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Plano de Recuperação Judicial

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Cimento Tupi S.A. – Em Recuperação Judicial

23 DE FEVEREIRO DE 2024

Plano de Recuperação Judicial da

Cimento Tupi S.A. – Em Recuperação Judicial

Cimento Tupi S.A. – Em Recuperação Judicial, sociedade anônima inscrita no CNPJ/ME sob o nº 33.039.223/0001-11, com endereço na Xxxxxxx xxx Xxxxxxxx, xx 000, Xxxxx 00, xxxxx 000 e 206, Barra da Tijuca, CEP 22.640-100, na Cidade e Estado do Rio de Janeiro, doravante denominada “Cimento Tupi” ou “Recuperanda”, em cumprimento ao disposto no art. 53 da Lei nº 11.101/2005, apresenta o presente plano de recuperação judicial nos autos do processo de recuperação judicial nº 0012239-96.2021.8.19.0001, em curso perante a 3ª Vara Empresarial da Comarca da Capital do Estado do Rio de Janeiro, contendo os seguintes termos e condições:

1. Definições e Regras de Interpretação

1.1. Definições. Os termos e expressões utilizados neste Plano em letras maiúsculas terão os significados a eles atribuídos no Anexo 1.1.

1.2. Regras de Interpretação.

1.2.1. O Plano deve ser lido e interpretado conforme as regras dispostas nos seus anexos e nesta Cláusula 1.2.

1.2.2. Os cabeçalhos e títulos das cláusulas deste Plano servem apenas a título informativo de referência e não limitarão ou afetarão o significado das cláusulas, parágrafos ou itens aos quais se aplicam.

1.2.3. Sempre que exigido pelo contexto, as definições contidas neste Plano serão aplicadas tanto no singular quanto no plural e o gênero masculino incluirá o feminino e vice-versa.

1.2.4. Exceto quando disposto expressamente de forma diversa neste Plano, os anexos e documentos mencionados neste Plano são partes integrantes do Plano para todos os fins de direito e seu conteúdo é vinculante. Referências a quaisquer documentos ou outros instrumentos incluem todas as suas alterações, substituições e consolidações e respectivas complementações, salvo se expressamente disposto de forma diversa neste Plano.

1.2.5. Exceto quando disposto expressamente de forma diversa neste Plano, referências a capítulos, cláusulas, itens ou anexos aplicam-se a capítulos, cláusulas, itens e anexos deste Plano.

1.2.6. A utilização dos termos “inclusive”, “incluindo” e outros termos semelhantes no presente Plano seguidos de qualquer declaração, termo ou matéria genérica não poderá ser interpretada de forma a limitar tal declaração, termo ou matéria aos itens ou matérias específicos inseridos imediatamente após tal palavra — bem como a itens ou matérias similares — devendo, ao contrário, ser considerada como sendo referência a todos os outros itens ou matérias que poderiam razoavelmente ser inseridos no escopo mais amplo possível de tal declaração, termo ou matéria, e tais termos serão sempre lidos como se estivessem acompanhados do termo “exemplificativamente”.

1.2.7. As referências a disposições legais e a Leis devem ser interpretadas como referências a essas disposições ou Leis tais como vigentes na data deste Plano ou em data que seja especificamente determinada pelo contexto.

1.2.8. Todos os prazos previstos neste Plano serão contados na forma prevista no art. 132 do Código Civil, excluindo-se o dia do começo e incluindo-se o dia do vencimento. Quaisquer prazos deste Plano (sejam contados em Dias Úteis ou não) cujo termo final caia em um dia que não seja Dia Útil, serão automaticamente prorrogados para o Dia Útil imediatamente posterior.

1.2.9. Exceto quando disposto expressamente de forma diversa neste Plano: (a) na hipótese de haver conflito entre cláusulas deste Plano, a cláusula que contiver disposição específica prevalecerá sobre a que contiver disposições genéricas; (b) na hipótese de conflito entre as disposições dos anexos e/ou dos documentos mencionados neste Plano e as disposições deste Plano, o Plano prevalecerá; e (c) na hipótese de haver conflito entre as disposições deste Plano e as obrigações previstas em quaisquer contratos celebrados pela Recuperanda antes da Data do Pedido, o Plano prevalecerá.

2. Considerações Gerais

2.1. Histórico da Cimento Tupi e de suas operações. Fundada em 1949, a Cimento Tupi – à época denominada Companhia de Cimento Vale do Paraíba – vem produzindo cimento e seus derivados nos últimos 70 (setenta) anos, sendo referência pelo seu pioneirismo ao lançar, no Brasil, o primeiro cimento com adição de escória granulada básica de alto forno, um material que, à época, era descartado pela indústria siderúrgica.

A Cimento Tupi iniciou sua produção em uma unidade localizada em Volta Redonda e, em 1971, ampliou este parque industrial com a instalação de um segundo forno para a produção de clínquer,

além de outros equipamentos para moagem.

As melhorias implementadas na estrutura industrial da Cimento Tupi fizeram com que a capacidade instalada da planta atingisse, já naquela época, 600.000 (seiscentas mil) toneladas de cimento por ano.

Em 1972, alterou sua denominação social para Cimento Tupi e em 1976, inaugurou a nova fábrica de Pedra do Sino em Carandaí - MG, além de construir um terminal de distribuição em Mogi das Cruzes, a qual, em 1998, foi convertida em uma planta para mistura, ensaque e distribuição de cimento para atender o mercado da grande São Paulo. Além disso, na década de 1970, a Cimento Tupi iniciou suas operações em terminais de cimento no Rio de Janeiro e Juiz de Fora – MG.

Anos mais tarde, a Cimento Tupi implementou um estudo para ampliar a capacidade de produção de clínquer e cimento na fábrica de Carandaí, tendo inclusive substituído o seu forno, o que possibilitou elevar sua capacidade de produção de cimento para 1,1 milhão de toneladas ao ano. Já em 1997, um segundo moinho de cimento entrou em operação naquela fábrica, ampliando mais uma vez a capacidade produtiva da companhia, desta vez para 1,5 milhões de toneladas de cimento ao ano.

Pelo seu processo de fabricação, a fábrica de Carandaí recebeu a certificação ISO 9001, versão 2000. Em 2013, a capacidade nominal de produção passou de 3.000 toneladas para 6.500 toneladas por dia após a Cimento Tupi iniciar a produção de clínquer na 2ª linha de produção da fábrica de Carandaí.

Atualmente, a Cimento Tupi possui uma capacidade instalada de 3,4 milhões de toneladas de cimento por ano, com uma fábrica situada na Cidade de Carandaí, Minas Gerais, uma unidade de moagem em Volta Redonda – RJ e de ensaque e distribuição em Mogi das Cruzes – SP.

A Cimento Tupi também produz Cimento Portland Composto, controlando o processo desde a jazida de matéria-prima até a expedição para o mercado consumidor, que se encontra principalmente na região sudeste.

Por fim, vale mencionar que a Cimento Tupi emprega diretamente aproximadamente 550 (quinhentas e cinquenta) pessoas e gera cerca de 1.700 (mil e setecentos) empregos indiretos, o que representa uma folha de pagamento de praticamente R$ 45.000.000,00 (quarenta e cinco milhões de reais) anuais, exercendo, portanto, relevantíssima função social nos locais em que atua.

2.2. Razões da Crise. Conforme amplamente exposto na petição inicial do pedido de Recuperação Judicial, a Cimento Tupi enfrenta as consequências diretas de uma série de fatos adversos relacionados ao mercado em que atua e que, somados à deterioração do cenário

econômico do país, ao aprofundamento da notória crise econômica, à incerteza quanto à retomada do crescimento da economia brasileira e à intensa dificuldade na obtenção de crédito, alteraram drasticamente sua situação econômico-financeira.

Um dos fatores que afetaram severamente as atividades da Cimento Tupi foi a forte depreciação do Real frente ao Dólar Norte-Americano. Isto porque, para manter sua competitividade, acompanhando o movimento de suas concorrentes que também buscavam aumentar suas capacidades de produção de cimento e, a atender, a tempo e modo, sua vasta clientela, a Cimento Tupi decidiu ampliar a fábrica de Carandaí e, para tanto, recorreu à linha de crédito de longo prazo em moeda estrangeira (emissão de Notes e financiamento tomado com o Agricultural Bank of China).

Após estudos de avaliação do melhor custo para captar recursos a fim de implementar as obras de duplicação da linha de produção na fábrica de Carandaí, a Cimento Tupi decidiu emitir títulos de dívidas (Notes) no exterior, no valor de US$ 100.000.000,00 (cem milhões de dólares). Mais tarde, a Cimento Tupi realizou emissão suplementar no valor de US$ 50.000.000,00 (cinquenta milhões de dólares) e, por fim, foram emitidos mais US$ 35.000.000,00 (trinta e cinco milhões de dólares), totalizando uma dívida com esses credores internacionais no valor total de US$ 185.000.000,00 (cento e oitenta e cinco milhões de dólares).

Ainda, a Cimento Tupi captou financiamentos adicionais com o propósito de expandir a fábrica de Carandaí. Celebrou um contrato para obtenção de recursos (Facility Agreement) no valor de US$ 25.500.000,00 (vinte cinco milhões e quinhentos mil dólares) junto ao Agricultural Bank of China, a fim de financiar parte dos equipamentos importados da China para a segunda linha de produção da fábrica de Carandaí e a contratação de uma apólice de seguro junto ao CHINA EXPORT & CREDIT INSURANCE CORPORATION (SINOSURE), instituição que assumiu o financiamento após a cessão integral do mesmo pelo credor original em dezembro de 2017.

A depreciação do Real frente ao Dólar, somada às dificuldades financeiras enfrentadas por fornecedores e mudanças no projeto original, acabaram por majorar o orçamento inicial da expansão da fábrica em mais de R$ 170.000.000,00 (cento e setenta milhões de reais). Tais circunstâncias obrigaram a Cimento Tupi a recorrer a novas linhas de financiamento.

Apesar da nova unidade ter ampliado a participação da Cimento Tupi no mercado, a súbita mudança de cenário econômico, com forte redução do crescimento da construção civil, reduziu drasticamente a demanda por cimento, impactando negativamente as empresas do setor. A inesperada mudança foi ainda pior para a Cimento Tupi por conta da disparada do Dólar Norte- Americano frente ao Real, contribuindo para o aumento expressivo do endividamento da empresa.

Diante dessas circunstâncias, a Cimento Tupi ficou impossibilitada de cumprir pontualmente suas

obrigações, culminando com o pedido de Recuperação Judicial.

2.3. Viabilidade Econômico-Financeira e Operacional da Cimento Tupi. Não obstante os eventos e fatores descritos na Cláusula 2.2 que culminaram com o pedido de Recuperação Judicial da Cimento Tupi, a atual situação financeira é temporária e passageira, possuindo a Cimento Tupi todas as condições para revertê-la.

As atividades desempenhadas pela Cimento Tupi são rentáveis e viáveis, diante das perspectivas positivas que se tem do mercado daqui pela frente. Após um longo período de crise na venda de cimento no mercado nacional, tal atividade voltou a crescer a partir de 2020 e, embora com algumas variações, permanece estável no momento atual.

Além disso, o parque industrial de Carandaí, somado às unidades de Volta Redonda e Mogi das Cruzes, são suficientes para que a Cimento Tupi tenha uma capacidade de produção de 3,4 milhões de toneladas de cimento ao ano.

É importante destacar que a Cimento Tupi já vinha passando por uma profunda reestruturação operacional, readequando suas operações, otimizando as atividades e reduzindo custos, inclusive negociando com seus credores (inclusive com aqueles titulares de Créditos com Garantia Real), antes mesmo da Data do Pedido.

A atual crise financeira será superada frente ao relevante potencial econômico da Cimento Tupi e ao valor de seus ativos, atendendo tanto quanto possível e de forma razoável os interesses e direitos dos seus credores, propiciando a preservação de sua atividade econômica e empresária e, consequentemente, a manutenção da fonte produtora e de postos de trabalho, e visando à promoção da função social da empresa e da atividade econômica, objetivos expressamente declarados na LRF.

Durante a vigência do Plano Anterior, a Cimento Tupi quitou quase integralmente os Créditos Trabalhistas, os Créditos dos Credores Fornecedores Estratégicos e aqueles dos Credores Quirografários Classe IV indicados na Relação de Credores do Administrador Judicial, de forma que este Plano tem por objetivo estabelecer as novas condições de pagamento do saldo remanescente dos Créditos Concursais.

A viabilidade do Plano e das medidas nele previstas para a recuperação da Cimento Tupi é confirmada pelo Laudo, nos termos do art. 53, incisos II e III, da LRF, o qual consta do Anexo 2.3 a este Plano.

3. Medidas de Recuperação

3.1. Visão Geral. A Cimento Tupi propõe a adoção das medidas elencadas abaixo como forma de superar a sua atual e momentânea crise econômico-financeira, as quais estão detalhadas nas seções específicas do presente Plano, nos termos da LRF e demais Leis aplicáveis:

(a) Reestruturação dos Créditos: Reestruturação dos Créditos, adequando-os à sua capacidade de pagamento, mediante alteração no prazo, nos encargos e na forma de pagamento, nos termos estabelecidos na Cláusula 4.

(b) Alienação e Oneração de ativos: Após a Homologação Judicial do Plano, como forma de levantamento de recursos para investimento em seus negócios, equipamentos, maquinários e operações, bem como para o cumprimento das obrigações assumidas nos termos deste Plano, a Cimento Tupi poderá, através da estrutura societária que julgar mais eficiente e na forma da Cláusula 5.1 deste Plano e dos art. 60, 66, 140, 141 e 142 da LRF, promover a alienação e oneração de bens móveis e/ou imóveis, independentemente de nova aprovação dos Credores Concursais ou do Juízo da Recuperação Judicial.

(c) Reorganização Societária. Após a Homologação Judicial do Plano, a Cimento Tupi poderá, independentemente de nova aprovação dos Credores Concursais ou do Juízo da Recuperação Judicial, realizar uma ou mais operações de reorganização societária, com o intuito de viabilizar o cumprimento integral deste Plano e visando à obtenção de uma estrutura mais eficiente e adequada à implementação das propostas previstas neste Plano, à continuidade de suas atividades e à eventual constituição e organização de UPIs para posterior alienação pela Cimento Tupi, bem como quaisquer outras operações de reorganização societária, tais como: cisão, incorporação, incorporação de ações, fusão e transformação, dentro de seu grupo societário ou com terceiros, nos termos do art. 50 da LRF, desde que não causem um Efeito Adverso Relevante na Cimento Tupi.

(d) Manutenção e Crescimento das Demais Atividades: Diante do disposto nas Cláusulas 2.1 e 2.3 acima sobre as operações da Cimento Tupi e as respectivas importâncias para a sua viabilidade econômico-financeira e operacional, a Cimento Tupi manterá as atividades que desenvolve atualmente, direta ou indiretamente através de suas subsidiárias, e buscará sempre uma melhor eficiência em suas operações.

(e) Novos Recursos: A Cimento Tupi também poderá prospectar e adotar medidas, inclusive durante a Recuperação Judicial visando à obtenção de novos recursos nos termos da Cláusula 5.2, mediante a captação de novos empréstimos, operações de financiamento ou qualquer tipo de crédito, incluindo mediante a emissão de novos instrumentos de dívida,

com ou sem garantia, a serem aprovados nos termos deste Plano e do seu estatuto social e desde que observado o disposto neste Plano e nos arts. 67, 84 e 149 da LRF, bem como nos arts. 66 e 69-A da LRF, conforme aplicáveis. Eventuais novos recursos captados no mercado de capitais terão natureza extraconcursal para fins do disposto na LRF.

3.1.1. Sem prejuízo do disposto na Cláusula 3.1 e seus subitens, a Recuperanda poderá avaliar oportunamente a possibilidade e conveniência de adoção de quaisquer outros meios de recuperação previstos no art. 50 e incisos da LRF, desde que submetidos aos credores na forma da Cláusula 6.6.

4. REESTRUTURAÇÃO DOS CRÉDITOS

4.1. Créditos Trabalhistas. Durante a vigência do Plano Anterior, a Cimento Tupi pagou integralmente os Créditos Trabalhistas de titularidade dos respectivos Credores Trabalhistas indicados na Relação de Credores do Administrador Judicial observando os termos e condições de pagamento previstos naquele Plano Anterior. Na hipótese de inclusão de novos Credores Trabalhistas além daquele originalmente constantes da Relação de Credores do Administrador Judicial, seja por decisão judicial ou arbitral transitada em julgado, ou acordo por entre as partes, os Créditos dos referidos Credores Trabalhistas serão integralmente pagos, em moeda corrente nacional, na forma descrita abaixo e sempre observado o limite dos valores dos respectivos Créditos Trabalhistas:

4.1.1. Os Créditos Trabalhistas, até o limite de 150 (cento e cinquenta) salários mínimos em vigor na data da Homologação Judicial do Plano, serão corrigidos, na menor periodicidade permitida por Lei, pelo IPCA desde a Homologação Judicial do Plano até a data do efetivo pagamento e serão pagos – descontados os respectivos encargos legais

– aos respectivos Credores Trabalhistas em 12 (doze) parcelas mensais, da seguinte forma: (i) uma parcela, no valor de até R$ 15.000,00 (quinze mil reais), a ser paga em até 30 (trinta) dias contados da Homologação Judicial do Plano e (ii) o saldo remanescente dos respectivos Créditos Trabalhistas, observado o limite previsto nesta Cláusula 4.1.1, a ser pago em 11 (onze) parcelas mensais, iguais e sucessivas, vencendo-se a primeira parcela 30 (trinta) dias após o pagamento da parcela descrita no item (i) e as demais no mesmo dia dos meses subsequentes.

4.1.2. O montante dos Créditos Trabalhistas de titularidade de cada Credor Trabalhista que exceder o limite de 150 (cento e cinquenta) salários mínimos (“Créditos Trabalhistas Excedentes”) será pago na forma descrita abaixo:

4.1.2.1. Carência do Principal: Período de carência de amortização do principal dos Créditos Trabalhistas Excedentes de 48 (quarenta e oito) meses, contados a partir

da Homologação Judicial do Plano.

4.1.2.2. Pagamento do Principal: O valor do principal dos Créditos Trabalhistas Excedentes detidos por cada Credor Trabalhista será pago em 16 (dezesseis) parcelas anuais e sucessivas, vencendo-se a primeira no 5º (quinto) Dia Útil do 60º (sexagésimo) mês contado da Homologação Judicial do Plano e as demais parcelas no mesmo dia a cada 12 (doze) meses a contar do primeiro pagamento, conforme percentuais do valor do principal descritos na tabela progressiva abaixo, acrescido dos juros capitalizados (conforme Cláusula 4.1.2.6 abaixo):

Anos	Parcelas	Percentual do valor a ser amortizado por ano
0 a 4º	-	0,0%
5º	1ª	2,0%
6º	2ª	2,0%
7º	3ª	2,0%
8º	4ª	3,0%
9º	5ª	3,0%
10º	6ª	4,0%
11º	7ª	4,0%
12º	8ª	5,0%
13º	9ª	6,0%
14º	10ª	7,0%
15º	11ª	8,0%
16º	12ª	9,0%
17º	13ª	10,0%
18º	14ª	10,0%
19º	15ª	12,5%
20º	16ª	12,5%

4.1.2.3. Correção: Os Créditos Trabalhistas Excedentes serão corrigidos, na menor periodicidade permitida por Lei, pelo IPCA desde a Homologação Judicial do Plano até a data do efetivo pagamento.

