Document:

Table of Contents

Exhibit 4.6 

INDEMNIFICATION AGREEMENT 

This present Indemnification Agreement (the “Agreement”) is entered into on October 11, 2006, between: 

On the one hand, 

a. FERNANDO NORBERT, Brazilian, married, resident and domiciled in the city of São Paulo, in the state of
São Paulo, at Av. Arruda Botelho, 354, apt. 141, individual taxpayer’s register (CPF/MF) 425.111.948 -72, Identity card (RG) 10.556.715 SSP/SP, hereinafter referred to as "Norbert", and 

b. CHRISTOPHER PAUL TORTO, North American, married, engineer, resident and domiciled in the city of Campinas, in the state of São Paulo, at Rua
Eliseu Teixeira de Camargo, 1070, Casa 24, individual taxpayer’s register (CPF/MF) 026.092.127 -04, foreigner’s Identity Card (RNE)
V137970-5, hereinafter referred to as "Torto" and, jointly with Norbert, "Indemnified Parties" or
"Indemnified Party", 

And, on the other hand: 

c. NET SERVIÇOS DE COMUNICAÇÃO S.A., a publicly-held company duly incorporated and existing in accordance with the laws of the Federative Republic of Brazil, with
head offices in the city of São Paulo, state of São Paulo, at Rua Verbo Divino, 1356, Corporate
Taxpayer's ID (CNPJ/MF) 00.108.786/0001 -65, represented herein in accordance with its Bylaws, hereinafter referred to as "NET" or
“Indemnifying Party”, 

And, as consenting intervening party: 

d. VIVAX S.A., a publicly-held company duly incorporated and existing in accordance with the laws of the Federative Republic of Brazil, with head offices in the city of Americana, state
of São Paulo, at Avenida José Meneghel, 65, sala 07, Corporate Taxpayer's ID (CNPJ/MF) 01.402.946/0001 -47 represented herein in accordance with its Bylaws, hereinafter referred to as "Vivax"
all of them jointly or severally hereinafter referred to as "Party" or "Parties", 

WHEREAS: 

I. On the date hereof, the Parties, among others, entered into an Agreement for the Acquisition of Shares and other Covenants (the "SPA"), by means of which Norbert undertook to transfer to NET, the equity interest he held through BTVC, representing Vivax’s control (the "Transaction"), subject to the terms and conditions set forth in the SPA; 

I I . the Transaction’s structure was proposed by NET to
Norbert, including in what concerns the Merger of Shares (as such term is defined in the SPA) and the restrictions to the sale of BTVC shares
held by Norbert, and Norbert’s agreement to  vote favorably for the implementation of the Transaction; and 

III. NET agrees to indemnify and maintain Norbert indemnified, in the capacity as controlling shareholder, and Norbert and Torto, in the capacity as Vivax’s administrators, regarding
any eventual loss incurred due to claims brought by Vivax’s Minority Shareholders or Authorities questioning the Merger of Shares or the transfer/selling rights granted to NET, or to restrictions to the rights of transfer/sale imposed on
BTVC’s shareholders during the Regulated Transfer Period or Net’s Exclusive Rights Period, subject to the terms and conditions set forth hereinafter;

NOW, THEREFORE, in consideration of the foregoing, the parties agree as follows:

I. DEFINED TERMS 

1.1. Terms defined in capital letters and not defined otherwise herein shall have the meaning attributed thereto in the SPA (including by means of references or otherwise). The following
terms shall have the following meaning:

"Authority" means any government, governmental entity, regulatory agency, department, commission, board, agency or independent governmental agency, and authorized stock exchange, as well
as any jurisdiction, arbitration court or court, national or foreign, with any jurisdiction before the Parties.

"BTVC" means Brasil TV a Cabo Participações S.A. 

"Agreement" means this present Indemnification Agreement, as amended, altered, consolidated or supplemented from time to time. 

"Claim Notice" means any written notice pursuant to Clause 3.1(a) related to a Claim by Vivax’s Minority Shareholder or Authority by means of which, pursuant to Clause 3.1, an
indemnification is required by an Indemnified Party against the Indemnifying Party, and said notice shall be sent together with a counterpart of the summons, if there is one, and specification of the nature and grounds of the Claim by Vivax’s
Minority Shareholder or Authority, as well as the amount, if at the time it can be reasonably determined, of the Losses resulting from said Claim of Vivax’s Minority Shareholder or Authority (and all the expenses shall be duly documented so
that they are paid by the Indemnifying Party). 

"Required Payment" shall have the meaning set forth in Clause 3.4 hereto. 

"Indemnified Party/Parties"  mean Norbert, in the capacity as controlling shareholder, and Norbert and Torto, as Vivax’s administrators. 

"Indemnifying Party" means NET. 

"Loss" or "Losses" shall mean all and any amounts resulting from damage, fines, penalties, deficiencies, losses,
liabilities, obligations, agreements, judgments,  claims, lawsuits, proceedings, costs or expenses (including, but not limited to, interest, court costs, reasonable attorney’s fees, accountants and other professionals or other expenses related to litigations or other
proceedings related to any claim, infringement or notice of deficiency), owed or incurred due to claims filed by Vivax’s Minority Shareholders or Authorities questioning the Merger of Shares or the rights of transfer/sale granted to NET, or to
the restrictions to the rights of transfer/sale imposed on BTVC’s shareholders. 

"NET’s Exclusive Rights Period" means the period that begins immediately after the expiration of the ANATEL’s Answer Waiting Period and ends one (1) year after said date,
providing that ANATEL has not decided on the approval or denial of the Transaction. NET’s Exclusive Rights Period shall immediately end (or it shall not be applicable) in the
event of (1) ANATEL’s Authorization is obtained; or (ii) denial of the Transaction. 

"ANATEL’s Answer Waiting Period" means the period starting on the date
of execution of the SPA, and ending on the second anniversary of that date, providing that ANATEL has not decided on the approval or non-authorization of the Merger of Shares or Direct Acquisition. ANATEL’s Answer Waiting Period shall
immediately end in the event of: (1) ANATEL’s Authorization is obtained; or (ii) Denial of the Transaction. 

"Regulated Transference Period" means the period starting on the date of Denial of the Transaction and ending (i)
three (3) years after the execution of the SPA, or (ii) two (2) years after the Denial of the Transaction, whichever occurs first. 

"Indemnification Period" means the period of five (5) Business Days after the Indemnifying Party receives a Claim Notice.

"Claim of Vivax’s Minority Shareholder or Authority" shall have the meaning set forth in Clause 3.1 (a).

II. INDEMNIFICATION 

2.1. NET undertakes herein, on an irrevocable and irreversible basis, the obligation to indemnify and keep the Indemnified Parties fully indemnified concerning any and all Losses
incurred, suffered, disbursed, or attributed to either Indemnified Parties resulting from any act or omission from the Indemnified Parties that may be imposed on them due to Claims of Minority Shareholders or Authorities (as defined hereinbelow)
related:

a. to the Merger of Shares (as set forth in the SPA); or

b. to the rights of transfer/sale granted to NET, or to the restrictions to the rights of transfer/sale imposed on BTVC’s shareholders during the Regulated Transfer Period or the
NET’s Exclusive Right Period.

2.2. The indemnification obligations undertaken by NET herein shall not apply in the event of Losses attributable to either Indemnified Parties as a result of intentional infringement to
fiduciary duties, malicious act or negligence by said Indemnified Parties,  whether or not in the capacity as Vivax’s controlling shareholder or administrator. NET shall not have any obligation to indemnify Norbert or Torto for acts or omissions not provided for in the definition of Losses,
including, but not limited to, acts practiced thereby (even in the capacity as controlling shareholder or administrator, if this is the case) in relation to Vivax’s or BTVC’s regular activities. 

2.3. The Parties expressly acknowledge herein and declare that the obligation to indemnify for Losses undertaken herein does not have any type of restriction in relation to the amounts of
said Losses, and shall survive the conclusion of the Transaction, until the expiration the corresponding limitation period, pursuant to the Brazilian law.

2.4. Regardless of any provision set forth herein or in any of the Transaction Documents, no amount resulting from a Claim related to a Loss, pursuant to Clause 2.1 above, shall be owed
by NET, unless the corresponding Indemnified Party has sent to NET a Claim Notice referring to the Claim under consideration, detailing (in what is known) the specific facts and circumstances related thereto.

2.5. NET’s obligation to indemnify the Indemnified Parties concerning any Loss shall be reduced to the proportion of one hundred per cent (100%)
for any and all amounts (net of costs and expenses related thereto) effectively received in view of said Loss by the Indemnified Party, by force of insurance policy (and for all
purposes of this Agreement, the indemnifications to paid by NET shall have the nature of primary obligor’s obligations, regardless of the Indemnified Party may be indemnified otherwise and the Indemnified Party may legally and directly require
the indemnification from the Indemnifying Party, pursuant to this Agreement, without having to previously plead for any other indemnification right). 

