<SEC-DOCUMENT>0001292814-18-000458.txt : 20180222
<SEC-HEADER>0001292814-18-000458.hdr.sgml : 20180222
<ACCEPTANCE-DATETIME>20180222171318
ACCESSION NUMBER:		0001292814-18-000458
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180331
FILED AS OF DATE:		20180222
DATE AS OF CHANGE:		20180222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ULTRAPAR HOLDINGS INC
		CENTRAL INDEX KEY:			0001094972
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS DISTRIBUTION [4924]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14950
		FILM NUMBER:		18633508

	BUSINESS ADDRESS:	
		STREET 1:		AV BRIGADERIO LUIZ ANTONIO 1343
		STREET 2:		9 ANDAR SAO PAULO
		CITY:			SP BRAZIL 01350-900
		STATE:			D5
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		CT CORPORATION SYSTEM
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ugp20180219_6k.htm
<DESCRIPTION>UGP20180219_6K
<TEXT>

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   <TITLE>ugp20180219_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center><B><FONT style="FONT-SIZE: 18pt" face="times new roman">Form 6-K </FONT></B></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" face="times new roman">SECURITIES AND EXCHANGE COMMISSION </FONT></B></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" face="times new roman">Washington, D.C. 20549 </FONT></B></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" face="times new roman">Report Of Foreign Private Issuer </FONT></B></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" face="times new roman">Pursuant To Rule 13a-16 Or 15d-16 Of </FONT></B></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" face="times new roman">The Securities Exchange Act Of 1934 </FONT></B></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="times new roman">For the month of February, 2018 </FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="times new roman">Commission File Number: 001-14950 </FONT></P>

<P style="MARGIN-TOP: 14pt; MARGIN-BOTTOM: 0pt" align=center><B><FONT style="FONT-SIZE: 24pt" face="times new roman">ULTRAPAR HOLDINGS INC. </FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="times new roman">(Translation of Registrant&#8217;s Name into English) </FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><FONT style="FONT-SIZE: 12pt"></FONT>&nbsp;</P>

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<P style="BORDER-BOTTOM: #000000 1pt solid; MARGIN-TOP: 0pt; WIDTH: 21%; MARGIN-BOTTOM: 2pt"><FONT style="LINE-HEIGHT: 6pt"></FONT></P></CENTER>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="times new roman">Avenida Brigadeiro Luis Antonio, 1343, 9&#186; Andar </FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="times new roman">S&#227;o Paulo, SP, Brazil 01317-910 </FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="times new roman">(Address of Principal Executive Offices) </FONT></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><FONT style="FONT-SIZE: 12pt"></FONT>&nbsp;</P>

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<P style="BORDER-BOTTOM: #000000 1pt solid; MARGIN-TOP: 0pt; WIDTH: 21%; MARGIN-BOTTOM: 2pt"><FONT style="LINE-HEIGHT: 6pt"></FONT></P></CENTER>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt"><FONT style="FONT-SIZE: 10pt" face="times new roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: </FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="times new roman">Form 20-F </FONT><U><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F </FONT><U><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 10pt" face="times new roman"> </FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt"><FONT style="FONT-SIZE: 10pt" face="times new roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="times new roman">Yes </FONT><U><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No </FONT><U><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 10pt" face="times new roman"> </FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt"><FONT style="FONT-SIZE: 10pt" face="times new roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="times new roman">Yes </FONT><U><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No </FONT><U><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 10pt" face="times new roman"> </FONT></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 14.5pt" lang=EN-US face=26nbvtokfgfhjcu,bold,sans-serif>ULTRAPAR HOLDINGS INC.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 14.5pt" lang=EN-US face=26nbvtokfgfhjcu,bold,sans-serif>TABLE OF CONTENTS</FONT></B></P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12.5pt" lang=EN-US face=26nbvtokfgfhjcu,bold,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12.5pt" lang=EN-US face=26nbvtokfgfhjcu,bold,sans-serif>ITEM</FONT></U></B></P>

<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>1.</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Indenture of the 6th issuance of simple, non-convertible into shares, single-series, unsecured debentures</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT style="FONT-VARIANT: small-caps; BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 12pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT style="FONT-VARIANT: small-caps" face=tahoma,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=tahoma,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt" align=center><FONT style="FONT-VARIANT: small-caps" face=tahoma,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=tahoma,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face=tahoma,sans-serif>INDENTURE OF THE 6th ISSUANCE OF SIMPLE, NON-CONVERTIBLE INTO SHARES, SINGLE-SERIES, UNSECURED DEBENTURES, FOR PUBLIC DISTRIBUTION WITH RESTRICTED PLACEMENT EFFORTS, OF ULTRAPAR PARTICIPA&#199;&#213;ES S.A.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; FONT-WEIGHT: normal; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>By this private instrument, as issuer and offeror of the debentures subject matter of this Indenture (as defined below):</FONT></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>ULTRAPAR PARTICIPA&#199;&#213;ES S.A.</FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>, a corporation (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>sociedade por a&#231;&#245;es</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>) registered as public-traded company with the Brazilian Securities and Exchange Commission (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Comiss&#227;o de Valores Mobili&#225;rios</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>, or &#8220;CVM&#8221;), with head offices in the City of Sao Paulo, State of Sao Paulo, at Avenida Brigadeiro Luis Antonio, 1.343, 9<SUP>th</SUP> floor, Bela Vista, zip code 01317-910, enrolled with the Federal Corporate Register of the Treasury Ministry (&#8220;CNPJ/MF&#8221;) under No. 33.256.439/0001-39, with its articles of incorporation duly filed with the Registry of Commerce of the State of Sao Paulo (&#8220;JUCESP&#8221;) under No. NIRE 35.300.109.724, herein represented pursuant to its Bylaws ( &#8220;Issuer&#8221;); and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>as trustee, representing the pooling of the holders of the debentures from the 6<SUP>th</SUP> (sixth) public issuance of debentures of the Issuer (&#8220;Debenture Holders&#8221;):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>PENTAGONO S.A. DISTRIBUIDORA DE TITULOS E VALORES MOBILIARIOS</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>, a financial institution, with its head office in the City of Rio de Janeiro, State of Rio de Janeiro, at Avenida das Americas, 4.200, Bloco 08, Ala B, Salas 302, 303 e 304, Barra da Tijuca, zip code 22640-102, enrolled with the CNPJ/MF under No. 17.343.682/0001-38, herein represented pursuant to its Bylaws ( &#8220;Trustee,&#8221; hereinafter referred to, jointly with the Issuer, as &#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Parties,</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8221; and, individually, as &#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Party</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=left><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Parties enter into this &#8220;Indenture of the 6<SUP>th</SUP> (sixth) Issuance of Simple, Non-Convertible into Shares, Single-Series, Unsecured Debentures, for Public Distribution with Restricted Placement Efforts Issuance, of Ultrapar Participa&#231;&#245;es S.A. (&#8220;Indenture&#8221;), under the following terms and conditions:</FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=center><B><FONT style="FONT-SIZE: 11pt" color=white face=tahoma,sans-serif>1.</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=white face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 11pt" color=black face=tahoma,sans-serif>CLAUSE ONE &#8211; AUTHORIZATION</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>1.1.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&nbsp;&nbsp; This Issuance was authorized at the Meeting of the Board of Directors of the issuer held on February 21, 2018, pursuant to paragraph 1 of article 59, of Law 6404, dated December 15, 1976, as amended (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Brazilian Corporate Law</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8221;), in which this Issuance and the Restricted Issuance were approved (as defined below) (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>MBD</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8221;).</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>2.&nbsp; CLAUSE TWO &#8211; REQUIREMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>The 6th (sixth) issuance of </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>simple, non-convertible into shares, single-series, unsecured debentures</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>(&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Debentures</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8221; and &#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Issuance,</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8221; respectively) for public distribution with restricted placement efforts</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>, </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>pursuant to Law 6385, dated December 7, 1976, as amended (&#8220;Securities Law&#8221;), CVM Instruction No. 476, dated January 16, 2009, as amended (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>CVM Instruction 476</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8221;), and other applicable laws and regulations (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Restricted Issuance</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8221;)</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>, shall meet the following requirements:</FONT></P></DIV>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=left><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>2.1</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Resolution Filing and Publication. </FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>2.1.1.&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The minutes of the MBD that approved this Issuance will be filed before JUCESP and published in </FONT><I><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Di&#225;rio Oficial do Estado de Sao Paulo</FONT></I></FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> (Official Gazette of the State of S&#227;o Paulo) and the </FONT><I><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Valor Econ&#244;mico</FONT></I></FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> newspaper.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>2.2</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>.&nbsp; Indenture Registration. </FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>2.2.1.&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Indenture and any amendments thereto will be registered before JUCESP, in accordance with the provisions of article 62, item II and paragraph 3, of the Brazilian Corporate Law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>2.2.2.&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Up to two (2) Business Days counted as from the concession of registration of this Indenture or any amendments hereof with</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> JUCESP, as the case may be, the Issuer shall provide the Trustee with the original counterparts of this Indenture and any amendments hereof duly registered with JUCESP.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>2.3</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Exemption of Register before CVM and Register before ANBIMA. </FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>2.3.1.&nbsp;&nbsp; </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>This Issuance is automatically exempted from registration with CVM referred to in article 19, head provision, of the Securities Law, considering that placement of the Debentures to the investors will be made with restricted efforts, pursuant to article 6 of CVM Instruction 476. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>2.3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Issuance will be filed before the Brazilian Association of Financial and Capital Market Institutions (&#8220;ANBIMA&#8221;), solely for purposes of submitting information to ANBIMA&#8217;s database, pursuant to article 1, paragraph 1, subparagraph I, and paragraph 2 of </FONT><I><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>&#8220;C&#243;digo ANBIMA de Regula&#231;&#227;o e Melhores Pr&#225;ticas para as Ofertas P&#250;blica de Distribui&#231;&#227;o e Aquisi&#231;&#227;o de Valores Mobiliarios&#8221; </FONT></I></FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>(ANBIMA&#8217;s Code of Regulation and Best Practices for Public Offerings for Distribution and Acquisition of Securities, or &#8220;ANBIMA Code&#8221;), provided that the provisions set forth in ANBIMA Code, except for those set forth in Chapter V thereof, shall not apply to the Issuance, as long as specific guidelines have been issued in this regard by the &#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Conselho de Regula&#231;&#227;o e Melhores Pr&#225;ticas da ANBIMA</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8221; (Board of Regulation and Best Practices of ANBIMA) until the date of filing of the Closing Announcement, pursuant to article 9, paragraph 1 of ANBIMA Code. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>2.4</FONT></B></FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>. Deposit for Distribution, Trading and Financial Settlement. </FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>2.4.1. </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Debentures will be deposited for (i) distribution in the primary market in MDA &#8211; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>M&#243;dulo de Distribui&#231;&#227;o de Ativos</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> (&#8220;MDA&#8221;), administered and operated by B3 S.A. &#8211; Brasil, Bolsa, Balc&#227;o &#8211; Segment CETIP UTVM (&#8220;B3&#8221;); and (ii) trading in the secondary market in CETIP21 &#8211; T&#237;tulos e Valores Mobili&#225;rios (&#8220;CETIP21&#8221;), administered and operated by B3, provided that distribution and &nbsp;trading will be financially settled and the Debentures will be held under the electronic custody of B3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>2.4.2. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Notwithstanding the provisions set forth in clause 2.4.1 above, the Debentures may only be traded in regulated securities markets after ninety (90) days as of the date of each subscription or acquisition by Qualified Investors, as defined in article 9-A of CVM Instruction No. 539, dated November 13, 2013, as amended (&#8220;CVM Instruction 539&#8221; and &#8220;Qualified Investors,&#8221; respectively), pursuant to the provisions set forth in articles 13 and 15, paragraph one, of CVM Instruction 476, and after compliance, by the Issuer, with the requirements referred to in article 17 of CVM Instruction 476, provided that trading of the Debentures shall be subject to applicable legal and regulatory provisions.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>3. CLAUSE THREE - CHARACTERISTICS OF THE ISSUANCE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Issuance will have the following characteristics:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>3.1</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT></B></FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Issuance Number. </FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>3.1.1. </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>This Indenture represents the sixth (6<SUP>th</SUP>) issuance of debentures of the Issuer.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>3.2</FONT></B></FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Total Issuance Amount. </FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>3.2.1. </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The total Issuance amount is of one billion, seven hundred and twenty-five million reais (R$1,725,000,000.00) as of the Issuance Date (as defined below).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>3.3</FONT></B></FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Subscription Price and Payment. </FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>3.3.1. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The subscription and payment price of the Debentures will be their Unit Par Value, as of the date of first subscription and payment of Debentures (&#8220;First Subscription and Payment Date&#8221;), or their Unit Par Value plus Interests calculated on a </FONT><I><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>pro rata temporis</FONT></I></FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> basis from the First Subscription and Payment Date to the actual subscription and payment date, </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>with eight (8) decimal places, with no rounding, pursuant to the settlement rules applicable to B3 (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Subscription Price</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>&#8221;)</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>. Payment will be made at sight upon subscription, in Brazilian currency, pursuant to the procedures adopted by B3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>3.4</FONT></B></FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Series. </FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>3.4.1. </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Issuance will be made in a single series.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>3.5. Placement and Distribution Procedure</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>3.5.1. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Debentures will be subject to public distribution with restricted placement efforts, under the firm guarantee regime of subscription of all Debentures, and they will be addressed exclusively for subscription by up to fifty (50) Qualified Investors, subject to the provisions of article 3 of CVM Instruction 476, as well as the terms and conditions of the Debenture&#8217;s distribution agreement to be entered into between the Underwriters and the Issuer (&#8220;Placement Agreement&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>3.5.2. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The distribution plan will follow the procedure described in CVM Instruction 476, as set forth in the Placement Agreement. Therefore, the Underwriters may contact up to seventy-five (75) Qualified Investors, and the Debentures may be subscribed or acquired by up to fifty (50) Qualified Investors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>3.5.2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Investment funds and securities portfolios whose investment decisions are made by the same manager will be deemed a single investor for purposes of the limits set forth in item 3.5.2 above, subject to the provisions set forth in article 3, paragraph 1, of CVM Instruction 476.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>3.5.3. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Parties agree not to seek investors through stores, offices or establishments that are open to the public or through public communication services, such as the press, radio, television or websites that are open to the public, pursuant to </FONT><FONT style="FONT-VARIANT: small-caps; BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>CVM</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> Instruction 476.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>3.5.4. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The total amount of the Issuance shall not be increased in any event.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=left><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>3.5.5. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Issuer undertakes: (i) not to contact or provide information on the Restricted Offer to any investor, unless previously agreed with the Underwriters; and (ii) to inform the Underwriters of the interest expressed by potential investors in the Restricted Offer within one (1) Business Day after receiving such expression of interest.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=left><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>3.5.6. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>No liquidity maintenance fund will be established and no price stabilization agreement will be signed in connection with the Debentures.</FONT></P>