4.1.2.4. Juros: Juros de 0,5% (zero vírgula cinco por cento) ao ano.

4.1.2.5. Carência dos Juros: Os juros incidentes ao longo dos 48 (quarenta e oito) meses contados a partir da Homologação Judicial do Plano não serão pagos neste período, sendo capitalizados anualmente ao valor do principal dos Créditos Trabalhistas Excedentes.

4.1.2.6. Pagamento dos Juros: Após o período de carência dos juros descrito acima, os juros incidentes sobre o novo valor do principal dos Créditos Trabalhistas Excedentes (após a capitalização prevista na Cláusula 4.1.2.5 acima) serão acruados anualmente e serão pagos juntamente com as parcelas de amortização do novo valor do principal dos Créditos Trabalhistas Excedentes.

4.2. Créditos com Garantia Real. Os Créditos com Garantia Real serão reestruturados e pagos mediante a entrega das Debêntures Tupi, nos termos e condições previstos abaixo:

4.2.1. Data da Emissão: Será a data assim definida na Escritura Debêntures Tupi (“Data de Emissão”).

4.2.2. Pagamento do Principal: O valor do principal será amortizado em apenas uma parcela (bullet), no 120º (centésimo vigésimo) mês contado da Data de Emissão das Debêntures Tupi.

4.2.3. Juros: A partir da Data de Emissão das Debêntures Tupi, incidirão juros correspondentes a 100% (cem por cento) do CDI acrescida de spread ou sobretaxa equivalente a 1,00% (um inteiro por cento) ao ano, base 252 (duzentos e cinquenta e dois) dias úteis, observado que (i) o valor mínimo da remuneração será equivalente a 8,00% (oito inteiros por cento) ao ano; e (ii) o valor máximo da remuneração será equivalente a 12,00% (doze inteiros por cento) ao ano.

4.2.4. Capitalização facultativa dos juros: Os juros incidentes ao longo dos 60 (sessenta) meses contados a partir da Data de Emissão poderão ser ou não pagos neste período, a critério da Cimento Tupi, sendo certo que, em caso de não pagamento, os juros correspondentes serão capitalizados e incorporados ao valor do principal.

4.2.5. Pagamento dos Juros: Sem prejuízo da capitalização facultativa, os juros serão devidos semestralmente, sendo o primeiro pagamento devido ao final do primeiro semestre contado da Data de Emissão.

4.2.6. Resgate Antecipado Facultativo ou Amortização Extraordinária Facultativa: A partir da data de integralização das Debêntures Tupi pelo respectivo debenturista, a Cimento Tupi poderá resgatar ou amortizar as Debêntures, a seu exclusivo critério, sem a incidência de qualquer prêmio, nos termos previstos na Escritura Debêntures Tupi, mediante pagamento da parcela do valor nominal unitário das Debêntures (ou do saldo do valor nominal unitário das debêntures, conforme o caso) a ser resgatada ou amortizada, acrescida da remuneração das Debêntures Tupi calculada pro rata temporis desde a Data de Emissão ou a respectiva data de pagamento da remuneração imediatamente anterior, conforme o caso, até a data do resgate ou amortização.

4.2.7. Amortização Extraordinária Obrigatória: Caso em qualquer exercício social, o saldo de caixa e equivalentes de caixa da Cimento Tupi, conforme evidenciado em suas demonstrações financeiras anuais, exceda o montante de R$ 120.000.000,00 (cento e vinte milhões de reais), atualizado anualmente pelo IPCA (“Caixa Excedente”), a Cimento Tupi deverá obrigatoriamente utilizar a totalidade do Caixa Excedente para a amortização das Debêntures Tupi, nos termos da Escritura Debêntures Tupi.

4.2.8. Garantia: A Cimento Tupi constituirá hipoteca de 2º (segundo) grau sobre os imóveis descritos e caracterizados nas matrículas nº 12.494, 12.495 e 12.496 do Cartório de Registro de Imóveis da Comarca de Carandaí/MG, nos termos da Escritura Pública de Constituição de Hipoteca, a ser celebrada na data de assinatura da Escritura Debêntures Tupi, substancialmente na forma do Anexo 4.2.8.

4.2.9. Demais condições contratuais: As demais condições aplicáveis às Debêntures Tupi a serem emitidas nos termos desta Cláusula 4.2 estarão descritas na Escritura Debêntures Tupi constante do Anexo 4.2.9 deste Plano.

4.2.10. Regras de Interpretação: Na hipótese de haver conflito de interpretação entre as disposições deste Plano e as obrigações previstas na respectiva Escritura Debêntures Tupi, as disposições previstas na Escritura Debêntures Tupi prevalecerão.

4.3. Créditos Quirografários.

4.3.1. Reestruturação dos Créditos Classe III. Exceto se disposto de forma contrária neste Plano e observado o disposto na Cláusula 4.3.1.1 abaixo, cada Credor Quirografário Classe III poderá optar, nos termos da Cláusula 4.4 ou da Cláusula 4.4.3 deste Plano, conforme aplicável, à sua discricionariedade, por ter a totalidade ou, no caso dos Credores Classe III Habilitados, o saldo remanescente após o pagamento previsto na Cláusula

4.3.1.1 e subcláusulas abaixo, de seus respectivos Créditos Classe III reestruturados através de uma das opções previstas nas Cláusulas 4.3.1.2 e 4.3.1.3 abaixo, sem possibilidade de divisão voluntária do valor do crédito ou, no caso dos Credores Classe III Habilitados, do saldo remanescente do respectivo crédito, entre as referidas opções e observados os respectivos limites de Créditos indicados na Relação de Credores do Administrador Judicial e o disposto na Cláusula 0.0.0.0:

4.3.1.1. Pagamento Geral de Créditos Classe III em Moeda Estrangeira: Os Credores Quirografários Classe III que se enquadrem como Credores Classe III Habilitados terão seus respectivos Créditos Classe III no valor de até US$3.750.000,00 (três milhões, setecentos e cinquenta mil Dólares Norte-Americanos) (“Limite Individual Pagamento Geral”) pagos nos termos desta Cláusula 4.3.1.1 e suas

subcláusulas abaixo, observado, ainda, o valor máximo e o total de US$40.000.000,00 (quarenta milhões de Dólares Norte-Americanos) de Créditos Classe III denominados em Dólares Norte-Americanos a serem pagos nos termos desta Cláusula 4.3.1.1 e suas subcláusulas abaixo (“Limite Total Pagamento Geral”):

4.3.1.1.1. Proporção do Pagamento. Caso a soma dos Créditos Classe III denominados em Dólares Norte-Americanos detidos pelos Credores Classe III Habilitados limitados até o montante de US$3.750.000,00 (três milhões, setecentos e cinquenta mil Dólares Norte-Americanos) por cada Credor Classe III Habilitado (“Total de Créditos Classe III Considerados”) seja superior ao Limite Total Pagamento Geral, os Credores Classe III Habilitados terão (i) parte de seus Créditos Classe III denominados em Dólares Norte-Americanos pagos nos termos da Cláusula 4.3.1.1 e suas subcláusulas, na exata proporção que o Limite Total Pagamento Geral representa do Total de Créditos Classe III Considerados (“Proporção do Pagamento”), observado em qualquer caso o Limite Individual Pagamento Geral; e (ii) os respectivos saldos remanescentes de seus Créditos Classe III pagos nos termos de qualquer das opções de reestruturação previstas nas Cláusulas 4.3.1.2 e 4.3.1.3 deste Plano, conforme a escolha realizada pelos respectivos Credores Classe III Habilitados nos termos da Cláusula 4.3.1.1.3, ou, caso não seja realizada nenhuma escolha de opção de reestruturação, pagos nos termos da Cláusula 4.3.1.4. Para fins de clareza, e a título de exemplo, a Proporção do Pagamento será calculada da seguinte forma:

(A) Total de Créditos Classe III Considerados (conforme definido acima) = US$42 milhões

(B) Limite Total Pagamento Geral (conforme definido acima) = US$40 milhões

Proporção do Pagamento = (B) / (A) = 95,23%

4.3.1.1.2. Pagamento da Primeira Parcela: A Cimento Tupi pagará aos Credores Classe III Habilitados o montante equivalente a 20% (vinte por cento) do Limite Total Pagamento Geral, em até 30 (trinta) dias contados do Reconhecimento do Plano no Chapter 15, para os Credores Classe III Habilitados titulares de Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Credores Classe III Habilitados, na Proporção do Pagamento e observado o Limite Individual Pagamento Geral (“Primeira Parcela”). O saldo remanescente dos Créditos Classe III denominados em Dólares Norte-Americanos de cada Credor Classe III Habilitado, após o pagamento da Primeira Parcela (“Saldo Após Primeira Parcela”), será pago de acordo com os itens (i) a (iii) abaixo, até o limite‌

total de Créditos Classe III denominados em Dólares Norte-Americanos equivalente a 80% (oitenta por cento) do Limite Total Pagamento Geral, na Proporção do Pagamento e observado o Limite Individual Pagamento Geral:

(i) Pagamento de Principal. O valor do principal do Saldo Após Primeira Parcela será pago em até 5 (cinco) parcelas anuais e sucessivas, no montante equivalente a até 16% (dezesseis por cento) do Limite Total Pagamento Geral para cada parcela anual, na Proporção do Pagamento e observado o Limite Individual Pagamento Geral (“Parcelas Anuais”), vencendo-se a primeira no 5º (quinto) Dia Útil do 12º (décimo segundo) mês contado do Reconhecimento do Plano no Chapter 15, para os Credores Classe III Habilitados titulares de Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Credores Classe III Habilitados, e as demais no mesmo dia a cada 12 (doze) meses a contar do primeiro pagamento previsto neste item (i), acrescido dos juros acruados conforme item (iii) abaixo.

(ii) Juros: juros de 0,75% (zero vírgula setenta e cinco por cento) ao ano.

(iii) Pagamento dos Juros: Os juros incidentes sobre o valor do Saldo Após Primeira Parcela serão acruados anualmente e serão pagos juntamente com as parcelas de amortização do valor do principal do Saldo Após Primeira Parcela, observado o disposto no item (i) acima desta Cláusula 4.3.1.1.2.

4.3.1.1.3. Não obstante o pagamento de Créditos Classe III em moeda estrangeira detidos por Credores Classe III Habilitados nos termos da Cláusula

4.3.1.1 e suas subcláusulas, os Credores Classe III Habilitados deverão, conforme previsto na Cláusula 4.4 ou na Cláusula 4.4.3 deste Plano, conforme aplicável, escolher entre as opções de reestruturação previstas nas Cláusulas 4.3.1.2 e 4.3.1.3 deste Plano para receberem o pagamento dos respectivos saldos remanescentes de seus Créditos Classe III após os pagamentos dos montantes previstos na Cláusula

4.3.1.1 e suas subcláusulas, ou, caso não seja realizada nenhuma escolha de opção de reestruturação, pagos nos termos da Cláusula 4.3.1.4.

4.3.1.2. Opção de Reestruturação I: Os Credores Quirografários Classe III que optarem pela Opção de Reestruturação I terão o saldo de seus respectivos Créditos Classe III, após eventual pagamento nos termos da Cláusula 4.3.1.1 acima, reestruturados e pagos na forma descrita abaixo:

4.3.1.2.1. Deságio: Os Créditos Classe III reestruturados nos termos desta opção serão reduzidos no percentual de 75% (setenta e cinco por cento). Para todos

os fins, o deságio previsto nesta Cláusula 4.3.1.2.1 será aplicado primeiramente aos juros que forem devidos e a serem pagos, e, apenas posteriormente, à parcela do principal que compõe os Créditos Classe III a serem reestruturados e pagos nos termos da Cláusula 4.3.1.2.

4.3.1.2.2. Saldo após o Deságio: O saldo remanescente dos Créditos Classe III de titularidade dos Credores Quirografários Classe III que optarem pela Opção de Reestruturação I, após o deságio previsto na Cláusula 4.3.1.2.1 acima (“Saldo Remanescente Após Deságio Opção de Reestruturação I”), será pago de acordo com os seguintes termos e condições:

(i) Carência do Principal: Período de carência de amortização de principal de 60 (sessenta) meses, contados a partir do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme o caso.

(ii) Pagamento do Principal: O valor do principal do Saldo Remanescente Após Deságio Opção de Reestruturação I será pago em 36 (trinta e seis) parcelas trimestrais e sucessivas, vencendo-se a primeira no 5º (quinto) Dia Útil do 64º (sexagésimo quarto) mês contado do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme o caso, e as demais no mesmo dia a cada 3 (três) meses a contar do primeiro pagamento, conforme percentuais do valor do principal descritos na tabela progressiva abaixo, acrescido dos juros somados nos termos do item (iv)(c) abaixo:

Meses	Parcelas	Percentual do valor a ser amortizado por trimestre
0 a 60º	-	0,0%
64º	1ª	0,50%
67º	2ª	0,50%
70º	3ª	0,50%
73º	4ª	0,50%
76º	5ª	1,00%
79º	6ª	1,00%
82º	7ª	1,00%
85º	8ª	1,00%
88º	9ª	1,75%
91º	10ª	1,75%

94º	11ª	1,75%
97º	12ª	1,75%
100º	13ª	1,75%
103º	14ª	1,75%
106º	15ª	1,75%
109º	16ª	1,75%
112º	17ª	1,75%
115º	18ª	1,75%
118º	19ª	1,75%
121º	20ª	1,75%
124º	21ª	1,75%
127º	22ª	1,75%
130º	23ª	1,75%
133º	24ª	1,75%
136º	25ª	1,75%
139º	26ª	1,75%
142º	27ª	1,75%
145º	28ª	1,75%
148º	29ª	2,25%
151º	30ª	2,25%
154º	31ª	2,25%
157º	32ª	2,25%
160º	33ª	12,50%
163º	34ª	12,50%
166º	35ª	12,50%
169º	36ª	12,50%

(iii) Juros: (A) para os Créditos Classe III denominados em Dólares Norte- Americanos, juros de 8,0% (oito por cento) ao ano; e (B) para os Créditos Classe III denominados em Reais, juros de 8,0% (oito por cento) ao ano.

(iv) Pagamento dos Juros: Os juros incidentes sobre o valor do principal do Saldo Remanescente Após Deságio Opção de Reestruturação I não serão pagos ao longo dos 33 (trinta e três) primeiros meses contados do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme o caso, sendo somados anualmente ao valor do principal durante este período. Após este prazo, os juros serão pagos da seguinte forma:

a. Os juros equivalentes a 2,0% (dois por cento) ao ano incidentes sobre o novo valor do principal do Saldo Remanescente Após Deságio Opção de Reestruturação I (após a soma prevista no item (iv) acima) a partir do 34º (trigésimo quarto) mês até o 60º (sexagésimo) mês contado do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme o caso, serão pagos trimestralmente em dinheiro no 5º (quinto) Dia Útil do mês subsequente ao fim de cada período de juros;

b. Os juros equivalentes a 6,0% (seis por cento) ao ano incidentes sobre o novo valor do principal do Saldo Remanescente Após Deságio Opção de Reestruturação I (após a soma prevista no item (iv) acima) a partir do 34º (trigésimo quarto) mês até o 60º (sexagésimo) mês contado do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme o caso, não serão pagos neste período, sendo somados anualmente ao novo valor do principal do Saldo Remanescente Após Deságio Opção de Reestruturação I (após a soma prevista no item (iv) acima);

c. A partir do 61º (sexagésimo primeiro) mês contado do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme o caso, os juros equivalentes a 8,0% (oito por cento) ao ano incidentes sobre o novo valor do principal do Saldo Remanescente Após Deságio Opção de Reestruturação I (após a soma prevista no item (b) acima) serão acruados e pagos trimestralmente, vencendo-se a primeira no 5º (quinto) Dia Útil do 64º (sexagésimo quarto) mês contado do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme o caso, e as demais no mesmo dia a cada 3 (três) meses a contar do primeiro pagamento.

4.3.1.2.3. Demais condições contratuais: Sem prejuízo das condições de reestruturação previstas na Cláusula 4.3.1.2 e suas subcláusulas acima, a reestruturação dos Créditos Classe III representados por Senior Unsecured Notes, também deverá observar a respectiva escritura de emissão apresentada na íntegra no Anexo 4.3.1.2.3, sendo certo que a Cimento Tupi assumirá os ônus relativos aos

tributos porventura incidentes no Brasil incluindo, mas não se limitando, ao ônus do imposto de renda retido na fonte (gross up).

4.3.1.2.4. Taxa de Câmbio e Desconto: Para fins de conversão e remessa de valores para pagamento aos Credores Quirografários Classe III que optarem pela Opção de Reestruturação I, caso a taxa de câmbio PTAX do fechamento do dia anterior ao dia da conversão da moeda corrente nacional para dólares norte- americanos exceda R$7.00 / US$1,00, eventual excesso será tratado como um desconto para todos os fins.

4.3.1.2.5. Opção de Pré-Pagamento: A Cimento Tupi terá a opção de, a seu exclusivo critério, a qualquer tempo, quitar antecipadamente parte ou a totalidade dos valores devidos na forma desta Cláusula 4.3.1.2, em uma única vez ou em mais de uma rodada de pré-pagamento, observados os termos e condições previstos na escritura de emissão apresentada na íntegra no Anexo 4.3.1.2.3 conforme aplicável, sem que a Cimento Tupi tenha obrigação de pagar antecipadamente outros créditos quirografários devidos na forma deste Plano.

4.3.1.2.6. Regras de Interpretação: Na hipótese de haver conflito de interpretação entre as disposições deste Plano e as obrigações previstas na respectiva escritura de emissão, as disposições previstas na referida escritura de emissão prevalecerão.

4.3.1.3. Opção de Reestruturação II: Os Credores Quirografários Classe III que optarem pela Opção de Reestruturação II terão o saldo remanescente de seus respectivos Créditos Classe III, após eventual pagamento nos termos da Cláusula

4.3.1.1 acima, reestruturados e pagos na forma descrita abaixo:

4.3.1.3.1. Aumento de Capital - Capitalização de Créditos: A Cimento Tupi deverá realizar, na forma deste Plano e observada a legislação aplicável, em até 30 (trinta) dias contados do Reconhecimento do Plano no Chapter 15, uma assembleia geral extraordinária para deliberação e aprovação de um aumento de capital a ser subscrito e integralizado pelos Credores Quirografários Classe III que optarem pela Opção de Reestruturação II (“AGE Aumento de Capital”), mediante a capitalização de 1% (um por cento) do saldo remanescente total de Créditos Classe III de titularidade de cada Credor Quirografário Classe III que optar pela Opção de Reestruturação II após eventual pagamento nos termos da Cláusula 4.3.1.1 acima (“Montante Total da Capitalização” e “Aumento de Capital – Capitalização de Créditos”), observados os seguintes termos e condições:

(i) Valor do Aumento de Capital – Capitalização de Créditos: O valor total do Aumento de Capital – Capitalização de Créditos corresponderá ao Montante Total da Capitalização.