2.6. Should any indemnification claim pursuant to Clause 2.1 above be or may be subject to the coverage of any insurance available to the Indemnified Party, the Indemnified Party
expressly agrees herein to immediately inform to the appropriate insurance company, pursuant to the insurance policy, about the Claim, as well as diligently and reasonably cooperate with the insurance company. The Indemnified Party shall endeavor
efforts to be reimbursed pursuant to the insurance policy and shall thereafter reimburse NET for any Losses indemnified thereby and which were recovered by the Indemnified Party by force of the insurance policy (net of any costs, including
reasonable legal costs incurred by the Indemnified Party in this regard) and only to the extent that the Indemnified Party may receive a global amount exceeding that one effectively disbursed with the Loss. 

2.7. NET agrees herein on an irrevocable and irreversible basis, upon request of the Indemnified Parties, to advance them the amounts related to reasonable costs, expenses or
disbursements incurred by virtue of Claims of Vivax’s Minority Shareholders or Authorities brought against the Indemnified Parties, with due observance to the procedure set forth hereinbelow. 

III. INDEMNIFICATION PROCEDURE 

3.1. All requests of indemnification from either Indemnified Parties, pursuant to Clause 2.1, shall observe and shall be resolved with observance to the following procedure: 

(a) In the event of any claim or litigation on the part of Vivax’s minority shareholders or Authorities against or before either Indemnified Parties, by virtue of which the Indemnified Party(ies) under consideration may
plead for indemnification pursuant to Clause 2.1 ("Claim of Vivax’s Minority Shareholder or Authority”), the corresponding Indemnified Party shall deliver the Claim
Notice in reasonable advance to the Indemnifying Party, but anyway always until the half of legal term to submit the defense. NET shall notify the Indemnified Party, as soon as possible, within the Term to Indemnify informing if NET challenges its
liability towards the Indemnified Party, pursuant to Clause 2.1, or if NET prefers that the Indemnified Party under consideration proceeds with its defense, provided that all related costs and expenses related to said defense are advanced to the
Indemnified Party by the Indemnifying Party, as set forth in Clause 3.4. 

(i) Should NET inform the Indemnified Party, within Term to Indemnify that NET intends to assume the defense of the Indemnified Party in relation to Claim of Vivax’s Minority Shareholder or Authority, pursuant to this
Clause 3.1(a), NET shall be entitled, exclusively at its expenses, to conduct the defense in said Claim of Vivax’s Minority Shareholder or Authority as long as by means of appropriate proceedings, on a diligent and reasonable manner. NET may
reach an agreement during the defense of Claim of Vivax’s Minority Shareholder or Authority at its exclusive discretion (provided that, should such agreement result in the assumption of obligations not only of monetary nature, which shall be fully indemnified by NET to
the Indemnified Party, the adhesion to such agreement shall be subject to express authorization of the Indemnified Party, which may neither be unreasonably denied nor postponed). NET shall have total control over such defense and proceedings,
including any agreement (except as provided for above); however, except that the Indemnified Party may
at its expenses and at its exclusive discretion, at any time prior to the NET’s notice aforementioned, submit answers, petitions or pleadings or practice any other acts that the Indemnified Party reasonably believes in good faith to be
necessary to protect its interests without damaging the Indemnifying Party; except that if requested by NET at its expenses, the Indemnified Party shall reasonably cooperate with NET and its attorneys to challenge any Claim of Vivax’s Minority
Shareholder or Authority that NET decides to challenge, of if appropriate and provided that in relation to the Claim of Vivax’s Minority Shareholder or Authority under consideration, to submit any type of counterclaim to the Person which
brought the Claim of Vivax’s Minority Shareholder, or any other form of claim against any Person (which is not the Indemnified Party or any of its affiliates). The Indemnified Party may retain an attorney, different from  Indemnifying Party’s attorney in order to represent the Indemnified Party in the defense or agreement of any Claim of Vivax’s Minority Shareholder or Authority assumed by NET pursuant to this Clause 3.1(a)(i),
except that the Indemnified Party’s attorney shall not assume the control for defense or agreement, and that NET shall bear reasonable costs and expenses related to retain said attorney separately if: 

(x) in the best judgment and in good faith of the Indemnified Party, it is advisable to retain other attorneys by force of potential or existing conflict of interests between NET and the Indemnified Party, so that the
  representation of both parties may be deemed not appropriate in comparison with applicable professional conduct rules, or 

(y) both NET and the Indemnified Party are parties involved in said Claim of Vivax’s Minority Shareholder or Authority and the Indemnified Party decides in good faith and on a reasonable basis, that the arguments to be
prepared thereby may not be submitted by the Indemnifying Party. 

Without prejudice to the aforementioned, the Indemnified Party may intervene or assume the control of defense or agreement related to a Claim of Vivax’s Minority Shareholder or Authority that NET has previously assumed,
should the Indemnified Party waive on an irrevocable basis to its indemnification right provided for in Clause 2.1 in relation to said Claim of Vivax’s Minority Shareholder or Authority. 

By means of commencement of a judicial, administrative or arbitration proceeding related to a Claim of Vivax’s Minority Shareholder or Authority against either Indemnified Parties, said Indemnified Party may, at its
exclusive discretion, to implead the Indemnifying Party or otherwise, at the exclusive discretion of the Indemnified Party, to determine that NET intervenes in the proceedings, whether in the capacity as joint party, assistant, any other type of
Third Parties Intervention. 

3.2. To the extent that it is necessary for the purposes of NET’s compliance with obligations assumed
herein, NET shall deposit amounts or indicate assets for attachment in administrative or judicial proceedings, if so required pursuant to the laws and/or administrative or judicial
decision rendered in the course of a proceeding, which may result in Losses for the Indemnified Party or if it is necessary for presentation or continuity of defense in said proceeding. 

3.3. The payments overdue by this Agreement on account of administrative or judicial decision only shall be due when appeal with suspensive effects or final and unappealable decision are
not acceptable therein. Further payments provided for in Clause 3 shall be due upon Indemnified Party’s request pursuant to this Agreement and NET, in any case of payment pursuant to this Clause 3.3, shall be previously notified to provide the
corresponding payment within no later than ten (10) days after the date on  which these payments become overdue, should reduced payment term is not required to the Indemnified Party, assumption in which the latter shall be observed. 

3.3.1. Payments owed by NET to each Indemnified Party shall be made by (i) means of transfer of funds immediately available, deposited in account or bank accounts of the corresponding
Indemnified Party, or as previously notified to the Indemnifying Party, or as instructed by said Indemnified Party or (ii) paid directly to the corresponding Person to be appointed
by the Indemnified Party under consideration when (a) it is commercially acceptable to said Indemnified Party, (b) legally enforceable or (c) more efficient on a tax basis. 

3.2.1. Should payments owed by NET do not occur within the term mentioned in Clause 3.3. above, the Parties agree that, on account of sanction, the effects of the Commitment Instrument
and Ancillary Obligations and Other Covenants entered into between NET and Norbert, Shareholders’ Agreement of Vivax, entered into between NET and Brasil TV a Cabo Participações S.A. shall be suspended until effective payment. The
suspension of effects referred to by this clause shall occur legally, irrespective of any notification. 

3.2.2. The Parties clarify that the suspension referred to by Clause 3.3.1 above shall also include the board members and officers appointed by NET prior to the suspension period,
pursuant to Shareholders’ Agreements of BTVC and Vivax, who shall be immediately removed from office and replaced by members appointed by Norbert, until the total performance of the obligations due pursuant to the Indemnification Agreement. For
a correct application of this sanction, NET undertakes to vote under the scope of Vivax and BTVC so that to replace the board members and officers of these companies appointed thereby. Once performed the obligations of this Indemnification
Agreement, Norbert undertakes to vote under the scope of Vivax and BTVC in order to return to the status quo ante no regarding the board members and officers of these companies. 

3.2.3. The sanction provided for in clauses 3.3.1 and 3.3.2 above does not exclude eventual losses and damages the Indemnified Parties may have incurred, due to the lack of timely payment
regarding the amounts owed by NET. 

3.2.4. This Indemnification Agreement shall be registered at BTVC’s headquarters and the vote provisions of this
Clause 3.3 shall modify the Shareholders’ Agreement of BTVC when necessary and only during the suspension period aforementioned. BTVC’s shareholders undertake to vote in BTVC and Vivax pursuant to this clause 3.3, should the suspension
become effective.

3.4. Should NET shall provide any payment or advanced payment (clause 3.1. (a), final part) pursuant to this Agreement
(the "Required Payment"), NET shall pay to the Indemnified Party under
consideration the Required Payment without discounts or deductions from counterclaims or defenses, and without any kind of deduction or withholding of any Taxes (so that, if necessary, to withhold by force of the applicable laws, NET shall pay an
amount that, after all deductions, discounts or withholdings, be equal to the amount of the Required Payment). 

3.4.1. The provisions of clauses 3.3.1 and 3.3.2 shall be applied to this clause. 

3.5. All the payments made or overdue pursuant to this Agreement shall be performed in Reais (in the event of payment
in foreign currency by the Indemnified Party, the corresponding amount in Reais shall be determined according to the market quotation of such currency at the date of the referred
payment). 