<H1 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=tahoma,sans-serif>3.5.7.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>At subscription and payment of the Debentures, Qualified Investors will sign a statement that they are aware that </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=tahoma,sans-serif>(i)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif> the Restricted Offer was not registered with CVM and/or ANBIMA; and </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=tahoma,sans-serif>(ii)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif> the Debentures are subject to the trading restrictions set forth herein and in applicable regulations, especially the provisions set forth in articles 13 and 15 of CVM Instruction 476.</FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>3.5.8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Issuer may not undertake, under the terms set forth in article 9 of CVM Instruction 476, any other public offering with the same type of securities subject matter of the Restricted Offer within four (4) months counted as from the date of closing of the Restricted Offer, unless a new offer is submitted </FONT>
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<FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>for registration with CVM.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>3.5.9.&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Issuer's current shareholders shall have no preemptive right to subscribe the Debentures and no discount whatsoever shall be granted by the Underwriters to the investors willing to acquire the Debentures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>3.5.10. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Underwriters&#8217; clients who are Qualified Investors and wish to invest in the Debentures will be served, considering the relationship of the Underwriters with such clients, as well as other investors, investment funds, individuals and legal entities, even if not Underwriters&#8217; clients, provided that such investors are Qualified Investors, and sign the professional investor statement, pursuant to item 3.5.7 above.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>3.5.11. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Partial distribution of Debentures will not be permitted under the Restricted Offer.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>3.5.12. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>There shall be no early reservation or minimum or maximum lots for the Issuance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>3.6</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face="times new roman"> </FONT></B></FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Settlement Bank and Bookkeeping Agent. </FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>3.6.1. </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The duties as settlement bank and bookkeeper will be attributed to Banco Bradesco S.A., a financial institution with its head office in the City of Osasco, State of Sao Paulo, in the administrative center called Cidade de Deus, s/n, Vila Yara, enrolled with the CNPJ/MF under No. 60.746.948/0001-12 (&#8220;Settlement Bank or Bookkeeping Agent&#8221;, as the case may be).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>3.7</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face="times new roman"> </FONT></B></FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Fund Allocation.</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>3.7.1. </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Funds raised with placement of Debentures will be allocated by the Issuer to reinforce its cash and lengthening of its debt profile.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>3.8</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face="times new roman"> </FONT></B></FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Purpose of the Issuer.</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>3.8.1. </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>According to article 3 of Issuer's Bylaws, its purpose is to invest its own funds in trade, manufacturing, agriculture, and provision of services, by subscription or acquisition of shares or interest in companies.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>CLAUSE FOUR - DEBENTURE CHARACTERISTICS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Debentures will have the following characteristics:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.1. Issuance Date and Payment Method</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.1.1. </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>For all legal purposes and effects, the Debenture issuance date will be March </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif><FONT style="FONT-SIZE: 11pt" face=Tahoma>05</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>, 2018 (&#8220;Issuance Date&#8221;). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.2. Convertibility, Type, Form and Evidenced Ownership of the Debentures</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.2.1. </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Debentures will be simple, non-convertible into shares, registered and book-entry, without issuance of certificates and/or guarantees.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>4.2.2. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>For all legal purposes, ownership of the Debentures will be evidenced through the Debenture statement, issued by the Bookkeeping Agent. In addition, it will be acknowledged as evidence of ownership of Debentures, the statement issued by B3, as the case may be, on behalf of the Debenture Holder, with respect to the Debenture held under the electronic custody of B3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.3. Type</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.3.1. </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Debentures will be unsecured, in accordance with article 58 of the Brazilian Corporate Law.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.4. Term and Maturity Date</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.4.1. </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>For all legal purposes, the Debentures will be mature in five (5) years after the Issuance Date (&#8220;Maturity Date&#8221;), with due date on </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>March <FONT style="FONT-SIZE: 11pt" face=Tahoma>05</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>, 2023, except for the events of total early redemption and early maturity of the Debentures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.5. Unit Par Value</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>4.5.1. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The unit par value of the Debentures will be of one thousand reais (R$ 1,000) as of the Issuance Date of the Debentures (&#8220;Unit Par Value&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.6. Amount of Debentures Issued</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.6.1. </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>one million and seven hundred and twenty-five thousand (1,725,000) Debentures will be issued.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.7. Adjustment of the Unit Par Value.</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.7.1. </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Neither the Unit Par Value of the Debentures, nor the balance of the Unit Par Value of the Debentures will be subject to monetary adjustment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.8. Compensation</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.8.1. </FONT></B></FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; FONT-WEIGHT: normal; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>As from the First Subscription and Payment Date, t</FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>he Debentures will bear compensatory interests corresponding toone hundred and five point twenty-five percent &nbsp;105.25%) of the accrued variation of average daily DI - Interbank Deposit rates for one day, &#8220;over extra group,&#8221; based on a two hundred and fifty-two (252) business day-year, as defined below, calculated and published on a daily basis by B3 at </FONT><I><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Informativo Diario</FONT></I></FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> (Daily Bulletin), as available in its website (http://www.cetip.com.br ) (&#8220;DI Rate&#8221;), </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>levied on the Unit Par Value or the balance of the Unit Par Value, as the case may be, payable at the end of each Capitalization Period (as defined below, calculated </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Compensation on an exponential, cumulative, </FONT><I><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>pro rata temporis</FONT></I></FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> basis, according to the number of business days elapsed, according to the following formula (&#8220;Compensation&#8221;):</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>I=NVi x (DI Factor -1), where:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8220;I&#8221; corresponds to the amount of interest due at the end of each Accrual Period, calculated with eight (8) decimal places with no rounding;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8220;NVi&#8221; corresponds to the Unit Par Value or the balance of the Unit Par Value of the Debenture, as the case may be, informed/calculated with eight (8) decimal places with no rounding;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8220;DI Factor&#8221; corresponds to the multiplication of the DI Rate using a percentage applied from and including the accrual period, calculated with eight (8) decimal places with rounding, as defined below:</FONT></P>

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   <TD width="50%" align=right><FONT face=Tahoma>DI Factor </FONT><B><I><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face="Franklin Gothic Demi Cond,sans-serif"><B><I><FONT lang=PT-BR style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: -0.5pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>=</FONT></I></B></FONT></I></B></TD>

