricted Payments	  	 	45	 
	 Section 4.09
	 	Limitation on Liens	  	 	48	 
	 Section 4.10
	 	Limitation on Sale and Leaseback Transactions	  	 	48	 
	 Section 4.11
	 	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	49	 
	 Section 4.12
	 	Repurchase of Notes Upon a Change of Control	  	 	50	 
	 Section 4.13
	 	Limitation on Asset Sales	  	 	50	 
	 Section 4.14
	 	Limitation on Transactions with Affiliates	  	 	52	 
	 Section 4.15
	 	[RESERVED]	  	 	53	 
	 Section 4.16
	 	Reports to the Trustee	  	 	53	 
	 Section 4.17
	 	Ranking	  	 	54	 
	 Section 4.18
	 	Paying Agent and Transfer Agent.	  	 	55	 
	 Section 4.19
	 	Covenant Suspension	  	 	55	 
			
		 	Article 5	  			
			
		 	CONSOLIDATION, MERGER OR TRANSFER OF ASSETS	  			
			
		 	Article 6	  			
			
		 	DEFAULT AND REMEDIES	  			
			
	 Section 6.01
	 	Events of Default	  	 	57	 
	 Section 6.02
	 	Acceleration	  	 	58	 
	 Section 6.03
	 	Notices; Other Remedies	  	 	58	 
	 Section 6.04
	 	Waiver of Past Defaults	  	 	59	 
	 Section 6.05
	 	Control by Majority	  	 	59	 
	 Section 6.06
	 	Limitation on Suits	  	 	59	 
	 Section 6.07
	 	Collection Suit by Trustee	  	 	60	 
	 Section 6.08
	 	Trustee May File Proofs of Claim	  	 	60	 
	 Section 6.09
	 	Priorities	  	 	60	 
	 Section 6.10
	 	Restoration of Rights and Remedies	  	 	61	 
	 Section 6.11
	 	Undertaking for Costs	  	 	61	 
	 Section 6.12
	 	Rights and Remedies Cumulative	  	 	61	 
	 Section 6.13
	 	Delay or Omission Not Waiver	  	 	61	 
	 Section 6.14
	 	Waiver of Stay, Extension or Usury Laws	  	 	61	 

  
 ii 

							
	 	 	 	  	Page	 
		 	Article 7	  			
			
		 	THE TRUSTEE	  			
			
	 Section 7.01
	 	General	  	 	62	 
	 Section 7.02
	 	Certain Rights of Trustee	  	 	63	 
	 Section 7.03
	 	Individual Rights of Trustee	  	 	64	 
	 Section 7.04
	 	Trustee’s Disclaimer	  	 	65	 
	 Section 7.05
	 	Notice of Default	  	 	65	 
	 Section 7.06
	 	Compensation and Indemnity	  	 	65	 
	 Section 7.07
	 	Replacement of Trustee	  	 	66	 
	 Section 7.08
	 	Successor Trustee by Merger	  	 	66	 
	 Section 7.09
	 	Eligibility	  	 	67	 
	 Section 7.10
	 	Money Held in Trust	  	 	67	 
	 Section 7.11
	 	Paying and Transfer Agent	  	 	67	 
			
		 	Article 8	  			
			
		 	DEFEASANCE AND DISCHARGE	  			
			
	 Section 8.01
	 	Discharge of Company’s and any Guarantor’s Obligations	  	 	70	 
	 Section 8.02
	 	Legal Defeasance	  	 	70	 
	 Section 8.03
	 	Covenant Defeasance	  	 	71	 
	 Section 8.04
	 	Application of Trust Money	  	 	72	 
	 Section 8.05
	 	Repayment to Company	  	 	72	 
	 Section 8.06
	 	Reinstatement	  	 	72	 
			
		 	Article 9	  			
			
		 	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  			
			
	 Section 9.01
	 	Amendments Without Consent of Holders	  	 	72	 
	 Section 9.02
	 	Amendments With Consent of Holders	  	 	73	 
	 Section 9.03
	 	Substitution of the Issuer	  	 	74	 
	 Section 9.04
	 	Effect of Consent	  	 	75	 
	 Section 9.05
	 	Trustee’s Rights and Obligations	  	 	75	 
			
		 	Article 10	  			
			
		 	MISCELLANEOUS	  			
			
	 Section 10.01
	 	Holder Communications; Holder Actions	  	 	76	 
	 Section 10.02
	 	Notices	  	 	76	 
	 Section 10.03
	 	Certificate and Opinion as to Conditions Precedent	  	 	78	 
	 Section 10.04
	 	Statements Required in Certificate or Opinion	  	 	78	 
	 Section 10.05
	 	Payment Date Other Than a Business Day	  	 	79	 
	 Section 10.06
	 	Governing Law	  	 	79	 
	 Section 10.07
	 	Submission to Jurisdiction; Agent for Service; Waiver of Immunities	  	 	79	 

  
 iii 

							
	 	 	 	  	Page	 
	 Section 10.08
	 	Judgment Currency	  	 	80	 
	 Section 10.09
	 	No Adverse Interpretation of Other Agreements	  	 	80	 
	 Section 10.10
	 	Successors	  	 	80	 
	 Section 10.11
	 	Duplicate Originals	  	 	81	 
	 Section 10.12
	 	Separability	  	 	81	 
	 Section 10.13
	 	Table of Contents and Headings	  	 	81	 
	 Section 10.14
	 	No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders	  	 	81	 
	 Section 10.15
	 	USA PATRIOT Act	  	 	81	 

  

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

  
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 INDENTURE, dated as of February 1, 2018, between NATURA COSMÉTICOS S.A.,
a corporation (sociedade por ações) incorporated under the laws of Brazil, as the Company, and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Trustee, Paying Agent, Registrar and Transfer Agent. 

RECITALS 
 The Company has
duly authorized the execution and delivery of this Indenture to provide for the issuance of up to $750,000,000 aggregate principal amount of the Company’s 5.375% Notes due 2023, and, if and when issued, any Additional Notes as provided herein
(the “Notes”). All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done, and the Company has done all things necessary to make the Notes (in the case of the
Additional Notes, when duly authorized), when executed by the Company and authenticated and delivered by the Trustee and duly issued by the Company, the valid obligations of the Company as hereinafter provided. 

WITNESSETH 
 For and in
consideration of the premises and the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the equal and proportionate benefit of all Holders, as follows: 

ARTICLE 1 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 Section 1.01    Definitions. 

“Acquired Debt” means Debt of a Person existing at the time the Person merges with or into or becomes a Restricted Subsidiary
and not Incurred in connection with, or in contemplation of, the Person merging with or into or becoming a Restricted Subsidiary. 

“Additional Amounts” has the meaning assigned to such term in Section 3.01. 

“Additional Notes” means any Notes issued under this Indenture in addition to the Initial Notes, having the same terms in all
respects as the Initial Notes except that interest will accrue on the Additional Notes from their date of issuance. 
 “Adjusted
EBITDA” means, for any period: 
 (1)    consolidated gross profit minus; 

(2)    consolidated operating expenses (excluding depreciation and amortization expenses) plus; 

(3)    consolidated other expenses; 

as each such item is set forth in the most recent consolidated financial statements. 

  
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 “Adjusted Net Debt” means, as of any date of determination: 

(1)    the aggregate amount of Debt of the Company and its Restricted Subsidiaries; minus 

(2)    the sum of consolidated cash and cash equivalents and marketable securities of 

the Company and its Restricted Subsidiaries; minus 

(3)    the sum of consolidated liabilities in respect of leases (arrendamentos mercantis) of the Company and its
Restricted Subsidiaries plus the amount of the reclassification of interest expense subsidies of financial results in accordance with accounting pronouncement CPCO7 (government grants); minus 

(4)    the sum of consolidated liabilities in respect of derivatives (ajustes de hedge) entered into by the Company
and its Restricted Subsidiaries, 
 as presented in the explanatory discussion (comentarios de desempenho) accompanying the most
recent consolidated financial statements of the Company. 
 “Adjusted Treasury Rate” means, with respect to any Redemption
Date, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such Redemption Date, in each case calculated on the third Business Day immediately preceding the Redemption Date. 

“Advance Transaction” means an advance from a financial institution involving either (a) a foreign exchange contract
(ACC—Adiantamento sobre Contrato de Câmbio) or (b) an export contract (ACE—Adiantamento sobre Contrato de Exportação). 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under
direct or indirect common control with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”)
with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agent” means any Registrar, Paying Agent, Transfer Agent, Authenticating Agent or other agent hereunder, as duly appointed
by the Company or by the Trustee in the case of the Authenticating Agent. 
 “Agent Member” means a member of, or a
participant in, the Depositary. 
 “Applicable Premium” means, with respect to a Note at any Redemption Date, the greater
of (1) 1.0% of the principal amount of such Note on such Redemption Date and (2) the excess, if any, of (A) an amount equal to the present value at such Redemption Date of (i) the Redemption Price of such Note on February 1, 2021
(such redemption price being described in 

  
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Section 3.03 exclusive of any accrued interest), plus (ii) all required remaining scheduled interest payments due on such Note (assuming that the interest rate per annum on the
Notes applicable on the date on which the notice of redemption was given was in effect for the entire period) through February 1, 2021 (but excluding accrued and unpaid interest to the Redemption Date), in each case, computed by the Company
using a discount rate equal to the Adjusted Treasury Rate, plus 0.45%, over (B) the principal amount of such Note on such Redemption Date. 

“Asset Sale” means any sale, lease, transfer or other disposition of any assets by the Company or any Restricted Subsidiary,
including by means of a merger, consolidation or similar transaction and including any sale or issuance of the Equity Interests of any Restricted Subsidiary (each of the above referred to as a “disposition”), provided that the following
are not included in the definition of “Asset Sale”: 
 (1)    a disposition to the Company or a Restricted
Subsidiary, including the sale or issuance by the Company or any Restricted Subsidiary of any Equity Interests of any Restricted Subsidiary to the Company or any Restricted Subsidiary; 

(2)    a disposition by a Restricted Subsidiary to the Company or another Restricted Subsidiary or by the Company to a
Restricted Subsidiary; 
 (3)    a disposition of any Equity Interests of any Restricted Subsidiary in connection with a
corporate reorganization or delisting transaction involving the public shareholders of the Company, provided that immediately following such disposition, the Company could Incur at least U.S.$1.00 of Debt under the Net Debt to EBITDA Ratio test set
forth in Section 4.07(a)(ii); 
 (4)    the sale, lease, transfer or other disposition by the Company or any
Restricted Subsidiary in the ordinary course of business of (i) cash and cash equivalents, (ii) inventory, (iii) damaged, worn out or obsolete equipment or other assets, or (iv) rights granted to others pursuant to leases or licenses;

 (5)    the lease of assets by the Company or any of its Subsidiaries in the ordinary course of business; 

(6)    the sale or discount of accounts receivable arising in the ordinary course of business in connection with the
compromise or collection thereof; 
 (7)    a transaction covered by the covenant described under Article 5; 

(8)    a Restricted Payment permitted under Section 4.08 or Permitted Minority Investment; 

(9)    a Sale and Leaseback Transaction otherwise permitted under Section 4.10; 3 

(10)    any issuance of Disqualified Stock otherwise permitted under Section 4.07; 

(11)    the creation of a Lien not prohibited by this Indenture (but not the sale or disposition of the property subject
to such Lien); 

  
 3 

 (12)    any surrender or waiver of contract rights pursuant to a
settlement, release, recovery on or surrender of contract, tort or other claims of any kind; 
 (13)    any disposition
of assets in any fiscal year with an aggregate Fair Market Value, taken together with all other dispositions made in reliance on this clause, not to exceed U.S.$100.0 million (or the equivalent thereof at the time of determination); and 

(14)    the disposition of any shares of Capital Stock of an Unrestricted Subsidiary. 

“Attributable Debt” means, in respect of a Sale and Leaseback Transaction, the present value, discounted at the interest rate
implicit in the Sale and Leaseback Transaction, of the total obligations of the lessee for rental payments during the remaining term of the lease in the Sale and Leaseback Transaction. 

“Authenticating Agent” refers to the Trustee’s designee for authentication of the Notes. 

“Average Life” means, with respect to any Debt, the quotient obtained by dividing (i) the sum of the products of
(x) the number of years from the date of determination to the dates of each successive scheduled principal payment of such Debt and (y) the amount of such principal payment by (ii) the sum of all such principal payments. 

“bankruptcy default” has the meaning assigned to such term in Section 6.01. 

“Board of Directors” means the board of directors or comparable governing body of the Company or any committee thereof duly
authorized to act on its behalf. 
 “Board Resolution” means a resolution duly adopted by the Board of Directors which is
certified by the Secretary, Assistant Secretary or a director of the Company and remains in full force and effect as of the date of its certification. 

“Brazil” means the Federative Republic of Brazil. 

“Business Day” means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or
trust companies are authorized or obligated by law to close in the City of New York or São Paulo. 
 “Capital Lease”
means, with respect to any Person, any lease of any Property which, in conformity with IFRS, is required to be capitalized on the balance sheet of such Person. 

“Capital Stock” means, with respect to any Person, any and all shares of stock of a corporation, partnership interests or
other equivalent interests (however designated, whether voting or non-voting) in such Person’s equity, entitling the holder to receive a share of the profits and losses, and a distribution of assets,
after liabilities, of such Person. 
 “Cash Equivalents” means 

(1)    Brazilian reais, U.S. Dollars, or money in other currencies received in the ordinary course of business that
are readily convertible into U.S. Dollars, 

  
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 (2)    any evidence of Debt with a maturity of 180 days or less issued
or directly and fully guaranteed or insured by Brazil or the United States of America or any agency or instrumentality thereof, provided that the full faith and credit of Brazil or the United States of America is pledged in support thereof,

 (3)    (i) demand deposits, (ii) time deposits and certificates of deposit with maturities of one year or less
from the date of acquisition, (iii) bankers’ acceptances with maturities not exceeding one year from the date of acquisition, and (iv) overnight bank deposits, in each case with any bank or trust company organized or licensed under
the laws of Brazil or any political subdivision thereof or the United States or any state thereof having capital, surplus and undivided profits in excess of U.S.$500.0 million whose short-term debt is rated
“A-2” or higher by S&P or “P-2” or higher by Moody’s, 

(4)    repurchase obligations with a term of not more than seven days for underlying securities of the type described in
clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above, 

(5)    commercial paper rated at least P-1 by Moody’s or A-1 by S&P and maturing within six months after the date of acquisition, and 

(6)    money market funds at least 95% of the assets of which consist of investments of the type described in clauses
(1) through (5) above. 
 “Certificated Note” means a Note in registered individual form without interest coupons.

 “Change in Tax Law” has the meaning assigned to such term in Section 3.05. 

“Change of Control” means: 

(1)    the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole to any Person (including any “person” (as that term is used in Section 13(d)(3)
of the Exchange Act)), other than to one or more of the Permitted Holders and other than pursuant to (i) any such transaction in which immediately after the consummation thereof, the voting power of the Company’s outstanding Voting Stock
immediately prior to such consummation constitutes or is converted into or exchanged for more than 50% of the voting power of the outstanding Voting Stock of such Person or (ii) any such sale, lease, transfer or conveyance to one or more
Permitted Holders or a Subsidiary of a Permitted Holder, in each case, if immediately after such transaction no “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more
Permitted Holders, is the “beneficial owner” (as defined in Rules 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the voting power of the outstanding Voting Stock of such
Permitted Holder; or 
 (2)    the consummation of any transaction (including without limitation, any merger or
consolidation) the result of which is that any Person (including any “person” or “group” (as such terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders) is or
becomes the “beneficial owner” (as such term is used in Rules 

  
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13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Company” or “Issuer” means the party named as such in the first paragraph of this Indenture or any
successor obligor under this Indenture and the Notes pursuant to Article 5(a). 
 “Comparable Treasury Issue” means, with
respect to any Redemption Date, the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to February 1, 2021 that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of a maturity comparable to February 1, 2021. 

“Comparable Treasury Price” means, with respect to any Redemption Date, the average of three, or such lesser number as is
obtained by the Quotation Agent, Reference Treasury Dealer Quotations for such Redemption Date. 
 “Consolidated Net
Income” means, for any period, the aggregate net income (or loss) of the Company for such period determined on a consolidated basis in conformity with IFRS. 

“Corporate Trust Office” means the office of the Trustee at which the corporate trust business of the Trustee is
administered, which at the date of this Indenture is located at 100 Wall Street, 16th Floor, New York, NY 10005, United States of America. 

“Debt” means, with respect to any Person, without duplication: 

(1)    all indebtedness of such Person for borrowed money; 

(2)    all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 

(3)    all obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar
instruments, excluding obligations in respect of trade letters of credit or bankers’ acceptances issued in respect of trade accounts payables to the extent not drawn upon or presented, or, if drawn upon or presented, to the extent the resulting
obligation of the Person is paid within 10 Business Days; 
 (4)    all obligations of such Person to pay the deferred
and unpaid purchase price of property or services, all conditional sale obligations and all obligations of such person under any title retention agreement, excluding accounts payable arising in the ordinary course of business; 

(5)    all obligations of such Person as lessee under Capital Leases; 

(6)    all Debt of other Persons guaranteed by such Person to the extent so guaranteed; 

(7)    all Debt of other Persons secured by a Lien on any asset of such Person, whether or not such Debt is assumed by
such Person; and 

  
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 (8)    all obligations of such Person under Hedging Agreements. The
amount of Debt of any Person will be deemed to be: 
 (A)    with respect to contingent obligations, the maximum
liability upon the occurrence of the contingency giving rise to the obligation; 
 (B)    with respect to Debt secured
by a Lien on an asset of such Person but not otherwise the obligation, contingent or otherwise, of such Person, the lesser of (x) the Fair Market Value of such asset on the date the Lien attached and (y) the amount of such Debt; 

(C)    with respect to any Debt issued with original issue discount, the face amount of such Debt less the
remaining unamortized portion of the original issue discount of such Debt; 
 (D)    with respect to any Hedging
Agreement, the net amount payable if such Hedging Agreement terminated at that time due to default by such Person; and 

(E)    otherwise, the outstanding principal amount thereof. 

The principal amount of any Debt or other obligation that is denominated in any currency other than U.S. Dollars (after giving effect to any
Hedging Agreement in respect thereof) shall be the amount thereof, as determined pursuant to the foregoing sentence, converted into U.S. Dollars at the Spot Rate in effect on the date of determination. 

Notwithstanding anything to the contrary, “Debt” shall not be deemed to include any obligations that do not appear on the face of
the balance sheet of the Company. 
 “Default” means any event that is, or after notice or passage of time or both would
be, an Event of Default. 
 “Depositary” means the depositary of each Global Note, which will initially be DTC. 

“Disqualified Equity Interests” means Equity Interests that by their terms or upon the happening of any event are 

(1)    required to be redeemed or redeemable at the option of the holder prior to the Stated Maturity of the Notes for
consideration other than Qualified Equity Interests, or 
 (2)    convertible at the option of the holder into
Disqualified Equity Interests or exchangeable for Debt; 
 provided that Equity Interests will not constitute Disqualified Equity
Interests solely because of provisions giving holders thereof the right to require repurchase or redemption upon an “asset sale” or “change of control” occurring prior to the Stated Maturity of the Notes if those provisions 

(A)    are no more favorable to the holders than the covenants described under Sections 4.12 and 4.13, and 

  
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 (B)    specifically state that repurchase or redemption pursuant thereto
will not be required prior to the Company’s repurchase of the Notes as required by this Indenture. 
 “Disqualified
Stock” means Capital Stock constituting Disqualified Equity Interests. 
 “DTC” means The Depository Trust
Company, a New York corporation, and its 
 successors. 

“DTC Legend” means the legend set forth in Exhibit D. 

“Equity Interests” means all Capital Stock and all warrants or options with respect to, or other rights to purchase, Capital
Stock, but excluding Debt convertible into equity. 
 “Event of Default” has the meaning assigned to such term in
Section 6.01. 
 “Excess Proceeds” has the meaning assigned to such term in Section 4.13. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“Fair Market Value” of any property, asset, share of Capital Stock, other security, Investment or other item means, on any
date, the Fair Market Value of such property, asset, share of Capital Stock, other security, Investment or other item on that date as determined in good faith by the management of the Company. 

“Fitch” means Fitch Ratings Inc. and its successors. 

“Global Note” means a Note in registered global form without interest coupons. 

“guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Debt or
other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or
payment of) such Debt or other obligation of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for purposes of assuring in any other manner the obligee of such Debt or other obligation of the payment
thereof or to protect such obligee against loss in respect thereof, in whole or in part; provided that the term “guarantee” does not include endorsements for collection or deposit in the ordinary course of business. The term
“guarantee” used as a verb has a corresponding meaning. 
 “Guarantor” means any party that executes a
Supplemental Indenture providing for the guarantee of the payment of the Notes, or any successor obligor under its Note Guarantee pursuant to Article 5 in each case unless and until such Guarantor is released from its Note Guarantee pursuant to this
Indenture. 

  
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 “Hedging Agreement” means (i) any interest rate swap agreement,
interest rate cap agreement or other agreement designed to protect against fluctuations in interest rates or (ii) any foreign exchange forward contract, currency swap agreement or other agreement designed to protect against fluctuations in
foreign exchange rates or (iii) any commodity or raw material futures contract or any other agreement designed to protect against fluctuations in raw material prices. 

“Holder” means the registered holder of any Note. 

“IFRS” means International Financial Reporting Standards as issued by the International Accounting Standards Board. 

“Incur” means, with respect to any Debt or Capital Stock, to incur, create, issue, assume or guarantee such Debt or Capital
Stock. If any Person becomes a Restricted Subsidiary on any date after the date of this Indenture, the Debt and Capital Stock of such Person outstanding on such date will be deemed to have been Incurred by such Person on such date for purposes of
Section 4.07, but will not be considered the sale or issuance of Equity Interests for purposes of Section 4.08 or Section 4.13. The accretion of original issue discount or payment of interest in kind will not be considered an
Incurrence of Debt. 
 “Incurrence” shall have a corresponding meaning to the definition herein of Incur. 

“Indenture” means this Indenture, as amended or supplemented from time to time. 

“Initial Notes” means the Notes issued on the date hereof. 

“Initial Purchasers” means the initial purchasers party to a purchase agreement with the Company relating to the sale of the
Notes or Additional Notes by the Company. 
 “Interest Payment Date” means each February 1 and August 1 of each
year, commencing August 1, 2018. 
 “Investment” means: 

(1)    any direct or indirect advance, loan or other extension of credit to another Person, but excluding any such advance,
loan or extension of credit having a term not exceeding 180 days arising in connection with the sale of inventory, equipment or supplies by that Person in the ordinary course of business, 

(2)    any capital contribution to another Person, by means of any transfer of cash or other property or in any other
form, 
 (3)    any purchase or acquisition of Equity Interests, bonds, notes or other Debt, or other instruments or
securities issued by another Person, any acquisitions of assets or substantially all the assets of a Person, including the receipt of any of the above as consideration for the disposition of assets or rendering of services, or 

(4)    any guarantee of any obligation of another Person. 

  
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 For purposes of this definition, the term “Person” shall not include the Company
or any Subsidiary or any Person who would become a Subsidiary as a result of any Investment. If the Company or any Subsidiary sells or otherwise disposes of any Equity Interests of any direct or indirect Subsidiary so that, after giving effect to
that sale or disposition, such Person is no longer a Subsidiary of the Company, all remaining Investments of the Company and the Subsidiaries in such Person shall be deemed to have been made at such time. For purposes of the definition of
“Unrestricted Subsidiary” and Section 4.08: 
 (1)    Investment shall include the portion (proportionate
to the Company’s Equity Interest in such Subsidiary) of the Fair Market Value of the net assets of any Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that,
upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to: 

(a)    the Company’s Investment in such Subsidiary at the time of such redesignation, minus 

(b)    the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of
the net assets of such Subsidiary at the time of such redesignation; and 
 (2)    any property transferred to or from
an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer. 
 “Investment Grade”
means BBB- or higher by S&P, Baa3 or higher by Moody’s or BBB- or higher by Fitch, or the equivalent of such global ratings by S&P, Moody’s or Fitch.

 “Investment Grade Rating” means a rating equal to or higher than Investment Grade. 

“Issue Date” means February 1, 2018. 

“Issuer Substitution Conditions” has the meaning set forth in Section 9.03. 

“Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale
or other title retention agreement or Capital Lease). 
 “Marketable Securities” means publicly traded debt or equity
securities that are listed for trading on a national securities exchange and that were issued by a corporation with debt securities rated at least “AA-” from S&P or “Aa3” from
Moody’s. 
 “Minority Investment” shall mean any Person (other than a Subsidiary) in which the Company or any
Restricted Subsidiary owns Capital Stock (which represents less than 50% of the Voting Stock). 
 “Moody’s” means
Moody’s Investors Service, Inc. and its successors. 
 “Net Cash Proceeds” means, with respect to any Asset Sale, the
proceeds of such Asset Sale in the form of cash or Cash Equivalents (including (i) payments in respect of deferred 

  
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payment obligations to the extent corresponding to principal, but not interest, when received in the form of cash, and (ii) proceeds from the conversion of other consideration received when
converted to cash), net of: 
 (1)    brokerage commissions and other fees and expenses related to such Asset Sale,
including fees and expenses of counsel, accountants and investment bankers; 
 (2)    provisions for taxes as a result
of such Asset Sale taking into account the consolidated results of operations of the Company and its Subsidiaries; 

(3)    payments required to be made to repay Debt (other than revolving credit borrowings) outstanding at the time of such
Asset Sale that is secured by a Lien on the property or assets sold; and 
 (4)    appropriate amounts to be provided as
a reserve against liabilities associated with such Asset Sale, including pension and other post-employment benefit liabilities, liabilities related to environmental matters and indemnification obligations associated with such Asset Sale, with any
subsequent reduction of the reserve other than by payments made and charged against the reserved amount to be deemed a receipt of cash. 