(ii) Estrutura do Aumento de Capital – Capitalização de Créditos: O Aumento de Capital – Capitalização de Créditos será realizado por meio de subscrição privada de novas ações ordinárias de emissão da Cimento Tupi que representarão, no total, 21% (vinte e um por cento) do capital social total e votante da Cimento Tupi calculado após a conclusão do Aumento de Capital (“Limite do Aumento de Capital”), observado o disposto nos itens (iii) a (iv) abaixo (“Novas Ações Capitalização de Créditos”).

(iii) Novas Ações Capitalização de Créditos. A emissão das Novas Ações Capitalização de Créditos observará os termos e condições previstos na Lei das Sociedades por Ações, observado o disposto nos itens (iv) e (v) abaixo, bem como conferirão os mesmos direitos conferidos pelas demais ações ordinárias de emissão da Cimento Tupi em circulação. Em contrapartida à capitalização de seus Créditos Classe III no contexto do Aumento de Capital – Capitalização de Créditos, os Credores Quirografários Classe III receberão Novas Ações Capitalização de Créditos até o Limite do Aumento de Capital, de forma pro rata à parcela de seus respectivos Créditos Classe III que forem capitalizados e levando em consideração o preço de emissão das Novas Ações Capitalização de Créditos. O percentual de participação no capital social da Cimento Tupi a ser detido por cada Credor Quirografário Classe III que optar pela Opção de Reestruturação II será definido de acordo com o valor total do saldo remanescente de seus respectivos Créditos Classe III a serem reestruturados nos termos da Opção de Reestruturação II, já levando em consideração eventual pagamento nos termos da Cláusula 4.3.1.1 acima. Para fins do Aumento de Capital – Capitalização de Créditos, o valor dos créditos a serem capitalizados necessários para atingir o Limite do Aumento de Capital terá como valor de referência o montante total de USD 227.602.036,30 de Créditos Quirografários a serem reestruturados nos termos da Opção de Reestruturação II (“Valor de Referência”). Para fins de clareza, caso o montante de Créditos Classe III de determinado Credor Quirografário Classe III a serem reestruturados nos termos da Opção de Reestruturação II (i) seja inferior ao Valor de Referência, então tal Credor Quirografário receberá Novas Ações Capitalização de Créditos representativas de um percentual do capital social total e votante da Cimento Tupi calculado após a conclusão do Aumento de Capital a ser calculado de forma pro rata ao montante dos seus respectivos Créditos Classe III; e (ii) seja superior ao Valor de Referência, então tal Credor Quirografário Classe III receberá Novas Ações Capitalização de Créditos representativas de, no máximo, 21% do capital

social total e votante da Cimento Tupi calculado após a conclusão do Aumento de Capital. O Anexo 4.3.1.3.1(iii) contém alguns exemplos do cálculo do percentual do capital social total e votante da Cimento Tupi calculado após a conclusão do Aumento de Capital que determinado Credor Quirografário receberia nos termos desta Cláusula 4.3.1.3.1.

(iv) Preço de Emissão. O preço de emissão das Novas ações Capitalização de Créditos será oportunamente calculado e definido pela Cimento Tupi, observados os parâmetros, termos e condições previstos na Lei das Sociedades por Ações, incluindo o disposto no art. 170 da Lei das Sociedades por Ações. Para fins de esclarecimento, (a) o preço de emissão calculado não será posteriormente ajustado em nenhuma hipótese para refletir eventuais variações na situação patrimonial da Cimento Tupi e (b) a entrega das Novas Ações Capitalização de Créditos aos respectivos Credores Quirografários Classe III será realizada exclusivamente nos termos e por meio da AGE Aumento de Capital previstos nesta Cláusula 4.3.1.3.1, sendo certo que a Cimento Tupi, seus acionistas e administradores não assumem e não assumirão perante os respectivos Credores Quirografários Classe III qualquer responsabilidade ou obrigação de (a) indenizar tais Credores Quirografários Classe III por atos ou fatos anteriores à data do Aumento de Capital – Capitalização de Créditos ou (b) outorga de declarações e garantias no contexto do Aumento de Capital – Capitalização de Créditos.

(v) Direito de preferência. Os Acionistas Xxxxxxx Xxxx renunciarão aos seus respectivos direitos de preferência para a subscrição das Novas Ações Capitalização de Créditos, conforme previsto no art. 171, § 2º da Lei das Sociedades por Ações.

4.3.1.3.2. Deságio: Sem prejuízo do Aumento de Capital - Capitalização de Créditos previsto na Cláusula 4.3.1.3.1 acima, a totalidade dos Créditos Classe III reestruturados nos termos desta opção será reduzida no percentual de 95% (noventa e cinco por cento), de forma que o saldo remanescente dos Créditos Classe III de titularidade dos Credores Quirografários Classe III que optarem pela Opção de Reestruturação II, após eventual pagamento nos termos da Cláusula 4.3.1.1 acima, após o Aumento de Capital - Capitalização de Créditos previsto na Cláusula

4.3.1.3.1 e após o deságio previsto na Cláusula 4.3.1.3.2, será equivalente a 4% (quatro por cento) do saldo total dos Créditos Classe III a serem reestruturados e pagos nos termos desta Opção de Reestruturação II (“Saldo Remanescente Opção de Reestruturação II”). Para todos os fins, o deságio previsto nesta Cláusula

4.3.1.3.2 será aplicado primeiramente aos juros que forem devidos e a serem pagos, e, apenas posteriormente, à parcela do principal que compõe os Créditos Classe III a serem reestruturados e pagos nos termos da Cláusula 4.3.1.3.

4.3.1.3.3. Saldo após a Capitalização de Créditos e o Deságio: O Saldo Remanescente Opção de Reestruturação II será pago de acordo com os seguintes termos e condições:

(i) Pagamento do Principal: O valor do principal do Saldo Remanescente Opção de Reestruturação II de titularidade de cada Credor Quirografário Classe III será pago em apenas uma parcela (bullet), após o decurso do prazo de carência de 168 (cento e sessenta e oito) meses, contados a partir do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme o caso, no 5º (quinto) Dia Útil do 180º (centésimo octogésimo) mês contado do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme o caso.

(ii) Juros: (A) para os Créditos Classe III denominados em Dólares Norte- Americanos, juros de 9,5% (nove vírgula cinco por cento) ao ano; e (B) para os Créditos Classe III denominados em Reais, juros de 9,5% (nove vírgula cinco por cento) ao ano.

(iii) Pagamento dos Juros: Os juros incidentes sobre o valor do principal do Saldo Remanescente Opção de Reestruturação II não serão pagos ao longo dos 33 (trinta e três) primeiros meses contados do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme o caso, sendo somados anualmente ao valor do principal durante este período. Após este prazo, os juros serão pagos da seguinte forma:

a. Os juros equivalentes a 2,0% (dois por cento) ao ano incidentes sobre o novo valor do principal do Saldo Remanescente Opção de Reestruturação II (após a soma prevista no item (iii) acima) a partir do 34º (trigésimo quarto) mês até o 60º (sexagésimo) mês contado do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme o caso, serão pagos trimestralmente em dinheiro no 5º (quinto) Dia Útil do mês subsequente ao fim de cada período de juros;

b. Os juros equivalentes a 7,5% (sete vírgula cinco por cento) ao ano

incidentes sobre o novo valor do principal do Saldo Remanescente Opção de Reestruturação II (após a soma prevista no item (iii) acima) a partir do 34º (trigésimo quarto) mês até o 60º (sexagésimo) mês contado do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme o caso, não serão pagos neste período, sendo somados anualmente ao novo valor do principal do Saldo Remanescente Opção de Reestruturação II (após a soma prevista no item (iii) acima);

c. A partir do 61º (sexagésimo primeiro) mês contado do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme o caso, os juros equivalentes a 9,5% (nove vírgula cinco por cento) ao ano incidentes sobre o novo valor do principal do Saldo Remanescente Opção de Reestruturação II (após a soma prevista no item (b) acima) serão acruados e pagos trimestralmente, vencendo-se a primeira no 5º (quinto) Dia Útil do 64º (sexagésimo quarto) mês contado do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme o caso, e as demais no mesmo dia a cada 3 (três) meses a contar do primeiro pagamento.

4.3.1.3.4. Demais condições contratuais: Sem prejuízo das condições de reestruturação previstas na Cláusula 4.3.1.3 e suas subcláusulas acima, a reestruturação dos Créditos Classe III representados por Senior Unsecured Notes, também deverá observar a respectiva escritura de emissão apresentada na íntegra no Anexo 4.3.1.3.4, sendo certo que a Cimento Tupi assumirá os ônus relativos aos tributos porventura incidentes no Brasil incluindo, mas não se limitando, ao ônus do imposto de renda retido na fonte (gross up).

4.3.1.3.5. Taxa de Câmbio e Desconto: Para fins de conversão e remessa de valores para pagamento aos Credores Quirografários Classe III que optarem pela Opção de Reestruturação II, caso a taxa de câmbio PTAX do fechamento do dia anterior ao dia da conversão da moeda corrente nacional para dólares norte- americanos exceda R$7.00 / US$1,00, eventual excesso será tratado como um desconto para todos os fins.

4.3.1.3.6. Quitação: A efetiva entrega das Novas Ações Capitalização de Créditos no âmbito do Aumento de Capital - Capitalização de Créditos descrito na

Cláusula 4.3.1.3.1 acima representa o pagamento do respectivo montante dos Créditos Classe III de titularidade dos Credores Quirografários Classe III capitalizados no Aumento de Capital - Capitalização de Créditos, ficando outorgada por tais Credores Quirografários Classe III, de pleno direito, ampla, geral e irrestrita quitação por novação em favor da Cimento Tupi, nos termos do artigo 59 da LRF, com relação ao montante do Crédito Classe III em questão, bem como a quaisquer pretensões, interesses, obrigações, direitos, ações, indenizações, causas de pedir e responsabilidades de qualquer natureza, sejam eles conhecidos ou desconhecidos, existentes, decorrentes, correlatos ou conexos, direta ou indiretamente ao respectivo montante do Crédito Classe III capitalizado e aos atos praticados pelos administradores da Companhia até a data do Aumento de Capital - Capitalização de Créditos.

4.3.1.3.7. Opção de Pré-Pagamento: A Cimento Tupi terá a opção de, a seu exclusivo critério, a qualquer tempo, quitar antecipadamente parte ou a totalidade dos valores devidos na forma desta Cláusula 4.3.1.3, em uma única vez ou em mais de uma rodada de pré-pagamento, observados os termos e condições previstos na escritura de emissão apresentada na íntegra no Anexo 4.3.1.3.4 conforme aplicável, sem que a Cimento Tupi tenha obrigação de pagar antecipadamente outros créditos quirografários devidos na forma deste Plano.

4.3.1.3.8. Regras de Interpretação: Na hipótese de haver conflito de interpretação entre as disposições deste Plano e as obrigações previstas na respectiva escritura de emissão, as disposições previstas na referida escritura de emissão prevalecerão.

4.3.1.3.9. Mandato: Para garantir o cumprimento dos termos desta Cláusula 4.3.1.3, a Cimento Tupi fica, desde já, mandatada e autorizada, em caráter irrevogável e irretratável, nos termos do artigo 684 do Código Civil, pelos Credores Quirografários Classe III que escolherem esta Opção de Reestruturação II e por seus sucessores a qualquer título, a praticar todos e quaisquer atos necessários à formalização e efetiva transferência das Novas Ações Capitalização de Créditos, podendo, inclusive, representa-los, em conjunto ou isoladamente, na assinatura de todos os documentos necessários e aplicáveis. Para fins de clareza, a Cimento Tupi esclarece que a representação prevista nesta Cláusula 4.3.1.3.9 ocorrerá sempre em caráter subsidiário, ou seja, apenas caso o respectivo Credor Quirografário Classe III deixar de assinar os documentos necessários para a formalização e efetiva transferência das Novas Ações Capitalização de Créditos.

4.3.1.4. Modalidade de Pagamento Geral. Exceto se disposto de forma contrária

neste Plano, a modalidade geral de pagamento prevista nesta Cláusula 4.3.1.4 se aplica

(i) ao saldo remanescente de Créditos Classe III de titularidade dos Credores Quirografários Classe III (após eventual pagamento nos termos da Cláusula 4.3.1.1) que não manifestem e indiquem, expressa e tempestivamente nos termos deste Plano, a opção de pagamento de seus respectivos Créditos Classe III, bem como (ii) ao saldo remanescente dos Créditos Quirografários dos Credores Fornecedores Estratégicos que rescindirem o(s) contrato(s) de fornecimento ou prestação de serviços celebrado(s) com a Cimento Tupi ou descumprirem, total ou parcialmente, quaisquer das condições acordadas nos referidos instrumentos, nos termos da Cláusula 4.3.3.3, (iii) ao saldo remanescente dos Créditos Quirografários dos Credores Fornecedores Estratégicos que remanescer após o pagamento realizado na forma descrita na Cláusula 4.3.3.1,

(iv) aos Créditos Ilíquidos, nos termos da Cláusula 4.5, (v) aos Créditos Retardatários, nos termos da Cláusula 4.6, (vi) à Parcela Majorada de Créditos Classe III, nos termos da Cláusula 4.7, e (vii) aos Créditos Reclassificados, nos termos da Cláusula 4.8, os quais serão pagos conforme descrito a seguir:

(i) Carência do Principal: Período de carência de amortização de principal de 20 (vinte) anos, contados do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme aplicável.

(ii) Pagamento do Principal: O valor do principal do saldo remanescente dos Créditos Quirografários a serem pagos nos termos desta Cláusula 4.3.1.4 será amortizado em apenas uma parcela (bullet), no último Dia Útil do mês de encerramento do prazo de carência referido no item (i) desta Cláusula 4.3.1.4.

(iii) Juros: (A) para os Créditos Classe III denominados em Dólares Norte- Americanos, juros de 0,75% (zero vírgula setenta e cinco por cento) ao ano; e (B) para os Créditos Classe III denominados em Reais, juros de 2,25% (dois vírgula vinte e cinco por cento) ao ano.

(iv) Carência dos Juros: Os juros incidentes ao longo dos 48 (quarenta e oito) meses contados a partir do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme o caso, não serão pagos neste período, sendo somados anualmente ao valor do principal dos Créditos Classe III.

(v) Pagamento dos Juros: Após o período de carência dos juros descrito acima, os juros incidentes sobre o novo valor do principal dos Créditos Classe III

(após a soma prevista no item acima) serão pagos anualmente, ao final de cada período de 12 (doze) meses, sendo o primeiro pagamento devido no 60º (sexagésimo) mês contado a partir do Reconhecimento do Plano no Chapter 15, para Créditos Classe III representados por Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Créditos Classe III, conforme o caso.

(vi) Opção de Pré-Pagamento: A Cimento Tupi terá a opção de, a seu exclusivo critério, a qualquer tempo, quitar antecipadamente parte ou a totalidade dos valores devidos na forma desta Cláusula 4.3.1.4, sem que a Cimento Tupi tenha obrigação de pagar antecipadamente outros créditos quirografários devidos na forma deste Plano, em uma única vez ou em mais de uma rodada de pré-pagamento, por meio do pagamento de 15% (quinze por cento) do valor do principal e juros capitalizados até a data da respectiva rodada de pré-pagamento.

(vii) Taxa de Câmbio e Desconto: Para fins de conversão e remessa de valores para pagamento aos Credores Quirografários Classe III que serão pagos nos termos da Modalidade de Pagamento Geral prevista nesta Cláusula 4.3.1.4, caso a taxa de câmbio PTAX do fechamento do dia anterior ao dia da conversão da moeda corrente nacional para dólares norte-americanos exceda R$7.00 / US$1,00, eventual excesso será tratado como um desconto para todos os fins.

(viii) Demais condições contratuais: Sem prejuízo das condições de reestruturação previstas nesta Cláusula 4.3.1.4, a reestruturação dos Créditos Classe III representados por Senior Unsecured Notes, também deverá observar os demais termos e condições descritos na respectiva escritura de emissão apresentada na íntegra no Anexo 4.3.1.4, sendo certo que a Cimento Tupi assumirá os ônus relativos aos tributos porventura incidentes no Brasil incluindo, mas não se limitando, ao ônus do imposto de renda retido na fonte (gross up).

4.3.2. Créditos Classe IV. Durante a vigência do Plano Anterior, a Cimento Tupi pagou integralmente os Créditos Classe IV de titularidade dos Credores Quirografários Classe IV indicados na Relação de Credores do Administrador Judicial observando os termos e condições de pagamento previstos naquele Plano Anterior. Observado o disposto no art. 45, §3º, da LRF, na hipótese de inclusão de novos Credores Quirografários Classe IV na Relação de Credores do Administrador Judicial por decisão judicial ou arbitral transitada em julgado, ou acordo por entre as partes, os Créditos Classe IV dos referidos Credores Quirografários Classe IV não serão afetados e reestruturados nos termos deste Plano e serão pagos, extintos ou quitados integralmente de acordo com as condições originais de pagamento de seus Créditos Classe IV.

4.3.3. Créditos de Credores Fornecedores Estratégicos Tendo em vista que, na vigência do Plano Anterior, a Cimento Tupi pagou parte dos Créditos Quirografários de titularidade dos Credores Fornecedores Estratégicos nos termos da Cláusula 4.3.3. do Plano Anterior, a Cimento Tupi ressalta que determinados Credores Fornecedores Estratégicos ainda possuem saldo remanescente de Créditos Quirografários a receber, sendo certo que os respectivos Credores Fornecedores Estratégicos receberão a parcela remanescente de seus respectivos Créditos Quirografários na forma prevista abaixo, desde que tenham mantido o fornecimento à Cimento Tupi de bens e/ou serviços necessários para a manutenção das atividades após a Data do Pedido, conforme necessidade e solicitação da Cimento Tupi, e continuem mantendo tal fornecimento de bens e/ou serviços sempre que solicitado e nos termos necessários à Cimento Tupi.

4.3.3.1. Pagamento contra Faturamento: Durante os 34 (trinta e quatro) meses contados da Homologação Judicial do Plano, para cada R$1,00 (um real) devidamente faturado por mês contra a Cimento Tupi, o Credor Fornecedor Estratégico fará jus ao recebimento de R$1,00 (um real) do saldo remanescente dos seus Créditos Quirografários, limitado, em qualquer caso, a R$700.000,00 (setecentos mil reais) por mês. Neste caso, a primeira parcela vencerá 30 (trinta) dias após a data da Homologação Judicial do Plano e as demais no mesmo dia dos meses subsequentes, observado, em qualquer caso, os limites previstos neste item 4.3.3.1.