   <TD width="50%"><FONT face=Tahoma>TT </FONT><B><I><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face="Franklin Gothic Demi Cond,sans-serif"><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; BACKGROUND: white; FONT-STYLE: normal; LETTER-SPACING: -0.5pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>1 </FONT></B></FONT></I></B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>- </FONT><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face="Times New Roman"><FONT lang=PT-BR style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>DIR. </FONT></FONT><B><I><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face="Franklin Gothic Demi Cond,sans-serif"><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; BACKGROUND: white; FONT-STYLE: normal; LETTER-SPACING: -0.5pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>x </FONT></B></FONT></I></B><B><I><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face="Franklin Gothic Demi Cond,sans-serif"><B><I><FONT lang=PT-BR style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: -0.5pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>-2- </FONT></I></B></FONT></I></B><B><I><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face="Franklin Gothic Demi Cond,sans-serif"><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; BACKGROUND: white; FONT-STYLE: normal; LETTER-SPACING: -0.5pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>j</FONT></B></FONT></I></B></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt 0pt"><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Consolas><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: -1.5pt" color=black face=tahoma,sans-serif>if&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Consolas><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: -1.5pt" color=black face=tahoma,sans-serif>ico </FONT></FONT><B><I><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face="Franklin Gothic Demi Cond,sans-serif"><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt" color=black face=tahoma,sans-serif>J</FONT></I></B></FONT></I></B></P></FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face="Franklin Gothic Demi Cond,sans-serif"><B><I><FONT lang=PT-BR style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: -0.5pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif></FONT></I></B></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>where:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8220;n&#8221; corresponds to the total number of DI-Over Rates considered in the Accrual Period, where &#8220;n&#8221; is an integer;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8220;p&#8221; corresponds to one hundred and five point twenty-five (105.25%);</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8220;DIR<SUB>k</SUB>&#8221; corresponds to the daily DI Rate, calculated with eight (8) decimal places, with rounding, calculated as follows:</FONT></P>

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<IMG border=0 src="pg07a.gif"></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>where:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8220;DI<SUB>k</SUB>&#8221; corresponds to the DI Rate published by B3, used with two (2) decimal places.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>4.8.2. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>For the purpose of calculating the Compensation:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>the factor resulting from the expression (1+DIR<SUB>k</SUB> x p/100) will be considered with sixteen (16) decimal places with no rounding;</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>the daily factors are multiplied (1+DIR<SUB>k</SUB> x p/100), where, for each daily factor accumulated, the result is truncated to sixteen (16) decimal places, then the next daily factor is applied, and so on up to the last one considered;</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>once the factors are accumulated, the factor resulting from the &#8220;DI Factor&#8221; multiplication is considered with eight (8) decimal places with no rounding; and</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(iv)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>the DI Rate will be used considering an identical number of decimal places as published by the body responsible for its calculation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>4.8.3. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8220;Accrual Period&#8221; is defined as the time interval beginning on the First Subscription and Payment Date, in the case of the first period, or on the immediately preceding Compensation Payment Date, for the other periods, and ending on the subsequent Compensation Payment Date. Each Accrual Period succeeds the previous one without interruption.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>4.8.4. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>In case of temporary unavailability of the DI Rate upon the payment of any monetary obligation under this clause, it will be replaced with the last known DI Rate, if any, on the calculation date, and no financial compensation will be due by the Issuer or the Debenture Holders upon the subsequent publication of the respective DI Rate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>4.8.5. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Failing the setting and/or publication of the DI Rate for a period exceeding ten (10) days after this date, or, further, in case of discontinuation of such rate or impossibility to apply such rate due to a legal provision or court determination, the Trustee shall, </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>up to five (5) days counted as from the date of lapse of the term of ten (10) days or the date of discontinuation of the DI Rate or the date of the legal or court determination, as the case may be,</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> call a General Meeting of Debenture Holders to allow Debenture Holders to define, by mutual agreement with the Issuer, the parameter to be applied. Until the date of the resolution by the General Meeting of Debenture Holders, the last know DI Rate will be used for the calculation of the amount of any obligations under this clause.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>4.8.6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>In the event the </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>General Meeting of Debenture Holders</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>is not held upon first and second call notices, as set forth in</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif> item 4.8.5</FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>above or, if held,</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> there is no voting quorum to decide on the substitute rate at the General Meeting of Debenture Holders held as set forth under clause 4.8.5 above, between </FONT>
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<FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>the Issuer and the Debenture holders representing at least seventy five percent (75%) of the Outstanding Debentures (as defined below), Issuer hereby undertakes the obligation to redeem all Debentures, with consequent cancellation thereof, within fifteen (15) days as of the date of the General Meeting of Debenture Holders is held, by their Unit Par Value or the balance of their Unit Par Value, as the case may be, increased by the Compensation due and payable until the actual redemption date, calculated on </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>pro rata temporis</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> basis, from the First Subscription and Payment Date or the last Compensation Payment Date of the Debentures, whichever is later. In this case, for calculating the Compensation of the Debentures to be redeemed, for each day of the period in which rates are absent, the last DI Rate officially disclose shall be used.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>4.8.7.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> In case the DI Rate to be disclosed prior to the holding of the General Meeting of Debenture Holders referred to in section 4.8.5 above, said meeting shall no longer be held and the DI Rate, from its disclosure date, shall be used again for calculating the Compensation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . Scheduled Amortization.</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.9.1. </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Unit Par Value or the balance of the Unit Par Value of the Debentures under this Issuance will be amortized in one single installment, on the Maturity Date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.10.&nbsp; Compensation Payment.</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.10.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The amounts relating to the Debenture Compensation shall be paid on a half-yearly basis, with no grace period, as of the Issuance Date, on </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>the <FONT style="FONT-SIZE: 11pt" face=Tahoma>05 </FONT>of months March and September each year,</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> the first payment falling due on </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>&nbsp;September <FONT style="FONT-SIZE: 11pt" face=Tahoma>05</FONT>, 2018 and the last payment falling due on the Maturity Date, including (each, a &#8220;Compensation Payment Date&#8221;), except for the events of early redemption and early maturity of the Debentures</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.11.&nbsp; Place of Payment</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.11.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Payments which Debentures are entitled to will be made (i) pursuant to the procedures adopted by B3 for Debentures held under the electronic custody of B3; or (ii) in the event the Debentures are not held under the electronic custody of B3, (a) in the headquarters of the Issuer, or (b) as the case may be, by the Settlement Bank.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.12.&nbsp; Term Extension</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.12.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Payment terms relating to any obligations falling due up to the first subsequent Business Day (as defined below), with no additional amounts payable, will be automatically extended.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.13.&nbsp; Default Charges</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.13.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>In the event of delay by the Issuer in the payment of any amount due to the Debenture Holders, without prejudice to Compensation, the overdue amounts will be subject to a default fine equal to two percent (2%) and default interest of one percent (1%) per month, both on the overdue amounts, from the default date to the date of effective payment, regardless of judicial or extrajudicial notice or communication (&#8220;Default Charges&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.14.&nbsp; No Right to Additions</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.14.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Without prejudice to the provisions set forth in item 4.13 above, the failure by the Debenture Holder to appear and receive the amount corresponding to any of Issuer's monetary obligations on the dates set forth in this Indenture or in a notice published by the Issuer shall not entitle him to receive Compensation and/or Default Charges during the period of the delay in the receipt; however, the Debenture Holder's rights vested up to the respective due date shall be secured.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.15.&nbsp; Renegotiation</FONT></B></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.15.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>There shall be no renegotiation of Debentures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.16.&nbsp; Publicity</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.16.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>All announcements, notices and other acts and decision resulting from this Issuance which otherwise involve the interests of the Debenture Holders will be published in the Official Gazette of the State of</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif> S&#227;o Paulo, as notice and when required by law, and in newspaper Valor Econ&#244;mico, subject to the provisions set forth in article 289 of the Brazilian Corporate Law and the limitations imposed by CVM Instruction 476 with respect to disclosure of the public offering of Debentures with restricted distribution efforts and the legal terms, and the Issuer shall inform the Trustee with respect to any disclosure up to five (5) Business Days counted as from the date of such disclosure</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>. In case Issuer changes its publication newspapers after the Issuance Date, it shall send a notice to the Trustee providing information on the new vehicle.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.17.&nbsp; Tax Immunity</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>4.17.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>In the event that a Debenture Holder enjoys any kind of tax immunity or exemption, such Debenture Holder shall send to the Settlement Bank, within no more than ten (10) Business Days before the date scheduled for receipt of amounts relating to the Debentures, documents supporting such tax immunity or exemption, otherwise the amounts due under the prevailing tax laws shall be deducted from the income payable thereto.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>CLAUSE FIVE - OPTIONAL ACQUISITION, EARLY REDEMPTION AND EXTRAORDINARY AMORTIZATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>5.1.&nbsp;&nbsp;&nbsp; Optional Acquisition</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>5.1.1. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Issuer may, at any time, subject to the provisions of article 13 of CVM Instruction 476, acquire in the market the Debentures, provided that it complies with the rules issued by CVM, and such fact must be set out in the Issuer's management report and financial statements, subject to the provisions of article 55, paragraph 3, of the Brazilian Corporate Law. The Debentures hereunder may (i) be cancelled, (ii) be held in the Issuer's treasury, or (iii) be once again placed in the market. The Debentures acquired by the Issuer to be held in treasury, as set forth in this item, shall, if and when put back in the market, be entitled to the same interest as the other Debentures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>5.2. Full Optional Early Redemption</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>5.2.1. </FONT></B></FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; FONT-WEIGHT: normal; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>At its sole discretion,</FONT></FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif> </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>the Issuer may, as from the twenty-fourth (24<SUP>th</SUP>) month from the Issuance Date, that is, on or as from March <FONT style="FONT-SIZE: 11pt" face=Tahoma>05</FONT>, 2020, upon prior notice to the Debenture Holders, with copy to the Trustee, by individual notice or published announcement, at least five (5) days before the event date, early redeem all Debentures (&#8220;Early Redemption&#8221;), at the balance of the Unit Par Value subject matter of redemption on the date of Early Redemption, increased by Compensation, and the latter shall be calculated on a </FONT><I><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>pro rata temporis</FONT></I></FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> basis from the First Subscription and Payment Date or the last Compensation payment date, whichever occurs later, to the actual redemption date (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Redemption Base Amount</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8221;), as well as levy on the Redemption Base Amount, of redemption premium of zero point thirty percent (0.30%) per year, based on a two hundred and fifty-two (252) business day-year, on a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>pro rata temporis</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> basis from the actual early redemption date to the Maturity Date (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Early Redemption Amount</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>5.2.2. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>B3 must be notified, through correspondence from the Issuer jointly with the Trustee, of the performance of early redemption, at least three (3) Business Days before the intended date of such early redemption. All Debentures subject matter of the Early Redemption must be redeemed on the same date, which must fall on a Business Day.</FONT></P>

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<H1 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=tahoma,sans-serif>5.2.3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>Payment of the Early Redemption Amount will occur </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=tahoma,sans-serif>(i)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>&nbsp;through the procedures adopted by B3 for Debentures held under the electronic custody of B3, or </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=tahoma,sans-serif>(ii)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>&nbsp;through the procedures adopted by Settlement Bank, for Debentures that are not held under the electronic custody of B3.</FONT></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 36pt; TEXT-INDENT: -36pt"><B><FONT style="FONT-SIZE: 11pt" face=tahoma,sans-serif>5.3.</FONT></B><B><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 11pt" face=tahoma,sans-serif>Optional Extraordinary Amortization</FONT></B></H1>