“Net Debt to EBITDA Ratio” means, on any date (the “transaction date”), the ratio of: 

(x)    the aggregate amount of Adjusted Net Debt at that time to 

(y)    Adjusted EBITDA for the four fiscal quarters immediately prior to the transaction date for which internal financial
statements are available (the “reference period”). 
 In making the foregoing calculation, 

(1)    pro forma effect will be given to any Debt Incurred during or after the reference period to the extent the Debt is
outstanding or is to be Incurred on the transaction date as if the Debt had been Incurred on the first day of the reference period; and 

(2)    pro forma effect will be given to: 

(A)    the acquisition or disposition of companies, divisions or lines of businesses by the Company and its Restricted
Subsidiaries, including any acquisition or disposition of a company, division or line of business since the beginning of the reference period by a Person that became a Restricted Subsidiary after the beginning of the reference period, and 

(B)    the discontinuation of any discontinued operations that have occurred since the beginning of the reference period
as if such events had occurred, and, in the case of any disposition, the proceeds thereof applied, on the first day of the reference period. To the extent that pro forma effect is to be given to an acquisition or disposition of a company, division
or line of business, the pro forma calculation will be based upon the most recent four full fiscal quarters for which the relevant financial information is available. 

“Non-U.S. Person” means a Person that is not a U.S. person, as defined in Regulation
S. 

  
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 “Note Guarantee” means the guarantee of the notes by a Guarantor pursuant
to this Indenture. 
 “Notes” has the meaning assigned to such term in the Recitals. 

“obligations” means, with respect to any Debt, all obligations (whether in existence on the Issue Date or arising afterwards,
absolute or contingent, direct or indirect) for or in respect of principal (when due, upon acceleration, upon redemption, upon mandatory repayment or repurchase pursuant to a mandatory offer to purchase, or otherwise), premium, interest, penalties,
fees, indemnification, reimbursement and other amounts payable and liabilities with respect to such Debt, including all interest accrued or accruing after the commencement of any bankruptcy, insolvency or reorganization or similar case or proceeding
at the contract rate (including, without limitation, any contract rate applicable upon default) specified in the relevant documentation, whether or not the claim for such interest is allowed as a claim in such case or proceeding. 

“Offering Memorandum” means the final offering memorandum dated January 25, 2018, prepared by the Company in connection
with the Notes. 
 “Offer to Purchase” has the meaning assigned to such term in Section 3.11. 

“Officer” means a director, the president or chief executive officer, any vice president, the chief financial officer, the
chief operating officer, the chief accounting officer, the treasurer or any assistant treasurer, or the secretary or any assistant secretary, the general counsel or any other duly appointed Person of the Company (or with respect to
Section 3.06, the applicable Guarantor, as the case may be) to perform corporate duties. 
 “Officer’s
Certificate” means a certificate signed by any chief executive officer, the chief operating officer, the chief financial officer, the chief accounting officer, a director, treasurer or the general counsel of the Company or any of its
Subsidiaries. 
 “Offshore Global Note” means a Global Note representing Notes issued and sold pursuant to Regulation S.

 “Opinion of Counsel” means a written opinion signed by legal counsel, who may be an employee of or counsel to the
Company, reasonably satisfactory to the Trustee. 
 “Option Exercise” has the meaning assigned to such term in Article 5.

 “Paying Agent” refers to the Paying Agent and such other paying agents as the Company shall appoint. 

“Permitted Business” means any of the businesses in which the Company and its Subsidiaries are engaged on the Issue Date and
any business reasonably related, incidental, complementary or ancillary thereto or any business determined in good faith by its Board of Directors to be in the interest of the Company. 

“Permitted Business Investment” means any Investment and expenditure made in assets or properties (including Capital Stock,
Debt or any other security or instrument of a Person) 

  
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related to a Permitted Business or any business determined in good faith by its Board of Directors to be in the interest of the Company. 

“Permitted Debt” has the meaning assigned to such term in Section 4.07. 

“Permitted Holders” means Lisis Participações S.A., Utopia Participações S.A., Passos
Participações S.A., Antonio Luiz da Cunha Seabra, Guilherme Peirão Leal, Pedro Luiz Barreiros Passos, FIA Veredas Fundo de Investimento de Ações—Investimento no Exterior, Norma Regina Pinotti, Vinicius
Pinotti, Fabricius Pinotti, Maria Heli Dalla Colletta de Mattos, Gustavo Dalla Colletta de Mattos, Fabio Dalla Colletta de Mattos, Lucia Helena Rios Seabra, Antonio Luiz da Cunha Seabra, Guilherme Peirão Leal Pedro Passos and/or any immediate
family members and any Person, directly or indirectly, controlled by any of them. 
 “Permitted Liens” means: 

(1)    any Lien existing on the date of this Indenture, and any extension, renewal or replacement thereof or of any Lien in
clauses (2), (3) or (4) below; provided, however, that the total amount of Debt so secured is not increased; 

(2)    any Lien on any property or assets (including Capital Stock of any person) securing Debt Incurred solely for
purposes of financing the acquisition, construction or improvement of such property or assets after the date of this Indenture; provided that (a) the aggregate principal amount of Debt secured by the Liens will not exceed (but may be
less than) the cost (i.e., purchase price) of the property or assets so acquired, constructed or improved and 
 (b) the Lien is Incurred
before, or within 365 days after the completion of, such acquisition, construction or improvement and does not encumber any other property or assets of the Company or any Restricted Subsidiary; and provided, further, that to the
extent that the property or asset acquired is Capital Stock, the Lien also may encumber other property or assets of the person so acquired; 

(3)    any Lien securing Debt for the purpose of financing all or part of the cost of the acquisition, construction or
development of a project; provided that the Liens in respect of such Debt are limited to assets (including Capital Stock of the project entity) and/or revenues of such project; and provided, further, that the Lien is
Incurred before, or within 365 days after the completion of, that acquisition, construction or development and does not apply to any other property or assets of the Company or any Restricted Subsidiary; 

(4)    any Lien existing on any property or assets of any person before that person’s acquisition (in whole or in
part) by, merger into or consolidation with the Company or any Restricted Subsidiary after the date of this Indenture; provided that the Lien is not created in contemplation of or in connection with such acquisition, merger or consolidation;

 (5)    any Lien imposed by law that was Incurred in the ordinary course of business, including, without limitation,
carriers’, warehousemen’s and mechanics’ liens and other similar encumbrances arising in the ordinary course of business, in each case for sums not yet due or being contested in good faith by appropriate proceedings; 

  
 13 

 (6)    any pledge or deposit made in connection with workers’
compensation, unemployment insurance or other similar social security legislation, any deposit to secure appeal bonds in proceedings being contested in good faith to which the Company or any Restricted Subsidiary is a party, good faith deposits in
connection with bids, tenders, contracts (other than for the payment of Debt) or leases to which the Company or any Restricted Subsidiary is a party or deposits for the payment of rent, in each case made in the ordinary course of business; 

(7)    any Lien in favor of issuers of surety bonds or letters of credit issued pursuant to the request of and for the
account of the Company or any Restricted Subsidiary in the ordinary course of business; 
 (8)    any Lien securing
taxes, assessments and other governmental charges, the payment of which are not yet due or are being contested in good faith by appropriate proceedings and for which such reserves or other appropriate provisions, if any, have been established as
required by IFRS; 
 (9)    minor defects, easements,
rights-of-way, restrictions and other similar encumbrances Incurred in the ordinary course of business and encumbrances consisting of zoning restrictions, licenses,
restrictions on the use of property or assets or minor imperfections in title that do not materially impair the value or use of the property or assets affected thereby, and any leases and subleases of real property that do not interfere with the
ordinary conduct of the business of the Company or any Restricted Subsidiary, and which are made on customary and usual terms applicable to similar properties; 

(10)    any rights of set-off of any person with respect to any deposit account of
the Company or any Restricted Subsidiary arising in the ordinary course of business; 
 (11)    any Liens granted to
secure borrowings from, directly or indirectly, (a) Banco Nacional de Desenvolvimento Econômico e Social—BNDES, or any other Brazilian governmental development bank or credit agency (including from any financial institutions
involved in such financing from BNDES or such agency) or (b) any international or multilateral development bank, government-sponsored agency, export-import bank or official export-import credit insurer; 

(12)    any Liens on the inventory or receivables of the Company or any Restricted Subsidiary securing the obligations of
such person under any lines of credit or working capital facility or in connection with any structured export or import financing or other trade transaction; provided that the aggregate principal amount of Debt Incurred that is secured by
receivables that will fall due in any calendar year shall not exceed (a) with respect to transactions secured by receivables from export sales, 80% of the Company’s consolidated gross revenues from export sales for the immediately
preceding calendar year; or (b) with respect to transactions secured by receivables from domestic (Brazilian) sales, 80% of the Company’s consolidated gross revenues from sales within Brazil for the immediately preceding calendar year; and
provided, further, that Advance Transactions will not be deemed transactions secured by receivables for purpose of the above calculation; 

  
 14 

 (13)    any Lien securing Hedging Agreements so long as such Hedging
Agreements are entered into for bona fide, non-speculative purposes; and 

(14)    in addition to the foregoing Liens set forth in clauses (1) through (13) above, Liens securing Debt of the
Company or any Restricted Subsidiary (including, without limitation, guarantees of the Company or any Restricted Subsidiary) which in aggregate principal amount, at any time of determination, do not exceed 20.0% of the Company’s Total
Consolidated Assets. 
 “Permitted Minority Investment” means: 

(1)    marketable securities as determined in accordance with IFRS; 

(2)    stocks, obligations or securities in a Minority Investment received in settlement of (or foreclosure with respect
to) debts created in the ordinary course of business and owing to the Company or any of its Restricted Subsidiaries or in satisfaction of judgments; 

(3)    any Minority Investment existing on, or made pursuant to written agreements existing on, the Issue Date, or any
Minority Investment consisting of an extension, modification or renewal of any Minority Investment in existence on the Issue Date; 

(4)    Guarantees of Debt incurred by any Minority Investment permitted under Section 4.07; 

(5)    Minority Investments to the extent made with Capital Stock of the Company (other than Disqualified Stock); 

(6)    Minority Investments made as a result of the receipt of non-cash
consideration from (a) an Asset Sale that was made in compliance with Section 4.13 and (b) a sale, lease, transfer or other disposition not constituting an Asset Sale; 

(7)    Minority Investments that are required to be held pursuant to an involuntary governmental order of consideration,
nationalization, seizure or expropriation or other similar order with respect to such Minority Investment (prior to which order such Person was a Subsidiary of the Company); 

(8)    Minority Investments acquired by the Company or any of its Restricted Subsidiaries (a) in exchange for any
other Investment or accounts receivable held by the Company or such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization with respect to such other Investment or accounts receivable or
(b) as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 

(9)    advances made to customers, clients, distributors, suppliers or purchasers or sellers of goods or services who are
Minority Investments, in each case, in the ordinary course of business; 

  
 15 

 (10)    any Minority Investment in: (i) any joint venture or other
similar arrangement; (ii) any Person which is controlled by the Company or any Subsidiary, by contract or otherwise; or (iii) any other Person that is controlled by a group of which the Company or a Restricted Subsidiary is a member;
provided, that, in each of (i), (ii) and (iii), such Person in which a Minority Investment is being made is not a shareholder of 5% or more of the Company’s Capital Stock; 

(11)    Minority Investments made pursuant to a commitment that, when entered into, would have complied with the
provisions of this Indenture; 
 (12)    Minority Investments engaged in a Permitted Business having an aggregate Fair
Market Value (measured on the date each such Minority Investment was made and without giving effect to subsequent changes in value) that are at the time outstanding, that do not exceed the greater of (i) U.S.$250.0 million (or equivalent
in other currencies) and (ii) 5.0% of the Company’s Consolidated Total Assets; provided that any cash return on capital in any such Minority Investment (including through any dividend, distribution, repayment, redemption, payment of interest or
other transfer) made pursuant to this clause (12) will restore the amount of any such Minority Investment for purposes of calculating the basket amount of Permitted Minority Investments under this clause (12); and 

(13)    additional Minority Investments by the Company or any of its Restricted Subsidiaries having an aggregate Fair
Market Value, taken together with all other Permitted Minority Investments made pursuant to this clause (13) that are at the time outstanding, not to exceed the greater of (i) U.S.$50.0 million (or equivalent in other currencies) and
(ii) 5.0% of Consolidated Total Assets at the time of such Minority Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value) ; provided that any cash return
on capital in any such Minority Investment (including through any dividend, distribution, repayment, redemption, payment of interest or other transfer) made pursuant to this clause (13) will restore the amount of any such Minority Investment
for purposes of calculating the basket amount of Permitted Minority Investments under this clause (13). 
 “Permitted Refinancing
Debt” has the meaning assigned to such term in Section 4.07. 
 “Person” means an individual, a corporation,
a partnership, a limited liability company, an association, a trust or any other entity, including a government or political subdivision or an agency or instrumentality thereof. 

“principal” of any Debt means the principal amount of such Debt, (or if such Debt was issued with original issue discount,
the face amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt), together with, unless the context otherwise indicates, any premium then payable on such Debt. 

“Paying Agent” means U.S. Bank National Association, and its successors or such other Paying Agent as the Company shall
appoint. 
 “Productive Assets” means assets (including capital stock or its substantial equivalent or other Investments)
that are used or usable by the Company and its Subsidiaries in Permitted 

  
 16 

 
Businesses (or in the case of capital stock or its substantial equivalent or other Investments that represent direct, or indirect (via a holding company), ownership or other interests held by the
Company or any Subsidiary in entities engaged in Permitted Businesses). 
 “Property” means (i) any land, buildings,
machinery and other improvements and equipment located therein and (ii) any intangible assets, including, without limitation, any brand names, trademarks, copyrights and patents and similar rights and any income (licensing or otherwise),
proceeds of sale or other revenues therefrom. 
 “Qualified Equity Interests” means all Equity Interests of a Person other
than Disqualified Equity Interests. 
 “Qualified Stock” means all Capital Stock of a Person other than Disqualified Stock.

 “Quotation Agent” means the Reference Treasury Dealer selected by the Company. 

“Rating Agency” means S&P, Fitch or Moody’s; or if S&P, Fitch or Moody’s are not making ratings of the
Notes publicly available, an internationally recognized U.S. rating agency 17 or agencies, as the case may be, selected by the Company, which will be substituted for S&P, Fitch or Moody’s, as the case may be. 

“Rating Decline” means that at any time within 90 days (which period shall be extended so long as the rating of the Notes is
under publicly announced consideration for possible downgrade by either Rating Agency) after the date of public notice of a Change of Control, or of the Company’s intention, or that of any Person, to effect a Change of Control (i) in the
event the Notes are assigned an Investment Grade Rating by at least two of the Rating Agencies prior to such public notice, the rating of the Notes by at least two of the Rating Agencies shall be below an Investment Grade Rating; (ii) in the
event the Notes are assigned an Investment Grade Rating by one Rating Agency and rated below an Investment Grade Rating by at least one other Rating Agency, the rating of the Notes by at least two of the Rating Agencies shall be decreased by one or
more categories and both be below an Investment Grade Rating; or (iii) in the event the Notes are rated below an Investment Grade Rating by at least two of the Rating Agencies prior to such public notice, the rating of the Notes by at least two
of the Rating Agencies shall be decreased by one or more categories; provided that any such Rating Decline is in whole or in part in connection with a Change in Control. 

“Redemption Date” means, when used with respect to any Note to be redeemed pursuant to the terms of this Indenture, the date
fixed for such redemption by or pursuant to the provisions of this Indenture. 
 “Redemption Price” means, when used with
respect to any Notes to be redeemed pursuant to this Indenture, the price at which it is to be redeemed pursuant to the provisions of this Indenture. 

“Reference Treasury Dealer” means Citigroup Global Markets Inc. and HSBC Securities (USA) Inc., their respective successors
and assigns, and any two additional nationally recognized investment banking firms selected by the Company that are primary U.S. Government securities dealers. 

  
 17 

 “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as calculated by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount, quoted in writing to
the Quotation Agent by such Reference Treasury Dealer at 3:30 P.M., New York City time, on the third Business Day immediately preceding such Redemption Date. 

“refinance” has the meaning assigned to such term in Section 4.07. 

“Register” has the meaning assigned to such term in Section 2.09. 

“Registrar” means a Person engaged by the Company to maintain the Register, which shall initially be U.S. Bank National
Association, and its successors. 
 “Regular Record Date” for the interest payable on any Interest Payment Date means
January 17 or July 17 (whether or not a Business Day) next preceding such Interest Payment Date. 
 “Regulation
S” means Regulation S under the Securities Act. 
 “Regulation S Certificate” means a certificate substantially in
the form of Exhibit E hereto. 
 “Related Party Transaction” has the meaning assigned to such term in Section 4.14.

 “Relevant Date” means, with respect to any payment on a Note, whichever is the later of: (i) the date on which such
payment first becomes due; and (ii) if the full amount payable has not been received by the Trustee on or prior to such due date, the date on which notice is given to the Holders that the full amount has been received by the Trustee. 

“Relevant Jurisdiction” has the meaning assigned to such term in Section 3.01. 

“Responsible Officer” means any officer of the Trustee, in the case of the Trustee, or the Paying Agent, in the case of the
Paying Agent, in its corporate trust department with direct responsibility for the administration of such role under this Indenture. 

“Restricted Legend” means the legend set forth in Exhibit C hereto. 

“Restricted Payment” has the meaning assigned to such term in Section 4.08. 

“Restricted Subsidiary” means the Company and any Subsidiary of the Company other than an Unrestricted Subsidiary. 

“Reversion Date” has the meaning assigned to such term in Section 4.19. 

“Rule 144A” means Rule 144A under the Securities Act. 

“Rule 144A Certificate” means (i) a certificate substantially in the form of Exhibit F hereto or (ii) a written
certification addressed to the Company and the Trustee to the effect that 

  
 18 

 
the Person making such certification (x) is acquiring such Note (or beneficial interest) for its own account or one or more accounts with respect to which it exercises sole investment
discretion and that it and each such account is a qualified institutional buyer within the meaning of Rule 144A, (y) is aware that the transfer to it or exchange, as applicable, is being made in reliance upon the exemption from the provisions
of Section 5 of the Securities Act provided by Rule 144A, and (z) acknowledges that it has received such information regarding the Company as it has requested pursuant to Rule 144A(d)(4) or has determined not to request such information to
the extent that the Company is not then subject to Section 13 or 15(d) of the Exchange Act, or is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act. 

“S&P” means Standard & Poor’s Ratings Group, a division of McGraw Hill, Inc. and its successors. 

“Sale and Leaseback Transaction” means, with respect to any Person, an arrangement whereby such Person enters into a lease of
property previously transferred by such Person to the lessor. 
 “Securities Act” means the United States Securities Act of
1933, as amended. 
 “Significant Subsidiary” of any Person means any Subsidiary, including its subsidiaries, that would be
a “significant subsidiary” of such Person within the meaning of Rule 1-02 under Regulation S-X promulgated pursuant to the Securities Act. 

“Spot Rate” means, for any currency, the spot rate at which that currency is offered for sale against U.S. Dollars as
published in The Wall Street Journal on the Business Day immediately preceding the date of determination or, if that rate is not available in that publication, as determined in any publicly available source of similar market data. 

“Stated Maturity” means (i) with respect to any Debt, the date specified as the fixed date on which the final
installment of principal of such Debt is due and payable or (ii) with respect to any scheduled installment of principal of or interest on any Debt, the date specified as the fixed date on which such installment is due and payable as set forth
in the documentation governing such Debt, not including any contingent obligation to repay, redeem or repurchase prior to the regularly scheduled date for payment. 

“Subordinated Debt” means any Debt of the Company which is subordinated in right of payment to the Notes or the Note
Guarantee, as applicable, pursuant to a written agreement to that effect. 
 “Subsidiary” means with respect to any Person,
any corporation, association or other business entity of which more than 50% of the outstanding Voting Stock is owned, directly or indirectly, by such Person. 

“Substantially Wholly-Owned” means, with respect to any Subsidiary, a Subsidiary of at least 90% of the outstanding Capital
Stock of which (other than director’s or other similar qualifying shares) is owned by the Company or one or more Wholly-Owned Subsidiaries (or a combination thereof) of the Company. 

  
 19 

 “Substituted Issuer” has the meaning assigned to such term in
Section 9.03. 
 “Substitution Documents” has the meaning set forth in Section 9.03. 

“Supplemental Indenture” means a supplemental indenture to this Indenture substantially in the form of Exhibit B to this
Indenture which such amendments as may be required thereto in order to reflect the purpose and effect of the execution of such supplemental indenture as provided in this Indenture. 

“Suspension Date” has the meaning assigned to such term in Section 4.19. 

“Suspension Period” has the meaning assigned to such term in Section 4.19. 

“Total Consolidated Assets” means the total amount of the consolidated assets of the Company and its Restricted Subsidiaries.

 “Transfer Agent” means U.S. Bank National Association or such other transfer agent as the Company shall appoint. 

“Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as amended. “Trustee” means the party
named as such in the first paragraph of this Indenture or any successor trustee under this Indenture pursuant to Article 7. 

“Unrestricted Subsidiary” means: 

(1)    any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by
the management of the Company in the manner provided below; and 
 (2)    any Subsidiary of an Unrestricted Subsidiary.

 The management of the Company may designate any Restricted Subsidiary of the Company (including any newly acquired or newly formed
Subsidiary of the Company) to be an Unrestricted Subsidiary pursuant to clause (1) above unless such Subsidiary or any of its Subsidiaries owns any Capital Stock or Debt of, or owns or holds any Lien on any property of, the Company or any
Restricted Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated; provided, however, that either: 

(a)    the Subsidiary to be so designated has total consolidated assets of U.S.$1,000 or less; or 

(b)    if such Subsidiary has consolidated assets greater than U.S.$1,000, then such designation and
Investment (treating (i) such designation as an Investment in an Unrestricted Subsidiary at the time of designation and (ii) such designation and Investment as a Restricted Payment) would be permitted under Section 4.08, in which
case, such designation and Investment will be deemed to be a Restricted Payment pursuant to the provisions of Section 4.08. 

  
 20 

 The management of the Company may designate any Unrestricted Subsidiary to be a Restricted
Subsidiary; provided, however, that immediately after giving effect to such designation: 
 (ii)    such
designation shall be deemed an Incurrence of Debt by a Restricted Subsidiary and such designation shall only be permitted if such Debt is permitted under Section 4.07; and 

(iii)    no Event of Default shall have occurred and be continuing. 

Any such designation of a Subsidiary as a Restricted Subsidiary, and any such designation of a Subsidiary as an Unrestricted Subsidiary
pursuant to clause (1) above, by the management of the Company shall be evidenced to the Trustee by promptly filing with the Trustee an Officer’s Certificate certifying that such designation complied with the foregoing provisions. On the
Issue Date, there will be no Unrestricted Subsidiary of the Company. 
 “U.S. Global Note” means a Global Note that bears
the Restricted Legend representing Notes issued and sold pursuant to Rule 144A 
 “U.S. Government Obligations” means
obligations issued, or directly and fully guaranteed or insured by the United States of America or by any agent or instrumentality thereof, provided that the full faith and credit of the United States of America is pledged in support thereof.

 “Voting Stock” means, with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote
for the election of directors, managers or other voting members of the governing body of such Person. 
 “Wholly-Owned”
means, with respect to any Subsidiary, a Subsidiary all of the outstanding Capital Stock of which (other than any director’s or other similar qualifying shares) is owned by the Company and one or more Wholly-Owned Subsidiaries (or a combination
thereof). 
 Section 1.02    Rules of Construction. Unless the context
otherwise requires or except as otherwise expressly provided: 
 (a)    the terms defined in this Article have the
meanings assigned to them in this Article and include the plural as well as the singular; 
 (b)    an accounting term
not otherwise defined has the meaning assigned to it in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board; 

(c)    “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Section, Article or other subdivision; 
 (d)    all references to
“U.S. Dollars”, “U.S.$” and “$” shall mean the lawful currency of the United States of America; 

  
 21 

 (e)    all references to Sections or Articles or Exhibits refer to
Sections or Articles or Exhibits of or to this Indenture unless otherwise indicated; 
 (f)    references to agreements
or instruments, or to statutes or regulations, are to such agreements or instruments, or statutes or regulations, as amended from time to time (or to successor statutes and regulations); 

(g)    references to the Company and its Subsidiaries on a consolidated basis shall be deemed to include the Company; and

 (h)    in the event that a transaction meets the criteria of more than one category of permitted transactions or
listed exceptions, the Company may classify such transaction as it, in its sole discretion, determines. 

Section 1.03    Table of Contents; Headings. The table of contents and headings
of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 1.04    Form of Documents Delivered to Trustee. In any case where
several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or
covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or
several documents. 
 Any certificate or opinion of an Officer of the Company may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate
or opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer or Officers of the Company stating that the
information with respect to such factual matters is in the possession of the Company unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are
erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements,
opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 ARTICLE 2 

THE NOTES 
 
Section 2.01    Form, Dating and Denominations; Legends. (a) The Notes and the Trustee’s certificate of authentication shall be substantially in the form attached as Exhibit A.

  
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The terms and provisions contained in the form of the Notes annexed as Exhibit A constitute, and are hereby expressly made, a part of this Indenture. The Notes may have notations, legends or
endorsements required by law, rules of or agreements with national securities exchanges to which the Company is subject, or usage. Each Note will be dated the date of its authentication. The Notes will be issuable in denominations of $200,000 in
principal amount and any multiple of $1,000 in excess thereof. 
 (b)    (i)    Except as otherwise
provided in paragraph (c) below or Section 2.09(b)(iv), each Initial Note or Additional Note will bear the Restricted Legend. 