4.3.3.2. Pagamento Residual: O saldo dos Créditos Quirografários de titularidade dos Credores Fornecedores Estratégicos que remanescer após o pagamento realizado na forma descrita na Cláusula 4.3.3.1 será pago nos termos da Cláusula 4.3.1.4.

4.3.3.3. O Credor Fornecedor Estratégico que, por qualquer motivo, rescindir o(s) contrato(s) de fornecimento ou prestação de serviços celebrado(s) com a Cimento Tupi ou descumprir, total ou parcialmente, quaisquer das condições acordadas nos referidos instrumentos, será desenquadrado da condição de Credor Fornecedor Estratégico e o referido Credor Fornecedor Estratégico receberá o valor remanescente dos seus respectivos Créditos Quirografários existentes no momento do desenquadramento nos termos da Modalidade de Pagamento Geral, de acordo com a Cláusula 4.3.1.4.

4.4. Escolha de Opção de Pagamento. Para fins do disposto na Cláusula 4.3.1 e observado o disposto na Cláusula 4.4.3, os Credores Quirografários Classe III (com exceção dos Credores Fornecedores Estratégicos, os quais serão automaticamente alocados na opção de pagamento prevista na Cláusula 4.3.3) deverão, no prazo de até 30 (trinta) dias corridos contados da Homologação Judicial do Plano (“Prazo de Escolha de Opção de Pagamento”), escolher entre as opções de reestruturação previstas nas Cláusulas 4.3.1.2 e 4.3.1.3 deste Plano, mediante o envio

da Notificação Opção de Pagamento, conforme modelo previsto no Anexo 4.4, não se responsabilizando a Cimento Tupi por qualquer desconformidade com a escolha e informações fornecidas através da Notificação Opção de Pagamento, ou por qualquer escolha intempestiva, hipótese na qual será aplicado o disposto na Cláusula 4.4.4 abaixo.

4.4.1. Considerando o caráter alternativo das opções de pagamento estabelecidas na Cláusula 4.3.1 acima, a escolha de cada Credor Quirografário Classe III deverá necessariamente se restringir a apenas uma das referidas opções, exceto se disposto de forma contrária neste Plano, em especial o disposto na Cláusula 4.4.1.1 abaixo.

4.4.1.1. Os agentes, que representem mais de um Credor Quirografário Classe III, poderão escolher diferentes opções de pagamento aplicáveis aos seus representados, sendo certo que cada Credor Quirografário Classe III representado não poderá voluntariamente receber o pagamento de seus respectivos Créditos Classe III através de mais de uma opção de pagamento.

4.4.2. A escolha manifestada pelo respectivo Credor Quirografário Classe III na Notificação Opção de Pagamento será irrevogável e irretratável, não podendo ser posteriormente alterada por qualquer razão, a menos que haja expressa concordância da Cimento Tupi.

4.4.3. Com relação aos Credores Quirografários Classe III detentores de Senior Unsecured Notes, estes deverão, no Prazo de Escolha de Opção de Pagamento, enviar suas respectivas escolhas entre as opções de reestruturação previstas nas Cláusulas 4.3.1.2 e 4.3.1.3 deste Plano para o agente a ser previamente contratado pela Cimento Tupi. Após a escolha e contratação do referido agente, a Cimento Tupi disponibilizará tempestivamente em seu site (xxxx://xxx.xxxxxxxxxxx.xxx.xx/xxxxxxxxxxx/Xxxxxxxxx/xxxXxxxxxxxxxxXxxxxxxx.xxx) as informações sobre o referido agente contratado e seus respectivos canais de contato, bem como solicitará ao trustee das Senior Unsecured Notes que informe aos respectivos Credores Quirografários Classe III detentores de Senior Unsecured Notes sobre a referida contratação, sendo certo que o agente contratado pela Cimento Tupi para os fins desta Cláusula 4.4.3 deverá consolidar as escolhas recebidas e enviar para a Cimento Tupi a relação de todas as escolhas entre as opções de reestruturação previstas nas Cláusulas 4.3.1.2 e 4.3.1.3 deste Plano realizadas pelos respectivos Credores Quirografários Classe III detentores de Senior Unsecured.‌

4.4.4. O Credor Quirografário Classe III que não realizar a escolha da opção de pagamento de seus respectivos Créditos Classe III no prazo e forma estabelecidos neste Plano, observadas as condições adicionais previstas na Cláusula 4.4.3, conforme

aplicável, receberá seu respectivo Crédito Classe III na forma prevista na Cláusula

4.3.1.4 (Modalidade de Pagamento Geral).

4.5. Créditos Ilíquidos. Os Créditos Ilíquidos, sejam ou não objeto de disputa judicial ou procedimento arbitral em andamento, incluindo aqueles objeto das ações listadas às fls. 612 a 616 dos autos da Recuperação Judicial, se sujeitam integralmente aos termos e condições deste Plano e aos efeitos da Recuperação Judicial e também serão novados por ele. Uma vez materializados e reconhecidos por decisão judicial ou arbitral transitada em julgado, ou por acordo entre as partes, que os tornem líquidos, os Créditos Ilíquidos serão pagos de acordo com a classificação e critérios estabelecidos neste Plano para a classe na qual os Créditos Ilíquidos em questão devam ser habilitados e incluídos, sendo certo que, caso os Créditos Ilíquidos sejam Créditos Classe III, tais Créditos Ilíquidos serão pagos na forma prevista na Cláusula4.3.1.4.

4.6. Créditos Retardatários. Nas hipóteses de serem reconhecidos novos Créditos por decisão judicial, arbitral ou acordo entre as partes, posteriormente à data da publicação da lista de Créditos Concursais do Administrador Judicial, serão eles considerados “Créditos Retardatários” e deverão ser pagos de acordo com a classificação e critérios estabelecidos neste Plano para a classe na qual os Créditos Retardatários em questão devam ser habilitados e incluídos, apenas a partir (i) da data do acordo, ou (ii) do recebimento, pela Cimento Tupi, da notificação enviada pelo respectivo Credor, com a documentação comprobatória necessária, informando sobre o referido trânsito em julgado da decisão judicial ou arbitral, conforme o caso, sendo certo que, caso os Créditos Retardatários sejam Créditos Classe III, tais Créditos Retardatários serão pagos na forma prevista na Cláusula 4.3.1.4.

4.7. Modificação do Valor de Créditos. Na hipótese de modificação do valor de qualquer dos Créditos já reconhecidos e inseridos na Relação de Credores do Administrador Judicial por decisão judicial ou arbitral, transitada em julgado, ou acordo entre as partes, o valor alterado do respectivo Crédito deverá ser pago nos termos previstos neste Plano, a partir (i) da data do acordo; ou (ii) do recebimento, pela Cimento Tupi, da notificação enviada pelo respectivo Credor, com a documentação comprobatória necessária, informando sobre o referido trânsito em julgado da decisão judicial ou arbitral, conforme o caso, sendo certo que, caso determinado Crédito Classe III tenha sido majorado, a parcela majorada do Crédito Classe III em questão (“Parcela Majorada de Créditos Classe III”) deverá ser paga na forma prevista na Cláusula 4.3.1.4.

4.8. Reclassificação de Créditos. Caso, por decisão judicial ou arbitral, transitada em julgado, ou acordo entre as partes, seja determinada a reclassificação de qualquer dos Créditos para Créditos Quirografários (“Créditos Reclassificados”), o Crédito Reclassificado para Crédito Classe III deverá ser pago nos termos e condições previstos na Cláusula 4.3.1.4 e o Crédito Reclassificado para Crédito Classe IV ou para Crédito Quirografário de titularidade dos Credores Fornecedores Estratégicos deverá ser pago nos termos e condições previstos nas Cláusulas 4.3.2 ou 4.3.3,

conforme aplicável ao respectivo Crédito.

4.9. Credores Extraconcursais Aderentes. Os Credores Extraconcursais que desejarem receber os seus Créditos Extraconcursais na forma deste Plano aplicável aos Credores Quirografários Classe III poderão fazê-lo, desde que informem à Recuperanda no prazo de até 30 (trinta) dias contados do Reconhecimento do Plano no Chapter 15, para Créditos Extraconcursais titulares de Senior Unsecured Notes, ou da Homologação Judicial do Plano, para todos os demais Credores Extraconcursais, conforme aplicável.

5. Recursos para Pagamento de Credores

5.1. Alienação e Oneração de Ativos. Após a Homologação Judicial do Plano, como forma de levantamento de recursos, a Cimento Tupi poderá, independentemente de autorização judicial ou nova aprovação dos Credores Concursais, através da estrutura societária que julgar mais eficiente e na forma dos arts. 60, 66, 140, 141 e 142 da LRF, conforme aplicáveis, promover a alienação e oneração de bens móveis e/ou imóveis, incluindo equipamentos e maquinários que estejam obsoletos ou com a capacidade operacional comprometida, sobras de materiais e sucatas decorrentes das atividades e operações da Cimento Tupi, bem como bens imóveis integrantes do seu ativo não circulante.

5.2. Financiamentos Adicionais. Com a finalidade de obter novos recursos para viabilizar a consecução das suas atividades e negócios, bem como para a reestruturação das suas dívidas nos termos deste Plano, a Cimento Tupi poderá buscar, caso necessário, na forma do art. 69-A e seguinte da LRF, novos empréstimos, operações de financiamento ou qualquer tipo de crédito, incluindo mediante a emissão de novos instrumentos de dívida, com ou sem garantia, (a) em qualquer valor até o maior valor entre (i) R$250.000.000,00 (duzentos e cinquenta milhões de Reais), ajustado anualmente pelo IPCA, ou (ii) US$50.000.000,00 (cinquenta milhões de Dólares Norte-Americanos), ajustado anualmente pela CPI, caso a Razão entre Dívida Líquida e EBITDA da Cimento Tupi imediatamente antes da respectiva transação exceda 4,5 para 1,0; (b) em qualquer valor, caso a Razão entre Dívida Líquida e EBITDA da Cimento Tupi imediatamente antes da respectiva transação seja inferior ou igual a 4,5 para 1,0; e (c) em qualquer valor, a qualquer tempo e sem qualquer limitação, para fins de extensão, novação, substituição ou emissão em troca de, ou os proventos líquidos usados para reembolso, resgate, recompra, refinanciamento ou restituição, inclusive por meio de anulação, de empréstimo ou dívida existente da Cimento Tupi.

6. Efeitos do Plano

6.1. Vinculação do Plano. A partir da Homologação Judicial do Plano, as disposições deste Plano vinculam a Cimento Tupi, os Credores e os seus respectivos cessionários e sucessores, nos termos do art. 59 da LRF. Sem prejuízo do disposto nesta Cláusula 6.1, a Aprovação do Plano

implicará autorização para que a Cimento Tupi possa adotar todas as medidas necessárias para a implementação dos atos aqui previstos, desde que com observância à Lei e aos limites estabelecidos neste Plano.

6.2. Novação. A Homologação Judicial do Plano implicará a novação, nos termos do art. 59 da LRF, dos Créditos, os quais serão pagos na forma estabelecida neste Plano. Todas as obrigações, covenants contratuais, índices financeiros, hipóteses de vencimento antecipado, multas, bem como outras obrigações e garantias de quaisquer naturezas assumidas ou prestadas pela Cimento Tupi ou em seu benefício ficam extintas (e/ou aditadas, conforme o disposto na Cláusula 6.2.1 abaixo) por força da novação, sendo substituídas, em todos os seus termos (exceto quando disposto de forma diversa neste Plano, inclusive na hipótese de aditamento de que trata a Cláusula 6.2.1 abaixo), pelas previsões deste Plano. Os Credores Concursais somente poderão cobrar os seus respectivos Créditos na forma estabelecida neste Plano.

6.2.1. Observadas obrigatoriamente as condições e regras dos Anexos 4.3.1.2.3 e 4.3.1.3.4, a novação em relação aos Créditos Quirografários representados por Senior Unsecured Notes será formalizada através de aditamentos a seus respectivos instrumentos e/ou contratos de dívida, ou através dos instrumentos que forem pertinentes e/ou exigidos pelas respectivas legislações, observadas as condições previstas neste Plano aplicáveis aos respectivos Créditos.

6.3. Extinção das Ações. Com a Homologação Judicial do Plano, os Credores não mais poderão: (i) ajuizar ou prosseguir com toda ou qualquer ação judicial ou processo de qualquer tipo relacionado a qualquer Crédito contra a Recuperanda, seus fiadores, avalistas e garantidores; (ii) executar qualquer sentença, decisão judicial ou sentença arbitral relacionada a qualquer Crédito contra a Recuperanda, seus fiadores, avalistas e garantidores; (iii) penhorar quaisquer bens (incluindo dinheiro) da Xxxxxxxxxxx, bem como de seus fiadores, avalistas e garantidores, para satisfazer seus Créditos ou praticar qualquer outro ato constritivo contra tais bens; (iv) criar, aperfeiçoar ou executar qualquer garantia real sobre bens e direitos da Recuperanda e de seus fiadores, avalistas e garantidores para assegurar o pagamento de seus Créditos; (v) reclamar qualquer direito de compensação contra qualquer crédito devido à Recuperanda; e (vi) buscar a satisfação de seus Créditos por quaisquer outros meios. Todas as eventuais execuções e outras medidas judiciais em curso contra a Recuperanda, seus fiadores, avalistas e garantidores relativas aos Créditos serão extintas, e as penhoras e constrições existentes serão imediatamente liberadas.

6.4. Compensação de Créditos. Caso a Recuperanda e os Credores sejam, ao mesmo tempo, devedores e credores entre si, os Créditos poderão ser compensados, desde que atendidos os requisitos do art. 369 do Código Civil.

6.5. Formalização de Documentos e Outras Providências. A Cimento Tupi e os Credores

obrigam-se, em caráter irrevogável e irretratável, por força deste Plano, a praticar todos os atos e firmar todos os contratos e outros documentos que, na forma e na substância, sejam necessários ou adequados para cumprimento e implementação do disposto neste Plano.

6.6. Modificação do Plano. Aditamentos, alterações ou modificações ao Plano podem ser propostos pela Cimento Tupi a qualquer tempo após a Homologação Judicial do Plano, desde que tais aditamentos, alterações ou modificações (i) sejam submetidos à deliberação dos Credores em Assembleia Geral de Credores; e (ii) sejam aprovados pelos Credores nos termos dos artigos 45, 45-A e 58, caput e §1º, da LRF.

6.6.1. Efeito Vinculativo das Modificações ao Plano. Os aditamentos, alterações ou modificações ao Plano vincularão a Cimento Tupi e os Credores, a partir de sua aprovação na forma dos artigos 45, 45-A ou 58 da LRF.

6.7. Descumprimento do Plano. Para fins deste Plano, somente restará caracterizado descumprimento de alguma obrigação nele prevista caso a Recuperanda deixe de sanar o apontado descumprimento no prazo de até 30 (trinta) dias corridos contados do recebimento de notificação enviada por parte prejudicada nesse sentido. Nessa hipótese, a Recuperanda requererá ao Juízo da Recuperação Judicial, no prazo de até 5 (cinco) Dias Úteis contados do decurso do prazo de 30 (trinta) dias corridos referido acima, que seja convocada Assembleia Geral de Credores, a se realizar em até 30 (trinta) dias corridos contados da convocação, para deliberação acerca da medida mais adequada para sanar o descumprimento, ou mesmo de modificação a este Plano, se necessário for.

6.7.1. Na hipótese de caracterização do descumprimento do Plano, não sanado nos termos da Cláusula 6.7 os Créditos serão reconstituídos às suas condições originais na forma do art. 61, §2º, da LRF, observados todos os atos praticados pela Cimento Tupi na vigência do Plano Anterior e ratificados nos termos da Cláusula 6.10 deste Plano.

6.8. Limites de Pagamento. Qualquer pagamento a Credores a ser realizado nos termos deste Plano estará limitado ao valor do respectivo Crédito constante da Relação de Credores do Administrador Judicial.

6.9. Quitação. Os pagamentos realizados na forma estabelecida neste Plano acarretarão, de forma automática, e independentemente de qualquer formalidade adicional, proporcional ao valor efetivamente recebido e independente de qualquer formalidade adicional, a quitação plena, rasa, irrevogável e irretratável de todo e qualquer Crédito Concursal (e eventuais Encargos Financeiros porventura aplicáveis) contra a Recuperanda e seus fiadores, avalistas, garantidores, sucessores e cessionários, inclusive juros, correção monetária, penalidades, multas e indenizações seja por obrigação principal ou fidejussória, de modo que os Credores Concursais nada mais poderão

reclamar contra a Xxxxxxxxxxx e seus fiadores, avalistas, garantidores, sucessores e cessionários relativamente aos Créditos Concursais, a qualquer tempo, em juízo ou fora dele.

6.10. Ratificação de Atos. A Aprovação do Plano pela Assembleia Geral de Credores implicará a aprovação e ratificação de todos os atos regulares de gestão praticados e medidas adotadas pela Recuperanda para implementar sua reestruturação, em especial aquelas adotadas no curso da Recuperação Judicial, incluindo, mas não se limitando (i) os atos necessários à reestruturação na forma proposta neste Plano, (ii) todos demais atos e ações necessárias para integral implementação e consumação deste Plano e da Recuperação Judicial, bem como (iii) com relação ao Plano Anterior, todos os pagamentos realizados aos Credores pela Cimento Tupi durante a sua vigência, os quais ficam expressamente autorizados, validados e ratificados para todos os fins de direito.

6.11. Isenção de Responsabilidade e Renúncia em relação às Partes Isentas. Em decorrência da Aprovação do Plano, os Credores expressamente reconhecem e isentam as Partes Isentas de toda e qualquer responsabilidade pelos atos praticados e obrigações contratadas, antes e depois da Data do Pedido, inclusive com relação à reestruturação da Cimento Tupi em geral e a prevista neste Plano, bem como aos atos e pagamentos realizados aos Credores pela Cimento Tupi durante a vigência do Plano Anterior, conferindo às Partes Isentas a mais ampla, plena, rasa, geral, irrevogável e irretratável quitação de todos os direitos e pretensões materiais ou morais porventura decorrentes dos referidos atos a qualquer título.

6.11.1. A Aprovação do Plano representa igualmente expressa e irrevogável renúncia dos Credores a quaisquer reivindicações, ações ou direitos de ajuizar, promover ou reivindicar, judicial ou extrajudicialmente, a qualquer título e sem reservas ou ressalvas, a qualquer tempo, hoje ou no futuro, a reparação de danos e/ou quaisquer outras ações ou medidas contra as Partes Isentas em relação aos atos praticados e obrigações assumidas pelas Partes Isentas, inclusive em virtude de e/ou no curso da Recuperação Judicial.

7. Disposições Gerais

7.1. Condições Suspensivas. A eficácia deste Plano está condicionada à (i) Aprovação do Plano; e (ii) Homologação Judicial do Plano.