3.6. If, at any time and for any reason (including in the event of bankruptcy, insolvency, arrangement with creditors, renegotiation of debts, winding-up or liquidation of NET or in case
of appointment of a trustee, sequestrator, judicial trustee, agent or similar, to manage NET or any of its assets or properties), any payment received by the Indemnified Party pursuant to this Agreement is cancelled or annulled or shall be otherwise
returned by the Indemnified Party, such payment shall not be deemed as performed for the purposes of this Agreement, and this Agreement shall remain effective (or shall be renewed, if necessary), as if the referred payment has not been made.

3.7. Should NET fail to reimburse an Indemnified Party for the Losses within the term set forth herein, NET’s
liabilities shall be adjusted according to the variation of General Market Price Index (IGP-M) until the date of the effective payment of Losses. 

IV. APPLICABLE LAW AND ARBITRATION

4.1. This Agreement shall be governed and construed in accordance with the laws of Federative Republic of Brazil. 

4.2. In the event of controversy arising from this Agreement, the
Parties shall endeavor their efforts to solve the issue on amicable basis. Should the Parties do not reach an agreement within thirty (30) days after the beginning of the negotiations, the controversy shall be subject to arbitration. The arbitration court shall observe the arbitration rules of the Brazil-Canada Chamber of Commerce (CCBC).

4.3. The arbitration court shall apply the Brazilian laws to solve the controversy. The arbitration court shall be
comprised of three (03) arbitrators, who shall be appointed by each of the parties involved in the arbitration (Petitioners and Defendants), pursuant to the following procedure: 

4.3.1. The parties intending to start the arbitration (Petitioners) shall notify the other Parties (Defendants),
detailing the reasons for the commencement  of the arbitration, and appointing the respective arbitrator. The Defendants shall jointly appoint the second arbitrator within ten (10) days after the receipt of the referred notice and the two arbitrators shall jointly
appoint a third arbitrator, who shall chair the arbitration court. Should either of the parties involved in the arbitration fail to appoint the respective arbitrator within ten (10) days, it shall be incumbent upon the Chairman of CCBC to appoint the arbitrator among the professionals duly qualified and registered in the referred chamber. 

4.4. The arbitration court jurisdiction shall be the city of São Paulo, state of São Paulo, in Brazil and the procedural rules to be observed shall be the ones established
by CCBC, which shall be supplemented by Law 9,307/96 in case of omission of a certain matter. The arbitration shall be conducted in Portuguese. 

4.5. The arbitration court shall have powers to solve any and all controversy related to a dispute, including the issues ancillary thereto,
and shall also have powers to issue orders to the Parties, including writs of prevention and interlocutory decisions prior to the final decision. The arbitration court is not allowed to act as amiable compositeur or to decide by equity. 

4.6. The arbitration award shall have the force of judicial decision and shall be binding upon the Parties, pursuant
to the Law. The arbitration award shall establish which of the Parties shall bear the arbitration costs and expenses. 

4.7. Either of the Parties may appeal to the Judiciary Branch to (a) compel the commencement of the arbitration; (b)
to obtain preventive measures for the protection of rights prior to the discovery stage of the arbitration in course and any action in this regard shall not be construed as a waiver to arbitration proceeding by the Parties and (c) to execute any
decision of the arbitrators, including the arbitration award. 

4.8. In case the Parties appeal to the Judiciary Branch as set forth in Clause 4.8 above, the jurisdiction of the city
of São Paulo, state of São Paulo shall be the forum conveniens, unless otherwise set forth by the Parties. 

V. GENERAL PROVISIONS 

5.1. This Agreement constitutes an irrevocable and irreversible obligation between the Parties as from the date of its execution and binds upon the Parties and their respective successors
and assignees allowed. 

5.2. Any and all addenda and amendments to this Agreement shall be executed in writing and signed by all the Parties. 

5.3. The omission or delay by either Party in exercising any right, power or privilege pursuant to this Agreement shall not be understood a waiver to such right, neither shall preclude
the total or partial exercise of such right, or any other right, power or privilege agreed herein. The rights and protections set forth herein are cumulative and do not  exclude any other rights or protections set forth by Law. 

5.4. The voidance or unenforceability of any provision hereof shall affect the remaining provisions. Should any of the terms and conditions hereof are considered null, ineffective or
unenforceable, the Parties shall negotiate, with good faith, the replacement of said provisions with other valid and enforceable provisions. 

5.5. None of the Parties may assign, fully or partially, the rights and obligations resulting from or related to this Agreement, without obtaining previous written authorization from the
other Party. 

5.6. The notices to be performed by the Parties pursuant to this Agreement, shall be issued in writing and delivered in hand or via courier, or by certified or registered letter, with
receipt acknowledgement, prepaid postage and costs, being sent to the addresses mentioned in the introduction of this Agreement. 

5.7. Either Party shall be entitled to require the specific performance of a part or of the totality of the obligations mentioned in this Agreement, pursuant to the applicable provisions
of the Brazilian Code of Civil Procedure. Either Party expressly declares herein that any eventual indemnification for damages in case of breach to this Agreement by either other Parties will not be deemed sufficient to compensate such
breach.

5.8. This Agreement shall be construed and deemed as part of the SPA. 

IN WITNESS WHEREOF, the Parties execute this Agreement in four (4) counterparts of equal tenor and form, before the two (2) witnesses undersigned below. 

São Paulo, October 11, 2006. 

	
	Witnesses: 
	 
	1. __________________________________________
	 
	Name: Paula Cristina da Silva Melo (signed)
	Identity Card (RG) 28.031.574-0 
	Individual taxpayer’s register (CPF/MF) 307.824.518-70 
	 
	2. __________________________________________
	Name: Débora Silvia Silva (signed)
	Identity Card (RG) 32.654.623-6 
	Individual taxpayer’s register (CPF/MF) 335.852.718-20 

     PAGE OF SIGNATURES OF THE INDEMNIFICATION AGREEMENT, ENTERED

INTO BETWEEN FERNANDO NORBERT, CHRISTOPHER PAUL TORTO AND NET 

SERVIÇOS DE COMUNICAÇÃO S.A. 

Christopher Paul Torto (signed) 

     PAGE OF SIGNATURES OF THE INDEMNIFICATION AGREEMENT, ENTERED

INTO BETWEEN FERNANDO NORBERT, CHRISTOPHER PAUL TORTO AND NET 

SERVIÇOS DE COMUNICAÇÃO S.A. 

Fernando Norbert (signed)

     PAGE OF SIGNATURES OF THE INDEMNIFICATION AGREEMENT, ENTERED

INTO BETWEEN FERNANDO NORBERT, CHRISTOPHER PAUL TORTO AND NET 

SERVIÇOS DE COMUNICAÇÃO S.A. 

     Vivax S.A. 

by Christopher Paul Torto and Antonio João Filho 

PAGE OF SIGNATURES OF THE INDEMNIFICATION AGREEMENT, ENTERED

INTO BY FERNANDO NORBERT, CHRISTOPHER PAUL TORTO AND NET 

SERVIÇOS DE COMUNICAÇÃO S.A. 

     Net Serviços de Communicação S.A.

by Francisco Tosta Valim Filho e Leonardo Porciúncula Gomes PereiraTable of Contents

Exhibit 4.7 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

 

SHAREHOLDERS’ AGREEMENT 

between 

BRASIL TV A CABO PARTICIPAÇÕES S.A. 

and 

NET SERVIÇOS DE COMUNICAÇÃO S.A. 

[ ] [ ], 2006 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

 

     This SHAREHOLDERS’ AGREEMENT (the “Agreement”) is entered into on [....], 2006, by and between (i) Net Serviços de Comunicação S.A.
(“NET”), a publicly-held company duly incorporated and organized in accordance with the laws of the Federative Republic of Brazil, with headquarters in the City of São Paulo, State of São Paulo, at Rua
Verbo Divino, 1356, enrolled in the Corporate Taxpayers’ Identification (CNPJ) under number 00.108.786/0001 -65, herein represented in accordance with its Bylaws; and (ii) Brasil TV a Cabo Participações S.A.
(“BTVC”), a corporation duly incorporated and organized in accordance with the laws of the Federative Republic of Brazil, with headquarters in the City of Americana, State of São Paulo, at Avenida José
Meneghel, 65, sala 02, enrolled in the Corporate Taxpayers’ Identification (CNPJ) under number 01.924.561/0001 -40, herein represented in accordance with its Bylaws; and (ii) 

     (Each of the parties is hereinafter individually referred to as “Shareholder” and collectively as “Shareholders”); 

     and as consenting parties, 

     (iii) Fernando Norbert (“Norbert”), Brazilian, married, resident and domiciled in the City of São Paulo, State of São Paulo, at Rua Jerônimo da Veiga, 164, cj. 17-B,
enrolled in the  Ministry of Finance’s Individual Taxpayers’ Registry  (CPF/MF) under number 425.111.948 -72, holder of identity card (RG) no. 10.556.715 SSP/SP; and (iv) Vivax S.A. (the “Company” or
“VIVAX”), a publicly-held company duly incorporated and organized in accordance with the laws of the Federative Republic of Brazil, with headquarters in the City of Americana, State of São Paulo, at Avenida José
Meneghel, 65, sala 07, enrolled in the Corporate Taxpayers’ Identification (CNPJ) under number 01.402.946/0001 -47, herein represented in accordance with its Bylaws; 

     (The Shareholders, Norbert and the Company are hereinafter individually referred to as “Party” and collectively as “Parties”). 