(ii)    Each Global Note, whether or not an Initial Note or Additional Note, will bear the DTC Legend or a similar legend
of a Depositary other than DTC if DTC is not the Depositary. 
 (iii)    Initial Notes and Additional Notes offered and
sold in reliance on Regulation S will be issued as provided herein. 
 (iv)    Initial Notes and Additional Notes
offered and sold in reliance on any exception under the Securities Act other than Regulation S and Rule 144A will be issued, and Initial Notes offered and sold in reliance on Rule 144A and/or Regulation S may be issued, in the form of Certificated
Notes. 
 (c)    If the Company determines (upon the advice of counsel and such other certifications and evidence as the
Company may reasonably require) that a Note is eligible for resale pursuant to Rule 144(k) under the Securities Act (or a successor provision) and that the Restricted Legend is no longer necessary or appropriate in order to ensure that subsequent
transfers of the Note (or a beneficial interest therein) are effected in compliance with the Securities Act, the Company may instruct the Trustee in writing to cancel the Note and the Company and Company may issue to the Holder thereof (or to its
transferee), and the Trustee, upon receipt of an Officer’s Certificate directing authentication, shall authenticate, a new Note of like tenor and amount, registered in the name of the Holder thereof (or its transferee), that does not bear the
Restricted Legend, and the Trustee will comply with such instruction. 
 (d)    By its acceptance of any Note bearing
the Restricted Legend (or any beneficial interest in such a Note), each Holder thereof and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Note (and any such beneficial interest) set forth in this
Indenture and in the Restricted Legend and agrees that it will transfer such Note (and any such beneficial interest) only in accordance with this Indenture and such legend. 

Each Global Note shall be dated the date of its authentication. Each Certificated Note shall be dated the date of its authentication. 

The Notes shall be printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other manner
permitted by the rules of any stock exchange on which the Notes may be listed, if any, all as determined by the Officer executing such Notes, as evidenced by their execution of such Notes. 

  
 23 

 Section 2.02    Execution and
Authentication; Additional Notes. (a) An Officer of the Company shall execute the Notes for the Company by facsimile or manual signature in the name and on behalf of the Company. If an Officer whose signature is on a Note no longer holds
that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless. 
 (b)    A Note shall
not be valid until an authorized signatory of the Trustee or the Authenticating Agent, upon receipt of an Officer’s Certificate directing authentication, (manually) signs the certificate of authentication on the Note, with the signature
constituting conclusive evidence that the Note has been authenticated under this Indenture. 
 (c)    At any time and
from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee or the Authenticating Agent for authentication. The Trustee or the Authenticating Agent will, upon receipt of
an Officer’s Certificate directing authentication, authenticate and deliver: 
 (i)    Initial Notes for original
issue in the aggregate principal amount not to exceed $750,000,000; and 
 (ii)    Additional Notes from time to time
for original issue in aggregate principal amounts specified by the Company, which Additional Notes will be treated as a single class for all purposes and will vote together as one class on all matters with respect to the Initial Notes issued under
this Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase, provided that if the Additional Notes are not fungible with the Initial Notes for United States federal income tax purposes, the
Additional Notes will have a separate CUSIP number; 
 in the case of each of subparts (i) and (ii), after the following
conditions have been met: 
 (A)    Receipt by the Trustee of an Officer’s Certificate specifying: 

(1)    the amount of Notes to be authenticated and the date on which the Notes are to be authenticated; 

(2)    whether the Notes are to be Initial Notes or Additional Notes; 

(3)    in the case of Additional Notes, that the issuance of such Notes does not contravene any provision of Article 4;

 (4)    whether the Notes are to be issued as one or more Global Notes or Certificated Notes; 

(5)    other information the Company may determine to include or the Trustee may reasonably request; and 

  
 24 

 (6)    statements as required in accordance with Section 10.03.

 (B)    Receipt by the Trustee of an Opinion that (i) the form and terms of such Notes have been established in
conformity with the provisions of this Indenture and (ii) such Notes, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute
valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement of creditors’
rights and to general equity principles, and in accordance with Section 10.03. 

Section 2.03    Registrar, Paying Agent and Authenticating Agent; Paying Agent to
Hold Money in Trust. (a) The Company may appoint one or more Registrars and one or more Transfer Agents or Paying Agents, and the Trustee may appoint, with a copy of any such appointment to the Company, an Authenticating Agent, in which
case each reference in this Indenture to the Trustee in respect of the obligations of the Trustee to be performed by the Authenticating Agent will be deemed to be references to the Authenticating Agent. The terms “Transfer Agent”
and “Paying Agent” include any additional Transfer Agent or Paying Agent, as the case may be. The term “Registrar” includes any co-Registrar. The Company and the Trustee will
enter into an appropriate agreement with the Authenticating Agent implementing the provisions of this Indenture relating to the obligations of the Trustee to be performed by the Authenticating Agent and the related rights. The Registrar shall
provide to the Company and the Trustee, if the Trustee is not the Registrar, a current copy of the Register from time to time upon written request of the Company or the Trustee, as the case may be. The Company hereby appoints upon the terms and
subject to the conditions herein set forth U.S. Bank National Association as Trustee, Paying Agent, Registrar and Transfer Agent. 

(b)    The Registrar shall keep a record of all the Notes and shall make such record available during regular business
hours for inspection upon the written request of the Company provided a reasonable amount of time prior to such inspection. Such books and records shall include notations as to whether such Notes have been redeemed, or otherwise paid or cancelled,
and, in the case of mutilated, destroyed, defaced, stolen or lost Notes, whether such Notes have been replaced. In the case of the replacement of any of the Notes, the Trustee shall keep a record of the Note so replaced, and the Notes issued in
replacement thereof. In the case of the cancellation of any of the Notes, the Registrar shall keep a record of the Note so cancelled and the date on which such Note was cancelled. Each Transfer Agent shall notify the Registrar of any transfers or
exchanges of Notes affected by it. The Registrar shall not be required to register the transfer of or exchange Certificated Notes for a period of 14 days preceding any date of selection of Notes for redemption, or register the transfer of or
exchange any Certificated Notes previously called for redemption. 
 (c)    All Notes surrendered for payment,
redemption, registration of transfer or exchange shall be delivered by each Registrar, Paying Agent and Transfer Agent to the Trustee, and cancelled by the Trustee. The Trustee may destroy or cause to be destroyed all such Notes surrendered for
payment, redemption, registration of transfer or exchange and, if so destroyed, shall promptly deliver a certificate of destruction to the Company upon request. 

  
 25 

 (d)    The Company shall comply with applicable backup withholding and
information reporting requirements under the U.S. Internal Revenue Code of 1986, as amended, and the U.S. Treasury Regulations promulgated thereunder with respect to payments made under the Notes (including, to the extent required, the collection of
Internal Revenue Service Forms W- 8 and W-9 and the filing of U.S. Internal Revenue Service Forms 1099 and 1096). 

(e)    By 10:00 A.M. New York City time, no later than one Business Day prior to each Payment Date on any Note, the
Company shall deposit with the Paying Agent in immediately available funds a sum in U.S. Dollars sufficient to pay such principal and interest when so becoming due (including any Additional Amounts). The Company shall request that the bank through
which such payment is to be made agree to supply to the Paying Agent by 10:00 A.M. New York City time two Business Days prior to the due date from any such payment an irrevocable confirmation (by tested telex) of its intention to make such payment.
The Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal of and interest on the Notes and will promptly notify the Trustee in writing of any default by the
Company in making any such payment. The Company at any time may require the Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any payment default,
upon written request to the Paying Agent, request the Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed, whereupon the Paying Agent shall comply with such request and shall have no further liability for
the money so paid over to the Trustee. 
 Section 2.04    Replacement Notes.
If a mutilated Note is surrendered to the Trustee or if a Holder claims that its Note has been lost, destroyed or wrongfully taken, the Company will issue and the Trustee will, upon receipt of an Officer’s Certificate directing authentication,
authenticate, upon provision of evidence satisfactory to the Trustee that such Note was lost, destroyed or wrongfully taken, a replacement Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. Every
replacement Note is an additional obligation of the Company and entitled to the benefits of this Indenture. An indemnity must be furnished by the Holder that is sufficient in the judgment of both the Trustee and the Company to protect the Company
and the Trustee from any loss they may suffer if a Note is replaced. The Company may charge the Holder for the expenses of the Company and the Trustee in replacing a Note. In case the mutilated, lost, destroyed or wrongfully taken Note has become or
is about to become due and payable, the Company in its discretion may pay the Note instead of issuing a replacement Note. Each Note authenticated and delivered in exchange for or in lieu of any such mutilated, defaced, destroyed, stolen or lost Note
shall carry rights to accrued and unpaid interest and to interest to accrue equivalent to the rights that were carried by such Note before such Note was mutilated, defaced, destroyed, stolen or lost. 

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

  
 26 

 (ii)    any Note which has been replaced or paid pursuant to
Section 2.04 unless and until the Trustee and the Company receive proof satisfactory to them that the replaced Note is held by a protected purchaser; and 

(iii)    on or after the maturity date or any Redemption Date or date for purchase of the Notes pursuant to an Offer to
Purchase, those Notes payable or to be redeemed or purchased on that date for which the Trustee (or Paying Agent, other than the Company or an Affiliate of the Company) holds money sufficient to pay all amounts then due thereunder. 

(b)    A Note does not cease to be outstanding because the Company or one of its Affiliates holds the Note, provided
that in determining whether the Holders of the requisite principal amount of the outstanding Notes have given or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder, Notes owned by the Company
or any Affiliate of the Company will be disregarded and deemed not to be outstanding (it being understood that in determining whether the Trustee is protected in relying upon any such request, demand, authorization, direction, notice, consent,
waiver or other action, only Notes in respect of which a Responsible Officer of the Trustee has received written notice from the Company that such Notes are so owned will be so disregarded). Notes so owned which have been pledged in good faith may
be regarded as outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company or any Affiliate of the Company. 

Section 2.06    Temporary Notes. Until definitive Notes are ready for delivery,
the Company may prepare and the Trustee will, upon receipt of an Officer’s Certificate directing authentication, authenticate temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have insertions,
substitutions, omissions and other variations determined to be appropriate by the Officer executing the temporary Notes, as evidenced by the execution of the temporary Notes. If temporary Notes are issued, the Company will cause definitive Notes to
be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes will be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Company designated for such purpose
pursuant to Section 4.02, without charge to the Holder. Upon surrender for cancellation of any temporary Notes the Company will execute and the Trustee will, upon receipt of an Officer’s Certificate directing authentication, authenticate
and deliver in exchange therefor a like principal amount of definitive Notes of authorized denominations. Until so exchanged, the temporary Notes will be entitled to the same benefits under this Indenture as definitive Notes. 

Section 2.07    Cancellation. The Company at any time may, but shall not be
obligated to, deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Notes previously
authenticated hereunder which the Company has not issued and sold. Any Registrar, Transfer Agent or Paying Agent will forward to the Trustee any Notes surrendered to it for transfer, exchange or payment. The Trustee will cancel all Notes surrendered
for transfer, exchange, payment or cancellation and dispose of them in accordance with its normal procedures. The Company may not issue new Notes to replace Notes it has paid in full or delivered to the Trustee for cancellation. 

  
 27 

 Section 2.08    CUSIP and ISIN
Numbers. The Company in issuing the Notes may use “CUSIP” and “ISIN” numbers, and the Trustee will use CUSIP numbers or ISIN numbers in notices of redemption or exchange or in Offers to Purchase as a convenience to Holders,
the notice to state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption or exchange or Offer to Purchase. The Company will promptly notify the Trustee in
writing of any change in the CUSIP or ISIN numbers. 

Section 2.09    Registration, Transfer and Exchange. (a) The Notes will be
issued in registered form only, without coupons, and the Company shall cause the Registrar to maintain a register (the “Register”) of the Notes, for registering the record ownership of the Notes by the Holders and transfers and
exchanges of the Notes. Upon written request from the Company, the Registrar shall provide the Company with a copy of the Register to enable it to maintain a register of the Notes at its registered office. 

(b)    (i)    Each Global Note will be registered in the name of the Depositary or its nominee and, so
long as DTC is serving as the Depositary thereof, will bear the DTC Legend. 
 (ii)    Each Global Note will be
delivered to the Trustee as custodian for DTC. Transfers of a Global Note (but not a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depositary, its successors or their respective nominees, except
(1) as set forth in Section 2.09(b)(iv) and (2) transfers of portions thereof in the form of Certificated Notes may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by written notice given to the
Trustee by or on behalf of the Depositary in accordance with customary procedures of the Depositary and in compliance with this Section and Section 2.10. 

(iii)    Agent Members will have no rights under this Indenture with respect to any Global Note held on their behalf by
the Depositary, and the Depositary or its nominee, as the case may be, shall be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such Global Note for all purposes whatsoever.
Notwithstanding the foregoing, the Depositary or its nominee may grant proxies and otherwise authorize any Person (including any Agent Member and any Person that holds a beneficial interest in a Global Note through an Agent Member) to take any
action which a Holder is entitled to take under this Indenture or the Notes, and nothing herein will impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a holder of
any security. 
 (iv)    If (x) the Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for a Global Note and a successor depositary is not appointed by the Company within 90 days of the notice or (y) an Event of Default has occurred and is continuing and the Trustee has received a written request therefor from the
Depositary, the Company will promptly exchange each beneficial interest in the Global Note for one or more Certificated Notes in authorized denominations having an equal aggregate principal amount registered in the name of the owner of such
beneficial interest, as identified to the Company and the Trustee by the Depositary in writing, and the Trustee will cancel the Global Note. If such 

  
 28 

 
Note does not bear the Restricted Legend, then the Certificated Notes issued in exchange therefor will not bear the Restricted Legend. If such Note bears the Restricted Legend, then the
Certificated Notes issued in exchange therefor will bear the Restricted Legend. 
 (v)    None of the Trustee or Agents
shall have any responsibility or obligation to any beneficial owner of an interest in a Global Note, any agent member or other member of, or a participant in, the Depositary or other person with respect to the accuracy of the records of the
Depositary or any nominee or participant or member thereof, with respect to any ownership interest in the Global Note or with respect to the delivery to any agent member or other participant, member, beneficial owner or other person (other than the
Depositary) of any notice or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders in
respect of the Notes shall be given or made only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the case of the Global Note). The rights of beneficial owners in any Global Note shall be exercised only
through the Depositary, subject to its applicable rules and procedures. The Trustee and Agents may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its agent members and other members,
participants and any beneficial owners. The Depositary may be treated by the Trustee and the Agents as the owner of the Global Note for all purposes whatsoever. 

(c)    Each Certificated Note will be registered in the name of the holder thereof or its nominee. 

(d)    A Holder may transfer a Note (or a beneficial interest therein) to another Person or exchange a Note (or a
beneficial interest therein) for another Note or Notes of any authorized denomination by presenting to the Trustee a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any
certification, opinion or other document required by Section 2.10. The Registrar will promptly register any transfer or exchange that meets the requirements of this Section by noting the same in the register maintained by the Registrar for the
purpose; provided that: 
 (x)    no transfer or exchange will be effective until it is registered in such
Register, and 
 (y)    the Trustee will not be required (i) to issue or cause the registration of the transfer of
or exchange of any Note for a period of 14 days before a selection of Notes to be redeemed or purchased pursuant to an Offer to Purchase, (ii) to register the transfer of or exchange any Note so selected for redemption or purchase in whole or
in part, except, in the case of a partial redemption or purchase, that portion of any Note not being redeemed or purchased, or (iii) if a redemption or a purchase pursuant to an Offer to Purchase is to occur after a Regular Record Date but on
or before the corresponding Interest Payment Date, to register the transfer of or exchange any Note on or after the Regular Record Date and before the date of redemption or purchase. Prior to the registration of any transfer, the Company, the
Trustee and their agents will treat the Person in whose name the Note is registered as the owner and Holder thereof for all purposes (whether or not the Note is overdue), and will not be affected by notice to the contrary. 

  
 29 

 From time to time the Company will execute and the Trustee will, upon receipt of an
Officer’s Certificate directing authentication, authenticate additional Notes as necessary in order to permit the registration of a transfer or exchange in accordance with this Section. 

No service charge will be imposed in connection with any transfer or exchange of any Note, but the Company may require payment of a sum
sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than a transfer tax or other similar governmental charge payable upon exchange pursuant to subsection (b)(iv)). 

(e)    (i)    Global Note to Global Note. If a beneficial interest in a Global Note is
transferred or exchanged for a beneficial interest in another Global Note, the Trustee will (x) record a decrease in the principal amount of the Global Note being transferred or exchanged equal to the principal amount of such transfer or
exchange and (y) record a like increase in the principal amount of the other Global Note. Any beneficial interest in one Global Note that is transferred to a Person who takes delivery in the form of an interest in another Global Note, or
exchanged for an interest in another Global Note, will, upon transfer or exchange, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer and exchange
restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest. 

(ii)    Global Note to Certificated Note. If a beneficial interest in a Global Note is transferred or exchanged
for a Certificated Note, the Trustee will (x) record a decrease in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (y) deliver one or more new Certificated Notes in authorized
denominations having an equal aggregate principal amount to the transferee (in the case of a transfer) or the owner of such beneficial interest (in the case of an exchange), registered in the name provided in writing by the Depositary of such
transferee or owner, as applicable. 
 (iii)    Certificated Note to Global Note. If a Certificated Note is
transferred or exchanged for a beneficial interest in a Global Note, the Trustee will (x) cancel such Certificated Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such transfer or
exchange and credit such increase to the account of the Agent Member at the Depositary as instructed in writing by the Holder of the Certificated Note and (z) in the event that such transfer or exchange involves less than the entire principal
amount of the canceled Certificated Note, deliver to the Holder thereof one or more new Certificated Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled
Certificated Note, registered in the name of the Holder thereof. 
 (iv)    Certificated Note to Certificated
Note. If a Certificated Note is transferred or exchanged for another Certificated Note, the Trustee will (x) cancel the Certificated Note being transferred or exchanged, (y) deliver one or more new Certificated Notes in authorized
denominations having an aggregate principal amount equal to the principal amount of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Certificated Note (in the case of an exchange), registered in
the name of such transferee or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire 

  
 30 

 
principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more Certificated Notes in authorized denominations having an aggregate principal amount equal to the
untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof. 

(v)    Responsibility and Liability for Actions of Depositary. Neither the Trustee nor any Agent shall have any
responsibility or liability for any actions taken or not taken by the Depositary. 
 Section 2.10
Restrictions on Transfer and Exchange. (a) The transfer or exchange of any Note (or a beneficial interest therein) may only be made in accordance with this Section and Section 2.09 and, in the case of a Global Note (or a beneficial
interest therein), the applicable rules and procedures of the Depositary. The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under
applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and
other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 (b)    Subject to paragraph (c), the transfer or exchange of any Note (or a beneficial interest therein) of the type
set forth in column A below for a Note (or a beneficial interest therein) of the type set forth in column B below may only be made in compliance with the certification requirements (if any) described in the clause of this paragraph set forth
opposite column C below. 
  

					
	 A
	  	 B
	  	 C

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

 (1)    No certification is required. 

(2)    The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly
completed and executed Regulation S Certificate; provided that if the requested transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required. 

(3)    The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee (x) a duly
completed and executed Rule 144A Certificate or (y) a duly 

  
 31 

 
completed and executed Regulation S Certificate, or an Opinion of Counsel and such other certifications and evidence as the Company may reasonably require in order to determine that the proposed
transfer or exchange is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States; provided that if the requested transfer or exchange is made by the Holder of a Certificated Note
that does not bear the Restricted Legend, then no certification is required. In the event that (i) a duly completed and executed Regulation S Certificate is delivered to the Trustee or (ii) a Certificated Note that does not bear the
Restricted Legend is surrendered for transfer or exchange, upon transfer or exchange the Trustee will deliver a Certificated Note that does not bear the Restricted Legend. 

(4)    The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly
completed and executed Rule 144A Certificate. 
 (c)    No certification is required in connection with any transfer or
exchange of any Note (or a beneficial interest therein) after such Note is eligible for resale pursuant to Rule 144(k) under the Securities Act (or a successor provision); provided that the Company has provided the Trustee with an
Officer’s Certificate to that effect, and the Company may require from any Person requesting a transfer or exchange in reliance upon this clause an Opinion of Counsel and any other reasonable certifications and evidence in order to support such
certificate. Any Certificated Note delivered in reliance upon this paragraph will not bear the Restricted Legend. 

(d)    The Trustee will retain copies of all certificates, opinions and other documents received in connection with the
transfer or exchange of a Note (or a beneficial interest therein), and the Company will have the right to inspect and make copies thereof at any reasonable time upon written notice within a reasonable period of time to the Trustee. 

Section 2.11    Open Market Purchases. The Company or any of its Affiliates may
at any time purchase the Notes in the open market or otherwise at any price. 
 ARTICLE 3 

ADDITIONAL AMOUNTS; REDEMPTION 

Section 3.01 Additional Amounts. (a) All payments by the Company or any Guarantor in respect
of the Notes will be made without withholding or deduction for or on account of any present or future taxes, duties, assessments, or other governmental charges of whatever nature imposed or levied by or on behalf of any jurisdiction in which the
Company or any Guarantor is organized or is a resident for tax purposes, or any other jurisdiction through which any payments under the Notes are made by or on behalf of the Company or any Guarantor, or any political subdivision thereof, having
power to tax (a “Relevant Jurisdiction”), unless the Company or any Guarantor, as the case may be, is compelled by law to deduct or withhold such taxes, duties, assessments, or governmental charges. In such event, the Company or any
Guarantor, as the case may be, will make such deduction or withholding, make payment of the amount so withheld to the appropriate governmental authority and pay such additional amounts as may be necessary to ensure that the net amounts receivable by
Holders of Notes after such withholding or deduction 

  
 32 

 
shall equal the respective amounts of principal and interest which would have been receivable in respect of the Notes in the absence of such withholding or deduction (“Additional
Amounts”). 
 No such Additional Amounts shall be payable: 

(i)    to, or to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or governmental
charges in respect of such Note by reason of the existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of such Holder, if such Holder is an estate, a trust, a
partnership, a limited liability company or a corporation) or beneficial owner and the Relevant Jurisdiction, including, without limitation, such holder (or such fiduciary, settlor, beneficiary, member or shareholder) or beneficial owner being or
having been a citizen or resident thereof or being or having been engaged in a trade or business or present therein or having, or having had, a permanent establishment therein, other than the mere holding of the Note or enforcement of rights and the
receipt of payments with respect to the Note; 
 (ii)    in respect of Notes surrendered (if surrender is required)
more than 30 days after the Relevant Date except to the extent that the Holder of such Note would have been entitled to such Additional Amounts, on surrender of such Note for payment on the last day of such period of 30 days; 

(iii)    in respect of any tax, duty, assessment or other governmental charge imposed on a Note presented for payment by
or on behalf of a Holder who would have been able to avoid that withholding or deduction by presenting the relevant Note to another paying agent; 

(iv)    in respect of any tax, duty, assessment or other governmental charge imposed or withheld pursuant to Sections
1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), as of the date of this Indenture (or any amended or successor version), current or future U.S. Treasury Regulations issued thereunder or any
official interpretation thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with
the implementation of such Sections of the Code; 
 (v)    to, or to a third party on behalf of, a Holder who is liable
for such taxes, duties, assessments or other governmental charges by reason of such Holder’s failure to comply with any certification, identification or other reporting requirement concerning nationality, residence, identity or connection with
the Relevant Jurisdiction, if (1) compliance is required by the Relevant Jurisdiction, as a precondition to, exemption from, or reduction in the rate of, the tax, duty, assessment or other governmental charge and (2) the Company or any
Guarantor has given the holders or such third party, as applicable, written notice that they will be required to provide such certification, identification or other requirement; 

(vi)    in respect of any estate, inheritance, gift, sales, transfer, capital gains, excise or personal property or
similar tax, duty, assessment or governmental charge; 

  
 33 

 (vii)    in respect of any tax, duty, assessment or other governmental
charge which is payable other than by deduction or withholding from payments of principal of or interest on the Note or by direct payment by the Company or any Guarantor in respect of claims made against the Company or any Guarantor; or 

(viii)    in respect of any combination of the above. 

No Additional Amounts shall be paid with respect to any payment on a Note to a Holder who is a fiduciary, a partnership, a limited liability company or other
than the sole beneficial owner of that payment to the extent that payment would be required by the laws of the Relevant Jurisdiction to be included in the income, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member
of that partnership, an interest holder in a limited liability company or a beneficial owner who would not have been entitled to the Additional Amounts had that beneficiary, settlor, member or beneficial owner been the Holder. The notes are subject
in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation. Except as specifically provided above, neither the Company nor any Guarantor shall be required to make a payment with respect to any tax, duty,
assessment or governmental charge imposed by any government or a political subdivision or taxing authority thereof or therein. 

(b)    All references to “Company” in this section include any entity that replaces and becomes a substitute for
the Company, in each case as a result of a substitution or replacement that occurs pursuant to the terms of this Indenture. 

(c)    In the event that Additional Amounts actually paid with respect to the Notes described above are based on rates of
deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the Holder of such Notes, and, as a result thereof such Holder is entitled to make claim for a refund or credit of such excess from the authority imposing
the withholding tax, then the Holder shall, by accepting the Notes, be deemed to have assigned and transferred all right, title, and interest to any such claim for a refund or credit of such excess to the Company. 

(d)    Any reference in this Indenture or the Notes to principal, interest or any other amount payable in respect of the
Notes by the Company will be deemed also to refer to any Additional Amount, unless the context requires otherwise, that may be payable with respect to that amount under the obligations referred to in this Section. 

Section 3.02    Optional Redemption with a Make-Whole Premium. 

(a)    Prior to February 1, 2021, the Company may, at its option, redeem all of the Notes at any time or part of the
Notes from time to time at a Redemption Price equal to 100% of the principal amount of the Notes plus the Applicable Premium as of, and accrued and unpaid interest to, but excluding, the Redemption Date (subject to the right of Holders on the
relevant Record Date to receive interest due on the relevant Interest Payment Date). 
 (b)    Any notice to Holders
pursuant to Section 3.02(a) shall specify the Redemption Date, the CUSIP or ISIN numbers, the interest to be paid on the Redemption Date, and shall be accompanied by an Officer’s Certificate of the Company as to the estimated Applicable
Premium due in connection with such redemption (calculated as if the date of such 

  
 34 

 
notice were the Redemption Date), setting forth the details for such computation. Two Business Days prior to such redemption, the Company shall deliver to the Trustee and each Holder an
Officer’s Certificate specifying the calculation of the Applicable Premium as of the Redemption Date. In the event the Company shall incorrectly compute the Applicable Premium payable in connection with the Notes to be redeemed, the Holders
shall not be bound by such incorrect computation, but instead, shall be entitled to receive an amount equal to the correct Applicable Premium computed in compliance with the terms of this Indenture. 