7.2. Protestos. Com a Homologação Judicial do Plano, os Credores concordam com a baixa imediata de todos os atos de negativação e protestos lavrados contra a Cimento Tupi, avalistas e devedores solidários. Nesse sentido, fica autorizado ao Juízo da Recuperação Judicial determinar a expedição de ofício aos órgãos competentes (Cartórios de Protesto, Serasa, etc.), para que as anotações cujas exigências sejam anteriores à Recuperação Judicial sejam baixadas.

7.3. Obrigações Gerais. Por meio deste Plano, a Recuperanda compromete-se a, durante o curso da Recuperação Judicial, (a) conduzir os negócios da Recuperanda de acordo com o curso ordinário de suas operações; (b) observar todos os termos, condições e limitações estabelecidos neste Plano; e (c) cumprir com todas as obrigações assumidas neste Plano.

7.3.1. Sem prejuízo do disposto na Cláusula 7.3 acima, a Recuperanda obriga-se a adotar as medidas que estejam ao seu alcance e sejam necessárias para que este Plano seja reconhecido como eficaz, exequível e vinculante nas jurisdições estrangeiras aplicáveis à Recuperanda, na medida em que tal reconhecimento se faça necessário para a implementação das medidas previstas neste Plano em relação aos respectivos Credores.

7.4. Implementação do Plano no Exterior: Após a Homologação Judicial do Plano, a Recuperanda fica desde já autorizada a adotar todas as medidas necessárias para (i) dar andamento ao procedimento do Capítulo 15, do título 11, do Código de Insolvência dos Estados Unidos perante a Corte de Insolvência dos Estados Unidos da América do Distrito Sul de Nova Iorque, com o objetivo de buscar uma decisão da referida Corte (a) reconhecendo a Recuperação Judicial como um processo principal estrangeiro nos termos do Código de Insolvência dos Estados Unidos;

(b) reconhecendo, aplicando e atribuindo efeitos ao Plano nos Estados Unidos da América; e (c) autorizando e direcionando as respectivas partes a tomarem todas as medidas necessárias para atribuir efeitos e implementar o Plano naquela jurisdição e em relação aos documentos regidos pela Lei de Nova Iorque, conforme homologado pelo Juízo da Recuperação; e (ii) iniciar e/ou dar andamento a outros procedimentos judiciais, extrajudiciais ou administrativos, sejam de insolvência ou de outra natureza, em outras jurisdições além da República Federativa do Brasil, conforme necessário, para a implementação deste Plano,

7.5. Encerramento da Recuperação Judicial. A Recuperação Judicial será encerrada mediante a verificação do cumprimento de todas as obrigações previstas no Plano que se vencerem até, no máximo, 2 (dois) anos contados da Homologação Judicial do Plano, independentemente de períodos de carência previstos neste Plano.

7.6. Meios de Pagamento. Credores serão pagos mediante a transferência direta de recursos à conta bancária do respectivo Credor, por meio do PIX, por meio de transferência eletrônica disponível (TED) (com exceção de Credores residentes e domiciliados no exterior), servindo o comprovante da referida operação financeira como prova de quitação do respectivo pagamento.

7.6.1. De forma a viabilizar referido pagamento e condicionado ao recebimento, em até 20 (vinte) dias a contar da Homologação Judicial do Plano, os Credores deverão enviar à Recuperanda, com cópia para o Administrador Judicial uma notificação, nos termos do Anexo 7.6.1 contendo, dentre outras informações, os detalhes de sua conta bancária (agência, conta corrente ou poupança, instituição financeira com respectivo código,

CPF/CNPJ do beneficiário ou a chave PIX) e as demais informações necessárias para a efetiva transferência dos recursos.

7.6.2. Os pagamentos que não forem realizados diante da inércia, equívoco ou omissão dos Credores em relação à indicação de suas contas bancárias não serão considerados como descumprimento deste Plano, bem como não haverá a incidência de juros ou encargos moratórios se os pagamentos não tiverem sido realizados em razão dos Credores não terem informado tempestivamente suas contas bancárias. Neste caso, a critério da Cimento Tupi, os pagamentos devidos aos Credores que não tiverem informado suas contas bancárias poderão ser realizados no Juízo da Recuperação, nos termos de pagamento aplicáveis ao respectivo Crédito Concursal, observado o disposto na Cláusula 4.4.4.

7.7. Créditos em Moeda Estrangeira. Observado o disposto na Cláusula 4.4 e na Cláusula 4.4.3, os Créditos denominados em moeda estrangeira serão mantidos na respectiva moeda original e serão pagos nos termos e condições previstos neste Plano aplicáveis à classe dos respectivos Créditos em moeda estrangeira, na forma e observando a mecânica de pagamento acordada entre as partes e/ou que vinha sendo utilizada pelas partes até a Data do Pedido.

7.8. Datas de Pagamento. Na hipótese de qualquer pagamento ou obrigação prevista neste Plano estar prevista para ser realizada ou satisfeita em um dia que não seja um Dia Útil, o referido pagamento ou obrigação poderá ser realizado ou satisfeito, conforme o caso, no Dia Útil imediatamente seguinte, sem que isso caracterize impontualidade da Recuperanda ou implique incidência de Encargos Financeiros.

7.9. Comunicações. Todas as notificações, requerimentos, pedidos e outras comunicações à Cimento Tupi, requeridas ou permitidas por este Plano, para serem eficazes, devem ser feitas por escrito e serão consideradas realizadas quando (i) enviadas por correspondência registrada, com aviso de recebimento, ou por courier, e efetivamente entregues; ou (ii) enviadas por e-mail com comprovante de entrega, observando-se os dados de contato a seguir:

Cimento Tupi S.A. – em Recuperação Judicial Xxxxxxx xxx Xxxxxxxx, xx 000, Xxxxx 00, salas 205 e 206 Barra da Tijuca

Rio de Janeiro - RJ CEP 22.640-100

A/C: Sra. Xxxxxx Xxxxxxxxx

E-mail: xxxxxx@xxxxxxxxxxx.xxx.xx

7.10. Divisibilidade das Previsões do Plano. Na hipótese de qualquer termo ou disposição do

Plano ser considerada inválida, nula ou ineficaz pelo Juízo da Recuperação, a validade e eficácia das demais disposições não serão afetadas, devendo a Recuperanda propor novas disposições para substituírem aquelas declaradas inválidas, nulas ou ineficazes, de forma a manter o propósito do estabelecido neste Plano.

7.11. Cessão de Créditos. Os Credores poderão ceder seus créditos a outros Credores ou a terceiros, e a cessão somente produzirá efeitos desde que (i) a Cimento Tupi seja informada, assim como, caso a Recuperação Judicial ainda não tenha se encerrado, o Administrador Judicial e o Juízo da Recuperação Judicial sejam informados; e (ii) os cessionários firmem declaração por escrito atestando o recebimento de uma cópia do Plano e reconhecendo que o Xxxxxxx cedido estará sujeito às disposições do Plano, respeitadas as previsões dos anexos a este Plano.

7.12. Alterações Anteriores à Aprovação do Plano. A Cimento Tupi se reserva o direito, na forma da Lei, de alterar este Plano até a data da Aprovação do Plano, inclusive de modo a complementar o protocolo com documentos adicionais e traduções de documentos correlatos.

7.13. Lei Aplicável. Os direitos, deveres e obrigações decorrentes deste Plano deverão ser regidos, interpretados e executados de acordo com as leis vigentes no Brasil, ainda que os créditos sejam regidos pelas leis de outra jurisdição e sem que quaisquer regras ou princípios de direito internacional privado sejam aplicadas.

7.14. Eleição de Foro. Todas as controvérsias ou disputas que surgirem ou estiverem relacionadas a este Plano (i) serão resolvidas pelo Juízo da Recuperação Judicial, até o encerramento do processo de Recuperação Judicial com trânsito em julgado da decisão homologatória; e (ii) após o encerramento do processo de Recuperação Judicial com trânsito em julgado da decisão homologatória, serão resolvidas por meio de arbitragem, conforme o disposto nas cláusulas abaixo (“Arbitragem”).

7.14.1. Cláusula de Arbitragem e Lei Aplicável. Observando o disposto na Cláusula 7.14 acima, os Credores e a Cimento Tupi comprometem-se a submeter todas controvérsias ou disputas que surgirem ou estiverem relacionadas a este Plano a arbitragem a ser administrada pelo CBMA – Centro Brasileiro de Mediação e Arbitragem, na sede do Rio de Janeiro, que será dirimido em carácter definitivo segundo o Regulamento do CBMA vigente no momento do início do procedimento arbitral e em conformidade com as Leis vigentes no Brasil.

7.14.2. Local da Arbitragem. O procedimento arbitral ocorrerá na Cidade do Rio de Janeiro, Estado do Rio de Janeiro, Brasil, e será conduzido pelo CBMA em caráter confidencial e em idioma português. Os árbitros nomeados conforme disposto nesta Cláusula deverão comprometer-se com as obrigações de confidencialidade ora

estipuladas. A arbitragem será conduzida por um Tribunal composto por 3 (três) árbitros, a serem nomeados de acordo com o Regulamento do CBMA.

7.14.3. Jurisdição. A execução da sentença poderá ser pleiteada junto ao foro competente da Comarca da Capital do Estado do Rio de Janeiro. A sentença arbitral será prolatada na jurisdição na qual for conduzido o procedimento arbitral, isso é, Rio de Janeiro, tendo caráter definitivo e obrigando as partes. O mérito da disputa será decidido de acordo com as Leis do Brasil, e não poderá ser decidido ex aequo et bono. As regras do árbitro de emergência e da arbitragem expedita não se aplicam à presente convenção de arbitragem.

7.14.4. Custos. A sentença arbitral final atribuirá à parte vencida, ou a ambas as partes envolvidas na Arbitragem, na proporção de seu sucesso relativo em suas reivindicações e/ou reconvenções, todas as despesas, honorários e custos de arbitragem, exceto os honorários contratuais de advogados, que serão arcados por cada uma das respectivas partes envolvidas na Arbitragem.

7.14.5. Os Credores e a Cimento Tupi concordam que a existência de procedimentos arbitrais iniciados de acordo com esta cláusula e todos os documentos, declarações e informações, escritas ou orais, apresentados ou feitos no decorrer de, ou criados para fins de tais procedimentos arbitrais, bem como todos sentenças e decisões do tribunal arbitral serão tratadas como confidenciais e não serão divulgadas a terceiros sem o consentimento por escrito de todas as partes, a menos que: (a) a informação tenha chegado ao domínio público por outro motivo que não seja por culpa do parte que o divulga; (b) Tal divulgação seja exigida por lei ou ordenada por um tribunal ou tribunal arbitral com jurisdição sobre as partes, independentemente de a exigência ter ou não força de lei; (c) Tal divulgação seja feita exclusivamente sobre o objeto de processos consolidados ou relacionados; ou (d) Tal divulgação seja necessária para estabelecer, proteger ou exercer qualquer direito legal da parte que divulga as informações ou para contestar ou executar qualquer sentença perante um tribunal estadual ou outra autoridade judicial. Toda e qualquer controvérsia relacionada às obrigações de confidencialidade aqui estabelecidas será finalmente resolvida por arbitragem.

7.14.6. Consolidação. Os processos arbitrais previstos neste Plano poderão ser consolidados com outros processos arbitrais pendentes entre as partes envolvidas na Arbitragem, suas respectivas afiliadas ou qualquer outra pessoa, caso tais processos arbitrais decorram das operações contempladas neste Plano ou se refiram ao mesmo assunto. A consolidação dos procedimentos arbitrais será feita de acordo com as Normas do Centro Brasileiro de Mediação e Arbitragem (CBMA).

7.14.7. Jurisdição Concorrente. Sem prejuízo da validade desta cláusula

compromissória, as partes elegem o foro da Cidade do Rio de Janeiro, Brasil, com exclusão de qualquer outro, por mais privilegiado que seja, com o único propósito de – se e quando necessário – (i) solicitar medidas de natureza caráter provisório, cautelar ou conservador antes da constituição do tribunal arbitral, observado o disposto nos artigos 22-A e 22-B da Lei nº 9.307/96; (ii) garantir a plena existência e exigibilidade desta cláusula compromissória e assegurar a instauração da arbitragem, se necessário, nos termos do artigo 7º da Lei nº 9.307/96, (iii) propor a ação prevista no artigo 33 da Lei 9.307/96; (iv) propor o procedimento previsto nos artigos 381 a 383 do Código de Processo Civil Brasileiro – que poderá ocorrer judicialmente mesmo que não haja urgência; (v) a execução do presente Plano e das obrigações nele previstas, por serem líquidas e exigíveis para os fins do disposto nos artigos 783 e 786 do Código de Processo Civil Brasileiro e a execução de ordens ou sentenças arbitrais; e (vi) qualquer outro litígio que, de acordo com a legislação brasileira, não possa ser submetido à arbitragem. Qualquer medida provisória deferida por autoridade judicial deverá ser prontamente informada pela parte requerente ao Centro Brasileiro de Mediação e Arbitragem (CBMA).

O Plano é firmado pelo representante legal devidamente constituído da Cimento Tupi.

Rio de Janeiro, 23 de fevereiro de 2024.

Cimento Tupi S.A. – Em Recuperação Judicial

Anexo 1.1

Definições

“Acionistas Cimento Tupi” significa Xxxxxxx Xxxxxxx Xxxxxxx e Latcem S.A.

“Administrador Judicial” significa a Inova Administração Judicial Ltda. (atual denominação de NR Administração Judicial Ltda.), com sede na Xxx xx Xxxxx, xx 00, 00x xxxxx, Xxxxxx, Xxx xx Xxxxxxx, XXX: 00.000-000, na Cidade e Estado do Rio de Janeiro, conforme nomeado pelo Juízo da Recuperação Judicial, nos termos da decisão proferida em 22 de janeiro de 2021.

“Aprovação do Plano” significa a aprovação deste Plano pelos Credores Concursais na Assembleia Geral de Credores, na forma do art. 45, 45-A ou 58, §1º da LRF. Para os efeitos deste Plano, considera-se que a Aprovação do Plano ocorrerá na data da Assembleia Geral dos Credores que aprovar o Plano. Na hipótese de aprovação nos termos do art. 58, §1º da LRF, considera-se a Aprovação do Plano na data da decisão que conceder a Recuperação Judicial.

“Assembleia Geral de Credores” ou “AGC” significa qualquer assembleia geral de credores

realizada nos termos do Capítulo II, Seção IV da LRF.

“Aumento de Capital – Capitalização de Créditos” tem o seu significado atribuído na Cláusula

4.3.1.3 deste Plano.

“Brasil” significa a República Federativa do Brasil.

“CPI” significa a U.S. Inflation publicada pela U.S. Bureau of Labor Statistics (Consumer Price Index – “CPI”)

“Capitalização de Créditos” tem o seu significado atribuído na Cláusula 4.3.1.3.1 deste Plano.

“Código Civil” significa a Lei Federal nº 10.406, de 10 de janeiro de 2002.

“Créditos” significa os Créditos Concursais e os Créditos Extraconcursais.

“Créditos Classe III” significa os Créditos Concursais previstos nos arts. 41, inciso III, e 83, inciso VI, da LRF contra a Recuperanda.

“Créditos Classe IV” significa, nos termos do art. 41, inciso IV da LRF, os Créditos Concursais detidos por microempresas ou empresas de pequeno porte, sendo certo que, conforme previsto na Lei Complementar nº 123/2006 (conforme alterada), para fins de enquadramento de uma

determinada empresa como microempresa ou empresa de pequeno porte, poderão ser auferidas receitas no mercado interno até o limite previsto no inciso II do caput do artigo 3º da Lei Complementar nº 123/2006 ou no § 2o do artigo 3º da Lei Complementar nº 123/2006, conforme o caso, e, adicionalmente, receitas decorrentes da exportação de mercadorias ou serviços, inclusive quando realizada por meio de comercial exportadora ou da sociedade de propósito específico prevista no art. 56 da Lei Complementar nº 123/2006, desde que as receitas de exportação também não excedam os referidos limites de receita bruta anual .

“Créditos com Garantia Real” significa os Créditos garantidos por direitos reais, nos termos do art. 41, inciso II da LRF.

“Créditos Concursais” significa os créditos e obrigações de fazer sujeitos aos efeitos deste Plano, vencidos ou vincendos, cujos respectivos contratos, obrigações e/ou fatos geradores ocorreram antes da Data do Pedido, independentemente de estarem ou não relacionados na Relação de Credores do Administrador Judicial. Para fins de clareza, os Créditos Concursais são todos os Créditos referidos neste Plano, independentemente de sua natureza, à exceção dos Créditos com Garantia Real e os Créditos Extraconcursais.

“Créditos Extraconcursais” significa os créditos detidos contra a Recuperanda que não se sujeitam aos efeitos deste Plano em razão (i) do seu fato gerador ser posterior à Data do Pedido, ou (ii) de se enquadrarem no art. 49, §§ 3º e 4º da LRF, ou qualquer outra norma legal que os exclua dos efeitos deste Plano.

“Créditos Ilíquidos” significa os Créditos Concursais (i) objeto de ação judicial e/ou de arbitragem, iniciada ou não, derivados de quaisquer relações jurídicas e contratos existentes antes da Data do Pedido; ou (ii) em relação a cujo valor haja pendência de resolução de controvérsia ou disputa; ou (iii) aqueles que, ainda que não se enquadrem nos itens (i) e (ii) acima, por qualquer razão não constem da Relação de Credores do Administrador Judicial.

“Créditos Quirografários” significa os Créditos Classe III, os Créditos Classe IV e os Créditos Quirografários de titularidade dos Credores Fornecedores Estratégicos.

“Créditos Retardatários” significa os Créditos cujos pedidos de habilitação ocorrerem depois de transcorrido o prazo previsto no art. 7º, §1º, da LRF.

“Créditos Trabalhistas” significa os Créditos Classe I.

“Credores” significa todos os credores referidos neste Plano, exceto pelos Credores com Garantia Real, cujos respectivos Créditos com Garantia Real não serão afetados pelos termos deste Plano.

“Credores Classe III Habilitados” significa os Credores Quirografários Classe III detentores de Créditos Classe III denominados em Dólares Norte-Americanos e, caso sejam titulares de Senior Unsecured Notes, que procederam com a individualização de seus respectivos Créditos Classe III perante o Juízo da Recuperação até o prazo limite para individualização determinado pelo Juízo da Recuperação Judicial ou, caso tenham procedido com a individualização de seus respectivos Créditos Classe III perante o Juízo da Recuperação no contexto da vigência do Plano Anterior, tenham apresentado o screen shot ou declaração da corretora atestando o valor principal/histórico das Senior Unsecured Notes de sua titularidade, acompanhado da tradução juramentada da referida declaração ou do screen shot, até o prazo limite para individualização determinado pelo Juízo da Recuperação Judicial.

“Credores com Garantia Real” significa os titulares de Créditos com Garantia Real.

“Credores Concursais” significa os Credores titulares de Créditos Concursais.

“Credores Extraconcursais Aderentes” significa os Credores Extraconcursais que resolverem aderir aos termos deste Plano, recebendo seus Créditos Extraconcursais nas formas e prazos aqui dispostos.