RECITALS 

     WHEREAS, NET is the holder of 5,033,588 common shares and 11,056,300 preferred shares of the Company, which represent 9.00% of the Company’s common shares, 20.40% of the Company’s preferred shares and
14.57% of the Company’s total capital stock; and 32,281 common shares and 133,334 preferred shares of BTVC, which represent 48.42% of BTVC’s common shares, 100.00% of BTVC’s preferred shares and 82.81% of BTVC’s total capital
stock; 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

     WHEREAS, BTVC is the holder of 28,508,429 Company’s common shares, which represent 52.60% of the Company’s common shares, and 26.70% of the Company’s total capital stock, 

     HEREBY AGREES TO celebrate this Shareholders’ Agreement (“Shareholders’ Agreement” or “Shareholders’”), which shall be governed by the following terms and conditions. 

CHAPTER I 

DEFINITIONS 

     Clause 1.1 Defined terms. In addition to other terms defined herein, the following terms, when capitalized, shall have the meanings below: 

     “Shareholder” and “Shareholders” have the meanings specified in the recitals of this Shareholders’ Agreement. 

     “Shareholders’ Agreement” has the meanings specified in the recitals of this Shareholders’ Agreement. 

     “Shares” mean the common and preferred shares issued by the Company and held by the Shareholders, duly stated in Attachment A hereto, which are fully free and clear from any Liens and fully paid up. 

     “Affiliated Company” of a Person means any Person directly or indirectly controlled by, or under the common control of, such Person. 

     “ANATEL” means the Brazilian Telecommunications Agency. 

     “Government Authority” means any federal, state or municipal government, or any department, commission, office, agency, public registry, public authority or governmental agency or
any court or chamber of arbitration which may have jurisdiction on any issue related, resulting from or related to the Parties hereto or this Shareholders’ Agreement.

     “ANATEL’s Authorization” means ANATEL’s authorization for transfer of Vivax’ ownership control to NET.

     “BOVESPA” means the São Paulo Stock Exchange. 

     “BTVC” means Brasil TV a Cabo Participações S.A. 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

     “CCBC” means the Arbitration and Mediation Center of the Brazil-Canada Chamber of Commerce. 

     “Company” has the meanings specified in the recitals of this Shareholders’ Agreement. 

     “Director” means one member of the Board of Directors. 

     “Board” or “Board of Directors” means the Company’s Board of Directors. 

     “Stock Purchase Agreement” or “SPA” means the agreement entered into between Norbert and NET for sale of Norbert’s shares in VIVAX to NET.

     “Control” (including the related terms “controlling party”, “controlled by” and “under the common control of”), as applicable to any Person, means, directly or indirectly,
the management’s power and the policies adopted by any Person, either by means of the ownership of voting securities or ownership interest, in view of any agreement or otherwise. 

      “Normal Course of Business” means the normal operation of the business, in accordance with practices usually adopted in industrial,
commercial and financial activities, as well as the carrying out of businesses regularly developed by companies such as NET or VIVAX, consistently with their past practices. 

     “CVM” means the Brazilian Securities Commission. 

     “Business Day” means any day which is not a Saturday, Sunday, official holiday or a day in which the banks located in the City of São Paulo, in Brazil, are authorized or
obliged to close in accordance with the Law. 

     “Officer” or “Officers” mean any individuals appointed by the Board of Directors to hold the positions of Company’s Executive Officers, with the roles and titles provided for in
the Company’s Corporate Documents. 

     “Net Financial Debt” means the financial indebtedness deducted from Vivax’ balance of cash and cash equivalents, excluding any possible subordinated loans
obtained from shareholders. 

     “Corporate Documents” mean, in relation to any Person, as the case may be, incorporation documents, incorporation certificates, bylaws, partnership agreements, memoranda of
partnership, articles of association, joint venture agreements, shareholders’ agreements, instruments and documents, as amended from time to time, individually or collectively, through which such Person was incorporated or organized, and which
regulate the Person’s internal activities. 

     “Drag Along” has the meaning stated in Clause 5.4.

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

     “EBITDA” means the sum-up of the outcome of the last four (4) quarters before deductions of (i) income tax and social contribution, (ii) depreciation and amortization, (iii) financial expenses deducted
from financial income, (iv) investments in subsidiary and affiliated companies; and (v) nonoperating income (expenses). 

     The Company’s “Bylaws” means the bylaws which is an integral part of Attachment B. 

     “HTT” means Horizon Telecom International, LCC. 

     “Confidential Information” has the meaning stated in Clause 7.8. 

     “Brazilian Corporation Law” means Law No. 6,404, of December 15, 1976, as subsequently amended and in force at the date of a given event. 

     “Laws” mean any laws, official interpretation of laws, rules, regulations, rulings, court decisions, decrees, orders, judgments, and injunctions issued by any Government Authorities, of any location,
and which are in force in this date or which may be subsequently enacted. 

     “BTVC’s Lock-up” has the meaning stated in Clause 5.1(b) .

     “NET’s Lock-up” has the meaning stated in Clause 5.1(a) .

      “Relevant Issues” has the meaning stated in Clause 4.2.

     “Business” means the business related to cable TV, broad band, and telecommunications in general, currently developed by VIVAX and its subsidiary companies. 

     “NET” or “Net” means Net Serviços de Comunicação S.A. 

     “Norbert” refers to Fernando Norbert, as identified in the recitals of this Shareholders’ Agreement.

     “Obstacle to Implementation” means a decision taken by ANATEL or any judicial or administrative decision, or any new law which may prevent the implementation of
the Transaction, either on a final or temporary basis. 

     “Liens” mean any mortgage, liens, pledge, collateral guarantee, encumbrance or similar agreement of any type or nature. 

     “Related Party” means the Affiliated Companies, officers, directors, employees, advisors and contracted parties of each Party hereto. 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

     “Parties” has the meaning stated in the recitals of this Shareholders’ Agreement. 

     “NET’s Exclusive Rights Period” means the period beginning immediately after the end of the ANATEL’s Response Waiting Period and
ending one (1) year after such date, in the event ANATEL had been unable to issue a decision on the Transaction. The NET’s Exclusive Rights Period shall end immediately (or shall not be applicable) (i) if ANATEL’s Authorization is
obtained; or (ii) upon Obstacle to Implementation.

     “ANATEL’s Response Waiting Period” means the period beginning in the SPA’s execution date and ending in the second anniversary of
such date, in the event ANATEL had been unable to issue a decision on the Transaction. The ANATEL’s Response Waiting Period shall end immediately (i) if ANATEL’s Authorization is obtained; or (ii) upon Obstacle to Implementation. 

     “Regulated Transfer Period” means the period beginning in the date the Obstacle of Implementation occurs and ending (i) three (3) years after the SPA’s
execution, or (ii) two (2) years after the date the Obstacle of Implementation occurs, whichever comes first. 

     “Person” means and includes, without limitation, an individual, a legal entity, a partnership, a joint venture, a company, an association, an entity, a limited liability company, a division of a legal
entity, an investment fund, trust and an unincorporated organization. 

     “Level 2 Regulation” means the Level 2 Regulation of the BOVESPA listing, a differentiated corporate governance segment designed for trading of shares on
BOVESPA. 

     “Previous Meeting” means the meeting in which NET’s and BTVC’s representatives should take part in advance to any General Meetings or Board of Directors’ Meetings of
the Company or any of its Subsidiary Companies which will discuss any Relevant Issues. 

     “Subsidiary Company” means any Person directly or indirectly controlled by another Person. 

     “Transfer” (including related terms) means (i) any transfer, sale or assignment, direct or indirect (including assignment of preemptive rights), exchange, donation or any
other type of sale of any type, voluntary or involuntary, conditioned or not, including any transfer, sale, assignment, exchange, donation or other type of sale resulting in the creation of any encumbrance or lien, or related to any merger,
take-over (including merger of shares), spin-off, reorganization, issue of securities representing ownership interests or any other operations with similar effects; (ii) the execution of any agreement for transfer of voting rights related to any
shares; and (iii) any agreement (subject or not to a suspensive condition) which has any of the aforementioned acts as the subject. 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

     “VIVAX” or “Vivax” means Vivax S.A. 

     Clause 1.2 Headings and References. All references in this Shareholders’ Agreement to Chapters, Clauses, Sub-clauses and other subdivisions refer to the respective Chapters, Clauses,
Sub-clauses and other subdivisions of this Shareholders’ Agreement, unless otherwise stated. The headings stated in the beginning of Chapters, Clauses, Subclauses and other subdivisions were presented for convenience purposes only and may not
be necessarily related to their contents. The words “this Shareholders’ Agreement”, “in this”, “of this”, “below”, “above”, “hereby” and similar words refer solely to the Clauses or
Sub-clauses in which these words are included. The word “or” is not excluding, and the word “including” (in its several formats” means “including without limitation”. Pronouns in the masculine and feminine forms
shall be construed as expositive, words, terms and headings (including the terms herein defined) in singular include the plural form of the same word or vice-versa, unless otherwise stated by the context. Reference to and the definition of any
document or agreement (including this Shareholders’ Agreement” shall be deemed as reference to such document or agreement as this may be amended, supplemented, revised, reaffirmed or otherwise changed from time to time in accordance with
its terms. Reference to any Person includes its authorized successors and assignees. To prevent any doubts, the use of the term “ownership”, or its variations, as well as “hold”, or its variations” related to any Shares held
or owned by any of the Shareholders refer to the ownership of the right in rem and the voting right of such Shares. 