<H1 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Verdana,sans-serif>5.3.1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; FONT-WEIGHT: normal; LETTER-SPACING: 0pt" color=black face=tahoma,sans-serif>At its sole discretion, </FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>the Issuer may, as from the twenty-fourth (24<SUP>th</SUP>) month from the Issuance Date, that is, on or as from March <FONT style="FONT-SIZE: 11pt" face=Tahoma>05</FONT>, 2020, upon prior notice to the Debenture Holders, with copy to the Trustee, by individual notice or published announcement,</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=tahoma,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>at least five (5) days before the event date, amortize in advance up to ninety-eight percent (98%) of the balance of the Unit Par Value of the Debentures (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>Extraordinary Amortization</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>&#8221;), at the portion of the balance of the Unit Par Value subject matter of amortization on the </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>Extraordinary Amortization</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif> date, plus Compensation, proportionally to the amount of the portion of the Unit Par Value to be amortized on an extraordinary basis, which will be calculated on a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>pro rata temporis</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif> basis from the First Subscription and Payment Date or the last Compensation payment date, whichever occurs last, to the actual extraordinary amortization date (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>Amortization Base Amount</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>&#8221;), as well as levy on the Amortization Base Amount, of premium of zero point thirty percent (0.30%) per year, based on a two hundred and fifty-two (252) business day-year, on a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>pro rata temporis</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif> basis from the actual extraordinary amortization date to the Maturity Date (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>Extraordinary Amortization Amount</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>&#8221;).</FONT></H1>

<H1 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=tahoma,sans-serif>5.3.2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>B3 must be notified, through correspondence from the Issuer jointly with the Trustee, on the extraordinary amortization, at least three (3) Business Days before the intended date of such extraordinary amortization. All amounts due as Extraordinary Amortization Debentures must be paid on the same date, which must fall on a Business Day.</FONT></H1>