“Credores Fornecedores Estratégicos” significa os Credores Quirografários Classe III e/ou Classe IV que mantenham o fornecimento à Cimento Tupi de bens e/ou serviços necessários para a manutenção das atividades após a Data do Pedido, sem alteração injustificada dos termos e condições praticados até a Data do Pedido pelos respectivos Credores Quirografários Classe III e/ou Classe IV em relação à Cimento Tupi e que não possuam qualquer tipo de litígio em curso contra a Cimento Tupi.

“Credores Quirografários Classe III” significa os titulares de Créditos Classe III, com exceção dos Credores Fornecedores Estratégicos.

“Credores Quirografários Classe IV” significa os titulares de Créditos Classe IV, com exceção dos Credores Fornecedores Estratégicos.

“Data do Pedido” significa a data do ajuizamento do pedido de recuperação judicial, qual seja, 21 de janeiro de 2021.

“Debêntures Tupi” significa as debêntures simples, conversíveis em ações preferenciais de emissão da Cimento Tupi, com garantia real, em série única, a serem emitidas pela Cimento Tupi para colocação privada, na forma da Escritura Debêntures Tupi.

“Dia Útil” significa qualquer dia que não um sábado, domingo ou feriado na cidade do Rio de

Janeiro, Estado do Rio de Janeiro.

“Dívida Líquida” significa o montante total de empréstimos da Cimento Tupi (incluindo de curto e longo prazo), menos a soma de caixa e equivalentes de caixa, ambos conforme o mais recente balanço trimestral consolidado da Cimento Tupi.

“Dólar Norte-Americano” significa a moeda corrente nos Estados Unidos da América.

“EBITDA” significa, para qualquer período, (a) as receitas líquidas consolidadas de vendas e serviços; menos (b) o custo consolidado de bens vendidos e serviços prestados; menos (c) as despesas administrativas e de vendas consolidadas; mais (d) o consolidado de outros rendimentos operacionais (despesas), rendimentos (despesas) líquidos e não operacionais, líquidos; mais (e) qualquer (i) depreciação, diminuição ou amortização e (ii) perdas ou despesas não monetárias ou não recorrentes, incluídas em qualquer dos itens anteriores.

“Efeito Adverso Relevante” significa, em relação à Cimento Tupi, qualquer mudança ou efeito que, tanto individualmente ou em conjunto com outros fatores, tenha um efeito adverso relevante na situação financeira e nas operações da Cimento Tupi como um todo, ou o efeito adverso relevante na habilidade da Cimento Tupi de implementar, consumar e/ou cumprir qualquer de suas obrigações nos termos deste Plano, desde que, no entanto, para os propósitos desta definição, nenhuma mudança, efeito, evento ou ocorrência que surja ou resulte de qualquer das situações a seguir, sozinhas ou combinadas, constituam ou sejam levadas em consideração na determinação de ter sido ou possa ser um Efeito Adverso Relevante: (i) mudanças em geral, incluindo alterações nas condições de qualquer economia nacional, regional ou mundial ou das indústrias em que a Cimento Tupi opere, exceto na medida que a Cimento Tupi seja afetada desproporcionalmente por tais mudanças; e (ii) financeiras ou outra condição política, de mercado ou sanitária no Brasil.

“Encargos Financeiros” significa qualquer correção monetária, juros, multa, penalidades, indenização, inflação, perdas e danos, juros moratórios e/ou outros encargos de natureza semelhante.

“Escritura Debêntures Tupi” significa a escritura de emissão das Debêntures Tupi,

substancialmente na forma do Anexo 4.2.9.

“Homologação Judicial do Plano” significa a decisão judicial proferida pelo Juízo da Recuperação que concede a Recuperação Judicial, nos termos do art. 58, caput ou §1º, da LRF. Para os efeitos deste Plano, considera-se que a Homologação Judicial do Plano ocorre na data da publicação, no Diário Oficial, da decisão de primeiro grau concessiva da Recuperação Judicial. No caso de ser indeferida na primeira ou na segunda instância a concessão, considerar-se-á como Homologação Judicial do Plano, respectivamente, a data da disponibilização, no Diário Oficial, de

eventual decisão de segundo xxxx, ou de instância superior, em qualquer caso monocrática ou colegiada – o que primeiro ocorrer – que assim deliberar.

“IPCA” significa o Índice Nacional de Preços ao Consumidor Amplo, divulgado pelo Instituto Brasileiro de Geografia e Estatística – IBGE ou outro índice que venha legalmente a substituí-lo.

“Juízo da Recuperação Judicial” significa o Juízo da 3ª Vara Empresarial da Comarca da Capital do Estado do Rio de Janeiro.

“Laudo” significa o laudo econômico-financeiro e de avaliação dos bens e ativos da Cimento Tupi, elaborado nos termos do artigo 53, incisos II e III da LRF e constante do Anexo 2.3 a este Plano.

“Lei” ou “Leis” significa qualquer lei, portaria, instrução normativa, regulamento ou decreto expedido por qualquer autoridade governamental.

“Lei das Sociedades por Ações” significa a Lei Federal nº 6.404, de 15 de dezembro de 1976.

“Limite do Aumento de Capital” tem o seu significado atribuído na Cláusula 4.3.1.3.1(ii) deste Plano.

“Limite Individual Pagamento Geral” tem o seu significado atribuído na Cláusula 4.3.1.1 deste Plano.

“Limite Total Pagamento Geral” tem o seu significado atribuído na Cláusula 4.3.1.1 deste Plano.

“LRF” significa a Lei Federal nº 11.101, de 09 de fevereiro de 2005, conforme aditada.

“Montante Total da Capitalização” tem o seu significado atribuído na Cláusula 4.3.1.3.1 deste Plano.

“Notificação Opção de Pagamento” significa a notificação a ser enviada pelos Credores Quirografários Classe III, no prazo de até 15 (quinze) dias corridos contados da Homologação Judicial do Plano, na forma do Anexo 4.4 deste Plano e nos termos da Cláusula 4.4 deste Plano, para manifestar seu interesse em aderir a uma das opções de pagamento aplicáveis aos Credores Quirografários Classe III definidas na Cláusula 4.3.1 deste Plano.

“Novas Ações Capitalização de Créditos” tem o seu significado atribuído na Cláusula 4.3.1.3.1(ii) deste Plano.

“Partes Isentas” significam a Recuperanda, os Acionistas Xxxxxxx Xxxx, suas afiliadas, fiadores, avalistas, garantidores, diretores, gestores, conselheiros, investidores, funcionários, advogados, agentes e outros representantes e mandatários, incluindo seus antecessores e sucessores.

“Pessoa” significa qualquer indivíduo, firma, sociedade, companhia, associação sem

personalidade jurídica, parceria, trust ou outra pessoa jurídica.

“Plano” significa este plano de recuperação judicial da Cimento Tupi, que cumpre os requisitos da Seção III, do Capítulo III, da LRF.

“Plano Anterior” significa o plano de recuperação judicial da Cimento Tupi datado do dia 14 de outubro de 2021 e aprovado pela maioria dos Credores Concursais também no dia 14 de outubro de 2021, o qual foi homologado pelo Juízo da Recuperação Judicial em 04 de fevereiro de 2022 e tal decisão publicada em 15 de março de 2022.

“Prazo de Escolha de Opção de Pagamento” tem o seu significado atribuído na Cláusula 4.4

deste Plano.

“Primeira Parcela” tem o seu significado atribuído na Cláusula 4.3.1.1.2 deste Plano.

“Proporção do Pagamento” tem o seu significado atribuído na Cláusula 4.3.1.1.1 deste Plano.

“Razão entre Dívida Líquida e EBITDA” significa, em qualquer data (a “data da transação”), a razão entre: (a) o valor agregado de Dívida Líquida da Cimento Tupi na época e (b) EBITDA para os quatro trimestres fiscais imediatamente anteriores à data da transação para os quais as informações financeiras internas são disponibilizadas.

“Real” significa a moeda corrente do Brasil.

“Reconhecimento do Plano no Chapter 15” significa toda e qualquer decisão ou ordem judicial necessária para que este Plano possa produzir seus regulares efeitos no âmbito do procedimento do Capítulo 15, do título 11, do Código de Insolvência dos Estados Unidos a ser instaurado perante a Corte de Insolvência dos Estados Unidos da América do Distrito Sul de Nova Iorque.

“Recuperação Judicial” significa o processo de recuperação judicial relativo à Cimento Tupi autuado sob o nº 0012239-96.2021.8.19.0001, em curso perante o Juízo da Recuperação Judicial.

“Recuperanda” significa a Cimento Tupi.

“Relação de Credores do Administrador Judicial” significa a lista de credores elaborada pelo

Administrador Judicial na forma do artigo 7, §2º da LRF.

“Saldo Após Primeira Parcela” tem o seu significado atribuído na Cláusula 0 deste Plano.

“Saldo Remanescente Após Deságio Opção de Reestruturação I” tem o seu significado atribuído na Cláusula 4.3.1.2.2 deste Plano.

“Saldo Remanescente Opção de Reestruturação II” tem o seu significado atribuído na Cláusula

4.3.1.3.2 deste Plano.

“Senior Unsecured Notes” significa as 9.75% Senior Unsecured Notes due 2018 emitidas pela Cimento Tupi e negociadas no exterior.

“Total de Créditos Classe III Considerados” tem o seu significado atribuído na Cláusula

4.3.1.1.1 deste Plano.

“UPI” significa Unidade Produtiva Isolada, de acordo com o art. 60 da LRF.

***

ANEXO 2.3

Laudo Econômico-Financeiro

ANEXO 4.3.1.2.3

Escrituras de Emissão de Notas Referentes à Opção de Reestruturação I

CIMENTO TUPI S.A.— EM RECUPERAÇÃO JUDICIAL

as Issuer and

THE BANK OF NEW YORK MELLON

as Trustee, Paying Agent, Registrar and Transfer Agent

Amended and Restated Indenture

Dated as of [ ], 2024

Providing for the Issuance of Securities in Series

TABLE OF CONTENTS

PAGE

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01. Definitions 2

Section 1.02. Rules of Construction 15

ARTICLE 2 THE NOTES

Section 2.01. Initial Notes 17

Section 2.02. Amount Limited; Issuable in Series 18

Section 2.03. Form, Dating and Denominations; Legends 20

Section 2.04. Execution and Authentication 21

Section 2.05. Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold

Money in Trust 22

Section 2.06. Replacement Notes 23

Section 2.07. Outstanding Notes 23

Section 2.08. Temporary Notes 24

Section 2.09. Cancellation 24

Section 2.10. CUSIP and ISIN Numbers 25

Section 2.11. Registration, Transfer and Exchange 25

Section 2.12. Restrictions on Transfer and Exchange 28

Section 2.13. Open Market Purchases 29

ARTICLE 3 REDEMPTION

Section 3.01. Optional Redemption 30

Section 3.02. Method and Effect of Redemption 31

ARTICLE 4 COVENANTS

Section 4.01. Payment of Notes 31

Section 4.02. Limitation on Debt 33

Section 4.03. Maintenance of Office or Agency 36

Section 4.04. Existence 36

Section 4.05. Payment of Taxes 37

Section 4.06. Maintenance of Properties and Insurance 37

Section 4.07. Financial Reports 37

Section 4.08. Reports to Trustee 38

Section 4.09. Disclosure of Names and Addresses of Holders 39

Section 4.10. Paying Agent and Transfer Agent 39

Section 4.11. Additional Amounts 42

Section 4.12. Compliance with Applicable Laws 44

Section 4.13. Maintenance of Governmental Approvals 44

Section 4.14. Maintenance of Books and Records 45

Section 4.15. Limitation on Restricted Payments 45

Section 4.16. Ranking 46

Section 4.17. Limitation on Dividend and Other Payment Restrictions Affecting Issuer Subsidiaries 46

Section 4.18. Limitation on Asset Sales 47

Section 4.19. Related Party Transactions 47

Section 4.20. Luxembourg Listing 48

ARTICLE 5

CHANGE OF CONTROL OR OTHER CONSOLIDATION, MERGER OR SALE OF ASSETS

Section 5.01. No Change of Control or Other Consolidation, Merger or Sale of Assets 48

Section 5.02. Consolidation, Merger or Sale of Assets 50

ARTICLE 6 DEFAULT AND REMEDIES

Section 6.01. Events of Default 52

Section 6.02. Acceleration 54

Section 6.03. Other Remedies 55

Section 6.04. Waiver of Past Defaults 55

Section 6.05. Control by Majority 55

Section 6.06. Limitation on Suits 56

Section 6.07. Rights of Holders to Receive Payment 56

Section 6.08. Collection Suit by Trustee 57

Section 6.09. Trustee May File Proofs of Claim 57

Section 6.10. Priorities 57

Section 6.11. Restoration of Rights and Remedies 58

Section 6.12. Undertaking for Costs 58

Section 6.13. Rights and Remedies Cumulative 58

Section 6.14. Delay or Omission Not Waiver; Prescription of Claims 58

Section 6.15. Waiver of Stay, Extension or Usury Laws 58

ARTICLE 7 THE TRUSTEE

Section 7.01. General 59

Section 7.02. Certain Rights of Trustee 59

Section 7.03. Trust Indenture Act 61

Section 7.04. Trustee’s Disclaimer 61

Section 7.05. Notice of Default 61

Section 7.06. Compensation and Indemnity 62

Section 7.07. Replacement of Trustee 62

Section 7.08. Successor Trustee by Xxxxxx 63

Section 7.09. Money Held in Trust 63

Section 7.10. Appointment of Co−Trustee 64

Section 7.11. Force Majeure 65

Section 7.12. Corporate Trustee Required; Eligibility; Conflicting Interests 65

Section 7.13. Compliance Certificates and Opinions 65

Section 7.14. Trustee and Others May Hold Notes 66

ARTICLE 8 DEFEASANCE AND DISCHARGE

Section 8.01. Discharge of Issuer’s Obligations 66

Section 8.02. Legal Defeasance 67

Section 8.03. Covenant Defeasance 69

Section 8.04. Application of Trust Money 70

Section 8.05. Repayment to Issuer 70

Section 8.06. Reinstatement 70

ARTICLE 9

AMENDMENTS, SUPPLEMENTS AND WAIVERS

Section 9.01. Amendments Without Consent of Holders 70

Section 9.02. Amendments With Consent of Holders 72

Section 9.03. Qualifications for Voting and Consents 73

Section 9.04. Effect of Consent 73

Section 9.05. Trustee’s Rights and Obligations 74

Section 9.06. Payment for Consent 74

ARTICLE 10 MISCELLANEOUS

Section 10.01. Noteholder Communications; Noteholder Actions 74

Section 10.02. Notices 75

Section 10.03. Certificate and Opinion as to Conditions Precedent 77

Section 10.04. Statements Required in Certificate or Opinion 77

Section 10.05. Payment Date Other than a Business Day 77

Section 10.06. Governing Law 78

Section 10.07. Submission to Jurisdiction; Agent for Service 78

Section 10.08. Judgment Currency 78

Section 10.09. No Adverse Interpretation of Other Agreements 79

Section 10.10. Successors 79

Section 10.11. Duplicate Originals 79

Section 10.12. Separability 79

Section 10.13. Table of Contents and Headings 79

Section 10.14. No Liability of Directors, Officers, Employees, Incorporators, Members

and Stockholders 79

Section 10.15. Waiver of Jury Trial 80

Section 10.16. Tax Matters 80

Section 10.17. Waiver of Immunity 80

Section 10.18. Execution in Counterparts 80

EXHIBITS

EXHIBIT A Form of Note A−1

EXHIBIT B Restricted Legend B−1

EXHIBIT C DTC Legend C−1

EXHIBIT D Regulation S Certificate D−1

EXHIBIT E Rule 144A Certificate E−1

AMENDED AND RESTATED INDENTURE, dated as of [ ], 2024, by and between CIMENTO TUPI S.A.—in Judicial Reorganization, a sociedade por ações duly organized and validly existing under the laws of the Federative Republic of Brazil, as the “Issuer”, and The Bank of New York Mellon, as Trustee, Paying Agent, Registrar, and Transfer Agent.

RECITALS

WHEREAS, on May 11, 2011, the Issuer issued US$ 100,000,000 in aggregate principal amount of 9.75% Senior Unsecured Notes due 2018, and on February 7, 2012 and October [10], 2014, the Issuer issued a further US$ 50,000,000 and US$ 35,000,000, respectively, in aggregate principal amount of 9.75% Senior Unsecured Notes due 2018 (collectively, the “Original Notes”), in each case, pursuant to an indenture dated as of May 11, 2011, as supplemented by an indenture supplement dated as of April 26, 2012 by and among the Issuer and The Bank of New York Mellon, as trustee, paying agent, registrar and transfer agent;

WHEREAS, on January 21, 2021, the Issuer filed a joint voluntary petition for judicial reorganization (recuperação judicial) (the “RJ Proceeding”) pursuant to Brazilian Law No.

11,101 of June 9, 2005 with the Third Business Court of the Judicial District of the Capital of Rio de Janeiro (the “RJ Court”) and, on March 26, 2021, the Issuer filed a judicial reorganization plan, as amended on September 6, 2021, on October 8, 2021 and on October 13, 2021 (the “Original RJ Plan”) with the RJ Court;

WHEREAS, on February 4, 2022, the RJ Court entered an order ratifying and confirming the Original RJ Plan;

WHEREAS, on February 8, 2024, the Issuer and certain creditors (including beneficial owners of claims against the Issuer) entered into a Settlement and Plan Support Agreement (the “Settlement and Plan Support Agreement”) pursuant to which the respective creditors agreed to support the RJ Proceeding provided that the terms of the Original RJ Plan are amended and that the Original RJ Plan is replaced by a new RJ Plan as set forth in the Settlement and Plan Support Agreement (the “New RJ Plan”, and all references herein to the “RJ Plan” shall mean the Original RJ Plan as amended and replaced by the New RJ Plan);

WHEREAS, on [ ], 2024, the RJ Court entered an order ratifying and confirming the New RJ Plan (the “Brazilian Confirmation Order”), which order became effective upon publication in the Official Gazette of the State of Rio de Janeiro on [date], 2024 (the “Effective Date”);

WHEREAS, in accordance with the New RJ Plan, all of the Issuer’s creditors holding outstanding credits subject to the RJ Proceeding, including (but not limited to) the Trustee and the holders of the Original Notes are bound by the terms of the RJ Plan as a matter of Brazilian law effective from and after the Effective Date;

WHEREAS, by way of an order dated April 28, 2021, entered in proceedings commenced

under Chapter 15 of the United States Bankruptcy Code (the “United States Bankruptcy

Code”), the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) granted recognition of the RJ Proceeding as a foreign main proceeding pursuant to section 1517 of the United States Bankruptcy Code;

WHEREAS, by way of an order dated [date], the Bankruptcy Court, pursuant to Chapter 15 of the United States Bankruptcy Code, enforced and granted comity to the RJ Plan and the Brazilian Confirmation Order within the territorial jurisdiction of the United States (the “Chapter 15 Order”);

WHEREAS, as a result of the Chapter 15 Order, the RJ Plan and the Brazilian Confirmation Order are fully enforceable and binding within the territorial jurisdiction of the United States;

WHEREAS, pursuant to the RJ Plan, the Issuer, the Trustee, the Paying Agent, the Registrar and the Transfer Agent shall enter into this Amended and Restated Indenture pursuant to which the Original Notes will be amended and restated as (i) 8.00% Amortizing Unsecured PIK Notes due [2037], in accordance with Section [ ] (and the respective Exhibit) of the RJ Plan, (ii) 9.50% Unsecured PIK Notes due [2038], and/or (iii) 0.75% Unsecured PIK Notes due [2043], in accordance with Section [ ] (and the respective Exhibit) of the RJ Plan (collectively, the “Initial Notes”);

WHEREAS, all conditions necessary to authorize the execution and delivery of this Amended and Restated Indenture and make it a valid and binding obligation of the Issuer, in accordance with its terms, have been done or performed;

NOW, THEREFORE, the Issuer, the Trustee, the Paying Agent, the Registrar and the Transfer Agent agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined herein):

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01. Definitions.