CHAPTER II 

SHARES SUBJECT TO THE AGREEMENT, NORMAL COURSE OF BUSINESS 

     Clause 2.1 Shares Subject to the Shareholders’ Agreement. The Parties hereto are the owners of the Shares stated in Attachment A hereto, which are expressly related to this Shareholders’
Agreement.

     Clause 2.2 Inexistence of Changes by VIVAX. Except if included, disclosed and/or allowed in this Shareholders’ Agreement, and except in the Normal Course of Business and consistent with past
practices, BTVC here irrevocably agrees to cause VIVAX to comply with the provisions below: 

     a) conducting Vivax’ business with diligence and in conformity with all relevant and applicable Laws; 

     b) maintaining the assets, levels of working capital and indebtedness in conformity with past practices and organization of its Business (including 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

by not selling or encumbering any of its relevant assets), and failing to incur in debts higher than the 2:1 Net Financial Debt/EBITDA ratio of the last twelve (12) months. This ratio shall be checked based on the quarterly information disclosed by
Vivax;

     c) immediately reporting NET of any relevant adverse change in its financial situation, results of operations, business, assets, ownerships or any event which may give rise to a relevant change, and failing to take any
measure to sell all or a substantial part of its assets, or carry out any type of corporate reorganization, including, but not limited to, any take-over (including merger of shares), spin-off, merger, share split or reverse split, capitalization,
capital reduction, also including failing to carry out any reclassification or similar change in Vivax’ capitalization; and 

     d) allowing NET’s access to any information, including financial information, related to Vivax, and authorizing its management and/or directors to provide information related to Vivax, as requested by NET, and
allowing visits from NET’s representatives to its establishments. 

     Clause 2.2.1 This Clause 2.2 shall prevail in the event of conflict with Clause 9.1 of SPA. 

CHAPTER III 

CORPORATE GOVERNANCE 

     Clause 3.1 General Obligations and Shareholders’ Agreements. Each Shareholder, in the capacity of a Company’s Shareholder and to the extent permitted by applicable Law, shall make and
cause any Director appointed by the respective Shareholder to make, under its reasonable control, including upon instruction for each Director appointed by such Shareholder, the Company and its Subsidiary Companies to be conducted in accordance with
the terms of this Shareholders’ Agreement, its respective Corporate Documents and all applicable Laws. 

     Clause 3.2 Company’s Fundamental Principles. The Parties hereto agree to exercise their voting rights in the Company so that the Company and its Subsidiary Companies are managed in accordance
with the following basic principles: 

     a) The Company and its Subsidiary Companies shall be managed with the major purpose of generating profits and allowing the maximum return on the investments made by its Shareholders in the least possible period, aiming
at the best interests of the Company and its Subsidiary Companies, which, in the event of any conflict, shall prevail in relation to the Shareholders’ individual and specific interests; 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

     b) The management of the Company and its Subsidiary Companies shall always search for high levels of efficiency, productivity, competitiveness and profitability, and shall be carried out independently from the relation
with any of the Parties;

     c) The management of the Company and its Subsidiary Companies shall implement efficient control systems and modern management systems; 

     d) The strategic decisions of the Company and its Subsidiary Companies shall always take into account the Parties’ interests of maximizing the return on their investments, and shall adopt a consistent and realistic
dividends policy, in conformity with the Brazilian law; and 

     e) The capital structure of the Company and its Subsidiary Companies shall meet any parameters determined by the applicable management body, always taking into account the need to give priority to the financial
soundness of the Company and its Subsidiary Companies.

CHAPTER IV 

EXERCISING THE VOTING RIGHT 

     Clause 4.1 Voting Right in General Meetings and Board of Directors’ Meetings. 

     a) Shareholders hereby agree to always attend and vote in all Company’s General Meetings, personally or represented by a proxy, in conformity with the Previous Meeting to be held among the Shareholders, as set
forth in Clause 4.1(b) below, as well as instruct the Director appointed by the Shareholders to vote, in all Board of Directors’ Meeting, according to the terms agreed during the Previous Meeting, subject to the terms established in the
subsequent clauses. 

     b) In order to apply the rule set forth in Clause 4.1(a) above, NET’s and BTVC’s legal representatives shall meet before the General Meeting or Board of Directors’ Meeting of the Company or any of its
Subsidiary Companies which will resolve on any Relevant Issues (the “Previous Meeting”), as the case may be, to listen to, discuss and resolve on such Relevant Issues. Norbert, or any other person expressly appointed by him, shall
necessarily be BTVC’s representative in the Previous Meetings. 

     c) The Previous Meetings shall be called by BTVC at least four (4) days before the General Meeting or Board of Directors’ Meeting resolving on any Relevant Issue, through a notice forwarded to NET, pursuant to
Clause 7.3 below. The 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

     Previous Meeting will be held on the second (2nd) Business Day before the date of the General Meeting or Board of Directors’ Meeting of the Company or any of its Subsidiaries, as the case may be. 

     d) The Previous Meeting shall be held during business hours at the Company’s headquarters or in any other location acceptable by the Shareholders. The Previous Meeting shall be deemed as duly called and held if
NET’s and BTVC’s legal representatives are present at such meeting, irrespective of the location and time. 

     e) The decisions made at the Previous Meetings shall need the favorable vote of all Shareholders. 

     f) Shareholders shall require the Company’s Directors elected by such Shareholders to fully and unconditionally comply with the decisions made in the Previous Meetings, in accordance with the provisions of article
118 and related paragraphs of the Brazilian Corporation Law. 

     g) The Shareholders, through their representatives at the General Meeting or through the Directors appointed by them, hereby agree not to obstruct the review and/or the voting, as decided in the Previous Meeting, of any
Relevant Issue submitted to the General Meeting or the Board of Directors’ Meeting and, additionally, to ensure that their legal representatives and Directors attend all of these meetings. 

     h) The Previous Meetings’ Minutes shall be prepared stating the decisions made and the terms of votes to which the Shareholders and Directors appointed by such Shareholders will be bound to for all purposes. 

     Clause 4.2 Relevant Issues. The following issues (the “Relevant Issues”) shall require the Shareholders’ approval in the Previous Meeting, without which the Company will
not take, and will not allow any of its Subsidiary Companies to take, nor will any Shareholders take any measure to authorize or otherwise allow any of its Subsidiary Companies to carry out: 

     i) Any amendments or changes to the Corporate Documents of the Company or its Subsidiary Companies which may represent a substantive change in the Company’s corporate governance principles, as determined in Chapter
III hereof, or would significantly and adversely affect one of the Shareholders’ rights set forth in this Shareholders’ Agreement, including the creation of reserves or any other change which might give rise to any restriction to payment
of dividends to Shareholders; 

     ii) Any corporate restructurings, including, without limitation, any merger, consolidation, recapitalization, take-over, merger of shares, and spin-off, drop-down of shares, in the event these corporate restructurings
(a) fail to determine that the Company will be the surviving entity; (b) include the following fixed telephony operators resulting from Telebrás’ privatization process: Brasil Telecom, Telemar and Telefonica or 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

any of their affiliates, subsidiaries and successors; (c) include any companies or assets not related to the Company’s purposes; or (d) enter into commercial agreements between, on one hand, any Shareholders and respective Affiliated Companies
and, on the other hand, the other party of the corporate restructuring; 

     iii) The creation of a new class of shares, any other securities, or any change in the preferences or advantages of any existing class of shares or the creation of redeemable shares; 

     iv) Any substantive change in the corporate structure, including its change in another type of company, or in the Company’s corporate purpose, or its headquarters; 

     v) stating, accruing, or paying any dividends or another distribution in relation to Vivax’ capital stock or otherwise purchase or redeem, directly or indirectly, any securities representative of the ownership
interest, repay any loans or any amounts due to any shareholder or former shareholders, or Subsidiary Companies, other than in the Normal Course of Business, as determined by Law; 

     vi) the reduction of the capital stock of the Company or its Subsidiary companies, and the redemption or amortization of the Company’s shares, except for the corporate reorganization authorized by the SPA; 

     vii) the decision to lead the Company to the New Market of BOVESPA; 

     viii) the cancellation of VIVAX’ registration with the CVM or its exclusion from the Level 2 Regulation; 

     ix) the proposal of an extrajudicial recovery plan, filing for judicial recovery or filing for bankruptcy by Vivax or its Subsidiary Companies; 

     x) Total or partial liquidation, winding-up, take-over or consolidation, or the carrying out of any recapitalization, reclassification, restructuring, share split, or any other reorganization of VIVAX and its Subsidiary
Companies; 

     xi) Any changes or modifications to the Corporate Documents of the Company or its Subsidiary Companies with respect to the Board of Directors’ structure, including authority, structure and quorums for approval;

     xii) The issue or sale, to any Person, of any Vivax’ Shares or other securities or any guarantee convertible into or exchange for or related to any securities representing ownership interests, or the issue, sale,
granting, or carrying out of any subscription, option, warrant, conversion or other rights, agreements, commitments, arrangements or understandings of any type, contingent or otherwise, in order to acquire 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

any securities representing ownership interests, or any guarantee convertible into or exchange for or related to any securities representing ownership interests; and 

     xiii) VIVAX’ exercising of its voting rights in any of its Subsidiary Companies, in relation to any of the issues listed in this Clause 4.2. 