<H1 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=tahoma,sans-serif>5.3.3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>Payment of the </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>Extraordinary Amortization Amount</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif> will occur </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=tahoma,sans-serif>(i)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>&nbsp;through the procedures adopted by B3 for Debentures held under the electronic custody of B3, or </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=tahoma,sans-serif>(ii)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=tahoma,sans-serif>&nbsp;through the procedures adopted by Settlement Bank, for Debentures that are not held under the electronic custody of B3.</FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt 29.25pt; TEXT-INDENT: -29.25pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>6.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>CLAUSE SIX - EARLY MATURITY</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>6.1.&nbsp;&nbsp;&nbsp; </FONT></B></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Any of the following shall be deemed events of early maturity of the Debentures under this Issuance, whereby, subject to the provisions of items 6.2 and 6.3 below, the Unit Par Value or the balance of the Unit Par Value will be immediately payable, plus Compensation, calculated on a </FONT><I><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>pro rata temporis</FONT></I></FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> basis from the First Subscription and Payment Date or the last Compensation Payment Date, as applicable, to the actual payment date by virtue of early maturity, and potential Default Charges:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>failure to pay the principal and/or the Compensation due to the Debentures on their respective due dates;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>non-compliance, by the Issuer, with any non-pecuniary obligation resulting from this Indenture, not remedied within the respective cure period, or, if no cure period is established, not remedied within five (5) Business Days counted as from receipt of notice sent by the Trustee to the Issuer, or by the Issuer to the Trustee, whichever occurs first, informing on the respective default;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>file of a petition for judicial or extrajudicial reorganization by the Issuer to any creditor or class of creditors, regardless of whether or not such reorganization is approved by the court, is allowed to proceed, or is granted;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(iv)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>liquidation, dissolution, or declaration of bankruptcy of the Issuer and/or the companies controlled by the Issuer;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(v)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>filing by the Issuer of a petition for voluntary bankruptcy; and</FONT></P></DIV>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>(vi)</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>occurrence of any Change to the Shareholding Control of the Issuer and/or&nbsp;<FONT style="FONT-SIZE: 11pt" face=Tahoma>Ipiranga</FONT> (as defined below);</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>(vii)</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>protests of bills against the Issuer (R$250,000,000.00), or its equivalent amount in other currencies;</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>(viii)</FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>change to the </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>registration of the Issuer pursuant to articles 220 through 222 of the Brazilian Corporate Law;</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>(ix)</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>If the Issuer is held liable, in a final and unappealable court decision, for relevant damages caused to the environment; and</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>(x)</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>If violation is determined, in a final and unappealable court decision, to any Brazilian or foreign legal or regulatory provision, applicable to the <FONT style="FONT-SIZE: 11pt" face=Tahoma>I</FONT>ssuer with respect to a corruption act, including, but not limited to, Law 12846, dated August 1, 2013, Law 9613, dated March 3, 1998, as amended, and the U.S. Foreign Corrupt Practices Act of 1977</FONT><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif> </FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>(&#8220;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>Anticorruption Laws</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>6.1.1. </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>For purposes of item 6.1, (vi), above, </FONT><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>(1)</FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif> &#8220;Change to the Shareholding Control of the Issuer&#8221; shall mean a public offering of shares of the Issuer as a result of the acquisition, by any individual or legal entity or Group of Shareholders, of direct or indirect shareholding interest equal to more than twenty percent (20%) of the Issuer's capital stock (excluding treasury shares), combined with the subsequent change in the majority of the members of the Board of Directors. Group of Shareholders is defined as the group of people: (i) bound by contracts or agreements of any nature, including shareholders' agreements, either directly or by means of controlled or controlling companies or companies under common control; or (ii) among which there is a controlling relationship; or (iii) that are under common control; or (iv) that act in the representation of a common interest. Examples of people representing a common interest include: (a) a person holding, directly or indirectly, an equity interest equal to or greater than fifteen percent (15%) of the capital stock of another person; and (b) two people having a third investor in common that holds, directly or indirectly, an equity interest equal to or greater than fifteen percent (15%) in the capital stock of each of the two people. Any joint ventures, funds or investment clubs, foundations, associations, trusts, condominiums, cooperatives, securities portfolios, universality of rights or any other form of organization or enterprise, organized in Brazil or outside Brazil, shall be deemed members of one Group of Shareholders whenever two or more such entities: (I) are managed by one single legal entity or related parties of one single legal entity; or (II) have most of their directors and executive officers in common, but in the case of investment funds with a common manager, only such entities in which the determination of vote to be held at a Shareholders' Meetings, as determined by the respective statutes, is in the manager's sole discretion, shall be deemed as part of the Group of Shareholders; and </FONT><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>(2)</FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif> &#8220;</FONT><FONT lang=EN-US face=tahoma,sans-serif>Change to the Shareholding Control of&nbsp;Ipiranga&#8221; shall mean the Issuer ceases to hold (i) direct or indirect shareholding interest equal to more than 50% (fifty percent) plus one share of the&nbsp;voting stock of Ipiranga Produtos de Petr&#243;leo S.A. ("Ipiranga")&nbsp;and (ii) the power (by means of equity interest or voting agreement) to elect the majority of the corporate officers and direct the corporate activities of Ipiranga</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>6.2.&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>The occurrence of any of the events set out in sub-items (i), (iii), (iv), (v) of item 6.1 above shall give rise to the automatic and immediate early maturity of the Debentures, regardless of any notice or communication, subject to article 12, sole paragraph, of CVM Instruction 583, dated December 20, 2016, as amended (&#8220;CVM Instruction 583&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>6.3.&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>Upon the occurrence of the event set out in the other sub-items of item 6.1 above, the Trustee shall call, within two (2) Business Days from the time it becomes aware of the occurrence of such event, a General Meeting of Debenture Holders to resolve on declaration of non-early maturity of the </FONT>
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<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>Debentures, subject to the calling procedure set forth in Clause Nine below, and quorum of seventy-five percent (75%) of outstanding Debentures.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>6.3.1. </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>In the event of (i) quorum to hold and/or make a resolution at the General Meeting of Debenture Holders is not reached as provided in item 6.3 above at second call notice; or (ii) Debenture Holders representing seventy-five percent (75%) of outstanding Debentures fail to vote on non-declaration of early maturity, the Trustee shall, immediately, declare the early maturity of all obligations resulting from the Debentures.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>6.4.&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>The occurrence of the declaration of the early maturity of the Debentures shall be immediately communicated by the Trustee to B3.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>6.5.&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>In the event of early maturity of the obligations resulting from the Debentures, the Issuer shall redeem all Debentures, which will be subsequently cancelled, at their Unit Par Value or balance of their Unit Par Value, as the case may be, plus Compensation, calculated on a </FONT><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>pro rata temporis</FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif> basis, from the First Subscription and Payment Date or the last Compensation Payment Date, as the case may be, to the actual payment date, without prejudice to payment of Default Charges, as the case may be, and any other amounts due by the Issuer under the terms set forth in this Indenture, outside the scope of B3, up to two (2) Business Days counted as from the date of early maturity of the obligations resulting from the Debentures, under penalty of, if it fails to do so, being required to pay for Default Charges.</FONT></P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>7.&nbsp;&nbsp; CLAUSE SEVEN - ISSUER'S ADDITIONAL OBLIGATIONS</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>7.1.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>Subject to the other obligations set forth in this Indenture, until the full payment of the Debentures, the Issuer further undertakes to:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>(i)</FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>comply with the obligations set forth in CVM Instruction 476, including, but not limited to, the obligations set forth in article 17 of CVM Instruction 476, namely:</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 1cm" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>(a)</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>prepare year-end financial statements and, if applicable, consolidated financial statements, in compliance with the Brazilian Corporate Law and the rules issued by CVM;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 1cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>(b)</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>cause its financial statements to be audited by an independent auditor registered with CVM;</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 1cm" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>(c)</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>disclose its annual financial statements, with the corresponding notes and independent auditors' report, within three (3) months from the end of the fiscal year, on its website;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 1cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>(d)</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>keep the documents mentioned in item (c) above on its website for a period of three (3) years;</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 1cm" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>(e)</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>comply with the provisions of CVM Instruction 358, enacted on January 3, 2002, as amended (&#8220;CVM Instruction 358/02&#8221;), relating to confidentiality and restrictions on trade;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 1cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>(f)</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>disclose on its website the occurrence of any relevant fact, as defined by article 2 of CVM Instruction 358/02, and immediately inform such fact to the Underwriters and the Trustee;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 1cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>(g)</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>provide any information requested by CVM and B3;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 1cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>(h)</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>disclose in its website the annual report and other notices submitted by the Trustee on the same date of receipt thereof, subject to the provisions set forth in item (d) above;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>provide the Trustee with:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 12pt 63.8pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=tahoma,sans-serif>(a)</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=tahoma,sans-serif>within ten (10) Business Days, any information that may reasonably be requested by the Trustee to allow the Trustee to perform its obligations under this Indenture and CVM </FONT>
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<FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Instruction 583;</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt 63.8pt; TEXT-INDENT: -1cm" align=left><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>financial information and information on the corporate acts of the Issuer necessary for the preparation of the report destined to the Debenture Holders set forth in this Indenture;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 63.8pt; TEXT-INDENT: -1cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=tahoma,sans-serif>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=tahoma,sans-serif>information with respect to occurrence of any of the events of early maturity up to two (2) Business Days after becoming aware of them;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 63.8pt; TEXT-INDENT: -1cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=tahoma,sans-serif>(d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=tahoma,sans-serif>organizational chart, financial information and all corporate acts necessary to prepare the annual report the Trustee may request, which must be duly provided by the Issuer up to thirty (30) days before expiration of the term to provide the report. The organizational chart of the corporate group of the Issuer must also include its controlling companies, controlled companies, companies under common control, affiliates and members of the controlling block, as applicable, at the end of each fiscal year;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 63.8pt; TEXT-INDENT: -1cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=tahoma,sans-serif>(e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=tahoma,sans-serif>the original counterpart filed with JUCESP of the acts and meetings of Debenture Holders involved in the Issuance; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 63.8pt; TEXT-INDENT: -1cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(f)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>up to two (2) Business Days after whichever occurs first between the ninetieth (90th) day counted as from the end of each fiscal year and the actual disclosure date, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>(I)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&nbsp;a copy of the financial statements of the Issuer for the ended fiscal year, accompanied by the independent auditor&#8217;s report for such fiscal year, prepared under the Brazilian Corporate Law and the rules of which are issued by CVM; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>(II)&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>statement from the statutory officer of the Issuer, pursuant to its bylaws, certifying: </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>(1)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&nbsp;the provisions set forth in the Indenture remain valid, with respect to the Issuer; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>(2)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&nbsp;non-occurrence of none of the events of early maturity and proper compliance with the Issuer&#8217;s obligations before the Debenture Holders and the Trustee; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>(3)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&nbsp;that it assets are duly insured; and </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>(4)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> no acts have been performed in non-complianve with the Issuer&#8217;s Bylaws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>7.1.1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Issuer hereby, irrevocably and irreversibly, undertakes to ensure that the operations that it performs under B3 are always in line with the good market practices, holding the Trustee harmless from and against any responsibility for proven claims, losses and damages, lost and/or incidental profits given rise due to non-compliance with such rules, provided that they have not been evidently performed by the Trustee. </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt 19.5pt; TEXT-INDENT: -19.5pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>8.</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>CLAUSE EIGHT - TRUSTEE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>8.1.&nbsp;&nbsp;&nbsp; Appointment.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>8.1.1. </FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; FONT-WEIGHT: normal; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>The Issuer hereby appoints and constitutes </FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face=tahoma,sans-serif>Pent&#225;gono S.A. Distribuidora de Titulos e Valores </FONT><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; FONT-WEIGHT: normal; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Mobili&#225;rios</FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face=tahoma,sans-serif>, qualified in the preamble of this Indenture, as the trustee of this Issuance, which hereby and in due legal form accepts such appointment to, in compliance with the law and the present Indenture, represent the Debenture Holders as a group. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>8.2.&nbsp;&nbsp;&nbsp; Representations</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>8.2.1. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Trustee, as appointed in this Indenture, hereby provides the following representations and warranties to the Issuer:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>it is a financial institution duly incorporated and existing as a corporation (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>sociedade an&#244;nima</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>), under Brazilian laws; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>it has not been legally prevented, pursuant to article 66, paragraph 3, of the Brazilian Corporate Law and article 6 of CVM Instruction 583, from performing the job assigned thereto;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>it accepts the job assigned thereto, fully assuming the duties and obligations set forth in&nbsp;the </FONT>
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<FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>applicable laws and this Indenture;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(iv)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>it fully accepts this Indenture and all its terms and conditions;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(v)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>it is aware of applicable regulation enacted by the Central Bank of Brazil (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>BACEN</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8221;) and CVM, including the provisions set forth in BACEN Circular Letter No.1.832, enacted on October 31, 1990, as amended;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(vi)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>it is duly authorized to enter into this Indenture and perform its obligations set forth herein, having complied with all requirements under the law and according to its bylaws;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(vii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>it does not fall within any of the events of conflict of interests set forth in article 6 of CVM Instruction 583;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(viii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>it is duly qualified to perform the activities of trustee, in compliance with the prevailing regulations;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(ix)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>this Indenture constitutes a legal, valid, binding, and effective obligation of the Trustee, enforceable according to its terms and conditions;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(x)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>the execution of this Indenture and the performance of its obligations hereunder do not violate any obligation previously assumed by the Trustee;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(xi)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>its representative who will sign this Indenture has sufficient powers to do so;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(xii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>it has verified the legal aspect and lack of defects in the transaction, in addition to the truthfulness, consistency, accuracy and sufficiency of information provided by the Issuer in this Indenture; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(xiii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>as of the date of execution of this Indenture, pursuant to the organizational chart provided by the Issuer, the Trustee found that it provides trustee services in the issuances listed in Exhibit I attached hereto. Until this date, no event of pecuniary default has been found in any of these issuances.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>8.3.&nbsp;&nbsp;&nbsp; Replacement</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>8.3.1. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>In the event of impediment, resignation, intervention, out-of-court liquidation, a General Meeting of Debenture Holders shall be held within no more than thirty (30) days from such event to elect the new Trustee; such meeting must be called by the Trustee to be replaced, and it may be called by Debenture Holders representing, at least, ten percent (10%) of the Outstanding Debentures. If the meeting is not called up to fifteen (15) days from the expiration of the aforementioned period, the Issuer shall call it, as set forth in Clause Nine below. In exceptional cases, CVM may call such meeting in order to appoint the new trustee or &nbsp;appoint a temporary substitute. The compensation of the new Trustee shall be determined in compliance with the provisions of item 8.3.6 below.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>8.3.2. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>In the event that the Trustee is unable to continue performing its duties due to circumstances occurring after the execution of this Indenture, it shall immediately inform such fact to the Issuer and the Debenture Holders, by calling a General Meeting of Debenture Holders, requesting its replacement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>8.3.3. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>In the event the Trustee finds any violation to item 11.8 below, the Issuer, the Debenture Holders or the Trustee itself may call a General Meeting of Debenture Holders in order to resolve on replacement of the Trustee.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>8.3.4. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Debenture Holders are entitled, after the expiration of the period for distribution of the Debentures, to replace the Trustee and appoint its substitute, at a General Meeting of Debenture Holders specially called for such purpose by Debenture Holders representing, at least, ten percent (10%) of Outstanding Debentures.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>8.3.5.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> Replacement of the Trustee must be informed to CVM, up to seven (7) Business Days counted as from the date of last filing referred to in item 8.3.6 below.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>8.3.6. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Replacement of the Trustee shall entail amendment to this Indenture, which must be filed with JUCESP, as set forth in item 2.2.1 above.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>8.3.7. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>In case of resignation of the Trustee, it shall continue to perform its duties until its effective replacement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>8.3.8. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Trustee shall start performing its duties on the date of this Indenture or of any amendment relating to a replacement and shall continue to perform its duties until full payment of the Debentures or until its effective replacement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>8.3.9. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>In case of actual replacement of the Trustee, as approved by the Debenture Holders, the substitute shall receive the same compensation as of the Trustee, under the same terms and conditions; the first annual installment due to the substitute shall be calculated on a </FONT><I><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>pro rata temporis</FONT></I></FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> basis from the date it starts to perform its duties as trustee. Such consideration for the services provided by the substitute trustee may be changed by mutual agreement between the Issuer and the substitute trustee.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>8.4.&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Duties.</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>8.4.1. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Trustee shall have the following duties and obligations, without prejudice to any others established by law, by CVM regulations or by this Indenture:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>to protect the rights and interests of the Debenture Holders, acting with caution and diligence in the same manner as any active and honest person would act in the administration of his own assets;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>to resign from the job in the event of a subsequent conflict of interests or any other form of inability and immediately call the General Meeting of Debenture Holders to resolve on its replacement;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>to safeguard all documents related to performance of its duties;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(iv)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>to verify, when accepting its role, the truthfulness of information related to guarantees, is applicable, and consistency of other information set forth in this Indenture, and take action in order to correct any omissions, faults, or defects it may find;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(v)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>ensure, jointly with the Issuer, that the Indenture and its amendments are filed with JUCESP, and take, in the event of omission by the Issuer, all measures provided by law;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(vi)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>accompany submitting of periodical information by the Issuer and warn the Debenture Holders, in the annual report, on any inconsistencies or omissions it is aware of;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(vii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>to issue an opinion on the sufficiency of the information contained in any proposal for changes to the conditions of the Debentures;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(viii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>to request, whenever it deems necessary, up-to-date certificates from state court clerks' offices, federal distributors, Public Treasury courts, Offices for Protest of Bills, Labor Courts, and Counsel for the Federal Treasury of the jurisdiction where the Issuer has its headquarters, as well as the other judicial districts in which the Issuer exercises its activities;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(ix)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>to call, when necessary, the General Meeting of Debenture Holders, through a notice published at least three (3) times, pursuant to item 4.16 above;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(x)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>to attend the General Meeting of Debenture Holders in order to provide any information that may </FONT>
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<FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>be requested;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(xi)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>to prepare a report addressed to the Debenture Holders, pursuant to article 15 of CVM Instruction 583 and item &#8220;b,&#8221; paragraph 1, of article 68 of the Brazilian Corporate Law, which must contain at least the information below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 63pt; TEXT-INDENT: -31pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>compliance by the Issuer with its obligations to provide periodical information, indicating any inconsistencies or omissions it is aware of;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 63pt; TEXT-INDENT: -31pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>amendments to the bylaws occurred in the period materially affecting the Debenture Holders;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 63pt; TEXT-INDENT: -31pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>comments on Issuer's economic and financial indicators and capital structure related to clauses intended to protect the interests of holders of securities and which provide for the conditions the Issuer should comply with;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 63pt; TEXT-INDENT: -31pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>number of Debentures that have been issued, number of outstanding Debentures and cancelled balance in the period;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 63pt; TEXT-INDENT: -31pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>redemption, amortization, conversion, renegotiation and payment of interests on the Debentures in the period;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 63pt; TEXT-INDENT: -31pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(f)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>allocation of funds raised with the Issuance, based on information provided by the Issuer;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 63pt; TEXT-INDENT: -31pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(g)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>list of the assets and amounts under Trustee&#8217;s management;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 63pt; TEXT-INDENT: -31pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(h)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>maintenance of sufficiency and enforceability of guarantee, as applicable;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 63pt; TEXT-INDENT: -31pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>compliance with other obligations assumed by the Issuer under this Indenture;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 63pt; TEXT-INDENT: -31pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(j)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>declaration on the lack of conflict of interests that could prevent the Trustee from acting as Trustee; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 63pt; TEXT-INDENT: -31pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(k)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>existence of other public or private offerings of securities by the Issuer or an affiliated, controlled or controlling company, or a company belonging to the same group as the Issuer, for which it may have acted as trustee, as well as the following data on such offerings:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 62pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(1)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>name of the offering company;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 62pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(2)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>number of securities being issued;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 62pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(3)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>offering amount;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 62pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(4)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>type and involved guarantees;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 62pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(5)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>maturity date and interest rate; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 62pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(6)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>pecuniary default in the period.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt 33pt; TEXT-INDENT: -33pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(xii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>disclose the report referred to in item (x) above on its website up to four (4) months from the end of the fiscal year of the Issuer;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(xiii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>to keep up-to-date the list of Debenture Holders and their addresses, including by means of information management before the Issuer, the Settlement Bank and the Bookkeeping Agent and B3; </FONT>
</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<a name="page_17"></a><a name="_bclPageBorder17"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">and for the purpose of
complying with the provisions set forth in this subparagraph, Issuer and the
Debenture Holder, upon the subscription and payment of Debentures, expressly
authorize the Settlement Bank, the Bookkeeping Agent and B3 to fulfill to any
requests made by the Trustee, including&#160; with regard to disclosure, at&#160; any
moment of the position of Debentures and their respective holders;</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">(xiv)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp; </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">to
coordinate the draw for the Debentures to be redeemed, as set forth herein, as
applicable;</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">(xv)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">to monitor
compliance with the clauses of this Indenture, particularly those imposing positive
and negative covenants;</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">(xvi)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;
</font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">to
notify the Debenture Holder with respect to any failure by the Issuer to
perform its financial obligations assumed herein, including
obligations related to guarantees, if applicable, and clauses intended to
protect the interests of the Debenture Holders and which provide for the
conditions to be complied with by the Issuer, indicating the consequences to
the Debenture Holders and the measures it will take with respect to this
matter, up to seven (7) Business Days counted as from awareness by the Trustee
of such failure;</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">(xvii)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;to
make
the annual report referred to in item (x) above available for public
consultation in the website of the Trustee (</font><font face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">www.pentagonotrustee.com.br</font><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">) for
three (3) years;</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">(xviii)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;
</font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">to
make the unit value of the Debentures, as calculated by the Issuer jointly with
the Trustee, available on a daily basis to the Investors and market participants,
through its service center and/or website;</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:16.0pt;">(xix)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:16.0pt;">&nbsp;&nbsp;&nbsp;
</font></b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:16.0pt;">to
request, when necessary, external audit of the Issuer;</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:16.0pt;">(xx)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:16.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:16.0pt;">to
exercise its activities in good-faith, with transparency and loyalty to the
Debenture Holders;</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:16.0pt;">(xxi)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:16.0pt;">&nbsp;&nbsp;&nbsp;
</font></b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:16.0pt;">to
make available in its website (www.pentagonotrustee.com.br) the up-to-date list
of issuances in which it acts as trustee; and</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">(xxii)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">to
disclose in its website (www.pentagonotrustee.com.br)
information provided for in Article 16 of CVM Instruction 583, which
information must be made available for public consultation in its website for
at least three (3) years.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.4.2. </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">Without prejudice to
the Trustee&#8217;s duty of diligence, the Trustee shall assume that the original
documents or certified copies of documents sent by the Issuer or third parties
at its request are genuine and true and were not subject to fraud or
counterfeiting. Further, the Trustee shall not, in any event, be responsible for
the preparation of the Issuer's corporate documents, so that the Issuer shall
remain responsible for the preparation of such documents in accordance with the
prevailing laws and regulations.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.4.3. </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">The Trustee shall
not be responsible for checking the sufficiency, validity, quality,
truthfulness, or completeness of the technical and financial information
contained in any document that is forwarded to it with the purpose of
informing, complementing, clarifying, rectifying, or ratifying the information
in this Indenture, except for those already set forth in this Indenture</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.4.4.  </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">The acts or
expressions by the Trustee resulting in any responsibility for the Debenture
Holders and/or releasing any third parties from obligations towards them, as
well as those related to the due compliance with the obligations taken
hereunder, will only be valid when previously resolved by the Debenture Holders
at a General Meeting of Debenture Holders.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.4.5. </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">The Trustee shall
not issue any kind of opinion, nor shall it make any judgment on the guidance
relating to any fact of the Issuance that the Debenture Holders are supposed to
define, undertaking only to act in accordance with the instructions that are
given to it by the Debenture Holders. In this regard, </font><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">the
Trustee does not have any responsibility for the result or the legal effects
resulting from the strict compliance with the Debenture Holders' guidance given
to it, as defined by the Debenture Holders and reproduced before the Issuer,
regardless of any possible losses that may arise therefrom to the Debenture
Holders or the Issuer. The performance of the Trustee is limited to the scope
of CVM Instruction 583, as amended, and the applicable articles of the Brazilian
Corporate Law, being exempt, under any circumstance or pretext, of any further
responsibility that has not resulted from the applicable legislation.</font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_18"></a><a name="_bclPageBorder18"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.5.&#160;&#160;&#160; Specific Attributions</font></b></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.5.1. </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">The Trustee will
take all and any measures provided by la or herein in order to protect the
rights or defend the interests of the pooling of Debenture Holders, in the
event of default by the Issuer, pursuant to the provisions set forth in article
12 of CVM Instruction</font><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;"> 583</font><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">:</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.6.&#160;&#160;&#160; Trustee Compensation</font></b></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.6.1. </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">Annual installments
in the amount of seven thousand reais (R$&nbsp;7,000.00), the
first of which falling due up to the fifth (5th) business day after the date of
execution of the Indenture, and the following of which falling due on the same
day in the subsequent years, calculated on a </font><i><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">pro rata die</font></i><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;"> basis, if
necessary. The first installment will be due even if the Issuance is not paid
up, as structuring and implementation. Compensation will be due even after the
final maturity of the Debentures, if the Trustee is still exercising activities
inherent to its duties with respect to the issuance, which compensation will be
calculated on a </font><i><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">pro rata </font></i><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">die basis.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.6.2. </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">The installment
mentioned above will be adjusted according to the positive accrued variation of
IGP-M, calculated and published by the Getulio Vargas Foundation, or, in case
such index is not available, or when it cannot be used, according to the index
that replaces it, starting on the date of the first payment up to the
subsequent payment dates, calculated on a </font><i><font color=black face=Arial,sans-serif style="background:white;position:relative;top:0pt;"><i><font color=black face=tahoma,sans-serif lang=EN-US style="background:white;font-size:11.0pt;letter-spacing:0pt;line-height:normal;">pro rata
die</font></i></font></i><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">
basis, if necessary and as applicable.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.6.3. </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">In the event of
non-payment of any amount due, delayed amounts will be subject to the
contractual fine of two percent (2%) on debt amount, as well as default
interests of one percent (1%) per month, and debt amounts will be subject to
adjustment to inflation based on IGP-M, from the date of default to the actual
payment date, calculated on a </font><i><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">pro rata die</font></i><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;"> basis.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.6.4.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;"> </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">The installments
mentioned in clause 8.6.1 above shall be increased by the following taxes: ISS
(Tax on Services of Any Nature), PIS (Contribution to the Social Integration
Program), COFINS (Contribution for Funding of Social Security), CSLL (Social
Contribution on Net Income), IRRF (Income Tax Withheld at Source) and any other
taxes that may apply on the Trustee's compensation at the rates in effect as of
the dates of each payment.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.6.5. </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">Payment of Trustee
compensation will be deposited in the current account the Trustee indicates on
a timely basis, and deposit confirmation slip will be good as payment confirmation.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.7. Expenses</font></b></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.7.1. </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">The Issuer and, as
applicable, the Debenture Holders, will reimburse the Trustee of all expenses
it has evidently incurred in order to protect the rights and interests of the
Debenture Holders, or to realize its credits, provided that such expenses,
whenever possible, had been previously informed to and approved by the Issuer. The
Trustee, however, is hereby aware of and agrees with the risk of not having
such expenses reimbursed in case they have been incurred in disagreement with
(i) common sense and reasonability criteria generally accepted in similar
commercial relationships; or (ii) the fiduciary duty that is inherent in it.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.7.2.</font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;"> The refund referred
to in this item will be made within seven (7) business days, counting from the </font><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">delivery to the Issuer the copy of the documents
evidencing the expenses that have been actually incurred and are necessary to
protect the rights of the Debenture Holders.</font></p>
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<p align=left style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:left;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.7.3.</font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;"> The
expenses referred in this item shall comprise, among others, the following:</font></p>