Section 3.03    Optional Redemption Without a Make-Whole Premium. On and after
February 1, 2021, the Company may, at its option, redeem all of the Notes at any time or part of the Notes from time to time at the following Redemption Prices (expressed as a percentage of principal amount set forth below), plus accrued
and unpaid interest to, but excluding, the Redemption Date (subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the twelve-month period commencing on
February 1 of the years set forth below: 
  

					
	 Period
	  	Redemption Price	 
	 2021
	  	 	102.688	% 
	 2022
	  	 	101.344	% 

 Section 3.04    Optional Redemption upon Sale of
Equity Interests. 
 (a)    At any time prior to February 1, 2021, the Company may, at its option, on any one
or more occasions, redeem up to 35% of the aggregate principal amount of the outstanding Notes (including any Additional Notes) issued under this Indenture at a Redemption Price of 105.375% of the principal amount, plus accrued and unpaid
interest to, but excluding, the Redemption Date, using cash in an amount up to the amount of the net cash proceeds of a sale of Equity Interests (other than Disqualified Stock) of the Company or any Guarantor or any Subsidiary thereof; provided
that: 
 (i)    at least 65% of the aggregate principal amount of Notes issued under this Indenture (including any
Additional Notes but excluding Notes held by the Company and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 

(ii)    the redemption occurs within 90 days of the date of the closing of such sale of Equity Interests. 

(b)    Notice of any redemption upon any sale of Equity Interests may be given prior to the completion thereof, and any
such redemption or notice may, at the Company’s discretion, be subject to one or more condition precedent, including, but not limited to, completion of the related sale. 

Section 3.05    Redemption for Taxation Reasons. If as a result of any change
in or amendment to the laws (or any rules or regulations thereunder) of a Relevant Jurisdiction, or any amendment to or change in an official interpretation, administration or application of such laws, treaties, rules, or regulations (including a
holding by a court of competent jurisdiction), which 

  
 35 

 
change or amendment becomes effective or, in the case of a change in official position, is announced on or after the later of the Issue Date or the date a Relevant Jurisdiction becomes a Relevant
Jurisdiction (a “Change in Tax Law”), the Company or any Guarantor or any successor has or will become obligated to pay any Additional Amounts, as described in Section 3.01, in excess of the Additional Amounts the Company or
any Guarantor or any such successor would be obligated to pay if payments were subject to withholding or deduction at a rate of 15.0%, as a result of the taxes, duties, assessments and other governmental charges described above, the Company or any
Guarantor or any such successor may, at its option, redeem all, but not less than all, of the Notes, at a Redemption Price equal to 100% of their principal amount, together with interest accrued to the date fixed for redemption, upon delivery of
irrevocable notice of redemption to the Trustee and the Holders of the Notes not less than 30 days nor more than 90 days prior to the date fixed for redemption. No notice of such redemption may be given earlier than 90 days prior to the earliest
date on which such Additional Amounts would first be paid were a payment then due. Notwithstanding the foregoing, the Company or any Guarantor, or any successor shall not have the right to so redeem the Notes unless: (i) it determines that it
cannot avoid the obligation to pay Additional Amounts by taking reasonable measures (provided, however, for this purpose reasonable measures shall not include the Company or any successor moving or changing jurisdiction); and
(ii) it has complied with all necessary regulations to legally effect such redemption. 

Section 3.06    Method, Effect and Notice of Redemption. (a) The election
of the Company or any successor to redeem the Notes pursuant to Section 3.02 through Section 3.04 shall be evidenced by a Board Resolution. In the event that the Company or any Guarantor, or any successor is required to redeem, or elects
for the Company or any Guarantor, or any successor to so redeem, the Notes pursuant to Section 3.02 through Section 3.05, it will deliver to the Trustee: (i) a certificate, signed in the name of the Company or the applicable Guarantor
by two of its Officers or by its attorney-in-fact in accordance with its bylaws or those of any successor, as the case may be, stating that the Company or the applicable
Guarantor or any successor, as the case may be, is entitled to redeem the Notes pursuant to their terms and setting forth a statement of facts showing that the condition or conditions precedent to the right of the Company or any Guarantor or any
successor, as the case may be, to so redeem have occurred or been satisfied; and (ii) in respect of a redemption pursuant to Section 3.05, an Opinion of Counsel to the effect that the Company or the applicable Guarantor or any successor,
as the case may be, is required to pay such Additional Amounts as a result of a Change in Tax Law. In relation to redemptions pursuant to Section 3.02 through Section 3.04 only, in the event that less than all of the Notes are to be
redeemed at any time, selection of Notes for redemption will be made by the Trustee on a pro rata basis or by lot (or, in the case of Notes issued in global form, in accordance with the procedures of DTC), unless otherwise required by law or
an applicable stock exchange. If Notes are redeemed in part, the remaining outstanding principal amount (including any Additional Notes, but excluding any Notes held by the Company or any of its Affiliates) must be at least equal to
U.S.$100.0 million. A new Note in a principal amount equal to the unredeemed portion thereof, if any, will be issued in the name of the Holder thereof upon cancellation of the original Note (or appropriate adjustments to the amount and
beneficial interests in a global note will be made, as appropriate). 
 (b)    Any redemption or notice of any
redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, 

  
 36 

 
completion of sale of Equity Interests, other offering or financing, Change of Control or other corporate transaction or event. 

Section 3.07    Notice of Redemption by the Company. In the case of a
redemption of Notes pursuant to Section 3.02 through Section 3.04, notice of redemption shall be delivered electronically or mailed by the Company first-class mail, postage prepaid, at least 30 but not more than 60 days before the
Redemption Date, in each case to each Holder of any Note to be redeemed at their respective registered addresses or otherwise in accordance with the procedures of DTC. At least five days prior to the date when the notice of redemption is sent to the
Holders of the Notes (unless a shorter notice period shall be acceptable to the Trustee), the Company shall notify the Trustee in writing of such proposed redemption date and the principal amount of the Notes to be redeemed. In relation to
redemptions of Notes pursuant to Section 3.02 through Section 3.04, if the Notes are to be redeemed in part only, the notice of redemption will state the portion of the principal amount thereof to be redeemed. 

Section 3.08    Additional Redemption Procedures. 

In addition to the requirements set forth in Sections 3.06 and 3.07 with respect to a notice of redemption, the notice shall state: 

(i)    the Redemption Date; 

(ii)    the Redemption Price; 

(iii)    the name and address of the Paying Agent; 

(iv)    that Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price; 

(v)    that, unless the Company or any Guarantor defaults in making such redemption payment or the Paying Agent is
prohibited from making such payment pursuant to the terms of this Indenture, interest on Notes called for redemption ceases to accrue on and after the Redemption Date; 

(vi)    the Section of the Indenture pursuant to which the Notes called for redemption are being redeemed; 

(vii)    any conditions for redemption; and 

(viii)    the CUSIP or ISIN number, if any. 

At the Company’s or any Guarantor’s election and at the written request of either, the Trustee shall give the notice of redemption
in the Company’s or the applicable Guarantor’s name and at the Company’s or the applicable Guarantor’s expense; provided that the Company or the applicable Guarantor shall deliver to the Trustee, at least 5 days prior to
the date when the notice of redemption is sent to the Holders (unless a shorter notice period shall be acceptable to the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and providing the form of such notice in
such notice. 

  
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 Section 3.09    Deposit of
Redemption Price. By 10:00 A.M. New York City time, no later than one Business Day prior to the Redemption Date, the Company or any Guarantor shall deposit with the Paying Agent U.S. Dollars in immediately available funds sufficient to pay the
Redemption Price of and accrued interest on the Notes other than Notes that have been delivered by the Company or any Guarantor to the Trustee at least 15 days prior to the Redemption Date for cancellation. The Company or any Guarantor shall require
the bank through which such payment is to be made to supply to the Paying Agent by 10:00 A.M. New York City time two Business Days prior to the due date from any such payment an irrevocable confirmation (by tested telex) of its intention to make
such payment. 
 Section 3.10    Effect of Notice of Redemption. Notice of
redemption having been given as aforesaid, the Notes shall, on the Redemption Date, become due and payable at the applicable Redemption Price (together with accrued interest, if any, to the Redemption Date) (subject to any conditions set forth in
such notice), and from and after such date (except in the event of a default in the payment of the Redemption Price and accrued interest) such Notes shall cease to bear interest. Upon surrender of any such Note for redemption in accordance with such
notice, such Note shall be paid by the Company at the Redemption Price, together with accrued interest, if any, to the Redemption Date; provided, however, that installments of interest whose Payment Date is on or prior to the
Redemption Date shall be payable to the Holders of such Notes registered as such at the close of business on the relevant Record Dates according to their terms. 

If any Note to be redeemed shall not be so paid upon surrender thereof in accordance with the Company’s or any Guarantor’s
instructions for redemption, the principal shall, until paid, bear interest from the Redemption Date at the rate borne by the Notes. Upon surrender to the Paying Agent, such Notes shall be paid at the applicable Redemption Price, plus accrued
interest to the Redemption Date; provided, however, that installments of interest payable on or prior to the Redemption Date shall be payable to the Holders of such Notes registered as such at the close of business on the
relevant Record Date according to their terms. 
 Section 3.11    Offer to
Purchase. (a) An “Offer to Purchase” means an offer by the Company to purchase Notes as required by this Indenture. An Offer to Purchase must be made by written offer (the “offer”) sent to the Holders, at
the address for each Holder appearing in the Register maintained by the Registrar. The Company will notify the Trustee in writing at least 15 days (or such shorter period as is acceptable to the Trustee) prior to sending the offer to Holders of its
obligation to make an Offer to Purchase, and the offer will be sent by the Company or, at the Company’s written request, by the Trustee in the name and at the expense of the Company. 

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

(i)    the provision of this Indenture pursuant to which the Offer to Purchase is being made; 

(ii)    the aggregate principal amount of the outstanding Notes offered to be purchased by the Company pursuant to the
Offer to Purchase (including, if less than 100%, the manner by which such amount has been determined pursuant to this Indenture) (the “purchase amount”); 

  
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 (iii)    the purchase price, including the portion thereof representing
accrued interest; 
 (iv)    an expiration date (the “expiration date”) not less than 30 days or more
than 60 days after the date of the offer, and a settlement date for purchase (the “purchase date”) not more than five Business Days after the expiration date; 

(v)    information concerning the business of the Company and its Restricted Subsidiaries which the Company in good faith
believes will enable the Holders to make an informed decision with respect to the Offer to Purchase; 
 (vi)    a
Holder may tender all or any portion of its Notes, subject to the requirement that any portion of a Note tendered must be in a multiple of $1,000 principal amount and if such Holder tenders in part that portion not tendered is equal to an authorized
denomination; 
 (vii)    the place or places where Notes are to be surrendered for tender pursuant to the Offer to
Purchase; 
 (viii)    each Holder electing to tender a Note pursuant to the offer will be required to surrender such
Note at the place or places specified in the offer prior to the close of business on the expiration date (such Note being, if the Company or the Trustee so requires, duly endorsed or accompanied by a duly executed written instrument of transfer);

 (ix)    interest on any Note not tendered, or tendered but not purchased by the Company pursuant to the Offer to
Purchase, will continue to accrue; 
 (x)    on the purchase date the purchase price will become due and payable on
each Note accepted for purchase pursuant to the Offer to Purchase, and interest on Notes purchased will cease to accrue on and after the purchase date, unless payment of the purchase price is not made (and the purchase does not take place) on that
date; 
 (xi)    Holders are entitled to withdraw Notes tendered by giving notice, which must be received by the
Company or the Trustee not later than the close of business on the expiration date, setting forth the name of the Holder, the principal amount of the tendered Notes, the certificate number of the tendered Notes and a statement that the Holder is
withdrawing all or a portion of the tender; 
 (xii)    if Notes in an aggregate principal amount less than or equal to
the purchase amount are duly tendered and not withdrawn pursuant to the Offer to Purchase, the Company will purchase all such Notes, and (y) if the Offer to Purchase is for less than all of the outstanding Notes and Notes in an aggregate
principal amount in excess of the purchase amount are tendered and not withdrawn pursuant to the offer, the Company will purchase Notes having an aggregate principal amount equal to the purchase amount on a pro rata basis, with adjustments so
that if all of a Holder’s Notes are not purchased by the Company, only Notes with minimum denominations of $200,000 and in multiples of $1,000 principal amount in excess thereof will remain unpurchased by the Company from each Holder; 

  
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 (xiii)    if any Note is purchased in part, new Notes equal in
principal amount to the unpurchased portion of the Note will be issued; and 
 (xiv)    if any Note contains a CUSIP or
ISIN number, no representation is being made as to the correctness of the CUSIP or ISIN number either as printed on the Notes or as contained in the offer and that the Holder should rely only on the other identification numbers printed on the Notes.

 (c)    Prior to the purchase date, the Company will accept tendered Notes for purchase as required by the Offer to
Purchase and deliver to the Trustee all Notes so accepted, together with an Officer’s Certificate specifying which Notes have been accepted for purchase. On the purchase date the purchase price will become due and payable on each Note accepted
for purchase, and interest on Notes purchased will cease to accrue on and after the purchase date, unless payment of the purchase price is not made (and the purchase does not take place) on that date. The Trustee will promptly return to Holders any
Notes not accepted for purchase and send to Holders new Notes equal in principal amount to any unpurchased portion of any Notes accepted for purchase in part. 

(d)    The Company will comply with Rule 14e-1 under the Exchange Act (to the
extent applicable) and all other applicable laws in making any Offer to Purchase, and the above procedures will be deemed modified as necessary to permit such compliance. Further to the foregoing, to the extent that the provisions of any securities
laws or regulations conflict with this Section 3.11, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 3.11 by virtue thereof. 

(e)    In the event that the Holders of not less than 85% of the aggregate principal amount of the outstanding Notes
accept an Offer to Purchase and the Company or a third party purchases all the Notes held by such Holders, the Company will have the right, on not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following the
purchase pursuant to the Offer to Purchase described above, to redeem all of the Notes that remain outstanding following such purchase at the purchase price equal to that in the Offer to Purchase plus, to the extent not included in the Offer
to Purchase payment, accrued and unpaid interest and Additional Amounts, if any, on the Notes that remain outstanding, to the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the
relevant Interest Payment Date). 
 ARTICLE 4 

COVENANTS 
 
Section 4.01    Payment of Principal and Interest under the Notes. (a) The Company agrees to pay the principal of and interest (including, without limitation, any Additional Amounts) on the Notes on the dates
and in the manner provided in the Notes and this Indenture. Not later than 10:00 A.M. New York City time on the Business Day (solely in New York City) immediately prior to the due date of any principal of or interest on any Notes, or any Redemption
Price or purchase price of the Notes, the Company will deposit with the Paying Agent money in 

  
 40 

 
immediately available funds sufficient to pay such amounts, provided that if the Company or any Affiliate of the Company is acting as a Paying Agent, it will, on or before each due date,
segregate and hold in a separate trust fund for the benefit of the Holders a sum of money sufficient to pay such amounts until paid to such Holders or otherwise disposed of as provided in this Indenture. In each case the Company will promptly notify
the Trustee in writing of its compliance with this paragraph. 
 (b)    An installment of principal, interest or
Additional Amounts will be considered paid on the date due if the Trustee (or Paying Agent, other than the Company or any Affiliate of the Company) holds on that date money designated for and sufficient to pay such principal, interest or Additional
Amounts. If the Company or any Affiliate of the Company acts as a Paying Agent, an installment of principal, interest or Additional Amounts will be considered paid on the due date only if paid to the Holders. 

(c)    The Company agrees to pay interest on overdue principal, and to the extent lawful, overdue installments of interest
at the rate per annum specified in the Notes (1% per annum in excess of the rate per annum borne by the Notes). 

(d)    Payments in respect of the Notes represented by the Global Notes are to be made by wire transfer of immediately
available funds to the accounts specified by the Depositary, as the Holder of the Global Notes. With respect to Certificated Notes all payments shall be payable at an office of the Paying Agent. 

Section 4.02    Maintenance of Office or Agency. The Company will maintain in
the Borough of Manhattan, the City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Company in respect of the Notes
and this Indenture may be served. The Company hereby initially designates the Corporate Trust Office of the Trustee as such office of the Company. The Company will give prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands (other than any
presentations, surrenders, notices and demands service in accordance with Section 10.07(b)) may be made or served to the Trustee. 

The Company may also from time to time designate one or more other offices or agencies where the Notes may be surrendered or presented for any
of such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

Section 4.03    Maintenance of Corporate Existence. The Company shall preserve
and maintain in full force and effect its existence and the existence of each of its Significant Subsidiaries in accordance with their respective organizational documents, and the rights, licenses and franchises of each of the Company and each of
its Significant Subsidiaries, except, in each case, where the failure to do so would not, individually or in the aggregate, result in any Material Adverse Effect, provided that the Company shall not be required to preserve any such

  
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right, license or franchise, or the existence of any of its Significant Subsidiaries, if the maintenance or preservation thereof is no longer desirable in the conduct of the business of the
Company and its Subsidiaries taken as a whole in its judgement; and provided, further, that this Section does not prohibit any transaction otherwise permitted by Section 4.13 or Article 5. 

Section 4.04    Payment of Taxes. The Company shall timely file all required
tax returns required to be filed by it and pay and discharge at or before maturity all of its material tax obligations (except where such tax obligations are contested in good faith and by proper proceedings and against which adequate reserves are
being maintained to the extent required by IFRS), except where the failure to do so would not, individually or in the aggregate, result in a Material Adverse Effect. 

Section 4.05    [RESERVED] 

Section 4.06    Maintenance of Properties. The Company shall cause all
properties used or useful in its business or the business of any of its Significant Subsidiaries to be maintained and kept in good condition, repair and working order, ordinary wear and tear excepted, except to the extent that the failure to do so
would not, individually or in the aggregate, have a Material Adverse Effect; provided that nothing in this Section prevents the Company or any of its Significant Subsidiaries from discontinuing the use, operation or maintenance of any of such
properties or disposing of any of them, if such discontinuance or disposal is, in the judgment of the Company, desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole. 

Section 4.07    Limitation on Debt and Disqualified Stock. (a) The
Company: 
 (i)    will not, and will not permit any of its Restricted Subsidiaries to, Incur any Debt; and 

(ii)    will not, and will not permit any Restricted Subsidiary to, Incur any Disqualified Stock (other than Disqualified
Stock of Restricted Subsidiaries held by the Company or a Restricted Subsidiary, so long as it is so held); 
 provided that the Company or any of
its Restricted Subsidiaries may Incur Debt and Disqualified Stock if, on the date of the Incurrence, after giving effect to the Incurrence and the receipt and the application of the proceeds therefrom, the Net Debt to EBITDA Ratio shall not exceed
3.75 for any period up to and including December 31, 2018 and 3.50 thereafter. 
 (b)    Notwithstanding the
foregoing, the Company, and to the extent provided below, the Company and any Restricted Subsidiary may Incur the following (“Permitted Debt”): 

(i)    Debt of the Company or a Restricted Subsidiary so long as such Debt continues to be owed to the Company or a
Restricted Subsidiary and which, if the obligor is the Company, is subordinated in right of payment to the Notes; provided that any Debt owed to the Company pursuant to this clause will not be so subordinated; 

  
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 (ii)    Debt of the Company pursuant to the Notes (other than
Additional Notes) and Debt of any Guarantor pursuant to any Note Guarantee (including any additional notes); 

(iii)    Debt of the Company or any Restricted Subsidiary (“Permitted Refinancing Debt”) constituting an
extension or renewal of, replacement of, or substitution for, or issued in exchange for, or the net proceeds of which are used to repay, redeem, repurchase, refinance or refund, including by way of defeasance (all of the above, for purposes of this
clause, “refinance”) then outstanding Debt in an amount not to exceed the principal amount of the Debt so refinanced, plus premiums, fees and expenses; provided that: 

(A)    in case the Debt to be refinanced is subordinated in right of payment to the Notes, the new Debt, by its terms or
by the terms of any agreement or instrument pursuant to which it is outstanding, is expressly made subordinate in right of payment to the Notes at least to the extent that the Debt to be refinanced is subordinated to the Notes, 

(B)    the new Debt does not have a Stated Maturity prior to the Stated Maturity of the Debt to be refinanced, and the
Average Life of the new Debt is at least equal to the remaining Average Life of the Debt to be refinanced, and 

(C)    Debt Incurred pursuant to clauses (i), (iv), (v), (viii), (ix), (x), (xii), (xiii), (xiv), (xv) and (xvi) of
this Section 4.07(b) may not be refinanced pursuant to this clause; 
 (iv)    Hedging Agreements of the Company
or any Restricted Subsidiary entered into in the ordinary course of business for the purpose of limiting risks associated with the business of the Company and its Restricted Subsidiaries and not for speculation; 

(v)    Debt of the Company or any Restricted Subsidiary with respect to letters of credit and bankers’ acceptances,
deposits, promissory notes, self-insurance obligations, performance, customs, bid, surety, appeal or similar bonds, completion guarantees, in each case issued in the ordinary course of business and not supporting Debt, including letters of credit
supporting performance, surety or appeal bonds; 
 (vi)    Acquired Debt, provided that after giving effect to
the Incurrence thereof, the Company (i) could Incur at least U.S.$1.00 of Debt under the Net Debt to EBITDA Ratio test set forth in Section 4.07(a) or (ii) would not have a greater Net Debt to EBITDA Ratio then immediately prior to
giving effect to the Incurrence of such Acquired Debt; 
 (vii)    Debt of the Company or any Restricted Subsidiary
outstanding on the Issue Date; 
 (viii)    Debt of the Company or any Restricted Subsidiary arising from agreements
providing for indemnification, adjustment of purchase price or similar obligations, or guarantees or letters of credit, surety bonds or performance bonds securing any obligations of the Company or any Restricted Subsidiary pursuant to such
agreements, in any case Incurred in connection with the disposition of any business, assets or Restricted Subsidiary (other than guarantees of Debt Incurred by any Person acquiring all or any portion of such business, assets

  
 43 

 
or Restricted Subsidiary for the purpose of financing such acquisition), so long as the amount does not exceed the gross proceeds actually received by the Company or any Restricted Subsidiary
thereof in connection with such disposition, provided that such Debt is not reflected on the balance sheet of the Company or any Restricted Subsidiary; 

(ix)    Debt of the Company or any Restricted Subsidiary arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business, provided, however, that such Debt is extinguished within five Business Days of its Incurrence; 

(x)    Debt of the Company or any Restricted Subsidiary constituting letters of credit issued in the ordinary course of
business or reimbursement obligations in respect thereof; provided that, upon the drawing upon such letters of credit, such obligations are reimbursed in full within 60 days following such drawing; 

(xi)    Debt of the Company or any Restricted Subsidiary to the extent that the net proceeds thereof are promptly
deposited to defease or to satisfy and discharge the Notes in accordance with this Indenture; 
 (xii)    Debt of the
Company or any Restricted Subsidiary for taxes levied, assessments due and other governmental charges required to be paid as a matter of law or regulation in the ordinary course of business; 

(xiii)    Debt of the Company or any Restricted Subsidiary consisting of (A) the financing of insurance premiums or
(B) obligations contained in supply agreements in the ordinary course of business; 
 (xiv)    Debt with respect
to reimbursement type obligations regarding workers’ compensation claims and Debt and other obligations in respect of deferred compensation of employees Incurred in the ordinary course of business; 

(xv)    Debt of the Company or any Restricted Subsidiary Incurred for working capital purposes in an aggregate principal
amount at any time outstanding (including any refinancing thereof) not to exceed U.S.$75.0 million (or the equivalent thereof at the time of determination); and 

(xvi)    Debt of the Company or any Restricted Subsidiary Incurred on or after the Issue Date not otherwise permitted in
an aggregate principal amount at any time outstanding (including any refinancing thereof) not to exceed the greater of (i) U.S.$450.0 million and (ii) 5.0% of the Company’s Total Consolidated Assets. 

(c)    Notwithstanding anything to the contrary in this Section, the maximum amount of Debt that the Company and its
Restricted Subsidiaries may Incur pursuant to this Section shall not be deemed to be exceeded, with respect to any outstanding Debt, solely as a result of fluctuations in the exchange rate of currencies. 

(d)    For purposes of determining compliance with this Section, in the event that any proposed Debt meets the criteria of
more than one of the categories of Permitted Debt 

  
 44 

 
described in clauses (i) through (xvi) of Section 4.07(b), or is entitled to be Incurred pursuant to Section 4.07(a), the Company and its Restricted Subsidiaries will be permitted
to classify such item of Debt at the time of its Incurrence in any manner that complies with this Section or to later reclassify all or a portion of such item of Debt. 

(e)    The Company may not Incur any Debt that is subordinate in right of payment to other Debt of the Company unless such
Debt is also subordinate in right of payment to the Notes on substantially identical terms. 
 (f)    The accrual of
interest, the accretion or amortization of original issue discount, the payment of regularly scheduled interest in the form of additional Debt of the same instrument or the payment of regularly scheduled dividends on Disqualified Equity Interests in
the form of additional Disqualified Equity Interests with the same terms will not be deemed to be an Incurrence of Debt for purposes of this covenant; provided that any such outstanding additional Debt or Disqualified Equity Interests paid in
respect of Debt Incurred pursuant to any provision of paragraph (b) above will be counted as Debt outstanding for purposes of any future Incurrence of Debt pursuant to paragraph (a) above. 