     Clause 4.2.1. Shareholders shall not authorize or approve any of the Relevant Issues stated above, and shall not allow or approve the carrying out of any of the acts listed above by the Company or by any of its
Affiliated Companies, without the prior approval at the Previous Meeting. 

     Clause 4.3 Board of Directors’ Relevant Issues. In order to apply the rule set forth in Clause 4.1(a) above, the decision on the Relevant Issues listed below shall be subject to approval by
both Shareholders in a Previous Meeting and submitted to the Board of Directors’ Meeting, as follows: 

     a) Approval of any business of any nature (including corporate restructuring and any type of acquisition) between the Company and/or any of its Subsidiary Companies, with any Shareholder, or any administrator of the
Company and/or its Subsidiary Companies, except in the event of (i) any existing agreement at the Shareholders’ Agreement execution date; (ii) any agreements subject to approval in accordance with the provisions of item “b” below; or
(iii) any agreements executed on arms-length basis or during the Normal Course of Business of the Company and/or its Subsidiary Companies; 

     b) change in any terms or conditions, termination, cancellation or non-renewal of any agreement or commercial relationship between the Company and any of NET’s Related Parties; 

     c) change in any terms or conditions, termination, cancellation or non-renewal of any cable TV service agreements entered into between the Company and/or its Subsidiary Companies; 

     d) Sale, transfer, lease, signature or granting of guarantee or other transactions with assets, related to the carrying out of the business of the Company or its Subsidiary Companies or which amount (taking into account
the act on a separate basis) is equal to or higher than ten percent (10%) of the total assets of the Company or its Subsidiary Companies, as applicable; 

     e) Sale, transfer, lease, assignment, granting of guarantee or other transactions with intangible assets, including, but not limited to, copyrights, trademarks or any other intellectual property rights; 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

     f) acquisition of assets which amount (taking into account the act on a separate basis) is equal to or higher than ten percent (10%) of the total assets of the Company; 

     g) Company’s acquisition of ownership interest in other companies or in activities or upon acquisition of assets of other companies in the event this acquisition (i) fails to establish that the Company is the
surviving entity; (ii include the following fixed telephony operators resulting from Telebrás’ privatization process: Brasil Telecom, Telemar and Telefonica or any of their affiliates, subsidiaries and successors; (iii) include any
companies or assets not related to the Company’s purposes; or (iv enter into commercial agreements between, on one hand, any Shareholders and respective Affiliated Companies and, on the other hand, the other party of the corporate
restructuring; 

     h) Election or removal of the Company’s Officers, subject to the conditions in Clause 4.5 below; 

     i) Fixation of annual compensation and benefits (including stock option plans or other profit-sharing plans) to the Company’s Officers and top executives; 

     j) The engagement or replacement of the Company’s independent auditors; 

     k) The development of any new relevant line of Business or the geographic expansion of VIVAX’ current Business; 

     l) The incurrence in debts higher than the 2:1 Net Financial Debt/EBITDA ratio of the last twelve (12) months. This ratio shall be checked based on the quarterly information disclosed by Vivax; 

     m) The execution of new programming agreements or any infrastructure provision agreements for voice services, the renewal or substantive change in current agreements, as well as the change in the current characteristics
of its cable TV and broad band services, especially the line-up of such services, or the launching of new services or execution of any new type of agreement with telecommunications companies outside the Normal Course of Business or as set forth in
previously existing agreements; 

     n) Acquisition of any business, or any Person or division, either by take-over (including merger of shares) or merger, or by purchase and sale of all or a substantive part of its assets, or otherwise, representing over
ten percent (10%) of Vivax’ total assets; 

     o) Transfer, assignment, granting of collateral guarantee or subjection to any other type or any of Liens in relation to its operating establishments or relevant assets, except for any Liens created during the Normal
Course of Business, and except for the guarantee pledged related to the loan agreement executed to prepay the debentures issued by Vivax; 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

     p) Transfer of any accumulated tax losses from any of its Subsidiary Companies; 

     q) Alteration, amendment, waiver or any change in any Corporate Documents, which individually or collectively, may give rise to any adverse change in its financial situation, results of operations, business, assets,
ownerships or any event subject to result in such relevant change; 

     r) Approval of any of the following acts related to VIVAX: (i) granting, to any of its administrators, any rises or compensations, except if during the Normal Course of Business and consistently with past practices; or
as part of a standard compensation package for any Person which may be engaged or promoted, or if required by Law; and (ii) execution of any employee’s agreement or compensation or indemnity agreement in view of dismissal of any administrators;
and 

     s) The Company’s exercising of its voting rights in any of its Subsidiary Companies in relation to any of the issues listed in this Clause. 

     Clause 4.3.1. Directors shall not authorize or approve any Relevant Issues listed above, nor shall allow or approve the carrying out of any of the acts above by the Company or any of its Subsidiary Companies,
without the previous authorization at a Previous Meeting. 

     Clause 4.3.2 Other issues within the grants of authority of the Board of Directors’ Meeting shall depend, to be approved, of the favorable vote of most of the Directors in charge. 

     Clause 4.3.3. Subject to the provisions in Clause 4.3 above, the Shareholders hereby agree that the Board of Directors may determine that minor agreements to be executed by the Company and its Related Parties,
without strategic relevance, as defined by the Board of Directors, and related to the Company’s usual and common operations, be released from the obligation of being previously approved by the Board of Directors, as stated in Clause 4.3. 

     Clause 4.4 Election of Board of Directors.  The Parties hereto agree to vote, together with all their Shares, to elect the Directors and the Board Chairman for each term of office, in compliance
with the decisions made in Previous Meetings, taking into account: 

     a) that the Board of Directors shall be composed of up to seven (7) members; 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

     b) the purpose of filling most of the positions in the Board of Directors and the election of the Board Chairman; 

     c) that the Directors shall be appointed individually by the Parties, at a Previous Meeting, by following the procedures below: 

     i) BTVC shall be entitled to appoint four (4) out of the seven (7) Directors, including the Board Chairman; 

     ii) NET shall be entitled to appoint two (2) out of the seven (7) Directors; and 

     iii) the last remaining Director may be freely elected by the Company’s remaining shareholders. 

     Clause 4.4.1 In the event of removal, resignation and/or replacement of any Director, the Shareholders hereby agree to follow the vote of the Party which has appointed the removed, replaced or resigning Director,
and the same procedure shall be applied in the event of a vacant position in the Board of Directors. 

     Clause 4.4.2 Any Party may replace, at any time and without any justification, the Director(s) it appointed for the Board of Directors. Accordingly, the Parties agree to cause the other Directors they appointed
to submit said replacement to the first General Meeting, which shall confirm the name(s) of this(these) appointed Director(s), in accordance with this Clause 4.4.2.

     Clause 4.4.3  In the event of a multiple vote, the Parties, at a Previous Meeting to be held twenty-four (24) hours before the respective General Meeting, shall decide on the destination of their votes, in order
to ensure the compliance with Clause 4.4(c) above. 

     Clause 4.5 Appointment of Officers. The Parties hereto agree to cause the Directors they elected to elect the Company’s Officers for each term of office, in compliance with the decisions made
in Previous Meetings, taking into account: 

     a) that the Company’s Executive Board shall be composed of three (3) Officers; 

     b) that the appointment of the Officers, to be ratified at a Previous Meeting, shall be carried out individually by the Parties, by following the procedures below: 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

     i) BTVC shall be entitled to appoint two (2) out of the three (3) Officers, including the President and the Financial Officer; and 

     ii) NET shall be entitled to appoint one (1) of the Officers, including the right to appoint the Operations Officer. 

     Clause 4.5.1 In the event of removal, resignation and/or replacement of any Officers, the Shareholders hereby agree to instruct the Directors they appointed to follow the vote of the Party which has appointed the
removed, replaced or resigning Officer, the same procedure shall be applied in the event of a vacant position. 

     Clause 4.5.2 Any Party may replace, at any time and without any justification, the Officers it appointed. The Parties agree to cause the Directors they appointed to arrange for said replacement, which shall
confirm the name(s) of this(these) appointed Officer, in accordance with this Clause 4.5.2.

     Clause 4.5.3 NET may request the replacement of the Financial Officer at any time, in the event of any NET’s disagreement with the practices adopted by the Financial Officer. 