<p align=left style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:-1.0cm;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">(i)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">the
publication of reports, statements, and notices as set forth in this Indenture,
and others that may come to be required by applicable regulations;</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">(ii)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">obtaining
of certificates, registry office expenses;</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">(iii)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">photocopies,
scans, submission of documents;</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">(iv)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp; </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">displacement
between States, accommodation, transportation, when necessary for the
performance of the duties;</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">(v)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">costs
incurred with telephone calls related to the Issuance; and</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">(vi)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp; </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">any
subsequent additional and special or expert surveys that may be imperative, if
there are any omissions and/or obscurities in the information related to the
strict interests of the Debenture Holders.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.7.4. </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">The credit of the
Trustee for any expenses it may have incurred to protect the rights and
interests or realize the credits of the Debenture Holders, which have not been
paid pursuant to item 8.7.1 above, will be added to the Issuer's debt and will
be under the same guarantees as those of the Debentures, in preference to them
in the order of payment.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.7.5.</font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;"> If any amount due
to the Debenture Holders as a result of this Indenture is paid through a
judicial action or if its collection is made through attorneys, the Issuer must
pay, in addition to all amounts due under this Indenture and related to the
Debentures, attorney's fees and other expenses and costs that may be incurred
due to such collection.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">8.7.6. </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">All expenses
resulting from legal proceedings, including administrative ones, which the
Trustee may incur to protect the interests of the Debenture Holders shall be
previously approved, whenever possible, and paid in advance by the Debenture Holders
and later, as set forth by law, refunded by the Issuer. Such expenses to be
paid in advance by the Debenture Holders correspond to court deposits, fees,
and rates in the actions filed by the Trustee, as a representative of the
Debenture Holders. The losing party's fees in actions shall be equally borne by
the Debenture Holders, and so will the compensation of the Trustee in case the
Issuer remains in default in relation to its payment for a period longer than
thirty (30) days, and the Trustee may request guarantee from the Debenture
Holders to cover the risk of losing such action.</font></p>