(g)    For the purposes of determining the Net Debt to EBITDA Ratio in paragraph (a) above, the U.S.
Dollar-equivalent principal amount of Debt denominated in a non-U.S. currency or the Brazilian-reais equivalent principal amount of Debt denominated in a
non-Brazilian currency shall be calculated based on the relevant currency exchange rate determined on the date of Incurrence to the extent the Debt was hedged for foreign exchange rate fluctuations. For
purposes of determining compliance with any U.S. Dollar-denominated restriction on the Incurrence of Debt, the U.S. Dollar-equivalent principal amount of Debt denominated in a non U.S. currency shall be calculated based on the relevant currency
exchange rate determined on the date of Incurrence, in the case of term Debt, or first committed, in the case of revolving credit Debt; provided that if such Debt is Incurred to refinance other Debt denominated in a non U.S. currency, and
such refinancing would cause the applicable U.S. Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. Dollar-denominated restriction will be deemed
not to have been exceeded so long as the principal amount of such Permitted Refinancing Debt does not exceed the principal amount of such Debt being refinanced. The principal amount of any Debt Incurred to refinance other Debt, if Incurred in a
different currency from the Debt being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Permitted Refinancing Debt is denominated calculated based on the relevant currency exchange rates
as calculated in the first sentence of this Section 4.07(g). 

Section 4.08    Limitation on Restricted Payments. (a) The Company will
not, and will not permit any Restricted Subsidiary to, directly or indirectly (the payments and other actions described in the following clauses of this Section 4.08 being collectively “Restricted Payments”): 

(i)    declare or pay any dividend or make any distribution on its Equity Interests (other than dividends or distributions
paid in the Company’s Qualified Equity Interests) held by Persons other than the Company or any of its Restricted Subsidiaries (and, if such 

  
 45 

 
Restricted Subsidiary has shareholders other than the Company or any other Restricted Subsidiary, to its shareholders on a pro rata basis); 

(ii)    purchase, redeem or otherwise acquire or retire for value any Equity Interests of the Company held by Persons
other than the Company or any of its Restricted Subsidiaries; 
 (iii)    repay, redeem, repurchase, defease or
otherwise acquire or retire for value, or make any payment on or with respect to, any Subordinated Debt except a payment of interest or principal at Stated Maturity; or 

(iv)    make any Minority Investment (other than a Permitted Minority Investment); 

unless, at the time of, and after giving effect to, the proposed Restricted Payment: 

(A)    no Event of Default has occurred and is continuing, 

(B)    the Company could Incur at least U.S.$1.00 of Debt under the Net Debt to EBITDA Ratio test set forth in
Section 4.07(a), and 
 (C)    the aggregate amount expended for all Restricted Payments made on or after the
Issue Date would not, subject to Section 4.08(d), exceed the sum of: 
 (1)    50% of the aggregate amount of the
Consolidated Net Income (or, if the Consolidated Net Income is a loss, minus 100% of the amount of the loss) accrued on a cumulative basis during the period, taken as one accounting period, beginning on January 1, 2017 and ending on the
last day of the Company’s most recently completed fiscal quarter for which financial statements have been provided (or if not timely provided, required to be provided) pursuant to this Indenture; provided, that the reference to such 50% of the
aggregate amount of the Consolidated Net Income shall be increased by either an additional (i) 25% of the aggregate amount of the Consolidated Net Income if at the time of, and after giving effect to, such proposed Restricted Payment, the
Company’s Net Debt to EBITDA Ratio does not exceed 2.5, but is above 1.5, or (ii) 50% of the aggregate amount of the Consolidated Net Income if at the time of, and after giving effect to, such proposed Restricted Payment, the Company’s Net
Debt to EBITDA Ratio does not exceed 1.5; plus 
 (2)    subject to Section 4.08(c), the aggregate net cash
proceeds received by the Company (other than from a Restricted Subsidiary) after the Issue Date: 
 (a)    from the
issuance and sale of its Qualified Equity Interests, including by way of issuance of its Disqualified Equity Interests or Debt to the extent since converted into Qualified Equity Interests of the Company, or 

(b)    as a contribution to its common equity; plus 

  
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 (3)    the cash return, after the Issue Date and prior to the date of
such Restricted Payment, on any Investment in an Unrestricted Subsidiary (or designation thereof) made after the Issue Date pursuant to Section 4.08(a), as a result of any sale for cash, repayment, redemption, liquidating distribution or other
cash realization (not included in Consolidated Net Income), not to exceed the amount of such Investment so made; plus 

(4)    the amount by which Debt of the Company or any of its Restricted Subsidiaries is reduced on the Company’s
balance sheet or the balance sheet of such Restricted Subsidiary, in each case, upon the conversion or exchange (including by means of a subscription) (other than by the Company or any of its Restricted Subsidiaries) subsequent to the Issue Date of
any such Debt for Equity Interests (other than Disqualified Equity Interests) of the Company (less the amount of any cash or the Fair Market Value of any other property distributed by the Company or any of its Restricted Subsidiaries upon such
conversion or exchange). 
 The amount expended in any Restricted Payment, if other than in cash, will be deemed to be the Fair Market Value
of the relevant non-cash assets, as determined in good faith by the Board of Directors, whose determination will be conclusive and evidenced by a Board Resolution. 

(b)    Section 4.08(a) will not prohibit the declaration and payment of mandatory dividends, in an amount equivalent to
not more than 30% of the Company’s adjusted Net Income (as set forth in the Company’s by-laws or as otherwise defined under Brazilian corporate law), provided that the payment of such amounts
is in compliance with the Brazilian corporate law and the Company’s bylaws and that the Company’s Board of Directors, with the approval of the fiscal council, if in existence at such time, has not reported to the general shareholders’
meeting that the distribution would not be advisable given the financial condition of the Company or its Restricted Subsidiary. Restricted Payments permitted pursuant to this Section 4.08(b) will be included in making the calculations under
Section 4.08(a)(iii)(C) above. 
 (c)    The foregoing will not prohibit: 

(i)    the payment of any dividend after the date of declaration thereof if, at the date of declaration, such payment
would comply with Section 4.08(a); 
 (ii)    dividends or distributions by a Restricted Subsidiary payable, on a
pro rata basis or on a basis more favorable to the Company, to all holders of any class of Capital Stock of such Restricted Subsidiary a majority of which is held, directly or indirectly through Restricted Subsidiaries, by the Company; 

(iii)    the repayment, redemption, repurchase, defeasance or other acquisition or retirement for value of Subordinated
Debt with the proceeds of, or in exchange for, Permitted Refinancing Debt 
 (iv)    the declaration or payment of
dividends or any distribution or the purchase, redemption, acquisition or retirement of any Equity Interests in connection with any corporate reorganization or delisting transaction involving the public shareholders of the Company, provided
that immediately following such declaration, payment, distribution, 

  
 47 

 
purchase, redemption, acquisition or retirement, the Company could Incur at least U.S.$1.00 of Debt under the Net Debt to EBITDA Ratio test set forth in Section 4.07(a); 

(v)    the purchase, redemption or other acquisition or retirement for value of Equity Interests of the Company in
exchange for, or out of the proceeds of a substantially concurrent offering of, Qualified Equity Interests of the Company or of a cash contribution to the common equity of the Company; 

(vi)    the repayment, redemption, repurchase, defeasance or other acquisition or retirement of Subordinated Debt of the
Company in exchange for, or out of the proceeds of, a substantially concurrent offering of, Qualified Equity Interests of the Company or of a cash contribution to the common equity of the Company; 

(vii)    the purchase, redemption or other acquisition or retirement for value of Equity Interests of the Company in
connection with the Company’s share repurchases for the repurchase of up to U.S.$100.0 million in shares of the Company’s Capital Stock; and 

(viii)    in addition to the foregoing Restricted Payments in clauses (1) through (7), Restricted Payments in an
aggregate amount which, when taken together with all Restricted Payments made pursuant to this clause (vii) on an aggregate basis for the Company and the Restricted Subsidiaries, does not exceed the greater of (x) US$100 million (or
the equivalent in other currencies) and (y) the maximum amount such that, at the time the Company or any Restricted Subsidiary makes such Restricted Payment and after giving pro forma effect to such Restricted Payment, the Net Debt to EBITDA
Ratio would not exceed 2.50 to 1.00. 
 (d)    Restricted Payments permitted pursuant to only clauses (ii), (iii), (iv),
(v), (vi) or (viii) of Section 4.08(c) will not be included in making the calculations under clause (iii) of Section 4.08(a). 

Section 4.09    Limitation on Liens. The Company will not, and will not permit
any Restricted Subsidiary to, directly or indirectly, Incur or permit to exist any Lien of any nature whatsoever (other than Permitted Liens) on any of its properties or assets, whether owned at the Issue Date or thereafter acquired, in each case
securing any Debt, without effectively providing that the Notes are secured equally and ratably with (or, if the obligation to be secured by the Lien is subordinated in right of payment to the Notes, prior to) the obligations so secured for so long
as such obligations are so secured, except that the foregoing provisions shall not apply to Liens which secure only Debt owing by any Restricted Subsidiary to the Company and/or by the Company to one or more Restricted Subsidiaries. 

Section 4.10    Limitation on Sale and Leaseback Transactions. The Company will
not, and will not permit any Restricted Subsidiary to, enter into any Sale and Leaseback Transaction with respect to any Property unless the Company or such Restricted Subsidiary would be entitled to: 

(a)    Incur Debt in an amount equal to the Attributable Debt with respect to such Sale and Leaseback Transaction pursuant
to Section 4.07; and 

  
 48 

 (b)    create a Lien on such Property or asset securing such
Attributable Debt without equally and ratably securing the Notes pursuant to Section 4.09, 
 in which case, the corresponding Debt and Lien will be
deemed Incurred pursuant to those provisions. 
 Section 4.11    Limitation on
Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries 
 (a)    Except as provided in
Section 4.11(b), the Company will not, and will not permit any of its Restricted Subsidiaries to, create or otherwise cause or permit to exist or become effective any encumbrance or restriction of any kind on the ability of any Restricted
Subsidiary to: 
 (i)    pay dividends or make any other distributions on any Equity Interests of the Restricted
Subsidiary owned by the Company or any other Restricted Subsidiary, 
 (ii)    pay any Debt or other obligation owed to
the Company or any other Restricted Subsidiary, 
 (iii)    make loans or advances to the Company or any other
Restricted Subsidiary, or 
 (iv)    transfer any of its property or assets to the Company or any other Restricted
Subsidiary. 
 (b)    The provisions of Section 4.11(a) do not apply to any encumbrances or restrictions: 

(i)    existing on the Issue Date as provided for in this Indenture or any other agreements in effect on the Issue Date,
and any extensions, renewals, replacements or refinancings of any of the foregoing; provided that the encumbrances and restrictions in the extension, renewal, replacement or refinancing are, taken as a whole, no less favorable in any material
respect to the Holders than the encumbrances or restrictions being extended, renewed, replaced or refinanced; 

(ii)    existing under or by reason of applicable law; 

(iii)    existing with respect to any Person, or to the Property of any Person, at the time such Person or the Property
is acquired by the Company or any Restricted Subsidiary, which encumbrances or restrictions: (A) are not applicable to any other Person or the Property of any other Person; and (B) were not put in place in anticipation of such event, and
any extensions, renewals, replacements or refinancings of any of the foregoing; provided that the encumbrances and restrictions in the extension, renewal, replacement or refinancing are, taken as a whole, no less favorable in any material
respect to the Holders than the encumbrances or restrictions being extended, renewed, replaced or refinanced; 

  
 49 

 (iv)    of the type described in Section 4.11(a)(iv) arising or
agreed to in the ordinary course of business (A) that restrict in a customary manner the subletting, assignment or transfer of any Property that is subject to a lease or license or (B) by virtue of any Lien on, or agreement to transfer,
option or similar right with respect to any Property of, the Company or any Restricted Subsidiary; 
 (v)    with
respect to a Restricted Subsidiary and imposed pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock of, or Property of, the Restricted Subsidiary that is permitted by
Section 4.13; 
 (vi)    with respect to a Restricted Subsidiary and imposed by any agreement governing Debt of
any Restricted Subsidiary that is permitted to be Incurred pursuant to Section 4.07; provided that the encumbrance or restriction is customary in comparable transactions and will not materially affect the Company’s ability to pay
interest or principal, when due, on the Notes; 
 (vii)    with respect to a Restricted Subsidiary and imposed pursuant
to a customary provision in a joint venture, asset sale, or stock sale agreements or other similar agreement with respect to such Restricted Subsidiary that was entered into in the ordinary course of business; 

(viii)    imposed by the standard loan documentation in connection with loans from (a) Banco Nacional de
Desenvolvimento Econômico e Social—BNDES, or any other Brazilian governmental development bank or credit agency or (b) any international or multilateral development bank or government-sponsored agency, in each case to any
Restricted Subsidiary; 
 (ix)    with respect to a Restricted Subsidiary pursuant to an agreement effecting a
refunding, replacement or refinancing of, or amendment or modification to, an agreement referred to in clauses (i) or (iii) above (or Debt Incurred pursuant to such agreement) or this clause (ix), provided, however, that such
encumbrances or restrictions are no less favorable, in any material respect, taken as a whole, to the Holders than the encumbrances and restrictions contained in such agreements referred to in clauses (i) and (iii) above on the Issue Date or
the date of acquisition of such Person, property or assets, as applicable; or 
 (x)    required pursuant to this
Indenture. 
 Section 4.12    Repurchase of Notes Upon a Change of Control.
Not later than 30 days following a Change of Control that results in a Rating Decline, the Company shall make an Offer to Purchase all outstanding Notes at a purchase price equal to 101% of the principal amount plus accrued interest to the
date of purchase. 
 Section 4.13    Limitation on Asset Sales. The Company
will not, and will not permit any Restricted Subsidiary to, make any Asset Sale unless the following conditions are met: 

(i)    The Asset Sale is for Fair Market Value, as determined in good faith by the Board of Directors. 

  
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 (ii)    At least 75% of the consideration consists of cash or Cash
Equivalents. (For purposes of this clause (ii), the assumption by the purchasers of Debt or other obligations (other than Subordinated Debt) of the Company or a Restricted Subsidiary pursuant to a customary novation agreement, and instruments or
securities received from the purchasers that are promptly, but in any event within 90 days of the closing, converted by the Company to cash, to the extent of the cash actually so received, shall be considered cash received at closing.) 

(iii)    Within 360 days after the receipt of any Net Cash Proceeds from an Asset Sale, the Net Cash Proceeds may be used
(each, a “Permitted Reinvestment”): 
 (A)    to permanently repay Debt other than Subordinated Debt of
the Company or any Restricted Subsidiary (and in the case of a revolving credit, permanently reduce the commitment thereunder by such amount), in each case owing to a Person other than the Company or any Restricted Subsidiary, 

(B)    to acquire or invest in (or within such 360-day period in this clause
(iii) the Company’s Board of Directors shall have made a good faith determination to acquire or invest, which acquisition or investment shall be consummated prior to the second anniversary of such Asset Sale) (i) all or substantially
all of the assets of a Permitted Business, (ii) a majority of the Voting Stock of another Person that thereupon becomes a Restricted Subsidiary engaged in a Permitted Business, or to make capital expenditures or otherwise acquire long-term
assets that are to be used in a Permitted Business or (iii) a Permitted Business Investment; or 
 (C)    to
acquire Productive Assets for the Company or any of its Restricted Subsidiaries; 
 provided that pending the final application of
any such Net Cash Proceeds in accordance with this clause (iii), the Company or such Restricted Subsidiary may temporarily reduce Debt or otherwise invest such Net Cash Proceeds in any manner not prohibited by this Indenture. 

(iv)    Notwithstanding clauses (i) to (iii) above, the Company and its Restricted Subsidiaries will be permitted to
consummate an Asset Sale without complying with such clauses to the extent: 
 (A)    at least 75% of the consideration
for such Asset Sale constitutes Productive Assets, cash, Cash Equivalents and/or Marketable Securities; and 

(B)    the Asset Sale is for Fair Market Value, as determined in good faith by the Board of Directors; 

provided that any consideration not constituting Productive Assets received by the Company or any Restricted Subsidiary in connection
with any Asset Sale permitted to be consummated under this clause shall be applied (in the case of cash, Cash 

  
 51 

 
Equivalents and Marketable Securities within 360 days after the receipt thereof) in accordance with Section 4.13(iii) above. 

(v)    The Net Cash Proceeds of an Asset Sale not applied pursuant to Section 4.13(iii) within 360 days of the Asset
Sale constitute “Excess Proceeds.” Excess Proceeds of less than U.S.$50.0 million (or the equivalent thereof at the time of determination) will be carried forward and accumulated. When accumulated Excess Proceeds equals or
exceeds such amount, the Company must, within 30 days, make an Offer to Purchase Notes having a principal amount equal to: 

(A)    accumulated Excess Proceeds, multiplied by 

(B)    a fraction (x) the numerator of which is equal to the outstanding principal amount of the Notes and
(y) the denominator of which is equal to the outstanding principal amount of the Notes and all pari passu Debt similarly required to be repaid, redeemed or tendered for in connection with the Asset Sale, rounded down to the nearest
U.S.$1,000. 
 The purchase price for the Notes will be 100% of the principal amount plus accrued interest to the date of purchase.
If the Offer to Purchase is for less than all of the outstanding Notes and Notes in an aggregate principal amount in excess of the purchase amount are tendered and not withdrawn pursuant to the offer, the Company will purchase Notes having an
aggregate principal amount equal to the purchase amount on a pro rata basis, with adjustments so that only Notes in multiples of U.S.$1,000 principal amount will be purchased, provided that after a purchase from a Holder in part, such
Holder shall hold U.S.$200,000 in principal amount of Notes or a multiple of U.S.$1,000 in excess thereof. The Company herein agrees to obtain all necessary consents and approvals from the Central Bank of Brazil (Banco Central do Brasil) for
the remittance of funds outside Brazil prior to making any Offer to Purchase. Any failure to obtain such consents and approvals will constitute an Event of Default. Upon completion of the Offer to Purchase, Excess Proceeds will be reset at zero.

 Section 4.14    Limitation on Transactions with Affiliates. (a) The
Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, enter into, renew or extend any transaction or arrangement including the purchase, sale, lease or exchange of property or assets, or the rendering of any
service with any Affiliate of the Company or any Restricted Subsidiary (a “Related Party Transaction”), except upon terms no less favorable to the Company or the Restricted Subsidiary than could be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate of the Company. 

(b)    In any Related Party Transaction or series of Related Party Transactions with an aggregate value in excess of
U.S.$20.0 million (or the equivalent thereof at the time of determination), the Company must first deliver to the Trustee a certificate from an authorized officer of the Company to the effect that such transaction or series of related
transactions are on terms no less favorable to the Company or such Restricted Subsidiary than could be obtained in a comparable arm’s length transaction and is otherwise compliant with the terms of this Indenture. 

(c)    The foregoing paragraphs of this Section 4.14 do not apply to 

  
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 (i)    any transaction between the Company and any Restricted
Subsidiary or between Restricted Subsidiaries and the Company; 
 (ii)    the payment of fees to directors of the
Company in connection with their position who are not employees of the Company; 
 (iii)    any Restricted Payments of
a type described in Section 4.08(a)(i) or Section 4.08(a)(ii) if permitted by that covenant and any Permitted Minority Investment; 

(iv)    any issuance or sale of Equity Interests (other than Disqualified Stock); 

(v)    transactions or payments pursuant to any employee, officer or 

director compensation or benefit plans, customary indemnifications or arrangements entered into in the ordinary course of business; 

(vi)    transactions pursuant to agreements in effect on the Issue Date, as amended, modified or replaced from time to
time so long as the amended, modified or new agreements, taken as a whole, are no less favorable to the Company and its Restricted Subsidiaries than those in effect on the date of this Indenture; 

(vii)    any Sale Leaseback Transaction otherwise permitted under Section 4.10 if such transaction is on market
terms; 
 (viii)    any advance, loan or other extension of credit (or guarantee thereof) in connection with the use of
the proceeds of the Notes (including any Additional Notes) as well as additional loans outstanding from the Company or any of its Restricted Subsidiaries to an Affiliate to the extent that any such advance, loan or other extension of credit
(i) has a Stated Maturity that is prior to the Stated Maturity of the Notes and (ii) is on market terms; 

(ix)    (A) transactions with customers, clients, distributors, suppliers or purchasers or sellers of goods or services,
in each case in the ordinary course of business and on market terms, or (B) transactions with joint ventures or other similar arrangements entered into in the ordinary course of business, on market terms and consistent with past practice or
industry norms; and 
 (x)    the provision of administrative services to any joint venture or Unrestricted Subsidiary
on substantially the same terms provided to or by Restricted Subsidiaries. 

Section 4.15    [RESERVED]. 

Section 4.16    Reports to the Trustee 

(a)    The Company will provide the Trustee with the following reports (and will also provide the Trustee with sufficient
copies, as required, of the following reports referred 

  
 53 

 
to in clauses (i), (ii) and (iv) below for distribution, at the expense of the Company, to all Holders of Notes): 

(i)    an English language version of its annual audited consolidated financial statements prepared in accordance with
IFRS promptly upon such financial statements becoming available but not later than 120 days after the close of its fiscal year; 

(ii)    an English language version of its unaudited quarterly financial statements prepared in accordance with IFRS
promptly upon such financial statements becoming available but not later than 60 days after the close of each fiscal quarter (other than the last fiscal quarter of its fiscal year); 

(iii)    simultaneously with the delivery of the financial statements referred to in clause (a) above, an
Officer’s Certificate stating whether a Default or Event of Default exists on the date of such certificate and, if a Default or Event of Default exists, setting forth the details thereof and the action which the Company is taking or proposes to
take with respect thereto; 
 (iv)    without duplication, English language versions or summaries of such other reports
or notices as may be filed or submitted by (and promptly after filing or submission by) the Company with any stock exchange on which the Notes may be listed (in each case, to the extent that any such report or notice is generally available to its
security holders or the public in Brazil); and 
 (v)    as soon as practicable and in any event within 30 calendar
days after any director or executive officer of the Company becomes aware of the existence of an Event of Default, an Officer’s Certificate setting forth the details thereof and the action which the Company is taking or proposes to take with
respect thereto. 
 (b)    If the Company makes available the reports described in clauses (i), (ii), (iii) or
(iv) on the Company’s website and notifies the Trustee in writing thereof, it will be deemed to have satisfied the reporting requirement set forth in such applicable clause. 

(c)    Delivery of the above reports to the Trustee is for informational purposes only and the Trustee’s receipt of
such reports shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants in this Indenture (as to which the
Trustee is entitled to rely exclusively on Officer’s Certificates), provided that the Trustee shall have no obligation whatsoever to determine whether such information, documents or reports have been so made available. 

(d)    For so long as the Notes are “restricted securities” within the meaning of Rule 144A(a)(3) under the
Securities Act, the Company will furnish upon request to any Holder of a Note, or to any prospective purchasers designated by such Holder of Notes, financial and other information described in paragraph (d)(4) of Rule 144A with respect to the
Company. 
 Section 4.17    Ranking. The Company shall ensure that its
obligations under this Indenture and the Notes will at all times constitute direct and unconditional obligations of the 

  
 54 

 
Company, ranking at all times at least pari passu in priority of payment, in right of security and in all other respects among themselves and with all other Debt of such Person, except to
the extent any such other Debt ranks above such obligations by reason of Liens permitted under Section 
4.09. 
 Section 4.18    Paying Agent and Transfer Agent 

(a)    The Company agrees, for the benefit of the Holders from time to time of the Notes, that, until all of the Notes are
no longer outstanding or until moneys for the payment of all of the principal of and interest on all Notes (and Additional Amounts, if any) shall have been made available at an office of the Paying Agent, and shall have been returned to the Company
as provided herein, whichever occurs earlier, there shall at all times be a Paying Agent and Transfer Agent hereunder. The Paying Agent and the Transfer Agent shall have the powers and authority granted to and conferred upon them herein and in the
Notes. 
 (b)    The Company hereby initially appoints the Paying Agent and Transfer Agent defined in this Indenture as
such. The Paying Agent shall arrange with the Paying Agent for the payment, from funds furnished by the Company to the Paying Agent pursuant to this Indenture, of the principal of and interest on the Notes (and Additional Amounts, if any, with
respect to the Notes). 
 Section 4.19    Covenant Suspension. From any date
(the “Suspension Date”) and during any time that: 
 (a)    the Notes have an Investment Grade rating
from any two Rating Agencies, and no Event of Default has occurred and is continuing, the Company and its Restricted Subsidiaries will not be subject to Sections 4.07, 4.08, 4.10, 4.11, 4.13, 4.14 (collectively, the “Suspended
Covenants”). 
 In the event that the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants for any
period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”), the Notes cease to have an Investment Grade Rating from any two Rating Agencies, then the Company and its Restricted Subsidiaries will
thereafter again be subject to the Suspended Covenants. The period of time between the Suspension Date and the Reversion Date is referred to as the “Suspension Period.” Notwithstanding that the Suspended Covenants may be reinstated,
no Event of Default will be deemed to have occurred as a result of a failure to comply with any of the Suspended Covenants during the Suspension Period (or upon termination of the Suspension Period or after that time based solely on events that
occurred during the Suspension Period). 
 On the Reversion Date, all Debt Incurred during the Suspension Period will be classified to have
been Incurred pursuant to Section 4.07(a) or clauses (i) through (xvi) of Section 4.07(b) (to the extent such Debt would be permitted to be Incurred thereunder as of the Reversion Date and after giving effect to the Debt Incurred
prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Debt would not be permitted to be Incurred pursuant to Section 4.07, such Debt will be deemed to have been outstanding on the Issue Date, so that it is

  
 55 

 
classified as permitted under Section 4.07(b)(vii). The Company will give the Trustee prompt written notification upon the occurrence of a covenant suspension or any Reversion Date. 