     Clause 4.6 Fiscal Council.  The Parties hereto agree to vote (i) for the convening of a Fiscal Council; (ii) for NET to appoint one of the members of this Fiscal Council among professionals with
acknowledged experience in the market, who is independent from Shareholders and chosen by a specialized headhunting company acknowledged in the market; (iii) for BTVC to appoint another member among professionals with acknowledged experience in the
market, who is independent from Shareholders and chosen by a specialized headhunting company acknowledged in the market; and (iv) for minority shareholders to choose the other member. 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

CHAPTER V 

TRANSFER OF SHARES 

     Clause 5.1 Restrictions to Transfer. 

     a) NET may not, directly or indirectly, transfer any of the Shares it holds in the capital stock of Vivax or BTVC, until (i) the date the Obstacle to Implementation occurs; or (ii) the end of ANATEL’s Response
Waiting period, as applicable (“NET’s Lock-up”). After NET’s Lock-up, NET will be able to freely transfer its direct interest in Vivax. 

     b) BTVC may not, directly or indirectly, transfer any of the Shares it holds in the capital stock of Vivax while this Shareholders’ Agreement is in force (“BTVC’S Lock-up”). 

     c) Any Transfers in noncompliance with this Chapter V shall be null and void ab initio and the other Party shall be entitle to right of return against the default Party for any loss or damage it may incur arising
from such Transfer. 

     d) Any Person acquiring any share in noncompliance with this Chapter V shall not be entitled to the Shareholders’ rights, including, but not limited, to voting rights. The Company and Shareholders shall not be
obliged to record, in the Share Transfer Registration Book, any Transfer of Shares to a Person which is not a Shareholder under this Shareholders’ Agreement, except if the provisions of Chapter V have been met. All Transfers must be carried out
in accordance with applicable Laws. 

     e) This Shareholders’ Agreement shall be filed at the Company’s headquarters in accordance with and for the purposes of Article 188 of the Brazilian Corporation Law. The certificates and books of the issuing
agent shall read as follows: “The shares, represented by this certificate or subject to this deposit account, are related to the Shareholders’ Agreement entered into on [....], which is recorded in the Company. This Shareholders’ Agreement sets forth
restrictions to the exercising of voting rights, transfers and liens on these shares and any subscription shares derived therefrom.” 

     f) BTVC and NET hereby agree not to pledge, mortgage or otherwise encumber their Shares at any time. 

     Clause 5.2 Transfers During the Regulated Transfer Period or NET’s Exclusive Rights Period. 

     a) From the beginning of the Regulated Transfer Period or NET’s Exclusive Rights Period, whichever comes first, and during its validity period, NET hereby 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

agrees to search for any third parties interested in acquiring the total shares issued by BTVC and held by Norbert “Norbert’s BTVC Shares”), by means of engaging one of the Investment Banks listed in Attachment 5.2(e) hereto.

     b) In the event NET identifies a third party interested in acquiring the total of Norbert’s BTVC Shares (“Applicant”), NET shall obtain from this Applicant a written, binding, irrevocable and
irrespective proposal, duly executed by the Applicant’s legal representatives (“Proposal”), specifying the terms and conditions for the sale of the total, and not less than the total, Norbert’s BTVC Shares to the
Applicant. 

     c) Neither BTVC nor Norbert shall have any right to veto or oppose the Transfer of Shares to the Applicant, and NET shall have the right, but not the obligation, to require Norbert to sell his Norbert’s BTVC
Shares, provided that the Proposal meets the terms and conditions set forth below, inclusive in relation to the Fair Value (as defined in Clause 5.2(f) below). 

     d) If, during the Regulated Transfer Period or NET’s Exclusive Rights Period, as applicable, NET finds any Applicant to acquire the total of Norbert’s BTVC Shares, and if this Proposal meets the terms set
forth below, then NET shall forward a written notice to Norbert (“Sales Notice”) informing him on (i) the Applicant’s identity and qualification; (ii) the purchase price proposed in cash (“Offered Purchase
Price”); (iii) the confirmation that the Applicant has agreed to purchase the total of Norbert’s BTVC Shares, in accordance with the terms thereof; and (iv) other relevant terms and conditions of the Proposal. 

     e) Within five (5) days counted from the receipt of the Sales Notice by BTVC, NET, Norbert and BTVC shall choose together, from the list attached as Attachment 5.2(e) hereto, an investment bank (the “Investment
Bank”) which will be engaged to check whether the Offered Purchase Price is a Fair Value (as defined below). The Investment Bank’s appraisal shall appoint a range of amounts presenting an interval of fifteen percent (15%) between the
highest and the lowest appointed price. 

     f) The Investment Bank selected according to Clause 5.2(e) above shall determine Vivax’ value through the use of internationally acknowledged valuation methods, including, but not limited to, among other criteria,
discounted cash flows, comparison by multiples, which include shares listed in stock exchanges, and recent cable TV operations in Brazil and/or similar companies in similar markets (“Fair Value”). 

     g) In the event the Offered Purchase Price represents at least a Fair Value, as set forth above, the Parties shall meet within ten (10) days to execute the final documents for the sale of the total, and not less than
the total, Norbert’s BTVC Shares to the Applicant, in accordance with the Proposal, which Transfer is conditioned to the occurrence of the suspensive condition described in Clause 5.2(h) below. 

     h) Within five (5) days counted form the execution of the documents mentioned in Clause 5.2(g) above, NET, BTVC and Vivax shall, under the 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

individual responsibility and costs of NET, (i) file a request with ANATEL for the Transfer of Vivax’ Control (comprising the total Norbert’s BTVC Shares) to the Applicant; and (ii) NET, BTVC and Norbert shall make the best efforts to
obtain a final decision from ANATEL in relation to the Transfer of Vivax’ Control to this Applicant (“ANATEL’s Authorization for Transfer to the Applicant”). 

     i) Within ten (10) days counted from obtaining ANATEL’s Authorization for Transfer to the Applicant, NET, BTVC and the Applicant shall meet to arrange, irrevocable and irrespectively, all measures required for the
Transfer of all Norbert’s BTVC Shares to the Applicant, and the Offered Purchase Price shall be immediately paid, at the same date, to Norbert, as the case may be, upon the immediate transfer of availability of the funds deposited in the bank
account previously informed by BTVC. BTVC shall transfer the Offered Purchase Price to NET and Norbert immediately after the receipt, proportionally to their respective ownership interest into the bank accounts appointed by the latter to BTVC. 

     j) If NET exercises the right set forth in Clause 5.2(d), then NET may require that the Transfer be directly implemented with Vivax’ shares. This direct Transfer shall be carried out preferably by BTVC’s
shareholders. Without prejudice to the foregoing, the direct Transfer of Vivax’ shares may be carried out by BTVC, provided that it is fiscally neutral to the Parties. 

     k) If so required by applicable Laws, the Applicant shall be the sole responsible for carrying out, at its own expenses and responsibilities, a public offer for purchase of all Vivax’ common and preferred shares,
subject to the price, terms and conditions of CVM regulation and Level 2 Regulation. This obligation to bear the costs of the public offer includes, but is not limited to, any costs arising from judicial and/or extrajudicial demands, claims or
lawsuits from NET’s or VIVAX’s minority shareholders, and shall not be, under any circumstances, be borne by NET, Vivax, Norbert and/or BTVC. 

     Clause 5.3. Drag Along. 

     a) Subject to the procedure set forth in Clauses 5.2 above (especially with respect to Fair Value), after the end of the Regulated Transfer Period or NET’s Exclusive Rights Period, as applicable, in the event one
of the Shareholders is willing to, directly or indirectly, sell or otherwise transfer the total, and not less than the total, of its shares issued by BTVC, to any interested Third Party, this selling Shareholder shall have the right, but not the
obligation, to require that the other Shareholder transfer the total, but not less than the total, of its shares issued by BTVC together with the Selling Shareholder to the interested Third Party, under the same terms and conditions of the Proposal,
provided that the proposed sales price represents, at least, a Fair Value, as determined by an Investment Bank under the provisions established in Clause 5.2(f) (“Drag Along”). 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

     b) In the event the Selling Shareholder is willing to exercise its Drag Along right upon the sale of shares issued by BTVC, as provided for above, the Selling Shareholder shall report to the other Shareholder its
intention by means of a Sales Notice, which shall be forwarded at least ten (10) days before the date scheduled for Transfer of such BTVC’s shares. The failure of the Selling Shareholder to report accordingly in the Sales Notice shall be
construed as a waiver of its Drag Along right.

     c) If NET exercises the right set forth in Clause 5.3 above, then NET may require that the Transfer be directly implemented with Vivax’ shares. This direct Transfer shall be carried out preferably by BTVC’s
shareholders. Without prejudice to the foregoing, the direct Transfer of Vivax’ shares may be carried out by BTVC, provided that it is fiscally neutral to the Parties. 

     Clause 5.4. Notice of Transfers.  Each Shareholder shall notify the Company, through the Board of Directors, and the other Shareholder, of any direct or indirect Transfer of any of its Shares. 

     Clause 5.5. ANATEL’s Authorization.  The Transfer of Shares to any interested Third Party, as set forth in Chapter V, shall be submitted to the procedure established in Clause 5.2 above,
specifically with respect to ANATEL’s Authorization for Transfer of Shares to the interested Third Party, and this Third Party shall be responsible for bearing any costs and responsibilities for obtaining the ANATEL’s Authorization and
carrying out the public offer mentioned in Clause 5.2. hereof. 

CHAPTER VI 

VALIDITY AND TERMINATION 

     Clause 6.1 Validity.  The Parties hereto acknowledge and agree that this Shareholders’ Agreement shall come into effect only after the prior express approval by ANATEL. Any and all changes or
alterations to this Shareholders’ Agreement shall also be subject to the prior express approval by ANATEL, as the case may be. 