<p align=center style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:center;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160; CLAUSE NINE
- GENERAL MEETING OF DEBENTURE HOLDERS</font></b></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">9.1.&#160;&#160;&#160; </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">The general meeting
of debenture holders (&#8220;General Meeting of Debenture Holders&#8221;) will be subject
to article 71 of the Brazilian Corporate Law and the provisions set forth in
CVM Instruction 583.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">9.2.&#160; </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">The General Meeting
of Debenture Holders may be called by the Trustee, by the Issuer, or by the
Debenture Holders representing at least ten percent (10%) of the Outstanding
Debentures, or by the CVM.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">9.2.1.</font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;"> Call notice will be
made through notice published at least three (3) times in the newspapers where
the Issuer is required to make its public communications, subject to other
rules related to the publication of call notices of general meetings as
contained in the Brazilian Corporate Law, CVM Instruction 583, the applicable
regulations, and this Indenture.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">9.3.&#160;&#160; </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">The General Meeting
of Debenture Holders shall be held within the minimum term of fifteen (15) </font><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">days, counted from the date of first announcement of the
call. The General Meeting of Debenture Holders, at a second call, may only be
held at least eight (8) days after the date scheduled for its holding at the
first call.</font></p>
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<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">9.4.&#160;&#160; </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">Resolutions adopted
by the Debenture Holders, within the scope of their legal competence, subject
to the quorums established in this Indenture, will be existent, valid, and
effective as to the Issuer and will bind all holders of Outstanding Debentures,
regardless of their attendance to the General Meeting of Debenture Holders or
the vote cast at the corresponding General Meeting of Debenture Holders.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">9.5.&#160;&#160; </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">Regardless of the
above-mentioned procedures, the General Meeting of Debenture Holders shall be
deemed regular when all Debenture Holders attend it.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">9.6.&#160;&#160; </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">The legal
representatives of the Issuer shall attend the General Meeting of
Debenture Holders called by the Issuer, while attendance at the meetings called
by the Debenture Holders or the Trustee by the legal representatives of the
Issuer is optional, unless their attendance is required by the Debenture Holders
or the Trustee, as the case may be, event in which they will be required attend
such meeting.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">9.7.&#160;&#160;&#160; Quorum to Open the Meeting</font></b></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">9.7.1. </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">The General Meeting
of Debenture Holders will be validly opened, at the first call, with the
presence of Debenture Holders representing at least one half of the Outstanding
Debentures, and, at a second call, with any quorum.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">9.8.&#160;&#160;&#160; Board</font></b></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">9.8.1. </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">The chair of the
General Meeting of Debenture Holders shall be occupied by the Debenture Holder,
or its representative, if a legal entity, elected by the Debenture Holders or
by the person designated by CVM.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">9.9.&#160;&#160;&#160; Quorum Necessary to Pass Resolutions</font></b></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">9.9.1. </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">In the resolutions
of the General Meeting of Debenture Holders, each Debenture will entitle its
holder with one vote, and the constitution of a proxy, either to a Debenture
Holder or not, will be admitted. Except as otherwise set forth in this
Indenture, changes to the characteristics and conditions of the Debentures and
of the Issuance must be approved by Debenture Holders representing at least
seventy-five percent (75%) of all the Outstanding Shares, provided that changes
to the Compensation, maturity term, renegotiation, early redemption, or
amortization of the Debentures or release of guarantees, and/or provisions on
resolution quorum at the General Meetings of Debenture Holders set forth in
this Indenture must count on the approval by the Debenture Holders representing
ninety percent (90%) of the Outstanding Debentures.</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">9.9.2. </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">In order to
establish quorum for this Indenture, &#8220;Outstanding Debentures&#8221; mean all
subscribed and paid up Debentures, but which have not been redeemed, except (i)
for the Debentures held in treasury by the; and (ii)&nbsp;exclusively for
purposes of the General Meeting of Debenture Holders, the
Debentures held by (a) companies directly or indirectly controlled by the
Issuer; (b)&nbsp;controlling shareholders of the Issuer; and (c)&nbsp;managers
of the issuer, including their spouses and relatives up to the second degree.</font></p>

<p align=center style="background:transparent;margin:0cm;margin-bottom:12.0pt;text-align:center;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">10.&#160;&#160;&#160;&#160;&#160; CLAUSE TEN -
ISSUER'S REPRESENTATIONS AND WARRANTIES</font></b></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:32.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">10.1.&#160;&#160; </font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">The
Issuer represents and warrants to the Trustee, on the date hereof, that:</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:32.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">(i)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">it
is a corporation duly organized and existing as a publicly-traded company </font><i><font color=black face=Arial,sans-serif style="background:white;position:relative;top:0pt;"><i><font color=black face=tahoma,sans-serif lang=EN-US style="background:white;font-size:11.0pt;letter-spacing:0pt;line-height:normal;">(sociedade an&#244;nima de capital aberto)</font></i></font></i><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;"> in
accordance with the Brazilian laws;</font></p>

<p style="background:transparent;margin:0cm;margin-bottom:12.0pt;margin-left:32.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><b><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">(ii)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">it
is duly authorized to enter into this Indenture and comply with all obligations
hereunder, after all </font><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>legal and statutory requirements have been met for such purpose, and the execution of this Indenture and placement of the Debentures do not violate any legal provision, agreement, or instrument to which the Issuer is a party;</FONT></p>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>the legal representatives executing this Indenture have statutory and/or assigned powers to take, on its behalf, the obligations hereunder and, if they are proxies, they were legally granted the powers, and the corresponding proxies are in full force;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(iv)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>entering into the Indenture and placing the Debentures do not constitute a violation of any legal provision, agreements, or instruments to which it is a party, nor shall it result in: (a) the acceleration of any obligation set forth in any of such agreements or instruments; (b) the creation of any lien on any asset or property of the Issuer; or (c) the termination of any of such agreements or instruments;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(v)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>no registry, consent, authorization, approval, license, order by, or qualification before any governmental authority or regulatory body, is required for the compliance, by the Issuer, with its obligations under this Indenture and the Debentures, or for carrying out the Issuance, except for the registration with JUCESP of the minutes of the MBD and this Indenture and publication of the minutes of the MBD;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(vi)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>it is not aware of any fact preventing the Trustee from fully exercising its functions, pursuant to the Brazilian Corporate Law and CVM Instruction 583;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(vii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>it has all the authorizations and relevant permits (including social environmental licenses) required by the federal, estate, and municipal authorities to exercise of its activities, all of which issued by the competent bodies and fully valid;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(viii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>it is in compliance or questioning in court or administratively, in all material respects, with the laws, regulations, administrative rules and determinations of the governmental bodies, autarchies or courts, relevant to the conduction of its business; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 32pt; TEXT-INDENT: -32pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>(ix)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>this Indenture constitutes a legal, valid, effective and binding obligation of the Issuer, enforceable according to its terms and conditions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>10.2.&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>The Issuer shall notify, up to three (3) Business Days, the Trustee if any of the representations provided herein become, in whole or in part, inaccurate, incomplete or incorrect.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt 1pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.&nbsp;&nbsp;&nbsp;&nbsp; CLAUSE ELEVEN - MISCELLANEOUS PROVISIONS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.1.&nbsp; Notices</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The notices to be sent by each of the parties under this Indenture, if made by e-mail, shall be considered received on the date they are sent, provided that their reception is confirmed by an indication (receipt issued by a machine used by the issuer); and, if made by mail, the notices shall be considered delivered when they are received with protocol or with "return receipt" issued by the Postal Office or telegram, to the addresses contained below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>To the Issuer:</FONT></B></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 130%" color=black face=tahoma,sans-serif>Ultrapar Participa&#231;&#245;es S.A. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 130%" color=black face=tahoma,sans-serif>Av. Brig. Lu&#237;s Antonio, 1343, 8&#186; Andar </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 130%" color=black face=tahoma,sans-serif>01317-910 &#8211; S&#227;o Paulo &#8211; SP </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 130%" color=black face=tahoma,sans-serif>C/O: Ms. Fabiana Ieno Judas / Ms. Sandra L&#243;pez Gorbe</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 130%" color=black face=tahoma,sans-serif>Phone: (11) 3177 6850 / (11) 3177 6614</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 130%" color=black face=tahoma,sans-serif>Fax: (11) 3177 6687 / (11) 3177 6107</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 222pt 12pt 0cm; TEXT-INDENT: 0cm" align=left><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>E-mail: fabiana.judas@ultra.com.br / sandra.gorbe@ultra.com.br</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=left><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>To the Trustee:</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm" align=left><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Pentagono Distribuidora de T&#237;tulos e Valores Mobili&#225;rios</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 3.85pt 0pt 0cm; TEXT-INDENT: 0cm" align=left><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Avenida das Americas, n&#186;4.200, Bloco 08, Ala B, Salas 302, 303 and 304 </FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 222pt 0pt 0cm; TEXT-INDENT: 0cm" align=left><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>22640-102 - Rio de Janeiro - RJ</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm" align=left><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>C/O: Ms. Nathalia Machado Loureiro, Ms. Marcelle Motta Santoro and Mr. Marco Aurelio Ferreira </FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 222pt 0pt 0cm; TEXT-INDENT: 0cm" align=left><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Phone: (21) 3385-4565 </FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 222pt 12pt 0cm; TEXT-INDENT: 0cm" align=left><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>E-mail: operational@pentagonotrustee.com.br</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 222pt 12pt 0cm; TEXT-INDENT: 0cm" align=left><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>To the Settlement Bank:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Banco Bradesco S.A. <BR></FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Cidade de Deus, s/no, Pr&#233;dio Amarelo, 2o andar&nbsp;&nbsp; <BR>CEP 06029-900 &#8211; Osasco &#8211; SP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>C/O: Ms. Debora Andrade Teixeira / Mr. Douglas Marcos da Cruz&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>Phone: (11) 3684-9492 / (11) 3684-7911 / (11) 3684-7691&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>E-mail: debora.teixeira</FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=windowtext face=tahoma,sans-serif>@bradesco.com.br</FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif> / </FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=windowtext face=tahoma,sans-serif>4010.</FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>custodiarf@bradesco.com.br / douglas.cruz</FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=windowtext face=tahoma,sans-serif>@bradesco.com.br</FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif> / 4010.debentures@bradesco.com.br</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=left><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>To B3:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR></FONT></B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>B3 S.A. &#8211; Brasil, Bolsa, Balc&#227;o - Segmento CETIP UTVM <BR></FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&#8211;</FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>Pra&#231;a Ant&#244;nio Prado, 48, 2&#186; andar - Centro</FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>CEP 01010-901 &#8211; S&#227;o Paulo &#8211; SP &nbsp;&nbsp; <BR>Phone: (11) 0300-111-1596 <BR>E-mail: valores.mobiliarios@b3.com.br</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Change to any of the foregoing must be immediately informed by the Party to the other Parties</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.2</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Waiver</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>No presumption of waiver of any rights resulting from this Indenture is admitted. No delay, omission, or liberality in the exercise of any right or privilege granted to the Trustee and/or the Debenture Holders, by reason of any default by the Issuer, shall impair the exercise of such right or privilege or shall be interpreted as constituting a waiver thereof or a consent to such default, nor shall it constitute novation of or change to any other obligations undertaken herein by the Issuer or any other previous obligation regarding any other default or delay.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.3.&nbsp; Irrevocability</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>This Indenture is executed in an irrevocable and irreversible manner, being binding upon the Issuer and the Trustee and their successors, on any account.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.4.&nbsp; Severability</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>In case any of the provisions herein comes to be deemed as invalid or unenforceable, all other provisions shall remain unaffected by such consideration, and both the Issuer and the Trustee shall in good faith undertake to replace the affected provision which another which, as much as possible, can be equally enforceable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>The Parties agree that this Indenture, as well as all other transaction documents, may be amended, without the approval from the Debenture Holders, whenever and only with respect to (i) changes to any transaction documents which have already been permitted under the respective transaction document(s); (ii) when such change exclusively results from the need to meet requirements to adjust to legal, regulatory rules or CVM, ANBIMA or B3 requirements; (iii)&nbsp;in the event of relevant error, whether it is a rough one, typo or mathematical; or, also (iv) by virtue of adjustment of enrollment information of the Parties, such as change to their corporate name, address and phone number, among others, provided that such changes do not represent any losses to the Debenture Holders or any change to the flow of Debentures, and provided, further, that no additional cost or expense is attributed to the Debenture Holders.</FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 36pt; TEXT-INDENT: -36pt"><B><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face=tahoma,sans-serif>11.5.</FONT></B><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face=tahoma,sans-serif>Amendments</FONT></B></H1>