“Acquired Debt” means Debt of a Person existing at the time the Person was acquired by the Issuer or the Person merges with or into or becomes a Subsidiary of the Issuer and not Incurred as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Person became a Subsidiary of the Issuer of, or was otherwise acquired by, the Issuer.

“Additional Amounts” has the meaning assigned to such term in Section 4.11(a).

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms

“controlling,” “controlled by” and “under common control with”) with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. Without limiting the generality of the foregoing, “control” of a Person shall mean and include also (i) the direct or indirect record or beneficial ownership (as “beneficial ownership” is defined or determined under Rule 13d−3 under the Securities Act, including Persons acting as a group) of more than fifty percent (50%) (or such lesser percentage if sufficient to exercise control otherwise) of the voting capital stock or voting securities or partnership or other ownership interests of such Person; (ii) the power to directly or indirectly

(a) elect or remove a majority of the members of the board of directors, board of officers, general or managing partners or members, or comparable governing body of such Person, or

(b) hold the majority of the votes in the general meetings of such Person; and (iii) the power to manage and direct the activities of such Person; in any case, whether through record or beneficial ownership (direct or indirect) of voting capital stock or other securities or partnership or other ownership interests, by contract or otherwise. “Affiliate” shall mean and include also with respect to the Issuer and each Issuer Subsidiary (i) any Permitted Holders; (ii) any direct or indirect record or beneficial owner of or with respect to 10% or more of the Capital Stock (whether as a whole or by class or series) of the Issuer or any Issuer Subsidiary; (iii) any Person in which the Issuer or any Issuer Subsidiary is a direct or indirect record or beneficial owner of or with respect to 10% or more of the Capital Stock (whether as a whole or by class or series) of such Person; (iv) any executive officer of the Issuer or any Issuer Subsidiary; and (v) in the case of any individual, his or her respective legal or common−law spouse, ascendants, descendants, sons−in−law, daughters−in−law and collateral kin to the fourth degree of any of the foregoing Persons or any Affiliate of the foregoing.

“Agent” means any Registrar, Paying Agent, Transfer Agent or Authenticating Agent, as duly appointed by the Issuer or by the Trustee in the case of the Authenticating Agent.

“Agent Member” means a member of, or a participant in, the Depositary.

“Amendment and Restatement Date” means the date on which the Initial Notes are originally issued under this Indenture.

“Applicable GAAP” means the accepted accounting principles in Brazil or/and the International Financial Reporting Standards (IFRS) as in effect from time to time.

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

(a) a disposition to the Issuer or a Subsidiary of the Issuer, including the sale or issuance by the Issuer or any Subsidiary of the Issuer of any Equity Interests of any Subsidiary of the Issuer to the Issuer or any Subsidiary of the Issuer;

(b) the sale, lease, transfer or other disposition by the Issuer or any Subsidiary in the ordinary course of business of (i) cash, cash equivalents and marketable securities, (ii) inventory, (iii) damaged, worn out or obsolete equipment or other assets, or (iv) rights granted to others pursuant to leases or licenses;

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

(d) the sale or discount of accounts receivable arising in the ordinary course of business in connection with the compromise or collection thereof;

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

(f) any surrender or waiver of contract rights pursuant to a settlement, release, recovery on or surrender of contract, tort or other claims of any kind;

(g) any disposition that constitutes a Change of Control pursuant to Section

5.01 or the disposition of all or substantially all of the assets of the Issuer or any Subsidiary of the Issuer in a manner permitted pursuant to Section 5.02, provided that the Issuer complies with such provisions;

(h) any disposition that constitutes an issuance of Disqualified Equity Interests otherwise permitted under Section 4.02;

(i) any disposition that constitutes a Restricted Payment permitted under

Section 4.15;

(j) any disposition that constitutes an issuance of PIK Notes or is otherwise required pursuant to the terms of the RJ Plan; and

(k) any disposition or a series of related dispositions of assets with an aggregate fair market value of less than U.S.$5,000,000 (or the equivalent thereof at the time of determination).

“Authenticating Agent” refers to the Trustee’s designee for authentication of the Notes. “Average Life” means, with respect to any Debt, the quotient obtained by dividing (i)

the sum of the products of (x) the number of years from the date of determination to the dates of each successive scheduled principal payment of such Debt and (y) the amount of such principal payment by (ii) the sum of all such principal payments.

“Bankruptcy Default” has the meaning assigned to such term in Article 6.

“Board of Directors” means the board of directors or comparable governing body of the Issuer, or any committee thereof duly authorized to act on its behalf.

“Board Resolution” means a resolution duly adopted by the Board of Directors and remains in full force and effect as of the date of its certification.

“Brazil” means the Federative Republic of Brazil and any branch of power, ministry, department, authority or statutory corporation or other entity (including a trust) owned or controlled directly or indirectly by it or any of the foregoing or created by law as a public entity.

“Brazilian Confirmation Order” has the meaning assigned to such term in the Recitals. “Business Day” means any day except a Saturday, Sunday or other day on which

commercial banks in New York City, in the City of São Paulo, in the City of Rio de Janeiro or in the city where the Corporate Trust Office of the Trustee is located are authorized by law to close.

“Capital Lease” means, with respect to any Person, any lease of any Specific Property which, in conformity with Applicable GAAP, is required to be capitalized on the balance sheet of such Person.

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

“Central Bank” means the Central Bank of Brazil (Banco Central do Brasil).

“Certificated Note” means a Note in registered individual form without interest coupons.

“Change of Control” means (i) the Permitted Holders cease to own, in the aggregate, directly or indirectly, securities representing more than 50% of the aggregate voting rights in the Issuer and another holder or group of related holders (as defined in the Exchange Act) owns more voting rights than the Permitted Holders or (ii) the first day on which the Permitted Holders, together with any Person with whom the Permitted Holders share control over the Issuer pursuant to a written contractual agreement, shall not have the power to elect, or shall not have elected a majority of the Board of Directors of the Issuer.

“Chapter 15 Order” has the meaning assigned to such term in the Recitals.

“Code” means the U.S. Internal Revenue Code of 1986, as amended.

“Corporate Trust Office” means the office of the Trustee at which all or a portion of its corporate trust business is principally administered, which at the date of this Indenture is located at [000 Xxxxxxxxx Xxxxxx, Xxxxx 0X, Xxx Xxxx, Xxx Xxxx 00000, Attention: Global Corporate Trust].

“CPI” means the U.S. Inflation published by the U.S. Bureau of Labor Statistics

(Consumer Price Index – CPI).

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

(a) any present or future indebtedness or obligation of such Person in respect of borrowed money;

(b) all obligations of such Person evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof);

(c) all obligations of such Person for the deferred and unpaid balance of the purchase price of property, except any such balance that constitutes a trade payable or similar obligation to a trade creditor, in each case accrued in the ordinary course of business;

(d) all obligations of such Person as lessee under Capital Leases or any sale− and−leaseback transaction;

(e) all obligations of such Person under any Hedging Agreements;

(f) any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the obligations of the type referred to in clauses (a) to (e) above of a third Person (whether or not such items would appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business;

(g) the redemption, repayment or other repurchase amount of such Person with respect to any Disqualified Equity Interests of such Person, but excluding, in each case, any accrued dividends, the amount of such obligation to be equal at any time to the maximum fixed involuntary redemption, repayment or repurchase price for such Disqualified Equity Interests (including at the Stated Maturity of the Disqualified Equity Interests or upon acceleration), or if less (or if such Disqualified Equity Interests have no such fixed price), to the involuntary redemption, repayment or repurchase price therefor calculated in accordance with the terms thereof as if then redeemed, repaid or repurchased, and if such price is based upon or measured by the fair market value of such Disqualified Equity Interests, such fair market value shall be as determined in good faith by the Board of Directors or the board of directors or other governing body of the issuer of such Disqualified Equity Interests; and

(h) the obligations of the type referred to in clauses (a) to (f) above of a third Person secured by a Lien on any asset owned by such first Person, whether or not such Debt is assumed by such first Person;

in each case, if, and to the extent that, any of the foregoing Debt (other than letters of credit and Hedging Agreements) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with Applicable GAAP; provided, that:

(a) notwithstanding the foregoing, the term “Debt” shall be deemed to include only the principal amounts thereof and shall exclude any accrued interest, fees, premium, expenses, penalties and additional payments, if any, relating thereto;

(b) the amount of Debt of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above; provided, however, that in the case of Debt sold at a discount, the amount of such Debt at any time will be the accreted value thereof at such time; and

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

“Default” means any event that is, or after notice or passage of time or both would be, an Event of Default.

“Depositary” means the depositary of each Global Note, which will initially be DTC.

“Disqualified Equity Interests” means Equity Interests that by their terms or upon the happening of any event are: (i) required to be redeemed or redeemable (including at the option of the holder), whether at or prior to their Stated Maturity, pursuant to a sinking fund obligation, upon the occurrence of a certain event or otherwise, in any case for consideration other than Equity Interests which are not Disqualified Equity Interests; or (ii) convertible (including at the option of the holder) into Disqualified Equity Interests or exchangeable for Debt; provided, in each case, that Equity Interests will not constitute Disqualified Equity Interests solely because of provisions giving holders thereof the right to require repurchase or redemption upon an “asset sale” or “change of control” occurring prior to the Stated Maturity of the Notes if those provisions: (A) are no more favorable to the holders than Section 4.19 and Section 5.01 hereof; and (B) specifically state that repurchase or redemption pursuant thereto will be subordinate and junior to, and will not be permitted or required prior to, the Issuer’s repurchase of the Notes as required by this Indenture.

“Dollars” means United States Dollars in immediately available funds.

“DTC” means The Depository Trust Company, a New York corporation, and its successors.

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

“EBITDA” means, for any period:

(1) consolidated net revenue for sales and services; minus

(2) consolidated cost of goods sold and services rendered; minus

(3) consolidated administrative and selling expenses; plus

(4) consolidated other operating income (expenses), net and non−operating income; plus

(5) any (i) depreciation, depletion or amortization and (ii) non−cash or nonrecurring losses or expenses, included in any of the foregoing;

as each such item is reported on the most recent consolidated financial statements (or unconsolidated financial statements until such time as the Issuer prepares consolidated financial statements) delivered by the Issuer to the Trustee and prepared in accordance with Applicable GAAP.

“Effective Date” has the meaning assigned to such term in the Recitals.

“Equity Interests” means all Capital Stock and all warrants or options with respect to, or

other rights to purchase, Capital Stock.

“Event of Default” has the meaning assigned to such term in Section 6.01.

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

“FATCA” has the meaning assigned to such term in Section 4.11(b).

“Global Note” means, with respect to any series of Notes issued hereunder, a Note which is executed by the Issuer and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture and a supplemental indenture hereto, which shall be registered in the name of the Depositary or its nominee and which shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding Notes of such series or any portion thereof, in either case having the same terms, including the same original issue date, date or dates on which principal is due, and interest rate or method of determining interest of all Notes of such series.

“Guarantee” means any obligation of a Person to pay the Debt of another Person, including without limitation:

(1) an obligation to pay or purchase such Debt;

(2) an obligation to lend money or to purchase or subscribe shares or other securities or to purchase assets or services in order to provide funds for the payment of such Debt; or

(3) any other agreement to be responsible for such Debt.

The term “Guarantee” used as a verb has a corresponding meaning, and “Guarantor”

means any Person who or which has provided any Guarantee.

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

“Holder” or “Noteholder” means, with respect to any Note of a given series, the registered holder of a Note of such series.

“Incur” means, with respect to any Debt, to incur, create, issue, assume or guarantee such Debt. The term “Incurrence” when used as a noun shall have a correlative meaning. The accretion of original issue discount or payment of interest in kind (including, but not limited to, PIK Payments) will not be considered an Incurrence of Debt.

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

“Initial Notes” has the meaning assigned to such term in the Recitals.

“Interest Payment Date” means, with respect to a series of Notes, each Interest Payment Date (including PIK Interest Payment Dates) as stated in the Notes of such series when a payment of interest shall be due.

“Investment” means: (i) any direct or indirect advance, loan or other extension of credit to another Person, but excluding to customers not Affiliates of the Issuer or Affiliates of any owner of Equity Interests in the Issuer; (ii) any capital contribution or purchase or acquisition of Equity Interests or Debt; or (iii) any Guarantee of any Debt or other obligation (including Disqualified Equity Interests) of another Person.

“IPCA” means the Índice Nacional de Preços ao Consumidor Amplo inflation index, as calculated by the Instituto Brasileiro de Geografia e Estatística or, in the event that such index is

no longer published, the official index that replaces the Índice Nacional de Preços ao Consumidor Amplo or, if no official index replaces the Índice Nacional de Preços ao Consumidor Amplo, the official index that is closest to the principles of IPCA.

“Issue Date” means, with respect to a series of Notes, the Issue Date as stated in the

Notes of such series referring to the date on which such series of Note were issued.

“Issuer” means the party named as such in the first paragraph of this Indenture.

“Issuer Subsidiary” or “Subsidiary of the Issuer” means any direct or indirect Subsidiary

of the Issuer.

“Lien” means any mortgage, pledge, lien, hypothecation, security interest, sale− leaseback arrangement, preferential arrangement or other charge or encumbrance, or any similar arrangement, including any equivalent created or arising under the laws of Brazil or the United States, as the case may be.

“Material Adverse Effect” means a material adverse effect (i) on the financial condition, business, properties or results of operation of the Issuer and its Subsidiaries, taken as a whole,

(ii) on the rights of the Trustee, acting on behalf of the Noteholders of each series, or the rights of such Noteholders, under this Indenture and the respective Notes, or (iii) that would reasonably be expected to prevent the performance by the Issuer of its obligations under this Indenture or the Notes.

“Maturity Date” means, with respect to any Note, the date on which the principal of such Note shall become due and payable as therein and herein provided, whether at the Stated Maturity or by declaration, acceleration, call for redemption or otherwise.

“Minimum Legally Required Dividend” means, for the Issuer or any Issuer Subsidiary, with respect to any period, the minimum amount of profits legally required to be distributed as dividends by the Issuer or any Issuer Subsidiary to holders of its Capital Stock during such period, in accordance with Article 202, item I, of Brazilian Corporations Law (Law No.

6,404/1976), which amount, in any case, for the avoidance of doubt, may not exceed 25% of the adjusted net profits calculated in accordance with the provisions of Article 202, item I, of Brazilian Corporations Law (Law No. 6,404/1976), as such amount may be amended or superseded by law.

“Net Debt” means, as of any date of determination, the aggregate amount of Debt of the Issuer and its Subsidiaries less the sum of cash and cash equivalents of the Issuer and its Subsidiaries, in all cases, determined in accordance with Applicable GAAP and as set forth in the relevant most recent quarterly balance sheet or sheets, as applicable.

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

(1) the aggregate amount of Net Debt at that time, to

(2) EBITDA for the four fiscal quarters immediately prior to such date for which the Issuer’s financial statements (including internal financial statements) are available (the “reference period”).

In making the foregoing calculation,

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

(2) pro forma effect will be given to: (A) the acquisition or disposition of companies, divisions or lines of businesses by the Issuer and its Subsidiaries, including any acquisition or disposition of a company, division or line of business since the beginning of the reference period, and (B) the discontinuation of any discontinued operations that have occurred since the beginning of the reference period as if such events had occurred, and, in the case of any disposition, the proceeds thereof applied, on the first day of the reference period.

To the extent that pro forma effect is to be given to an acquisition or disposition of a company, division or line of business, the pro forma calculation will be (i) based upon the most recent four full fiscal quarters for which the relevant financial information is available and (ii) determined in good faith by the chief financial officer or the treasurer of the Issuer.

“Notes” means the Initial Notes collectively with any note or notes, bond or bonds, debenture or debentures, or any other evidences of indebtedness, as the case may be, of any series authenticated and delivered from time to time under this Indenture (including PIK Notes, if any).

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

“Officer” means a director, the president or chief executive officer, any vice president, the chief financial officer, the treasurer or any assistant treasurer, or the secretary or any assistant secretary, of the Issuer, or any other Person duly appointed by the shareholders of the Issuer, or the Board of Directors to perform corporate duties.

“Officer’s Certificate” means a certificate of the Issuer signed in the name of the Issuer, as applicable, by any two Officers of the Issuer.

“Offshore Global Note” means a Global Note representing Notes issued and sold pursuant to Regulation S that bears the Restricted Legend.

“Opinion of Counsel” means a written opinion signed by legal counsel reasonably acceptable to the Trustee.

“Original Notes” has the meaning assigned to such term in the Recitals.

“Outstanding” shall have the meaning given to it in Section 2.07.

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

“Payment Date” means, with respect to a series of Notes, an Interest Payment Date, Principal Amortization Date and any other date on which payments on such series of Notes in respect of principal, interest or other amounts, including as a result of any acceleration of such Notes, are required to be paid pursuant to this Indenture and the Notes of such series.

“Permitted Holders” means each of Xxxxxxx Xxxxxxx Xxxxxxx, his parents, sons, daughters, brothers or sisters, sons−in−law, daughters−in−law, spouse, companions or any of their respective heirs or any Affiliate of any of the foregoing Persons.

“Permitted Debt” shall have the meaning given to it in Section 4.02.

“Permitted Investments” has the meaning set for in Section 4.15(b).

“Person” means any individual, company, corporation, firm, partnership, limited liability company, joint venture, association, organization, state or agency of a state or other entity, whether or not having separate legal personality.

“PIK Interest” means, with respect to a series of Notes, interest paid on the principal amount of the Notes of such series by increasing the outstanding principal amount of such Notes or by issuing additional Certificated Notes of such series, in each case, in an aggregate principal amount equal to the amount of accrued interest due on the relevant Interest Payment Date (rounded up to the nearest US$ 1.00).

“PIK Interest Payment Date” means, with respect to a series of Notes, each Interest Payment Date when interest is required to be paid by means of a PIK Payment, as stated in the Notes of such series.