ARTICLE 5 

CONSOLIDATION, MERGER OR TRANSFER OF ASSETS 

(a)    The Company will not consolidate with or merge with or into, or sell, convey, transfer, or otherwise dispose of or
lease all or substantially all of its assets in one transaction or a series of related transactions, to any Person unless: 

(i)    either: (x) the Company is the continuing Person; or (y) the resulting, surviving or transferee Person
is a corporation organized and validly existing under the laws of Brazil or any political subdivision thereof, the United States of America, any State thereof or the District of Columbia or any other country that is a member country of the European
Union or of the Organization for Economic Co-operation and Development on the date of the Indenture and expressly assumes by supplemental indenture all of the obligations of the Company under the Indenture;

 (ii)    immediately after giving effect to the transaction, no Event of Default has occurred and is continuing; 

(iii)    immediately after giving effect to the transaction on a pro forma basis, the Company or the resulting
surviving or transferee Person (i) could Incur at least U.S.$1.00 of Debt under the covenant described under Section 4.07(a) or (ii) would not have a greater Net Debt to EBITDA Ratio set forth in Section 4.07(a) than immediately
prior to giving effect to the transaction; and 
 (iv)    the Company or the surviving entity, as the case may be,
delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the consolidation, merger or transfer and the supplemental indenture (if any) comply with this Indenture; 

provided that, clauses (ii), (iii) and (iv) shall not apply to the consolidation or merger of the Company with or into a
Subsidiary or the consolidation or merger of a Subsidiary with or into the Company; provided further, that this covenant shall not apply to the transfer or disposition of or lease of all or substantially all of the assets in one transaction
or series of related transactions to a person that is the parent of the Company and becomes a Guarantor under this Indenture through the execution of a Supplemental Indenture. 

(b)    The Company shall not lease all or substantially all of its assets, whether in one transaction or a series of
transactions, to one or more other Persons, except to the extent permitted under Section 4.10. 

  
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 ARTICLE 6 

DEFAULT AND REMEDIES 
 
Section 6.01    Events of Default. An “Event of Default” occurs and is continuing if: 

(a)    the Company defaults in the payment of the principal or any related Additional Amounts, if any, of any Note when the
same becomes due and payable at maturity, upon acceleration or redemption, or otherwise (other than pursuant to an Offer to Purchase); 

(b)    the Company defaults in the payment of interest or any related Additional Amounts, if any, on any Note when the
same becomes due and payable, and the default continues for a period of 30 days; 
 (c)    the Company fails to make an
Offer to Purchase and thereafter to accept and pay for Notes tendered when and as required pursuant to the covenants described in Section 4.12 and Section 4.13; 

(d)    the Company defaults in the performance of or breaches, or fails to cause or any of its Significant Subsidiaries to
not default in the performance of or breach, any other of their covenants or agreements in the Indenture or under the Notes (other than those referred to in (a), (b) and (c) above) and the default or breach continues for a period of 60
consecutive days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of 25% or more in aggregate principal amount of the Notes; 

(e)    there occurs with respect to any Debt of (i) the Company, (ii) any of the Company’s Significant
Subsidiaries, such Debt having an outstanding principal amount of U.S.$75.0 million (or the equivalent thereof at the time of determination) or more in the aggregate for all such Debt of all such Persons (i) an event of default that
results in such Debt being due and payable prior to its scheduled maturity or (ii) failure to make a principal payment when due and such defaulted payment is not made, waived or extended within the applicable grace period; 

(f)    one or more final and non-appealable judgments or orders for the payment of
money are rendered against (i) the Company or (ii) any of the Company’s Significant Subsidiaries and are not paid or discharged, and there is a period of 60 consecutive days following entry of the final and non-appealable judgment or order during which such judgment or order is not discharged, waived or the execution thereof stayed, in either case that causes the aggregate amount for all such final and non-appealable judgments or orders outstanding and not paid or discharged against all such Persons to exceed U.S.$75.0 million (or the equivalent thereof at the time of determination); 

(g)    an involuntary case or other proceeding is commenced against (i) the Company or (ii) any of the
Company’s Significant Subsidiaries, with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect seeking the appointment of a trustee, receiver, administrador judicial, liquidator,
custodian or other similar official of it or any substantial part of its Property, and such involuntary case or other proceeding remains undismissed and unstayed for a period of 60 or more consecutive days; or a final order

  
 57 

 
for relief is entered against (i) the Company or (ii) any of the Company’s Significant Subsidiaries under relevant bankruptcy laws as now or hereafter in effect and such order is
not being contested by the Company or such Significant Subsidiary, as the case may be, in good faith or has not been dismissed, discharged or otherwise stayed, in each case within 60 days of being made; or 

(h)    (i) the Company or (ii) any of the Company’s Significant Subsidiaries (a) commences a voluntary case
or other proceeding seeking liquidation, reorganization, recuperação judicial ou extrajudicial or other relief with respect to itself or its debts under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, or consents to the entry of an order for relief in an involuntary case under any such law, (b) consents to the appointment of or taking possession by a receiver, administrador judicial, liquidator, assignee, custodian,
trustee, sequestrator or similar official of (i) the Company or (ii) any of the Company’s Significant Subsidiaries for all or substantially all of the Property of (x) the Company or (y) any of the Company’s Significant
Subsidiaries or (c) effects any general assignment for the benefit of creditors (an event of default specified in clause (f) or (g) a “bankruptcy default”); or 

Section 6.02    Acceleration. (a) If an Event of Default, other than a
bankruptcy default with respect to the Company, occurs and is continuing under this Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written notice to the Company (and to the
Trustee if the notice is given by the Holders), may, and the Trustee at the request of such Holders shall, declare the unpaid principal of and accrued interest on the Notes to be immediately due and payable. Upon a declaration of acceleration, such
principal and interest will become immediately due and payable. If a bankruptcy default occurs, the unpaid principal of and accrued interest on the Notes then outstanding will become immediately due and payable without any declaration or other act
on the part of the Trustee or any Holder. In this case, the Company agrees to and shall duly comply with any and all then- applicable regulations of the Central Bank of Brazil (Banco Central do Brasil) for remittance of funds outside of
Brazil. 
 (b)    The Holders of a majority in principal amount of the outstanding Notes by written notice to the
Company and to the Trustee may waive all past defaults and rescind and annul a declaration of acceleration and its consequences if: 

(i)    all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the
Notes that have become due solely by the declaration of acceleration, have been cured or waived; and 
 (ii)    the
rescission would not conflict with any judgment or decree of a court of competent jurisdiction. 

Section 6.03    Notices; Other Remedies 

(a)    If any Event of Default occurs and is continuing and is actually known to a Responsible Officer of the Trustee, the
Trustee will send notice of the Event of Default to each Holder within 90 days after the Trustee gains knowledge of such Event of Default, unless the 

  
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Event of Default has been cured; provided that, except in the case of a default in the payment of the principal of, or interest on any Note, the Trustee may withhold the notice if and so
long as a committee of the Trustee in good faith determines that withholding the notice is in the interest of the Holders. 

(b)    Except as provided in Section 6.03(a), if an Event of Default occurs and is continuing, the Trustee may
pursue, in its own name or as trustee of an express trust, any available remedy by proceeding at law or in equity to collect the payment of principal of, and interest on (including any Additional Amounts) the Notes or to enforce the performance of
any provision of the Notes or this Indenture. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. 

Section 6.04    Waiver of Past Defaults. Except as otherwise provided in
Section 6.02 or 9.02, the Holders of a majority in principal amount of the outstanding Notes may, by written notice to the Trustee, waive an existing Default or Event of Default and its consequences. Upon such waiver, the Default or Event of
Default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured, but no such waiver will extend to any subsequent or other Default or impair any right consequent thereon. 

Section 6.05    Control by Majority. The Holders of a majority in aggregate
principal amount of the outstanding Notes may direct in writing the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee. However, the Trustee may
refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders not joining in the giving
of such direction (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders), and the Trustee may take any other action it deems proper
that is not inconsistent with any such direction received from Holders. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification satisfactory to it against any costs, losses, liabilities and expenses caused by taking or
not taking such action. 
 Section 6.06    Limitation on Suits. A Holder may
not institute any proceeding, judicial or otherwise, with respect to this Indenture or the Notes, or for the appointment of a receiver or trustee, or for any other remedy under this Indenture or the Notes, unless: 

(a)    the Holder has previously given to the Trustee written notice of a continuing Event of Default; 

(b)    Holders of at least 25% in aggregate principal amount of outstanding Notes have made written request to the Trustee
to institute such proceedings in respect of the Event of Default in its own name as Trustee under this Indenture; 

(c)    Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against any costs,
liabilities or expenses (including, without limitation, the reasonable and documented fees and expenses of its legal counsel) to be Incurred in compliance with such request; 

  
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 (d)    the Trustee within 60 days after its receipt of such notice,
request and offer of indemnity or security has failed to institute any such proceeding; and 
 (e)    during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes have not given the Trustee a written direction that is inconsistent with such written request. 

Section 6.07    Collection Suit by Trustee. If an Event of Default in payment
of principal, or interest (including any Additional Amounts) specified in clause (a) or (b) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust for the whole amount
of principal and accrued interest remaining unpaid, together with interest on overdue principal and, to the extent lawful, overdue installments of interest, in each case at the rate specified in the Notes, and such further amount as is sufficient to
cover the costs and expenses of collection, including the reasonable and documented compensation, expenses, disbursements and advances of the Trustee, its agents and its legal counsel and any other amounts due the Trustee hereunder. 

Section 6.08    Trustee May File Proofs of Claim. The Trustee may file proofs
of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other
amounts due to the Trustee hereunder) and the Holders allowed in any judicial proceedings relating to the Company or its creditors or property, and is entitled and empowered to collect, receive and distribute any money, securities or other property
payable or deliverable upon conversion or exchange of the Notes or upon any such claims. Any custodian, receiver, administrador judicial, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is
hereby authorized by each Holder to make such payments to the Trustee and, if the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agent and its counsel, and any other amounts due the Trustee hereunder. Nothing in this Indenture will be deemed to empower the Trustee to authorize or consent to, or accept or adopt on behalf of any
Holder, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.09    Priorities. If the Trustee collects any money pursuant to this
Article, it shall pay out the money in the following order: 
 (a)    First: to the Trustee for all amounts due to
it hereunder; 
 (b)    Second: to Holders for amounts then due and unpaid for principal of and interest on the
Notes, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal and interest; and 

(c)    Third: to the Company or as a court of competent jurisdiction may direct. 

The Trustee, upon written notice to the Company, may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.09. 

  
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 Section 6.10    Restoration of
Rights and Remedies. If the Trustee or any Holder has instituted a proceeding to enforce any right or remedy under this Indenture and the proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the
Trustee or to the Holder, then, subject to any determination in the proceeding, the Company, the Trustee and the Holders will be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the
Company, the Trustee and the Holders will continue as though no such proceeding had been instituted. 

Section 6.11    Undertaking for Costs. In any suit for the enforcement of any
right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court may require any party litigant in such suit (other than the Trustee) to file an undertaking to pay the costs of the
suit, and the court may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant (other than the Trustee) in the suit having due regard to the merits and good faith of the claims or defenses made by
the party litigant. This Section 6.11 does not apply to a suit by the Trustee, suit by a Holder to enforce payment of principal of or interest on any Note on the respective due dates pursuant to this Section 6.11, or a suit by Holders of
more than 10% in principal amount of the outstanding Notes. 

Section 6.12    Rights and Remedies Cumulative. No right or remedy conferred or
reserved to the Trustee or to the Holders under this Indenture is intended to be exclusive of any other right or remedy, and all such rights and remedies are, to the extent permitted by law, cumulative and in addition to every other right and remedy
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or exercise of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or exercise of any other right or remedy. 

Section 6.13    Delay or Omission Not Waiver. No delay or omission of the
Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default will impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this
Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

Section 6.14    Waiver of Stay, Extension or Usury Laws. The Company covenants,
to the extent that it may lawfully do so, that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit
or forgive the Company from paying all or any portion of the principal of, or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this
Indenture. The Company hereby expressly waives, to the extent that it may lawfully do so, all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but
will suffer and permit the execution of every such power as though no such law had been enacted. 

  
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 ARTICLE 7 

THE TRUSTEE 
 
Section 7.01    General 
 (a)    The duties and responsibilities of the Trustee are
as set forth herein. Whether or not expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee is subject to this Section. 

(b)    (i) Except during the continuance of an Event of Default, the Trustee is obligated to perform only those duties
that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee and (ii) in the absence of bad faith on its part, the Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or
opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not
confirm or investigate the accuracy of mathematical calculations or other facts stated therein). In case an Event of Default has occurred and is continuing, the Trustee shall exercise those rights and powers vested in it by this Indenture, and use
the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 

(c)    No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except that: 
 (1)    this
Subsection shall not be construed to limit the effect of Subsection (b) of this Section; 

(2)    the Trustee shall not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(3)    the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in
good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and 

(4)    no provision of this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers 

  
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 Section 7.02    Certain Rights of
Trustee 
 (a)    In the absence of bad faith on its part, the Trustee may conclusively rely, and will be protected
in acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by
it to be genuine and to have been signed or presented by the proper Person. 
 (b)    Before the Trustee acts or
refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel conforming to Section 10.03 and the Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such certificate or
opinion. 
 (c)    The Trustee may act through its attorneys and agents and will not be responsible for the misconduct
or negligence of any agent appointed with due care. 
 (d)    The Trustee will be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the request or direction of any of the Holders, unless such Holders have offered to the Trustee security or indemnity, satisfactory to it against the costs, expenses and liabilities that might
be incurred by it in compliance with such request or direction. 
 (e)    The Trustee will not be liable for any action
it takes or omits to take in good faith that it believes to be authorized or within its rights or powers conferred on it by this Indenture. 

(f)    The Trustee may consult with counsel of its selection, and the advice of such counsel or any Opinion of Counsel
will be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(g)    In no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(h)    Notwithstanding any provision herein to the contrary, in no event shall the Trustee be liable for any failure or
delay in the performance of its obligations under this Indenture arising out of or caused by forces beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, strikes or work
stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like which restrict or prohibit the providing of the services contemplated by this Indenture, inability to obtain material, equipment, or
communications or computer facilities, or the failure of equipment or interruption of communications or computer facilities, it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances. 

  
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 (i)    The Trustee may at any time request that the Company deliver an
Officer’s Certificate setting forth the specimen signatures and the names of individuals and/or titles of Officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by
any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded. 

(j)    The Trustee may at any time request that any Holder provide the Trustee with an IRS Form W-9 or W-8, as appropriate. 
 (k)    The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each Agent.

 (l)    None of the Trustee or any Agent shall have any liability or responsibility with respect to, or obligation or
duty to monitor, determine or inquire (i) as to the Company compliance with any covenant under this Indenture (other than the covenant to make payment on the Notes) or (ii) as to whether or not any Rating Agency has adjusted the rating of
the Notes. 
 (m)    The Trustee shall not be required to give any bond or surety in respect of the performance of its
powers and duties hereunder. 
 (n)    The Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note other evident of indebtedness or other papers or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the
Company personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

Section 7.03    Individual Rights of Trustee. The Trustee, in its individual or
any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the Trustee. Any Agent may do the same with like rights. However, the Trustee is
subject to Trust Indenture Act Sections 310(b) and 311. For purposes of Trust Indenture Act Section 311(b)(4) and (6): 

(a)    “cash transaction” means any transaction in which full payment for goods or securities sold is made
within seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand; and 

(b)    “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is
made, drawn, negotiated or incurred for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon,
the goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or 

  
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merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with the creation of the creditor relationship arising from the making, drawing,
negotiating or incurring of the draft, bill of exchange, acceptance or obligation. 

Section 7.04    Trustee’s Disclaimer. The Trustee (a) makes no
representation as to the validity or adequacy of this Indenture, any offering materials or the Notes; (b) is not accountable for the Company’s use or application of the proceeds from the Notes; and (c) is not responsible for any
statement in the Notes other than its certificate of authentication. 

Section 7.05    Notice of Default. The Trustee is not to be charged with
knowledge of any Default or Event of Default or knowledge of any cure of any Default or Event of Default with respect to the Notes unless either (i) a Responsible Officer of the Trustee had actual knowledge of such Default or Event of Default
or (ii) written notice of such Default or Event of Default has been received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. 

Section 7.06    Compensation and Indemnity. (a) The Company will pay the
Trustee and the Agents compensation as agreed upon in writing between the Company and the Trustee and the Agents for their services. The compensation of the Trustee is not limited by any law on compensation of a Trustee of an express trust. The
Company will reimburse the Trustee and Agents upon request for all reasonable and documented out-of-pocket expenses, disbursements and advances incurred or made by the
Trustee and the Agents, including the compensation and reasonable and documented expenses of the Trustee’s and the Agents’ agents and counsel. 

(b)    The Company will indemnify the Trustee and the Agents for, and hold it harmless against, any loss or liability or
expense (including, without limitation, the reasonable and documented fees and expenses of its legal counsel) incurred by it without gross negligence or willful misconduct on its part arising out of or in connection with the acceptance or
administration of this Indenture by it, the performance of its duties under this Indenture and the Notes and the exercise of its rights hereunder, including the costs and expenses (legal or otherwise) of defending itself against any claim or
liability and of complying with any process served upon it or any of its officers in connection with the exercise or performance of any of its powers, rights or duties under this Indenture and the Notes. 

(c)    To secure the Company’s payment obligations in this Section, the Trustee will have a lien prior to the Notes
on all money or property held or collected by the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal of, and interest (including Additional Amounts) on particular Notes. 

(d)    If the Trustee incurs expenses or renders services in connection with an Event of Default as specified herein, the
expenses (including, without limitation, the reasonable and documented charges and expenses of its legal counsel per jurisdiction) and the compensation for the services are intended to constitute expenses of administration under any applicable
bankruptcy, reorganization, insolvency or similar law now or hereafter in effect. 
 (e)    The provisions of this
Section 7.06 shall survive the resignation or removal of the Trustee and the termination of this Indenture. 

  
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 Section 7.07    Replacement of
Trustee. (a) The Trustee may resign at any time by written notice to the Company. 
 (b)    The Holders of a
majority in principal amount of the outstanding Notes may remove the Trustee by written notice to the Trustee. 

(c)    If the Trustee is no longer eligible under Section 7.09, any Holder may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (d)    The Company shall
remove the Trustee if: (i) the Trustee is no longer eligible under Section 7.09; (ii) the Trustee is adjudged a bankrupt or an insolvent; (iii) a receiver or other public officer takes charge of the Trustee or its property; or
(iv) the Trustee becomes incapable of acting. In addition, the Company may remove the Trustee at any time for any reason to the extent the Company has given the Trustee at least 30 days’ written notice and as long as no Event of Default
has occurred and is continuing. 
 A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the
successor Trustee’s acceptance of appointment as provided in this Section. 
 (e)    If the Trustee has been
removed by the Holders, Holders of a majority in principal amount of the Notes may appoint a successor Trustee with the consent of the Company. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any
reason, the Company will promptly appoint a successor Trustee. If the successor Trustee does not deliver its written acceptance within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of a
majority in principal amount of the outstanding Notes may at the cost of the Company petition any court of competent jurisdiction for the appointment of a successor Trustee. 

(f)    Upon delivery by the successor Trustee of a written acceptance of its appointment to the retiring Trustee and to
the Company, (i) the retiring Trustee will, upon payment of all amounts owed to it under this Indenture, transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.06, (ii) the
resignation or removal of the retiring Trustee will become effective, and (iii) the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. Upon request of any successor Trustee, the Company will
execute any and all instruments for fully vesting in and confirming to the successor Trustee all such rights, powers and trusts. The Company will give notice of any resignation and any removal of the Trustee and each appointment of a successor
Trustee to all Holders, and include in the notice the name of the successor Trustee and the address of its designated corporate trust office. 

(g)    Notwithstanding replacement of the Trustee pursuant to this Section, the Company’s obligations under
Section 7.06 will continue for the benefit of the retiring Trustee. 

Section 7.08    Successor Trustee by Merger. If the Trustee consolidates with,
merges or converts into, or transfers all or substantially all (including this transaction) of its corporate trust business to, another corporation or national banking association, the resulting, surviving or

  
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transferee corporation or national banking association without any further act will be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee in this
Indenture. 
 Section 7.09    Eligibility. This Indenture must always have a
Trustee that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition and its Corporate Trust Office in The
City of New York, New York. 
 Section 7.10    Money Held in Trust. The
Trustee will not invest and will not be liable for interest on, any money received by it except as it may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by
law and except for money held in trust under Article 8. 
 Section 7.11    Paying
and Transfer Agent 
 (a)    Each Agent accepts its respective obligations set forth herein and in the Notes upon
the terms and conditions hereof and thereof, including the following, to all of which the Company agrees and to all of which the rights of the Holders from time to time of the Notes shall be subject: 

(i)    Each of the Agents shall be entitled to the compensation to be agreed upon with the Company in writing for all
services rendered by it, and the Company agrees promptly to pay such compensation and to reimburse each of the Agents for its reasonable and documented out-of-pocket
expenses (including reasonable and documented fees and expenses of its counsel) incurred by it in connection with the services rendered by it hereunder. The Company also agrees to indemnify each of the Agents for, and to hold each of them harmless
against, any loss, liability or expense (including, without limitation, the reasonable and documented fees and expenses of its legal counsel) incurred out of or in connection with its acting as Agent of the Company hereunder, except to the extent
such loss, liability or expense results from such Agent’s own gross negligence or willful misconduct. The obligations of the Company under this subsection (i) shall survive the payment of the Notes and the resignation or removal of any
Agent and/or the termination of this Indenture; 
 (ii)    In acting under this Indenture and in connection with the
Notes, the Agents are each acting solely as agent of the Company and do not assume any obligation towards or relationship of agency or trust for or with any of the Holders except that all funds held by the Paying Agent for the payment of the
principal of, interest on (and Additional Amounts, if any, with respect to) the Notes, shall be held in trust by it and applied as set forth herein and in the Notes, but need not be segregated from other funds held by it, except as required by law;

 (iii)    No Agent shall be under any liability for interest on any moneys or to invest any moneys, received by it
pursuant to any of the provisions of this Indenture or the Notes; 
 (iv)    The recitals contained herein and in the
Notes shall be taken as the statements of the Company, and each Agent assumes no responsibility for the correctness of the same. No Agent makes any representation as to the validity or sufficiency of this Indenture, the

  
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Notes or any offering materials. No Agent shall be accountable for the use or application by the Company of any of the Notes or the proceeds thereof; 

(v)    Each Agent shall be obligated to perform such duties and only such duties as are herein and in the Notes
specifically set forth, and no implied duties or obligations shall be read into this Indenture or the Notes against such Agent. No Agent shall be under any obligation to take any action hereunder which may tend to involve it in any expense or
liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it; and 

(vi)    Unless otherwise specifically provided herein or in the Notes, any order, certificate, notice, request, direction
or other communication from the Company made or given under any provision of this Indenture shall be sufficient if signed by an authorized Officer or any duly authorized
attorney-in-fact. 
 Anything in this Section to the
contrary notwithstanding, the agreements to hold sums in trust as provided in this Section are subject to the provisions of Section 8.05. 

(b)    Any Agent may at any time resign by giving written notice of its resignation mailed to the Company specifying the
date on which its resignation shall become effective; provided that such date shall be at least 60 days after the date on which such notice is given unless the Company agrees to accept less notice. Upon receiving such notice of resignation,
the Company shall promptly appoint a successor Agent, qualified as aforesaid, by written instrument in duplicate signed on behalf of the Company, one copy of which shall be delivered to the resigning Agent and one copy to the successor Agent. Such
resignation shall become effective upon the earlier of (i) the effective date of such resignation or (ii) the acceptance of appointment by the successor Agent as provided in Section 7.11(c). The Company may, at any time and for any
reason, and shall, upon any event set forth in the next succeeding sentence, remove an Agent and appoint a successor Agent, qualified as aforesaid, by written instrument in duplicate signed on behalf of the Company, one copy of which shall be
delivered to the Agent being removed and one copy to the successor Agent. An Agent shall be removed as aforesaid if it shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of such Agent or of its property
shall be appointed, or any public officer shall take charge or control of it or of its property or affairs for the purpose of rehabilitation, conservation or liquidation. Any removal of an Agent and any appointment of a successor Agent shall become
effective upon acceptance of appointment by the successor Agent as provided in Section 7.11(c). Upon its resignation or removal, the Agent shall be entitled to the payment by the Company of its compensation for the services rendered hereunder
and to the reimbursement of all reasonable out-of-pocket expenses incurred in connection with the services rendered by it hereunder (including, without limitation, the
reasonable and documented fees and expenses of its legal counsel). 
 (c)    Any successor Agent appointed as provided
in Section 7.11(b) shall execute and deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Agent, without any further act, deed or conveyance, shall become vested with all
the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Paying Agent or Transfer Agent 

  
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hereunder, and such predecessor, upon payment of its compensation and reasonable and documented out-of-pocket
expenses (including, without limitation, the reasonable and documented fees and expenses of its legal counsel) then unpaid, shall pay over to such successor agent all moneys or other property at the time held by it hereunder, if any. 

(d)    Any corporation or bank into which any Agent may be merged or converted, or with which any Agent may be
consolidated, or any corporation or bank resulting from any merger, conversion or consolidation to which an Agent shall be a party, or any corporation or bank succeeding to all or substantially all of the agency business of the Agent (including this
transaction) shall be the successor to such Agent hereunder (provided that such corporation or bank shall be qualified as aforesaid) without the execution or filing of any paper or any further act on the part of any of the parties hereto.

 (e)    The Company undertakes to indemnify the Paying Agent against all losses, liabilities, including any and all
tax liabilities, which, for the avoidance of doubt, shall include Brazilian taxes and associated penalties, costs, claims, actions, damages, expenses or demands which any of them may incur or which may be made against any of them as a result of or
in connection with the appointment of or the exercise of the powers and duties by the Paying Agent under this Indenture except as may result from its own gross negligence. The Paying Agent shall take all reasonable measures to minimize any such tax
liabilities, as instructed in writing by the Company, the Trustee or a Holder. 
 (f)    The Company acknowledges that
the Paying Agent makes no representations as to the interpretation or characterization of the transactions herein for tax or any other purpose, in any jurisdiction. The Company represents that it has fully satisfied itself as to any tax impact of
this Indenture before agreeing to the terms herein, and is responsible for any and all federal, state, local, income, franchise, withholding, value added, sales, use, transfer, stamp or other taxes imposed by any jurisdiction in respect of this
Indenture. 
 (g)    The Company agrees to pay any and all stamp and other documentary taxes or duties that may be
payable in connection with the execution, delivery, performance and enforcement of this Indenture by the Paying Agent. 