<H1 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>11.5.1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 16pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Except as otherwise expressly set forth herein, any amendments must be signed by all Parties after approval at the General Meeting of Debenture Holders, pursuant to Clause Nine above, and must ba later filed by the Issuer with JUCESP.</FONT></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face=tahoma,sans-serif>11.6.</FONT></B><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face=tahoma,sans-serif>Business Day</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>For purposes of this Indenture, &#8220;Business Day&#8221; means any day other than Sarturday, Sunday or national holidays.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.7.&nbsp; Enforceable Instrument</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.7.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>This Indenture and the Debentures constitute an out-of-court enforceable instrument, pursuant to article 784, items I and III, of Law 13105, dated March 16, 2015, as amended (&#8220;Brazilian Code of Civil Procedure&#8221;), and the obligations hereunder shall be subject to specific performance, according to articles 815 et seq. of the Code of Civil Procedure.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt 36pt; TEXT-INDENT: -36pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Anticorruption Policy</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.8.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Issuer, their Representatives and any third parties, direct or indirect (temporary service providers, advisors, consultants and agents), used or hired by the Parties, hereby undertake, even if otherwise instructed by any employee or another Party, not to pay, offer, authorize and/or promise &#8211; directly or indirectly &#8211; any amount, goods or improper advantage to any person who is an official, agent, employee or representative of any government, whether national or international, or of its national or international agencies and bodies, or to any political party, candidate or person holding a public office or to political party offices, or any other person, knowing or having any reasons to believe that any and all amounts, goods or improper advantage will be offered, given or promised in order to obtain improper favorable treatment for business of such Party and/or of its Representatives</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>, in violation to Anticorruption Laws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.8.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The Trustee (when acting on its own account, as representative of the Debenture Holders), their Representatives and any third parties, direct or indirect (temporary service providers, advisors, consultants and agents), used or hired by the Parties, hereby undertake, even if otherwise instructed by any employee or another not to pay, offer, authorize and/or promise &#8211; directly or indirectly &#8211; any amount, goods or improper advantage to any person who is an official, agent, employee or </FONT>
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<FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>representative of any government, whether national or international, or of its national or international agencies and bodies, or to any political party, candidate or person holding a public office or to political party offices, or any other person, knowing or having any reasons to believe that any and all amounts, goods or improper advantage will be offered, given or promised in order to obtain improper favorable treatment for business of such Party and/or of its Representatives, </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>in violation to Law 12846, dated of August 1<SUP>st</SUP>, 2013, as amended, and Law 9613, dated of March 3, 1998, as amended</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.8.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>For the purpose of this clause, &#8220;Representative&#8221; shall mean any natural or legal person (including those that, directly or indirectly, exercise control on such legal person, as well as its subsidiaries and companies under common control, as defined under article 116 of the Brazilian Corporate Law), their respective officers, managers, partners, employees, any third parties, directly or indirectly (temporary service providers, advisors, consultants and agents) used or subcontracted by them (in case of the Trustee, when acting on its own account, as representative of the Debenture Holders). The term &#8220;person&#8221; shall be construed in a comprehensive manner and shall include, without being limited to, any company, firm or partnership, or other entity or individual.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.9.&nbsp; Governing Law</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.9.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>This Indenture shall be governed by the Laws of the Federative Republic of Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jurisdiction</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>11.10.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>The courts of the City of Sao Paulo, State of Sao Paulo, are hereby elected to settle any disputes arising from this Deed and for the enforcement of payment obligations set forth herein, to the exclusion of any other courts, however privileged they may be.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>In witness whereof, the parties cause this instrument to be execute in six (6) counterparts, all of them equal in content and form.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Sao Paulo, <FONT style="FONT-SIZE: 11pt" face=Tahoma>February</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif><FONT style="FONT-SIZE: 11pt" face=Tahoma>22</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>, 2018.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=center><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>(Remainder of page was intentionally left blank.)</FONT></I></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=center><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>(Signature Page 1/2 of the Indenture of the sixth (6<SUP>th</SUP>) Issuance of Simple, Non-Convertible into Shares, Single-Series, Unsecured Debentures, for Public Distribution with Restricted Placement Efforts, of Ultrapar Participa&#231;&#245;es S.A.)</FONT></I></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>ULTRAPAR PARTICIPA&#199;&#213;ES S.A.</FONT></B></P>

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   <P><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Name:</FONT></P><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Title:</FONT></TD>

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   <P><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Name:</FONT></P><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Title:</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=center><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>(Signature Page 2/2 of the Indenture of the sixth (6<SUP>th</SUP>) Issuance of Simple, Non-Convertible into Shares, Single-Series, Unsecured Debentures, for Public Distribution with Restricted Placement Efforts, of Ultrapar Participa&#231;&#245;es S.A.)</FONT></I><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>PENT&#193;GONO S.A. DISTRIBUIDORA DE TITULOS E VALORES MOBILIARIOS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt" align=left><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>W</FONT></FONT><FONT style="FONT-VARIANT: small-caps; BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>itnesses</FONT></FONT><FONT style="BACKGROUND: white; POSITION: relative; TOP: 0pt" color=black face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white; LETTER-SPACING: 0pt; LINE-HEIGHT: normal" color=black face=tahoma,sans-serif>:</FONT></FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=left><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>________________________</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=left><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Name:</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt" align=left><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>TAXPAYER'S ID (CPF):</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=left><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>________________________</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm" align=left><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>Name:</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt" align=left><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=tahoma,sans-serif>TAXPAYER'S ID (CPF):</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" color=black face=tahoma,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt" align=center><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>EXHIBIT I</FONT></U></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>List of Issuances &#8211; Trustee</FONT></P>

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   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Issuance</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>2nd issuance of debentures of Ipiranga Produtos de Petr&#243;leo S.A.</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Total Issuance Amount</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>R$800,000,000.00 (eight hundred million reais)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Number of Debentures</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>80,000 (eighty thousand) debentures</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Type</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Unsecured debentures, with personal guarantee</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Guarantee</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Suretyship </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Maturity Date</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>December 20, 2018</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Compensation</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>107.9% of DI Rate</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Classification</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Pecuniary compliance</FONT></P></TD></TR></TABLE></DIV>

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   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Issuance</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>4th issuance of debentures of Ipiranga Produtos de Petr&#243;leo S.A.</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Total Issuance Amount</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>R$500,000,000.00 (five hundred million reais)</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Number of Debentures</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>500 (five hundred) debentures</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Type</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Unsecured debentures, with personal guarantee</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Guarantee</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Suretyship </FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Maturity Date</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>May 25, 2021</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Compensation</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>105% of DI Rate</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Classification</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Pecuniary compliance</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Issuance</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>6th issuance of debentures of Ipiranga Produtos de Petr&#243;leo S.A.</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Total Issuance Amount</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>R$1,500,000,000.00 (one billion and five hundred million reais)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Number of Debentures</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>1,500,000 (one million and five hundred thousand) debentures</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Type</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Unsecured debentures, with personal guarantee</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Guarantee</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Suretyship </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Maturity Date</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>July 28, 2022</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Compensation</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>105% of DI- Rate</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Classification</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Pecuniary compliance</FONT></P></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Issuance</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>5th issuance of debentures of Ultrapar Participa&#231;&#245;es S.A.</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Total Issuance Amount</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>R$800,000,000.00 (eight hundred million reais)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Number of Debentures</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>80,000 (eighty thousand) debentures</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Type</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Unsecured debentures</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Guarantee</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>N/A</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Maturity Date</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>March 16, 2018</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Compensation</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>108,25% of DI Rate</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Classification</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" color=black face=tahoma,sans-serif>Pecuniary compliance</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=tahoma,sans-serif></FONT>&nbsp;</P></DIV>

<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="times new roman"></FONT></B>&nbsp;</P>

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<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="times new roman">SIGNATURES </FONT></B></P>

<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 12pt"><FONT style="FONT-SIZE: 10pt" face="times new roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P>

<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 18pt"><FONT style="FONT-SIZE: 10pt" face="times new roman">Date: February&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">22</FONT>, 2018 </FONT></P>

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   <TD vAlign=top colSpan=5><B><FONT style="FONT-SIZE: 10pt" face="times new roman">ULTRAPAR HOLDINGS INC.</FONT></B></TD></TR>

<TR>

   <TD height=16 width="12%">&nbsp;</TD>

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<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD vAlign=top width="12%"><FONT style="FONT-SIZE: 10pt" face="times new roman">By:</FONT></TD>

   <TD vAlign=bottom><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;</FONT></TD>

   <TD vAlign=top colSpan=3><FONT style="FONT-SIZE: 10pt" face="times new roman"></FONT>

   <P style="MARGIN-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt" face="times new roman">/s/ Andre Pires de Oliveira Dias</FONT></P></TD></TR>

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   <TD vAlign=top width="12%"><FONT style="FONT-SIZE: 10pt" face="times new roman">Name:</FONT></TD>

   <TD vAlign=bottom><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;</FONT></TD>

   <TD vAlign=top colSpan=3><FONT style="FONT-SIZE: 10pt" face="times new roman">Andre Pires de Oliveira Dias</FONT></TD></TR>

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   <TD vAlign=top width="12%"><FONT style="FONT-SIZE: 10pt" face="times new roman">Title:</FONT></TD>

   <TD vAlign=bottom><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;</FONT></TD>

   <TD vAlign=top colSpan=3><FONT style="FONT-SIZE: 10pt" face="times new roman">Chief Financial and Investor Relations Officer</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 18pt"><FONT style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face=70yvmorosdwkbyr,italic,sans-serif>(Indenture of the 6th issuance of simple, non-convertible into shares, single-series, unsecured debentures)</FONT></I></P>

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