     Clause 6.2 Period. Except if changed or extended by the Parties or earlier terminated in conformity with the provisions set forth herein, this Shareholders’ Agreement shall remain in force for
(i) a period of ten (10) years counted from the date of its approval by ANATEL, or (ii) until the Shareholders’ Agreement between NET and Norbert is terminated, whichever comes first. After the end of this period of ten (10) years, this
Shareholders’ Agreement shall be automatically renewed for another ten (10) years. 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

     Clause 6.3 Earlier Termination.  This Shareholders’ Agreement shall be terminated in advance (A) upon a written agreement between all the Parties; (B) in the event of the Company’s
winding-up or liquidation; (C) in the event NET no longer holds any Company’s Shares, provided that the termination of this Shareholders’ Agreement in conformity with this Clause 6.3 do not (i) release the Party from any obligations
assumed before the termination date; or (ii) waiver the Parties’ rights and obligations set forth in Chapter VII; or (D) in the event of termination of the BTVC’s Shareholders’ Agreement. 

CHAPTER VII 

GENERAL PROVISIONS 

     Clause 7.1. Amendments and Waivers. No provision of this Shareholders’ Agreement may be changed, supplemented, amended or waived without the written consent by all Parties hereto. No failure or
delay by any Party while exercising any right, power or privilege set forth in this instrument shall be construed as a waiver thereof, nor shall any sole or partial exercising prevent any other or subsequent exercising of the same or the exercising
of any other right, power or privilege. Any measures herein provided shall be cumulative and shall not exclude any right or measures set forth by law. 

     Clause 7.2 Assignment.  The terms and conditions hereof may not be assigned to any Third Parties. 

     Clause 7.3 Notices. All notices, request, orders and other communications of this Shareholders’ Agreement shall be carried out in written and deemed as duly delivered (i) if transmitted by fax,
when received by the addressee on a readable basis and the sender receives an electronic confirmation of the transmission receipt, provided that a copy of the notice is also forwarded through an express courier service; (ii) if delivered by an
express courier service, on the forwarding date stated in the registration of the respective transportation; or (iii) if personally delivered, when personally delivered, addressed to the respective Parties hereto in the addresses (or other addresses
of one Party hereto, in accordance with which has been specified in a similar notice) included in the signature pages of this Shareholders’ Agreement. Any Party may change its address, by providing the other Parties hereto with a written notice
of its new address, as determined above. No notice by mail shall be accepted under this Clause 7.3. 

     Clause 7.4 Governing Law.  This Shareholders’ Agreement shall be governed by the Laws of the Federative Republic of Brazil. 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

     Clause 7.5 Settlement of Disputes. 

     a) In the event any disputes arise from this Shareholders’ Agreement, the Parties hereto shall make their best efforts to settle said issue on an amicable basis. If the Parties fail to reach an agreement within
thirty (30) days after the beginning of negotiations, then the dispute shall be submitted to the arbitration procedures of the Arbitration and Mediation Center of the Brazil-Canada Chamber of Commerce (the “CCBC”). The Court
of Arbitration shall comply with the CCBC’s arbitration regulation, in conformity with the arbitration administered by the Arbitration and Mediation Center of the Brazil-Canada Chamber of Commerce (“CCBC”). 

     b) The sole exception to this clause related to settlement of disputes refers to any disputes between shareholders not related to this Shareholders’ Agreement, which, therefore, are subject to the specific
mechanism for settlement of disputes set forth in “Level 2 Regulation”. 

     c) The court of arbitration shall apply the Brazil’s laws to settle the dispute. The court of arbitration will be composed of three (3) members, who will be appointed by the two parties involved in the arbitration
(Petitioner and Respondent), in accordance with the following procedure: 

     d) The Parties willing to file for an arbitration (Petitioners) shall notify the other Parties (Respondents) accordingly, by detailing the reasons for convening the arbitration and appointing together the respective
arbitrator. The Respondents, also together, shall appoint the second arbitrator within ten (10) days after receiving said notice, and the two arbitrators shall appoint together a third arbitrator, who will chair the court of arbitration. If any of
the parties involved in the arbitration fails to appoint the respective arbitrator within the period of ten (10) days, then the Chairman of the CCBC shall proceed to appoint an arbitrator from the professionals duly qualified and registered with
said chamber. 

     e) The venue of the court of arbitration shall be the City of São Paulo, State of São Paulo, Brazil, and the proceeding rules to be complied with shall be the ones set forth by CCBC, which shall be
supplemented by Law no. 9,307/96 in the event of any omission in a given issue. The arbitration proceeding shall be carried out in Portuguese. 

     f) The court of arbitration shall have powers to settle any and all disputes related to a controversy, including any accessory issues, and shall also have the power to issue orders to the Parties thereto, including
writs of prevention and interlocutory decisions before the final decision. The court of arbitration shall not be authorized to act as an amiable compositeur or decide based on equity.

     g) The arbitration decision shall have the force of a judicial judgment and shall bind upon the Parties thereto, as set forth by law. The arbitration decision shall define which Party will have to bear the arbitration
costs and expenses. 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

     h) Each of the Parties thereto may appeal to the Judiciary to (a) force the beginning of the arbitration proceeding; (b) obtain writs of prevention to protect any rights before the arbitration is in course and any
action accordingly will not be construed as a waiver to the arbitration proceeding by the Parties; and (c) enforce any decision made by the arbitrators, including the arbitration decision. 

     i) In the event the Parties appeal to the Judiciary, as set forth in Clause 7.7(h) above, the Forum of the City of São Paulo, State of São Paulo, shall be the competent jurisdiction, except if otherwise stated
by the Parties. 

     Clause 7.6 Advertising. No Party hereto shall issue or publish in the press or in any other means of public announcement, anything in relation to this Shareholders’ Agreement or to any
transactions included herein without the prior consent by the other Parties, which consent shall not be unreasonably denied (except in case any Party refuses, at its exclusive discretion, to include its name or any reference thereto, in such public
advertisement or notice in the press); subject, however, to the fact that nothing shall bar any Party from publishing any note in the press or causing such public announcement or note in the press to be published when such Party determines
that such action is required by any Law or stock exchange rules applicable to it or its Affiliated Companies, and, in this case, the Party complying with such determination, if possible in the circumstances, shall make any reasonable efforts to
allow that the other Parties comment on such notice or announcement within a reasonable period before such notice or announcement is issued. 

     Clause 7.7 Specific Enforcement.  Each of the Parties hereto shall be entitled to request the specific enforcement of all or part of the obligations included herein, in conformity with the
provisions applicable to the Code of Civil Process. Each of the Parties hereby expressly represents that any possible indemnity for any damages in the event of noncompliance with this Agreement by any of the other Parties shall not be compensation
enough for such noncompliance. 

     Clause 7.8 Full Agreement.  This Shareholders’ Agreement shall contain the full understanding of the Parties hereto in relation to its subject matter, and shall supersede any and all previous
agreements, discussions and understandings, either written or oral, related thereto. 

     Clause 7.9 Cumulative Rights. The rights of each of the Parties hereto shall be cumulative and additional to all similar and other rights of the Parties hereto arising from other agreements. 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

     Clause 7.10 Severability of Clauses. In the event any provision hereof is deemed illegal, invalid or unenforceable in accordance with the law in force, currently or in the future, and if the rights
and obligations of the Parties under this Shareholders’ Agreement are not substantially and adversely affected by it, then (i) this provision shall be deemed as independent; (ii) this Shareholders’ Agreement shall be construed and enforced
as if such illegal, invalid or unenforceable provision had never been a part hereof; (iii) the remaining provisions of this Shareholders’ Agreement shall remain valid and in force and shall not be affected by such illegal, invalid or
unenforceable provision; and (iv) in the place of the illegal, invalid or unenforceable provision, a legal, valid and enforceable provision shall be automatically added as part of this Shareholders’ Agreement, and shall have similar terms to
the illegal, invalid or unenforceable provision, to the best way possible.

     Clause 7.11 Other Guarantees. Each Party hereto shall execute, from time to time, the documents and instruments and take any measures as reasonably requested by one or more of the other Parties for
achieving the purpose and reaching the effects derived from this Shareholders’ Agreement. 

     IN WITNESS WHEREOF, this Shareholders’ Agreement is duly signed and delivered to the Parties hereto or their representatives duly authorized by any of the Parties, and shall take effect in the first day written
above. 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

ATTACHMENT A 

     LIST OF SHARES TO BE 

COMPLETED AT THE EXECUTION

DATE OF THIS INSTRUMENT. 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

ATTACHMENT B 

The Parties hereto shall agree to the 

terms
of this attachment within 

fifteen (15) business days counted

from October 11, 2006. 

ATTACHMENT 3.1 

To the Statement of Commitment to Ancillary Obligations 

ATTACHMENT 5.2 (e) 

To the Shareholders’ Agreement of Vivax S.A. 

List of Investment Banks 

(i) Goldman Sachs; 

(ii) Banco Itaú BBA;

 (iii) UBS; 

(iv) Credit Suisse; and 

(v) Merrill Lynch.

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