(h)    Each payment in full of principal, redemption amount, Additional Amounts and/or interest payable in respect of any
Note made by or on behalf of the Company to or to the order of the Paying Agent in the manner specified herein on the date due shall be valid and effective to satisfy and discharge the obligation of the Company to make payment of principal,
redemption amount, Additional Amounts and/or interest payable under the Notes on such date, provided, however, that the liability of the Paying Agent hereunder shall not exceed any amounts paid to it by the Company or held by
it, on behalf of the Holders under this Indenture; and provided further that, in the event that there is a default by the Paying Agent in any payment of principal, redemption amount, Additional Amounts and/or interest in respect of any Note,
the Company shall pay on demand such further amounts as will result in receipt by the Holder of such amounts as would have been received by it had no such default occurred. 

  
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 ARTICLE 8 

DEFEASANCE AND DISCHARGE 

Section 8.01    Discharge of Company’s and any Guarantor’s
Obligations. (a) Subject to paragraph (b), the Company’s obligations under the Notes and this Indenture and any Guarantor’s obligations under a Note Guarantee and this Indenture will terminate if: 

(i)    all Notes previously authenticated and delivered (other than (1) destroyed, lost or stolen Notes that have
been replaced or (2) Notes that are paid pursuant to Section 4.01 or (3) Notes for whose payment money or U.S. Government Obligations have been held in trust and then repaid to the Company pursuant to Section 8.05) have been
delivered to the Trustee for cancellation and the Company has paid all sums payable by it hereunder; or 
 (ii)    (A)
the Company irrevocably deposits in trust with the Trustee, as trust funds solely for the benefit of the Holders, money or U.S. Government Obligations in 

U.S. Dollars or a combination thereof sufficient, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certificate delivered to the Trustee, without consideration of any reinvestment, to pay principal of and interest on the Notes to maturity or redemption, as the case may be, and to pay all other sums payable by it hereunder;

 (B)    no Event of Default has occurred and is continuing on the date of the deposit; and 

(C)    the Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, in each case stating
that all conditions precedent provided for herein relating to the satisfaction and discharge of this Indenture have been complied with. 

(b)    After satisfying the conditions in clause (a)(i), only the Company’s obligations under Section 7.06 and
7.11(a)(i) will survive. After satisfying the conditions in clause (a)(ii), only the Company’s obligations in Article 2 and Section 3.01, 4.01, 4.02, 7.06, 7.07, 7.11(a)(i), 8.05 and 8.06 will survive. In either case, the Trustee upon
request will acknowledge in writing the discharge of the Company’s obligations under the Notes and this Indenture other than the surviving obligations. 

Section 8.02    Legal Defeasance. After the 123rd day following the deposit referred to in clause (a) below, the Company and any Guarantor will be deemed to have paid and will be discharged from its obligations in respect of the Notes, any
Note Guarantee and this Indenture, other than its obligations in Article 2 and Section 3.01, 4.01, 4.02, 7.06, 7.07, 7.11(a)(i), 8.05 and 8.06, provided the following conditions have been satisfied: 

(a)    The Company or any Guarantor has irrevocably deposited in trust with the Trustee, as trust funds solely for the
benefit of the Holders, money or U.S. Government Obligations or a combination thereof sufficient, in the opinion of an internationally recognized firm of independent public accountants expressed in a written certificate thereof delivered to the
Trustee, without consideration of any reinvestment, to pay principal of and interest on the Notes 

  
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to maturity or redemption, as the case may be, provided that any redemption before maturity has been irrevocably provided for under arrangements satisfactory to the Trustee. 

(b)    No Event of Default has occurred and is continuing on the date of the deposit or occurs at any time during the 123-day period following the deposit. 
 (c)    The deposit will not result in a
breach or violation of, or constitute a Default under, this Indenture or any other agreement or instrument to which the Company or any Guarantor is a party or by which it is bound. 

(d)    The Company has delivered to the Trustee: 

(i)    either (x) a ruling received from the Internal Revenue Service to the effect that the beneficial owners of the
Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the defeasance and will be subject to U.S. federal income tax on the same amount and in the same manner and at the same times as would otherwise have
been the case or (y) an Opinion of Counsel, based on a change in law after the date of this Indenture, to the same effect as the ruling described in clause (x); 

(e)    The Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, in each case
stating that all conditions precedent provided for herein relating to the defeasance have been complied with. 
 Prior to the end of the 123-day period, none of the Company’s obligations under this Indenture will be discharged. Thereafter, the Trustee upon written request will acknowledge in writing the discharge of the Company’s
obligations under the Notes and this Indenture except for the surviving obligations specified above. 

Section 8.03    Covenant Defeasance. After the 123rd day following the deposit referred to in Section 8.01(a)(ii), the Company obligations set forth in Section 4.06 through 4.17, inclusive, Article 5 (except Article 5(a)(i) and Article
5(a)(ii)) and any Guarantor’s obligations under any Note Guarantee and this Indenture will terminate, and failure to comply with such obligations will no longer constitute Events of Default, provided that the following conditions have
been satisfied: 
 (a)    Each of the Company and any Guarantor has complied with clauses (a), (b), (c), (e) and
(f) of Section 8.02; and 
 (b)    the Company has delivered to the Trustee an Opinion of Counsel to the
effect that the beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the defeasance and will be subject to U.S. federal income tax on the same amount and in the same manner and at
the same times as would otherwise have been the case. 
 Except as specifically stated above, none of the Company’s or any
Guarantor’s obligations under this Indenture or any Note Guarantee will be discharged. 

  
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 Section 8.04    Application of
Trust Money. Subject to Section 8.05, the Trustee will hold in trust the money or U.S. Government Obligations deposited with it pursuant to Section 8.01, 8.02 or 8.03, and apply the deposited money and the proceeds from deposited U.S.
Government Obligations to the payment of principal of and interest on the Notes in accordance with the Notes and this Indenture. Such money and U.S. Government Obligations need not be segregated from other funds except to the extent required by law.

 Section 8.05    Repayment to Company. Subject to Section 7.06, 8.01,
8.02 and 8.03, the Trustee and the Paying Agent will promptly pay to the Company upon written request any excess money held by the Trustee and the Paying Agents at any time and thereupon be relieved from all liability with respect to such money. The
Trustee or such Paying Agent will pay to the Company upon written request any money held for payment with respect to the Notes that remains unclaimed for two years; provided that before making such payment the Trustee or such Paying Agent
shall at the expense of the Company publish once in a newspaper of general circulation in New York City, or send to each Holder entitled to such money, notice that the money remains unclaimed and that after a date specified in the notice (at least
30 days after the date of the publication or notice) any remaining unclaimed balance of money will be repaid to the Company. After payment to the Company, Holders entitled to such money must look solely to the Company for payment, unless applicable
law designates another Person, and all liability of the Trustee and the Paying Agent with respect to such money will cease. 
 
Section 8.06    Reinstatement. If and for so long as the Trustee is unable to apply any money or U.S. Government Obligations held in trust pursuant to Section 8.01, 8.02 or 8.03 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any Guarantor’s obligations under this Indenture, the Notes and any
Note Guarantee will be reinstated as though no such deposit in trust had been made. If the Company or any Guarantor makes any payment of principal of or interest on any Notes because of the reinstatement of its obligations, they will be subrogated
to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held in trust. 
 ARTICLE
9 
 AMENDMENTS, SUPPLEMENTS AND WAIVERS 

Section 9.01    Amendments Without Consent of Holders. (a) The Company and
the Trustee may amend or supplement this Indenture or the Notes without notice to or the consent of any Holder or other party hereto and thereto: 

(i)    to cure any ambiguity, defect or inconsistency in this Indenture or the Notes; 

(ii)    to comply with Article 5; 

(iii)    to evidence and provide for the acceptance of an appointment hereunder by a successor Trustee; 

(iv)    to evidence and provide for the substitution of the Issuer; 

  
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 (v)    to provide for uncertificated Notes in addition to or in place
of Certificated Notes; 
 (vi)    to provide for any guarantee of the Notes, to secure the Notes or to confirm and
evidence the release, termination or discharge of any guarantee of or Lien securing the Notes when such release, termination or discharge is permitted by the Indenture; 

(vii)    to provide for or confirm the issuance of Additional Notes; or 

(viii)    to make any other change that does not materially adversely affect the rights of any Holder or to conform this
Indenture to the description of the Notes in the Offering Memorandum as set forth in an Officer’s Certificate. 
 
Section 9.02    Amendments With Consent of Holders. (a) Except as otherwise provided in Section 6.02 or Section 9.02(b), the Company and the Trustee may amend this Indenture and the Notes with the
written consent of the Holders of a majority in principal amount of the outstanding Notes, and the Holders of a majority in principal amount of the outstanding Notes may waive future compliance by the Company with any provision of this Indenture or
the Notes. 
 (b)    Notwithstanding the provisions of Section 9.02(a), without the consent of each Holder
affected, an amendment or waiver may not: 
 (i)    reduce the principal amount of or change the Stated Maturity of any
installment of principal of any Note; 
 (ii)    reduce the rate of or change the Stated Maturity of any interest
payment on any Note; 
 (iii)    reduce the amount payable upon the redemption of any Note in respect of an optional
redemption, the times at which any Note may be redeemed or, once notice of redemption has been given, the time at which the Note must thereupon be redeemed; 

(iv)    after the time an Offer to Purchase is required to have been made, reduce the purchase amount or purchase price,
or extend the latest expiration date or purchase date thereunder; 
 (v)    make any Note payable in currency other
than that stated in the Note or at a place of payment other than that stated in the Notes; 
 (vi)    impair the
contractual right as forth in this Indenture of any Holder to receive any principal payment or interest payment on such Holder’s Notes, on or after the Stated Maturity thereof, or to institute suit for the enforcement of any such payment; 

(vii)    make any change in the percentage of the principal amount of the Notes required for amendments or waivers; or

  
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 (viii)    modify or change any provision of this Indenture affecting
the ranking of the Notes in a manner adverse to the Holders. 
 (c)    It is not necessary for Holders to approve the
particular form of any proposed amendment, supplement or waiver, but is sufficient if their consent approves the substance thereof. 

(d)    An amendment, supplement or waiver under this Section will become effective on receipt by the Trustee of written
consents from the Holders of the requisite percentage in principal amount of the outstanding Notes. 

Section 9.03    Substitution of the Issuer. (a) The Company may, without
the consent of any Holder of the Notes, be replaced and substituted, as principal issuer and/or principal debtor in respect of this Indenture and the Notes by (x) any entity of which Natura Cosméticos S.A. is a Subsidiary or (y) any
Subsidiary of Natura Cosméticos S.A. (in each case, in that capacity, the “Substituted Issuer”); provided that the following conditions are satisfied (the “Issuer Substitution Conditions”): 

(i)    such documents will be executed by the Substituted Issuer, the Company, any Guarantors and the Trustee as may be
necessary to give full effect to the substitution, including a Supplemental Indenture under which the Substituted Issuer assumes all of the obligations of the Company under this Indenture and Notes (collectively, the “Substitution
Documents”); 
 (ii)    Natura Cosméticos S.A. will have executed and delivered to the Trustee a
Supplemental Indenture pursuant to which Natura Cosméticos S.A. shall unconditionally guarantee the Substituted Issuer’s obligations under the Notes and this Indenture; 

(iii)    if the Substituted Issuer is organized in a jurisdiction other than Brazil, the Substitution Documents will
contain covenants to ensure that each Holder has the benefit of a covenant in terms corresponding to the obligations of the Company, in respect of the payment of Additional Amounts (but replacing references to Brazil with references to the
jurisdiction of organization of the Substituted Issuer) and (ii) to indemnify the Holder against all taxes or duties that arise by reason of a law or regulation in effect on the effective date of the substitution that are incurred or levied
against such Holder in Brazil as a result of the substitution and that would not have been so incurred or levied had the substitution not been made; 

(iv)    the Company will deliver, or cause the delivery, to the Trustee opinions from internationally recognized counsel
in the jurisdiction of organization of the Substituted Issuer and the State of New York (and Brazil if Natura Cosméticos S.A. executes a Supplemental Indenture to guarantee the Substituted Issuer’s obligations under the Notes and this
Indenture) to the effect that the Substitution Documents constitute valid and binding obligations of the Substituted Issuer, as well as an Officer’s Certificate as to compliance with the provisions described under this Section 9.03; 

(v)    the Substituted Issuer will appoint a process agent in the Borough of Manhattan in the City of New York to receive
service of process on its behalf in relation to 

  
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any legal action or proceedings arising out of or in connection with the Notes, this Indenture and the Substitution Documents; 

(vi)    no Event of Default has occurred or is continuing; and 

(vii)    the substitution will comply with all applicable requirements under the laws of the jurisdiction of organization
of the Substituted Issuer and Brazil. 
 (a)    Upon the execution of the Substitution Documents, any substitute
guarantee and compliance with the other conditions in this Indenture relating to the substitution, (i) the Substituted Issuer shall be deemed to be named in the Notes as the principal debtor in place of the Issuer and (ii) the Company (or
any previous substitute) shall be released from all of its obligations under the Notes and this Indenture and any reference in this Indenture to the Company shall from then on be deemed to refer to the Substituted Issuer and any reference to the
country in which the Company is domiciled or resident for taxation purposes shall from then on be deemed to refer to the country of domicile or residence for taxation purposes of the Substituted Issuer. 

(b)    Not later than ten Business Days after the execution of the Substitution Documents, the Substituted Issuer shall
give notice thereof to the Holders. 
 (c)    The substitution of another principal debtor in place of the Company may
be treated for U.S. federal income tax purposes as an exchange of the Notes for new Notes, resulting in recognition of taxable gain or loss for these purposes and possible other adverse tax consequences. Beneficial owners should consult their tax
advisers regarding the U.S. federal, state and local tax consequences of a substitution. Notwithstanding anything to the contrary, this covenant is not applicable to the extent the Company complies with the covenant described under Article 5. 

Section 9.04    Effect of Consent. (a) After an amendment, supplement or
waiver becomes effective, it will bind every Holder unless it is of the type requiring the consent of each Holder affected. If the amendment, supplement or waiver is of the type requiring the consent of each Holder affected, the amendment,
supplement or waiver will bind each Holder that has consented to it and every subsequent Holder of a Note that evidences the same debt as the Note of the consenting Holder. 

(b)    If an amendment, supplement or waiver changes the terms of a Note, the Trustee may request the Holder to deliver it
to the Trustee so that the Trustee may place an appropriate notation of the changed terms on the Note and return it to the Holder, or exchange it for a new Note that reflects the changed terms. The Trustee may also place an appropriate notation on
any Note thereafter authenticated. However, the effectiveness of the amendment, supplement or waiver is not affected by any failure to annotate or exchange Notes in this fashion. 

Section 9.05    Trustee’s Rights and Obligations. The Trustee shall
receive, and will be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel stating that the execution of any amendment, supplement or waiver is authorized or permitted by this Indenture. If the Trustee has received
such Officer’s Certificate or Opinion of Counsel, it shall sign the amendment, supplement or waiver so long as the same does not adversely affect the 

  
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rights of the Trustee. The Trustee may, but is not obligated to, execute any amendment, supplement or waiver that affects the Trustee’s own rights, duties or immunities under this Indenture.

 ARTICLE 10 

MISCELLANEOUS 
 
Section 10.01    Holder Communications; Holder Actions 
 (a)    The rights of
Holders to communicate with other Holders with respect to this Indenture or the Notes are as provided by the Trust Indenture Act. Neither the Company nor the Trustee will be held accountable by reason of any disclosure of information as to names and
addresses of Holders made pursuant to the Trust Indenture Act. 
 (b)    (i)    Any request, demand,
authorization, direction, notice, consent to amendment, supplement or waiver or other action provided by this Indenture to be given or taken by a Holder (an “act”) may be evidenced by an instrument signed by the Holder delivered to
the Trustee. The fact and date of the execution of the instrument, or the authority of the person executing it, may be proved in any manner that the Trustee deems sufficient. 

(ii)    The Trustee may make reasonable rules for action by or at a meeting of Holders, which will be binding on all the
Holders. 
 (c)    Any act by the Holder of any Note binds that Holder and every subsequent Holder of a Note that
evidences the same debt as the Note of the acting Holder, even if no notation thereof appears on the Note. Subject to this paragraph (c), a Holder may revoke an act as to its Notes, but only if the Trustee receives the notice of revocation before
the date the amendment or waiver or other consequence of the act becomes effective. 
 (d)    The Company may, but is
not obligated to, fix a record date for the purpose of determining the Holders entitled to act with respect to any amendment or waiver or in any other regard, except that during the continuance of an Event of Default, only the Trustee may set a
record date as to notices of default, any declaration or acceleration or any other remedies or other consequences of the Event of Default. If a record date is fixed, those Persons that were Holders at such record date and only those Persons will be
entitled to act, or to revoke any previous act, whether or not those Persons continue to be Holders after the record date. 
 
Section 10.02    Notices. (a) Any notice or communication to the Company will be deemed given if in writing; 

(b)    when delivered in person or; 

(c)    when delivered by an internationally recognized overnight courier service, or 

  
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 (d)    when sent by facsimile transmission, with transmission confirmed.
Any notice to the Trustee will be effective only upon receipt by a Responsible Officer. In each case the notice or communication should be addressed as follows: 

if to the Company: 
 c/o Natura
Cosméticos S.A. 
 Avenida Alexandre Colares 1188, Parque Anhanguera 

São Paulo, São Paulo 05106-000 

Brazil 
 Attention: Itamar Gaino
Filho, Head of Legal and Compliance 
 E-mail: itamargaino@natura.net 

With copies to: 
 Davis
Polk & Wardwell LLP 
 450 Lexington Avenue 

New York, New York 10017 
 USA

 Attention: Manuel Garciadiaz, Esq. 

Facsimile: 212 701 5800 
 and 

if to the Trustee: 
 U.S.
Bank National Association 
 100 Wall Street, 16th Floor 

New York, New York 10005 
 USA

 and Paying Agent: 
 U.S. Bank
National Association 
 100 Wall Street, 16th Floor 

New York, New York 10005 
 USA

 The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or
communications. 
 (e)    Except as otherwise expressly provided with respect to published notices, any notice or
communication to a Holder will be deemed given when mailed to the Holder at its address as it appears on the Register by first class mail or, as to any Global Note registered in the name of DTC or its nominee, as agreed by the Company, the Trustee
and DTC. Copies of any notice or communication to a Holder, if given by the Company, will be mailed to the Trustee at the same time. Defect in mailing a notice or communication to any particular Holder will not affect its sufficiency with respect to
other Holders. 

  
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 (f)    Where this Indenture provides for notice, the notice may be
waived in writing by the Person entitled to receive such notice, either before or after the event, and the waiver will be the equivalent of the notice. Waivers of notice by Holders must be filed with the Trustee, but such filing is not a condition
precedent to the validity of any action taken in reliance upon such waivers. 
 (g)    In respect of this Indenture,
none of the Trustee nor any Agent shall have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person
authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such electronic transmission; and none of the Trustee nor any Agent shall have any liability for any
losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information, unless such reliance or compliance
was made with gross negligence or willful misconduct by the Trustee or the Agent, respectively. Each other party agrees to assume all risks arising out of the use of electronic methods to submit instructions, directions, reports, notices or other
communications or information to the Trustee and/or any Agent, including without limitation the risk of the Trustee and/or any Agent acting on unauthorized instructions, notices, reports or other communications or information, to the extent such
action was not based on gross negligence or willful misconduct, and the risk of interception and misuse by third parties. 
 
Section 10.03    Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company will furnish to the Trustee:

 (a)    an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with; and 
 (b)    an Opinion of
Counsel stating that all such conditions precedent have been complied with. 

Section 10.04    Statements Required in Certificate or Opinion. Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture must include: 

(a)    a statement that each person signing the certificate or opinion has read the covenant or condition and the related
definitions; 
 (b)    a brief statement as to the nature and scope of the examination or investigation upon which the
statement or opinion contained in the certificate or opinion is based; 
 (c)    a statement that, in the opinion of
each such person, that person has made such examination or investigation as is necessary to enable the person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

  
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 (d)    a statement as to whether or not, in the opinion of each such
person, such condition or covenant has been complied with, provided that an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials with respect to matters of fact. 

Section 10.05    Payment Date Other Than a Business Day. If any payment with
respect to a payment of any principal of, premium, if any, or interest on any Note (including any payment to be made on any date fixed for redemption or purchase of any Note) is due on a day which is not a Business Day, then the payment need not be
made on such date, but may be made on the next Business Day with the same force and effect as if made on such date, and no interest will accrue for the intervening period. 

Section 10.06    Governing Law. This Indenture, the Notes and any Note
Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York. 

Section 10.07    Submission to Jurisdiction; Agent for Service; Waiver of
Immunities 
 (a)    The Company agrees that any suit, action or proceeding against any of them brought by any
Holder or the Trustee arising out of or based upon this Indenture, the Notes or any Note Guarantee may be instituted in any state or Federal court in the Borough of Manhattan in The City of New York, New York, and waives any objection which it may
now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non- exclusive jurisdiction of such courts in any suit, action or proceeding. 

(b)    By the execution and delivery of this Indenture or any amendment or supplement hereto, the Company and each
Guarantor (i) acknowledges that it hereby designates and appoints Cogency Global Inc. (“Authorized Agent”) located at 10 E. 40th Street, 10th Floor, New York, NY 10016, as its authorized agent upon which process may be served
in any suit, action or proceeding with respect to, arising out of, or relating to, the Notes or this Indenture, that may be instituted in any Federal or state court in the State of New York, The City of New York, the Borough of Manhattan, or brought
under Federal or state securities laws or brought by the Trustee (whether in its individual capacity or in its capacity as Trustee hereunder), and acknowledges that the Authorized Agent has accepted such designation, (ii) submits to the non-exclusive jurisdiction of any such court in any such suit, action or proceeding, and (iii) agrees that service of process upon the Authorized Agent shall be deemed in every respect effective service of
process upon the Company and any Guarantor, as the case may be, in any such suit, action or proceeding. Each of the Company and any Guarantor further agrees to take any and all action, including the execution and filing of any and all such documents
and instruments as may be necessary to continue such designation and appointment of the Authorized Agent in full force and effect so long as this Indenture shall be in full force and effect; provided that the Company and any Guarantor may and
shall (to the extent the Authorized Agent ceases to be able to be served on the basis contemplated herein), by written notice to the Trustee, designate such additional or alternative agents for service of process under this Section 10.07 that
(i) maintains an office located in the Borough of Manhattan, The City of New York in the State of New York, (ii) are either (x) counsel for the Company and the Guarantors or (y) a corporate service company which acts as agent for
service of process for other Persons in the ordinary course of its business and (iii) agrees to act as agent for service of process in accordance with this Section 10.07. Such notice shall identify the name of such agent for process and
the 

  
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address of such agent for process in the Borough of Manhattan, The City of New York, State of New York. Upon the written request of any Holder, the Trustee shall deliver such information to such
Holder. Notwithstanding the foregoing, there shall, at all times, be at least one agent for service of process for the Company and the Guarantors appointed and acting in accordance with this Section 10.07. 

(c)    To the extent that the Company or any Guarantor has or hereafter may acquire any immunity from jurisdiction of any
court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, the Company and each Guarantor hereby irrevocably
waives such immunity in respect of their obligations under this Indenture, the Notes and any Note Guarantee, to the extent permitted by law. 

Section 10.08    Judgment Currency 

(a)    U.S. Dollars are the sole currency of account and payment for all sums due and payable by the Company under this
Indenture, the Notes and any Note Guarantee. If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum due hereunder in U.S. Dollars into another currency, the Company and the Guarantors will agree, to the fullest
extent that they may legally and effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Trustee or any Holder determines a Person could purchase U.S. Dollars with such other currency
in New York, New York, on the Business Day immediately preceding the day on which final judgment is given. 
 (b)    The
obligation of each of the Company and any Guarantor in respect of any sum due to any Holder or the Trustee in U.S. Dollars shall, to the extent permitted by applicable law, notwithstanding any judgment in a currency other than U.S. Dollars, be
discharged only to the extent that on the Business Day following receipt of any sum adjudged to be so due in the judgment currency such Holder or Trustee may in accordance with normal banking procedures purchase U.S. Dollars in the amount originally
due to such Person with the judgment currency. If the amount of U.S. Dollars so purchased is less than the sum originally due to such Person, the Company or any Guarantor agrees as a separate obligation and notwithstanding any such judgment, to
indemnify such Person against the resulting loss; and if the amount of U.S. Dollars so purchased is greater than the sum originally due to such Person, such Person will, by accepting a Note, be deemed to have agreed to repay such excess. 

Section 10.09    No Adverse Interpretation of Other Agreements. This Indenture
may not be used to interpret another indenture or loan or debt agreement of the Company, any Guarantor or any Subsidiary of the Company, and no such indenture or loan or debt agreement may be used to interpret this Indenture. 

Section 10.10    Successors. All agreements of the Company and any Guarantor in
this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successor. 

  
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 Section 10.11    Duplicate
Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

Section 10.12    Separability. In case any provision in this Indenture or in
the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

Section 10.13    Table of Contents and Headings. The Table of Contents, Cross-
Reference Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and in no way modify or restrict any of the terms and provisions of
this Indenture. 
 Section 10.14    No Liability of Directors, Officers,
Employees, Incorporators, Members and Stockholders. No director, officer, employee, incorporator, member or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or any Guarantor under
the Notes, any Note Guarantee or this Indenture or for any claim based on, in respect of, or by reason of, such obligations. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. This waiver may not be effective to waive liabilities under U.S. securities laws and it is the view of the Commission that such a waiver is against public policy. 

Section 10.15    USA PATRIOT Act. In order to comply with the laws, rules,
regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT
Act of the United States (“Applicable Law”), the Trustee and Agents are required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Trustee
and Agents. Accordingly, each of the parties agree to provide to the Trustee and Agents, upon their request from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee and Agents
to comply with Applicable Law. 

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

			
	 NATURA COSMÉTICOS S.A.
 as
Company

		
	By:	 	 /s/ João Paulo Brotto Gonçalves Ferreira

		 	Name:  João Paulo Brotto Gonçalves Ferreira
		 	Title:    Chief Executive Officer
	
	Company Name
		
	By:	 	 /s/ José Roberto Lettiere

		 	Name:  José Roberto Lettiere
		 	Title:    Chief Financial and Investor Relations Officer

  
 [Signature Page to the
Indenture] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION
  

    as Trustee Paying Agent,

    Registrar and Transfer Agent

		
	By:	 	 /s/ Michelle Mena-Rosado

		 	Name:  Michelle Mena-Rosado
		 	Title:    Vice President
		
	By:	 	 /s/ Hazrat R. Haniff

		 	Name:  Hazrat R. Haniff
		 	Title:    Assistant Vice President

  
 [Signature Page to the
Indenture] 

 EXHIBIT A 

[FACE OF NOTE] 
 NATURA
COSMÉTICOS S.A. 
 Up to $750,000,000 5.375% Note Due 2023 

Rule 144A Global Note: 
 CUSIP:
[            ] 
 ISIN:
[            ] 
 Regulation S Global Note: 

CUSIP: [            ] 

ISIN: [            ] 

 

			
	 No. [R-1 /
S-1]
	  	$[            ]                       
 

 Natura Cosméticos S.A., a corporation (sociedade por ações) incorporated under the laws of the
Federative Republic of Brazil (the “Company”, which term includes any successor under the Indenture hereinafter referred to), for value received, promises to pay to Cede & Co., or its registered assigns, the principal sum
of [             ] million U.S. DOLLARS ($[             ]) [or such other amount as indicated on the Schedule of Exchange of
Notes attached hereto] on February 1, 2023. 
 Interest Rate: 5.375% per annum. 

Interest Payment Dates: February 1 and August 1, commencing on August 1, 2018. 

Regular Record Dates: January 17 and July 17. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which will for all purposes have the same effect as if set
forth at this place. 

  
 Exh. A-1 

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

			
	NATURA COSMÉTICOS S.A.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 Dated:
                    
  

TRUSTEE’S CERTIFICATE OF AUTHENTICATION
  

U.S. BANK NATIONAL ASSOCIATION
 as Trustee

 

			
	By:	 	  

			
	 Name:
	 	
	 Title:
	 	

 This is one of the Notes referenced in the within-mentioned Indenture. 

(Company’s and Trustee’s Signature Page to Global Note) 

  
 Exh. A-2 

 [FORM OF REVERSE SIDE OF NOTE] 

NATURA COSMÉTICOS S.A. 
 5.375% Senior Due 2023 

 

	1.	 Principal and Interest 

The Company promises to pay the principal of this Note on February 1, 2023. 

The Company promises to pay interest on the principal amount of this Note on each Interest Payment Date, as set forth on the face of this
Note, at the rate of 5.375% per annum. 
 Interest will be payable semi-annually (to the holders of record of the Notes at the close of
business on January 17 or July 17 immediately preceding the corresponding interest payment date) on each Interest Payment Date, commencing August 1, 2018. 

Interest on this Note will accrue from the most recent date to which interest has been paid on this Note (or, if there is no existing default
in the payment of interest and if this Note is authenticated between a regular record date and the next Interest Payment Date, from such Interest Payment Date) or, if no interest has been paid, from the Issue Date. Interest will be computed in the
basis of a 360-day year of twelve 30-day months. 
 The
Company will pay interest on overdue principal, premium, if any, and, to the extent lawful, interest at a rate per annum that is 1% per annum in excess of the rate per annum borne by this Note. Interest not paid when due and any interest on
principal, premium or interest not paid when due will be paid to the Persons that are Holders on a special record date, which will be the 14th day preceding the date fixed by the Company for the
payment of such interest, whether or not such day is a Business Day. At least 14 days before a special record date, the Company will send to each Holder and to the Trustee a notice that sets forth the special record date, the payment date and the
amount of interest to be paid. 
  

	2.	 Indenture 

This is one of the Notes issued under an Indenture dated as of February 1, 2018 (as amended from time to time, the
“Indenture”), between the Company and U.S. Bank National Association, as Trustee, Paying Agent, Registrar and Transfer Agent. Capitalized terms used herein are used as defined in the Indenture unless otherwise indicated. The terms
of the Notes include those stated in the Indenture, as may be amended from time to time. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of all such terms. To the extent permitted by applicable law,
in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture will control. 

The Notes are unsecured unsubordinated obligations of the Company. The Indenture limits the original aggregate principal amount of the Initial
Notes to $750,000,000, but Additional Notes may be issued pursuant to the Indenture, and the originally issued Initial Notes and all such Additional Notes vote together for all purposes as a single class. 

  
 Exh. A-3 

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

This Note may be the subject of an Offer to Purchase, as further described in the Indenture. There is no sinking fund or mandatory redemption
applicable to this Note. 
 This Note shall be redeemable at the option of the Company under certain circumstances described in Sections
3.02 through 3.04. This Note may be redeemable for tax reasons as described in Section 3.05. 
 Additional Amounts will be paid in
respect of any payments of interest or principal so that the amount a holder receives after applicable withholding tax, will equal the amount that the holder would have received if no withholding tax had been applicable, to the extent described in
Section 3.01. 
 If the Company deposits with the Trustee money or U.S. Government Obligations sufficient to pay the then outstanding
principal of, premium, if any, and accrued interest on the Notes to redemption or maturity, the Company may in certain circumstances be discharged from the Indenture and the Notes or may be discharged from certain of its obligations under certain
provisions of the Indenture. 
  

	4.	 Registered Form; Denominations; Transfer; Exchange 

The Notes are in registered form without coupons in minimum denominations of $200,000 principal amount and any multiple of $1,000 in excess
thereof. A Holder may register the transfer or exchange of Notes in accordance with the Indenture. The Trustee may require a Holder to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted
by the Indenture. Pursuant to the Indenture, there are certain periods during which the Trustee will not be required to issue, register the transfer of or exchange any Note or certain portions of a Note. 

 

	5.	 Defaults and Remedies 

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

	6.	 Amendment and Waiver 

Subject to certain exceptions, the Indenture and the Notes may be amended, or default may be waived, with the consent of the Holders of a
majority in principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the Company and the Trustee may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity,

  
 Exh. A-4 

 
defect or inconsistency if such amendment or supplement does not adversely affect the interests of the Holders in any material respect. 

 

	7.	 Authentication 

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

 

	8.	 Governing Law 

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

 

	9.	 Abbreviations 

Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A/ (= Uniform Gifts to Minors Act). 

The Company will furnish a copy of the Indenture to any Holder upon written request and without charge. 

  
 Exh. A-5 

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 

Insert Taxpayer Identification No. 
  

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

the within Note and all rights thereunder, hereby irrevocably constituting and appointing 

 
  

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

  
 Exh. A-6 

 [THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND] 

In connection with any transfer of this Note occurring prior to the date [which is one year after the original issue date of the Notes,]1 [which is on or prior to the 40th day after the Closing Date (as defined in the Indenture governing the Notes),]2, the undersigned confirms that such transfer is made without utilizing any general solicitation or general advertising and further as follows: 

Check One 

☐    (1) This Note is being transferred to a “qualified institutional buyer” in compliance with Rule 144A under the U.S.
Securities Act of 1933, as amended, and certification in the form of Exhibit F to the Indenture is being furnished herewith. 

☐    (2) This Note is being transferred to a Non-U.S. Person in compliance with the
exemption from registration under the U.S. Securities Act of 1933, as amended, provided by Regulation S thereunder, and certification in the form of Exhibit E to the Indenture is being furnished herewith. 

or 
 ☐    (3)
This Note is being transferred other than in accordance with (1) or (2) above and documents are being furnished which comply with the conditions of transfer set forth in this Note and the Indenture. 

If none of the foregoing boxes is checked, the Trustee is not obligated to register this Note in the name of any Person other than the Holder
hereof unless and until the conditions to any such transfer of registration set forth herein and in the Indenture have been satisfied. 
 Date:
     
  

			
	  

	Seller	 	
		
	By	 	  

  
  

	1 	 Include in Rule 144A Note. 

	2 	 Include in Regulation S Note. 

  
 Exh. A-7 

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

  

					
	Signature Guarantee:3 	 	  
	 	

 
			
		
	By  	 	  

		 	To be executed by an executive officer

  
  

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

  
 Exh. A-8 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you wish to have all of this Note purchased by the Company pursuant to Section 4.12 of the Indenture, check the box: ☐ 

If you wish to have a portion of this Note purchased by the Company pursuant to Section 4.12 of the Indenture, state the amount (in
original principal amount) below: 
 $
                            . 

Date:
                             

Your Signature:
                             

(Sign exactly as your name appears on the other side of this Note) 

Signature Guarantee:4
                                 

 
  

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

  
 Exh. A-9 

 SCHEDULE OF TRANSFERS AND EXCHANGES OF
NOTES5 
 The following transfers and exchanges of a part of this Global Note for Certificated
Notes or a part of another Global Note have been made: 
  

									
	 Date of transfer or

Exchange
	 	 Amount of

decrease in
 principal
amount
 of this Global Note
	 	 Amount of increase

in principal
 amount of
this
 Global Note
	  	 Principal amount

of this Global Note
following such

decrease (or

increase)
	  	 Signature of

authorized
 signatory
of
 Trustee

		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

  
  

	5 	 For Global Notes 

  
 Exh. A-10 

 EXHIBIT B 

FORM OF SUPPLEMENTAL INDENTURE 

SUPPLEMENTAL INDENTURE 
 dated as
of                 ,             

among 
 [NATURA COSMÉTICOS
S.A.], 
 as Company, 

[PERMITTED SUBSTITUTED ISSUER, 
 as
Permitted Substituted Issuer] 
 the NEW GUARANTOR, 

as Guarantor 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee, Paying Agent, Registrar and Transfer Agent, 
  

 
 5.375% Notes Due
2023 

  
 Exh. B-1 

 Drafting Note: The parties and provisions included within brackets in this Supplemental
indenture shall be amended as required to achieve the purpose and effect of this Supplemental Indenture as provided in the terms of the Indenture. 

THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into as of
                    ,             , among (i) [NATURA COSMÉTICOS S.A., a
corporation (sociedade por ações) incorporated under the laws of Brazil] (the “Company”), (ii) [[PERMITTED SUBSTITUTED ISSUER] [insert qualification] [(the “Permitted Substituted Issuer”)]], (iii) [NEW
GUARANTOR] [insert qualification] (the “New Guarantor”), and (iv) U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Trustee, Paying Agent, Registrar and Transfer Agent (the “Trustee”). 

RECITALS 
 WHEREAS, the
Company and the Trustee entered into the Indenture, dated as of February 1, 2018 (the “Indenture”), relating to the Company’s $750,000,000 5.375% Notes due 2023 (the “Notes”); 

WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the Notes by the Holders, the Company agreed pursuant
to the Indenture to cause the New Guarantor to become a Guarantor in certain circumstances set forth in the Indenture [and to cause the Permitted Substituted Issuer to become the issuer of the Notes]. 

AGREEMENT: 
 NOW, THEREFORE, in
consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows: 

Section 1. Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture. 

Section 2. [(A)] [The Permitted Substituted Issuer, by its execution of this Supplemental Indenture, agrees to be the Company (as issuer)
under the Indenture and to be bound by the terms of the Indenture applicable to the Company.] [(B)] The New Guarantor, by its execution of this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the
Indenture applicable to it in addition to the following: 
 2.1    The Note Guarantee. Subject to the provisions
of this Section 2, as of the date hereof the New Guarantor hereby fully, irrevocably and unconditionally guarantees, jointly and severally with all current and subsequent Guarantors, if any, to each Holder and the Trustee all of the obligations
of the Company pursuant to the Notes, including the full and prompt payment of principal and interest on the Notes, and all other payment obligations of the Company under this Indenture, when and as the same become due and payable, whether at Stated
Maturity, upon redemption or repurchase, by declaration of acceleration or otherwise, including any Additional Amounts. Any obligation of the Company to make a payment may be satisfied by causing the New Guarantor to make such payment. [The New
Guarantor will comply with all then-applicable regulations of 

  
 Exh. B-2 

 
the Central Bank of Brazil (Banco Central do Brasil) to legally effect any payments under the Note Guarantee.] 

2.2    Guarantee Unconditional. The obligations of the New Guarantor hereunder are unconditional and absolute and,
without limiting the generality of the foregoing, will not be released, discharged or otherwise affected by: 

(a)    any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of the Company under
this Indenture or any Note, by operation of law or otherwise; 
 (b)    any modification or amendment of or supplement to
this Indenture or any Note; 
 (c)    any change in the corporate existence, structure or ownership of the Company, or
any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Company or its assets or any resulting release or discharge of any obligation of the Company contained in this Indenture or any Note; 

(d)    the existence of any claim, set-off or other rights which any Guarantor may
have at any time against the Company, the Trustee or any other Person, whether in connection with this Indenture or any unrelated transactions; provided that nothing herein prevents the assertion of any such claim by separate suit or compulsory
counterclaim; 
 (e)    any invalidity or unenforceability relating to or against the Company for any reason of this
Indenture or any Note, or any provision of applicable law or regulation purporting to prohibit the payment by the Company of the principal of or interest on any Note or any other amount payable by the Company under this Indenture; or 

(f)    any other act or omission to act or delay of any kind by the Company, the Trustee or any other Person or any other
circumstance whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to the any Guarantor’s obligations hereunder. 

2.3    Discharge; Reinstatement. Subject to Section 2.9 hereof, the New Guarantor’s obligations hereunder
will remain in full force and effect until the principal of, premium, if any, and interest (including Additional Amounts, if any) on the Notes and all other amounts payable by the Company under this Indenture have been paid in full. If at any time
any payment of the principal of, premium, if any, or interest (including Additional Amounts, if any) on any Note or any other amount payable by the Company under this Indenture is rescinded or must be otherwise restored or returned upon the
insolvency, bankruptcy or reorganization of the Company or otherwise, the New Guarantor’s obligations hereunder with respect to such payment will be reinstated as though such payment had been due but not made at such time. 

2.4    Waiver by the New Guarantor. The New Guarantor irrevocably waives acceptance hereof, presentment, demand,
protest and any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against the Company or any other Person. [The New Guarantor unconditionally and irrevocably

  
 Exh. B-3 

 
waives any and all rights provided under Articles 333, sole paragraph, 364, 366, 821, 829, 834, 835 and 837 through 839 of the Brazilian Civil Code and Article 794 of the Brazilian Civil
Procedure Code.] 
 2.5    Subrogation. Upon making any payment with respect to any obligation of the Company
under this Section, the New Guarantor will be subrogated to the rights of the payee against the Company with respect to such obligation. 

2.6    Stay of Acceleration. If acceleration of the time for payment of any amount payable by the Company under this
Indenture or the Notes is stayed upon the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration under the terms of this Indenture are nonetheless payable by the New Guarantor hereunder forthwith
on demand by the Trustee or the Holders. 
 2.7    Limitation on Amount of Guarantee. Notwithstanding anything to
the contrary in this Section, the New Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of the New Guarantor not constitute a fraudulent conveyance under
applicable fraudulent conveyance provisions of the laws of Brazil, the United States Bankruptcy Code or any comparable provision of state law. To effectuate that intention, the Trustee, the Holders and the New Guarantor hereby irrevocably agree that
the obligations of the New Guarantor under the Note Guarantee are limited to the maximum amount that would not render the Guarantors’ obligations subject to avoidance under applicable fraudulent conveyance provisions of the laws of Brazil, the
United States Bankruptcy Code or any comparable provision of state law. 
 2.8    Execution and Delivery of Note
Guarantee. The execution by the New Guarantor of this Supplemental Indenture evidences the Note Guarantee of the New Guarantor, whether or not the person signing as an officer of the New Guarantor still holds that office at the time of
authentication of any Note. The delivery of any Note by the Trustee after authentication constitutes due delivery of the Note Guarantee set forth in this Section on behalf of the New Guarantor. 

2.9    Release of Guarantee. The guarantee of the New Guarantor will terminate and released upon the defeasance or
discharge of the Notes, as provided in Article VIII of the Indenture. 
 Upon delivery by the Company to the Trustee of an Officer’s
Certificate and an Opinion of Counsel that all conditions precedent to the release of the New Guarantor have been complied with, the Trustee will execute any documents reasonably requested by the Company in writing in order to evidence the release
of the New Guarantor from its obligations under its Notes Guarantee. 
 Section 3. This Supplemental Indenture shall be governed by,
and construed in accordance with, the laws of the State of New York. 
 Section 4. Each of the Company[, the Permitted Substituted
Issuer] and the New Guarantor agrees that any suit, action or proceeding against any of them brought by any Holder 

  
 Exh. B-4 

 
or the Trustee arising out of or based upon this Indenture, the Notes or the Note Guarantee may be instituted in any state or Federal court in the Borough of Manhattan in The City of New York,
New York, and each waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any suit,
action or proceeding. 
 Section 5. By the execution and delivery of this Supplemental Indenture, [each of the Permitted Substituted
Issuer and] the New Guarantor (i) acknowledges that it hereby designates and appoints [                    ] (the “Authorized
Agent”) located at [                    ], as its authorized agent upon which process may be served in any suit, action or proceeding with
respect to, arising out of, or relating to, the Indenture (as supplemented form time to time), the Notes and any Note Guarantee that may be instituted in any Federal or state court in the State of New York, The City of New York, the Borough of
Manhattan, or brought under federal or state securities laws by the Trustee (whether in its individual capacity or in its capacity as Trustee hereunder), and acknowledges that the Authorized Agent has accepted such designation, and acknowledges that
the Authorized Agent has accepted such designation, (ii) submits to the non-exclusive jurisdiction of any such court in any such suit, action or proceeding, and (iv) agrees that service of process
upon the Authorized Agent and written notice in accordance with Section 12.02 of the Indenture shall be deemed in every respect effective service of process upon it, in any such suit, action or proceeding. [Each of the Permitted Substituted
Issuer and] the New Guarantor further agrees to take any and all action, including the execution and filing of any and all such documents and instruments as may be necessary to continue such designation and appointment of the Authorized Agent in
full force and effect; provided that [each of the Permitted Substituted Issuer and] the New Guarantor may and shall (to the extent the Authorized Agent ceases to be able to be served on the basis contemplated herein), by written notice to the
Trustee, designate such additional or alternative agents for service of process under this Section 5 that (i) maintains an office located in the Borough of Manhattan, The City of New York in the State of New York, (ii) are either
(x) counsel for such Person or (y) a corporate service company which acts as agent for service of process for other Persons in the ordinary course of its business and (iii) agrees to act as agent for service of process in accordance
with this Section 8. Such written notice shall identify the name of such agent for service of process and the address of the office of such agent for service of process in the Borough of Manhattan, City of New York, State of New York. Such
notice shall identify the name of such agent for process and the address of such agent for process in the Borough of Manhattan, The City of New York, State of New York. Upon the written request of any Holder, the Trustee shall deliver such
information to such Holder. Notwithstanding the foregoing, there shall, at all times, be at least one agent for service of process for [each of the Permitted Substituted Issuer and] the New Guarantor appointed and acting in accordance with this
Section 8. 
 Section 6. Any notice or communication to or from the parties shall be delivered in accordance with
Section 10.02 of the Indenture. Notices or communications to [the Permitted Substituted Issuer and] the New Guarantor should be addressed as follows: 

[                       
     ] 
 Section 7. This Supplemental Indenture may be signed in various counterparts, which together will
constitute one and the same instrument. 

  
 Exh. B-5 

 Section 8. This Supplemental Indenture is an amendment supplemental to the Indenture,
and the Indenture and this Supplemental Indenture will henceforth be read together. 
 Section 9. The Trustee and Agents accept the
amendments of the Indenture effected by this Supplemental Indenture, but on the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee and Agents.
In entering into this Supplemental Indenture, and in taking (or refraining from taking) any actions under or pursuant to this Supplemental Indenture, the Trustee and the Agents shall be protected by and shall enjoy all of the rights, immunities,
protections and indemnities granted to it under the Indenture. Without limiting the generality of the foregoing, neither the Trustee nor any Agent shall be responsible in any manner whatsoever for or with respect to any of the recitals or statements
contained herein, all of which recitals or statements are made solely by the Company[, the Permitted Substituted Issuer] and the New Guarantor, or for or with respect to (i) the validity or sufficiency of this Supplemental Indenture or any of
the terms or provisions hereof, (ii) the proper authorization hereof by the Company[, the Permitted Substituted Issuer] and the New Guarantor by action or otherwise, (iii) the due execution hereof by the Company[, the Permitted Substituted
Issuer] and the New Guarantor or (iv) the consequences of any amendment herein provided for, and neither the Trustee nor any Agent makes any representation with respect to any such matters. 

Section 10. Each of the Company[, the Permitted Substituted Issuer] and the New Guarantor hereby represents and warrants that this
Supplemental Indenture is its legal, valid and binding obligation, enforceable against it in accordance with its terms. 
 [Remainder of
Page Intentionally Left Blank] 

  
 Exh. B-6 

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

			
	[NATURA COSMÉTICOS S.A.] 
        as the Company
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	[PERMITTED SUBSTITUTED ISSUER 
        as the substituted issuer of the Notes
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:]
	
	NEW GUARANTOR 
        as Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:]

  
 Exh. B-7 

 
			
	U.S. BANK NATIONAL ASSOCIATION 
        as Trustee, Paying 
        Agent, Registrar and Transfer Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exh. B-8 

 EXHIBIT C 

RESTRICTED LEGEND 

[Include if Note is a Rule 144A Global Note, or a Note issued in exchange therefor, as required under the Indenture: THIS NOTE
(OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE REOFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT
PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY OR ANY SUBSIDIARY THAT (A) THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED STATES TO A PERSON THAT IS NOT A U.S. PERSON IN AN
OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (III) PURSUANT TO ANOTHER AVAILABLE EXEMPTION UNDER THE SECURITIES ACT, (IV) TO THE COMPANY OR ANY CONSOLIDATED SUBSIDIARY OF THE COMPANY OR (V) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES; AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS
REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. THIS LEGEND MAY ONLY BE REMOVED AT THE OPTION OF THE COMPANY.] 

[Include if Note is Regulation S Global Note, or a Note issued in exchange therefor, in accordance with the Indenture:
“THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN
THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE
MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 
 THE FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE AFTER 40 DAYS
BEGINNING ON AND INCLUDING THE LATER OF (A) THE DATE ON WHICH THE NOTES ARE OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AND (B) THE ORIGINAL ISSUE DATE OF THIS NOTE.”] 

  
 Exh. C-1 

 EXHIBIT D 

DTC LEGEND 
 UNLESS THIS
GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK LIMITED PURPOSE TRUST COMPANY (“DTC”), TO THE ISSUER NAMED HEREIN (THE “COMPANY”) OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 TRANSFERS OF THIS GLOBAL NOTE IN WHOLE SHALL BE LIMITED TO TRANSFERS TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE
OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY AND TRANSFERS OF THIS GLOBAL NOTE IN PART SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE AND
REFERRED TO ON THE REVERSE HEREOF. 

  
 Exh. D-1 

 EXHIBIT E 

REGULATION S CERTIFICATE 

                    ,
             
 U.S. Bank National Association 

100 Wall Street, 16th Floor 
 New York, New York 10005 

USA 
  

	 	Re:	 NATURA COSMÉTICOS S.A., a corporation (sociedade por ações) incorporated under the
laws of the Federative Republic of Brazil, 5.375% Notes due 2023 (the “Notes”) Issued under the Indenture (the “Indenture”) dated as of February 1, 2018 relating to the Notes 

Ladies and Gentlemen: 
 Terms are used in this
Certificate as used in Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise stated herein. 

[CHECK A OR B AS APPLICABLE.] 
  

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

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

		  		  	2.	  	 Unless the circumstances described in the parenthetical in paragraph 1 above are applicable, either (a) at the time the buy order was
originated, the buyer was outside the United States or we and any person acting on our behalf reasonably believed that the buyer was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated
offshore securities market, and neither we nor any person acting on our behalf knows that the transaction was pre-arranged with a buyer in the United States;

 

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

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

 

  
 Exh. E-1 

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

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

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

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

 

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

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

  
 Exh. E-2 

 
			
	 Very truly yours,
  

[NAME OF SELLER (FOR TRANSFERS)
    OR OWNER (FOR EXCHANGES)]

		
	By:	 	  

		 	Name:
		 	Title:

 Date:
                                         
        
 Signature Guarantee:6
                                         
                    
  

 

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

  
 Exh. E-3 

 EXHIBIT F 

RULE 144A CERTIFICATE 

                        
,              
 U.S. Bank National Association 

100 Wall Street, 16th Floor 
 New York, New York 10005 

USA 
  

	 	Re:	 NATURA COSMÉTICOS S.A., a corporation (sociedade por ações) incorporated under the
laws of the Federative Republic of Brazil, 5.375% Notes due 2023 (the “Notes”) Issued under the Indenture (the “Indenture”) dated as of February 1, 2018 relating to the Notes 

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

[CHECK A OR B AS APPLICABLE.] 
  

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

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

 We and, if applicable, each account for which we are acting in the aggregate owned and invested more than
$100,000,000 in securities of issuers that are not affiliated with us (or such accounts, if applicable), as of             , 20    , which is a date on or since close of
our most recent fiscal year. We and, if applicable, each account for which we are acting, are a qualified institutional buyer within the meaning of Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the
“Securities Act”). If we are acting on behalf of an account, we exercise sole investment discretion with respect to such account. We are aware that the transfer of Notes to us, or such exchange, as applicable, is being made in
reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. Prior to the date of this Certificate we have received such information regarding the Company as we have requested pursuant to Rule
144A(d)(4) to the extent that the Company is not then subject to Section 13 or 15(d) of the Exchange Act, or is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act or have
determined not to request such information. 

  
 Exh. F-1 

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

 

			
	 Very truly yours,
  

[NAME OF PURCHASER (FOR
     TRANSFERS) OR

    OWNER (FOR EXCHANGES)]

		
	By:	 	  

		 	Name:
		 	Title:

 Date:
                                     

Signature Guarantee:7
                                         
                        
  

 

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

  
 Exh. F-2

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