“PIK Notes” means, with respect to a series of Notes, certain Notes issued under this Indenture representing PIK Interest paid on such series of Notes, which shall have the same terms and conditions as the Notes of such series except as otherwise expressly provided herein.

“PIK Payment” means, with respect to a series of Notes, an interest payment with respect to the Notes of such series made by (i) an increase in the principal amount of the then authenticated Outstanding Global Notes of such series or (ii) the issuance of PIK Notes in respect of series of Notes.

“Principal Amortization Dates” means, with respect to a series of Notes, each Principal Amortization Date as stated in the Notes of such series when an installment of principal shall be due.

“principal” of any Debt means the principal amount of such Debt, (or if such Debt was issued with original issue discount, the face amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt), together with, unless the context otherwise indicates, any premium then payable on such Debt, provided that the "principal" of any Disqualified Equity Interests shall be determined pursuant to and in accordance with clause (g) of the definition of "Debt" set forth above.

“Register” has the meaning assigned to such term in Section 2.11.

“Registrar” means The Bank of New York Mellon.

“Regular Record Date” means, with respect to any Payment Date relating to a series of Notes, each Regular Record Date immediately preceding such Payment Date as stated in the Notes of such series.

“Regulation S” means Regulation S under the Securities Act (as defined below).

“Regulation S Certificate” means a certificate substantially in the form of Exhibit D

hereto.

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

“Related Party Transaction” has the meaning set for in Section 4.20(a).

“Restricted Payment” has the meaning set for in Section 4.15(a).

“Responsible Officer of the Trustee” means any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, secretary, assistant secretary, treasurer, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.

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

“RJ Court” has the meaning assigned to such term in the Recitals.

“RJ Plan” has the meaning assigned to such term in the Recitals.

“RJ Proceeding” has the meaning assigned to such term in the Recitals.

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

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

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

“Settlement and Plan Support Agreement” has the meaning assigned to such term in the Recitals.

“Significant Subsidiary” means a Subsidiary that would constitute a “Significant Subsidiary” of the Issuer in accordance with Rule 1−02 under Regulation S−X under the Securities Act in effect on the Amendment and Restatement Date, determined on the basis of the consolidated assets of the Issuer and its Subsidiaries as of such date, after giving pro forma effect to any acquisition or disposition of companies, divisions, lines of business, operations or asserts by the Issuer and its Subsidiaries subsequent to the date of such consolidated balance sheet.

“Specific Property” means (i) any land, buildings, machinery and other improvements and equipment located therein, and (ii) any intangible assets, including, without limitation, any brand names, trademarks, copyrights and patents and similar rights and any income (licensing or otherwise), proceeds of sale or other revenues therefrom.

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

“Stated Maturity” means (i) with respect to any Debt, the date specified as the fixed date on which the final installment or redemption of principal of such Debt is due and payable or (ii) with respect to any scheduled installment or redemption of principal of or interest on any Debt, the date specified as the fixed date on which such installment is due and payable as set forth in the documentation governing such Debt.

“Subordinated Debt” means any Debt of the Issuer which is subordinated in right of

payment to the Notes, pursuant to a written agreement to that effect.

“Subsidiary” means, in respect of any specified Person at any particular time, any other Person:

(1) whose affairs and policies such Person controls or has the power to control, whether by ownership of share capital, contract, the power to appoint or remove members of the governing body of such other Person or otherwise;

(2) whose financial statements are, in accordance with applicable law and generally accepted accounting principles or standards, consolidated with those of such Person; or

(3) without limiting the foregoing, of which more than 50% of the outstanding voting equity is owned, directly or indirectly, by such Person.

“Successor Corporation” has the meaning assigned to such term in Section 5.01(a).

“Transfer Agent” refers to The Bank of New York Mellon in its capacity as transfer agent, and each such other transfer agents as the Issuer shall appoint.

“Trust Indenture Act” or “TIA” means the U.S. Trust Indenture Act of 1939, as amended and as in force at the date as of which this Indenture was executed.

“Trustee” means the party named as such in the first paragraph of this Indenture or any successor trustee under this Indenture pursuant to Article 7.

“U.S. Global Note” means a Global Note representing Notes issued in reliance on Section 4(a)(2) under the Securities Act or Rule 144A that bears the Restricted Legend.

“U.S. Government Obligations” means obligations issued or directly and fully guaranteed or insured by the United States of America or by any agent or instrumentality thereof, provided that the full faith and credit of the United States of America is pledged in support thereof.

Section 1.02. Rules of Construction. Unless the context otherwise requires or except as otherwise expressly provided,

(i) an accounting term not otherwise defined has the meaning assigned to it in accordance with Applicable GAAP;

(ii) “herein,” “hereof” and other words of similar import refer to this

Indenture as a whole and not to any particular Section, Article or other subdivision;

(iii) all references to “Dollars,” “US$” and “$” shall mean the lawful

currency of the United States of America;

(iv) all references to “Real,” “Reais”, “real”, “reais” and “R$” shall

mean the lawful currency of the Federative Republic of Brazil;

(v) all references to Sections or Articles or Exhibits refer to Sections or Articles or Exhibits of or to this Indenture unless otherwise indicated;

(vi) references to agreements or instruments, or to statutes or regulations, are to such agreements or instruments, or statutes or regulations, as amended from time to time (or to successor statutes and regulations);

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

(viii) words in the singular include the plural, and in the plural include

the singular;

(ix) all references in this Indenture and in any Notes of a series to principal and interest in respect of the Notes of such series shall be deemed to include all Additional Amounts, if any, and any premium, if any, in respect of such Notes, unless the context otherwise requires, and express mention of the payment of Additional Amounts or premium in any provision hereof or thereof shall not be construed, without more, as excluding reference to Additional Amounts or premium, as applicable, in those provisions hereof or thereof where such express mention is not made;

(x) references to “principal amount,” “principal,” “principal outstanding” or “outstanding principal” of the Notes of a series shall be deemed to include any increase in the principal amount of the outstanding Notes of such series as a result of a PIK Payment, unless the context otherwise requires, and express mention of a PIK Payment or PIK Notes in any provision hereof or thereof shall not be construed, without more, as excluding reference to PIK Payments or PIK Notes in those provisions hereof or thereof where such express mention is not made; and

(xi) all other terms used herein which are defined in the TIA, either directly or by reference therein, have the meanings assigned to them therein, and the terms “cash transaction” and “self−liquidating paper,” as used in TIA Section 311, shall

have the meanings assigned to them in the rules of the U.S. Securities and Exchange Commission adopted under the TIA.

“Wholly-Owned” means with respect to any Subsidiary of the Issuer, a Subsidiary all of the outstanding Capital Stock of which (other than shares representing up to one percent (1%) of such Subsidiary’s Capital Stock in respect of director’s or other similar qualifying shares) is owned by the Issuer and one or more Wholly−Owned Subsidiaries of the Issuer (or a combination thereof); provided, that, for the avoidance of doubt, the following entities shall be considered “Wholly−Owned” for the purposes of this indenture for so long as the Issuer holds at least 99% of the Capital Stock of such entity:

Tupimec Industria Mecanica Ltda

Touro Empreendimentos Imobiliários e Participações Ltda. Tupi Rio Transportes S/A

Tupi do Nordeste Ltda.

Mape Incorporação e Empreendimentos Ltda Tupi Mineradora de Calcário Ltda

Britas Arujá Ltda

Cimento Tupi Overseas Inc CP Cimento Overseas Co

ARTICLE 2

THE NOTES

Section 2.01. Initial Notes. Subject to Section 2.03, the Trustee shall authenticate the Initial Notes of each series on the date hereof in an initial aggregate principal amount of US$ [ ] (comprised of US$ [ ] in unpaid principal under the Original Notes and US$ [ ] in accrued but unpaid interest under the Original Notes). In addition, as a result of any PIK Payment with respect to any series of Notes, the Issuer shall be entitled to, without the consent of the Holders of Notes of the relevant series, issue PIK Notes or, in lieu of issuing such PIK Notes, increase the outstanding principal amount of the Notes of such series then held in the form of Global Notes, in the manner provided for in this Indenture.

Section 2.02. Amount Limited; Issuable in Series. (a) The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is limited to the aggregate principal amount and series authorized to be issued, and issued initially, pursuant to the RJ Plan, together with any PIK Notes required to be issued thereunder. The Notes may be issued in one or more series. The title and terms on each series of Notes shall be as set forth in one or more indentures supplemental hereto, prior to the issuance of Notes of any series.

(b) Any indenture supplemental hereto setting forth the terms of a series of Notes may provide the following:

(i) the title of the Notes of the series (which shall distinguish the Notes of such series from the Notes of all other series, except to the extent that additional Notes of an existing series are being issued);

(ii) any limit upon the aggregate principal amount of the Notes of the series that may be authenticated and delivered under this Indenture (except for Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of, other Notes of such series pursuant to the provisions hereof);

(iii) the dates on which or periods during which the Notes of the series may be issued, and the dates on, or the range of dates within, which the principal of and premium, if any, on the Notes of such series are or may be payable or the method by which such date or dates shall be determined or extended;

(iv) the rate or rates at which the Notes of the series shall bear interest, if any, or the method by which such rate or rates shall be determined, whether such interest shall be payable in cash or additional Notes of the same series or shall accrue and increase the aggregate principal amount outstanding of such series (including if such Notes were originally issued at a discount), the date or dates from which such interest shall accrue, or the method by which such date or dates shall be determined, the Interest Payment Dates on which any such interest shall be payable, and the Regular Record Dates for the determination of Holders to whom interest is payable on such Interest Payment Dates or the method by which such date or dates shall be determined, the right, if any, to extend or defer interest payments and the duration of such extension or deferral;

(v) the price or prices at which, the period or periods within which or the date or dates on which, and the terms and conditions upon which Notes of the series may be redeemed, in whole or in part, at the option of the Issuer, if the Issuer is to have that option;

(vi) the obligation or right, if any, of the Issuer to redeem, purchase or repay Notes of the series pursuant to any sinking fund, amortization or analogous provisions or at the option of a Holder thereof and the price or prices at which, the period or periods within which or the date or dates on which, and the terms and

conditions upon which Notes of the series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation;

(vii) if other than denominations of US$1.00 and any integral multiple of US$1.00 in excess thereof, the denominations in which Notes of the series shall be issuable;

(viii) if other than the principal amount thereof, the portion of the principal amount of the Notes of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02;

(ix) the guarantors, if any, of the Notes of the series, and the extent of the guarantees (including provisions relating to seniority, subordination, and the release of the guarantors), if any, and any additions or changes to permit or facilitate guarantees of such Notes;

(x) whether the Notes of the series are to be issued in whole or in part in the form of one or more Global Notes and, in such case, the Depositary for such Global Note or Global Note, and the terms and conditions, if any, upon which interests in such Global Note or Global Note may be exchanged in whole or in part for the individual securities represented thereby in definitive form registered in the name or names of Persons other than such Depositary or a nominee or nominees thereof;

(xi) the date as of which any Global Note of the series shall be dated if other than the original issuance of the first Note of the series to be issued;

(xii) the form or forms of the Notes of the series including such legends as may be required by applicable law;

(xiii) if the Notes of the series are to be convertible into or exchangeable for any securities or property of any Person (including the Issuer), the terms and conditions upon which such Notes will be so convertible or exchangeable, and any additions or changes, if any, to permit or facilitate such conversion or exchange;

(xiv) whether the Notes of such series are subject to subordination and the terms of such subordination;

(xv) whether the Notes of such series are to be secured and the terms of such security;

(xvi) any restriction or condition on the transferability of the Notes of

such series;

(xvii) any addition or change in the provisions related to compensation and reimbursement of the Trustee which applies to Notes of such series;

(xviii) any addition or change in the provisions related to supplemental indentures set forth in Article 9 which applies to Notes of such series;

(xix) provisions, if any, granting special rights to Holders upon the occurrence of specified events;

(xx) any addition to or change in the Events of Default which applies to any Notes of the series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.02 and any addition or change in the provisions set forth in Article 6 which applies to Notes of the series;

(xxi) any addition to or change in the covenants set forth in Article 4 which applies to any Notes of the series; and

(xxii) any other terms of the Notes of such series (which terms may modify, amend, supplement or delete any of the terms of this Indenture with respect to such series).

(c) Unless otherwise permitted under the RJ Plan, the Issuer may not issue additional Notes of any series of Notes issued initially under this Indenture except for any PIK Notes required to be issued pursuant to the terms thereof and the terms of the RJ Plan.

(d) The terms of each series of the Notes shall be established pursuant to the RJ Plan and the relevant supplemental indentures as of the date of this Indenture. No series of the Notes shall be granted the benefit of any Guarantee or Lien (whether by the Issuer, any Issuer Subsidiary or any third party) unless all of the Notes of all series are granted the same.

Section 2.03. Form, Dating and Denominations; Legends. (a) The Notes of each series shall be substantially in the form set forth in one or more indentures supplemental hereto, and shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements placed thereon as the Issuer may deem appropriate, which terms may modify, amend, supplement or delete any of the provisions of the Indenture with respect to such series of Notes, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which any series of the Notes may be listed or of any automated quotation system on which any such series may be quoted, or to conform to usage, all as determined by any of the officers executing such Notes as conclusively evidenced by their execution of such Notes.

(b) The terms and provisions of each series of Notes and of the respective indentures supplemental hereto shall constitute, and are hereby expressly made, a part of this Indenture with respect to such series of Notes, and, to the extent applicable, the Issuer and the

Trustee, by their execution and delivery of this Indenture expressly agree to such terms and provisions and to be bound thereby with respect to such series of Notes.

(c) The Notes may have notations, legends or endorsements required by law, rules of or agreements with national securities exchanges to which the Issuer is subject, or usage. Each Note will be dated the date of its authentication. The Trustee’s certificate of authentication will be substantially in the form set forth in Exhibit A.

(d) The Notes, including any PIK Notes, will be issuable in denominations of US$1.00 in original principal amount and integral multiples of US$1.00 in excess thereof.

(e) (i) Except as otherwise provided in paragraph (f) below or Section 2.11(b)(iv), each series of Notes will bear the Restricted Legend.

(ii) Each Global Note, so long as DTC is serving as the Depositary thereof, will bear the DTC Legend.

(f) If the Issuer determines (upon the advice of counsel and such other certifications and evidence as the Issuer may reasonably require) that a Note is eligible for resale pursuant to Rule 144(k) under the Securities Act (or a successor provision) and that the Restricted Legend is no longer necessary or appropriate in order to ensure that subsequent transfers of the Note (or a beneficial interest therein) are effected in compliance with the Securities Act, the Issuer may instruct the Trustee in writing to cancel such Note and issue to the Holder thereof (or to its transferee) a new Note of like tenor and amount, registered in the name of the Holder thereof (or its transferee), that does not bear the Restricted Legend, and the Trustee will comply with such instruction provided that the Trustee has received an Officer’s Certificate and Opinion of Counsel and such other evidence as the Trustee may require to comply with such action.

(g) By its acceptance of any Note bearing the Restricted Legend (or any beneficial interest in such a Note), each Holder thereof and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Note (and any such beneficial interest) set forth in this Indenture and in the Restricted Legend and agrees that it will transfer such Note (and any such beneficial interest) only in accordance with this Indenture and such legend.

Section 2.04. Execution and Authentication. (a) An Officer shall execute the Notes of each series for the Issuer by xxxxxxxxx or manual signature in the name and on behalf of the Issuer. If an Officer whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note will still be valid. The original Notes of each series will be delivered to the Trustee as custodian for the Depositary promptly after execution.

(b) A Note will not be valid until the Trustee or the Authenticating Agent signs the certificate of authentication on such Note (manually or by facsimile or electronic

signature), with the signature constituting conclusive evidence that such Note has been authenticated under this Indenture.

(c) At any time and from time to time on or after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Trustee or the Authenticating Agent for authentication. The Trustee or the Authenticating Agent will authenticate and deliver:

(i) Initial Notes of each series for original issue (other than PIK Notes) in the aggregate principal amount not to exceed US$ [ ];

(ii) PIK Notes relating to each series of Initial Notes for original issue as provided under Section 4.01; and

(iii) Additional Notes from time to time for original issue in aggregate principal amounts specified by the Issuer and in accordance with the terms of this Indenture,

after receipt by the Trustee of an Officer’s Certificate specifying:

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

(ii) whether the Notes are to constitute additional Notes of the same series as previously issued Notes or a separate series of Notes;

(iii) that the issuance of such Notes does not contravene any provision of Article 4;

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

(v) other information the Issuer may determine to include or the Trustee may reasonably request.

(d) The Trustee shall be fully protected in relying upon documents (i) to (v)

above.

(e) Upon receipt of a written order of the Issuer in the form of an Officers’ Certificate, the Trustee shall authenticate Notes in substitution for Notes originally issued to reflect any name change of the Issuer.

Section 2.05. Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust. (a) The Issuer may appoint one or more Registrars and one or more Paying Agents, and the Trustee may appoint, with a copy of any such appointment to the Issuer, an Authenticating Agent, in which case each reference in this Indenture to the Trustee in respect

of the obligations of the Trustee to be performed by that Agent will be deemed to be references to that Agent. The Issuer may act as Registrar or (except for purposes of Section 7.10) Paying Agent. In each case the Issuer and the Trustee will enter into an appropriate agreement with that Agent implementing the provisions of this Indenture relating to the obligations of the Trustee to be performed by the Agent and the related rights. The Issuer initially appoints the Trustee as Registrar and as a Paying Agent. The Registrar shall provide to the Issuer a current copy of such register from time to time upon written request of the Issuer. Upon written request from the Issuer or each time the register of Holders of Notes of a series is amended, the Registrar shall provide the Issuer with a copy of the register of Holders of Notes of such series to enable it to maintain a register of the Notes of such series at its registered office. The Issuer hereby appoints upon the terms and subject to the conditions herein set forth The Bank of New York Mellon as Paying Agent, where Notes may be presented for payment.

(b) The Issuer will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of the Holders of Notes of each series or the Trustee all money held by the Paying Agent for the payment of principal of and interest on the relevant series of the Notes and will promptly notify the Trustee of any Default by the Issuer in making any such payment. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any payment default, upon written request to a Paying Agent, require the Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent will have no further liability for the money so paid over to the Trustee.

Section 2.06. Replacement Notes. If a mutilated Note of any series is surrendered to the Trustee or if a Holder of a Note of a series claims that its Note has been lost, destroyed or wrongfully taken, the Issuer will issue and the Trustee will authenticate, upon provision of evidence satisfactory to the Trustee that such Note was lost, destroyed or wrongfully taken, a replacement Note of like tenor and principal amount and bearing a number not contemporaneously Outstanding. Every replacement Note is an additional obligation of the Issuer and entitled to the benefits of this Indenture. If required by the Trustee or the Issuer, an indemnity must be furnished that is sufficient in the judgment of both the Trustee and the Issuer to protect the Issuer and the Trustee from any loss they may suffer if a Note is replaced. The Issuer may charge the Holder of a Note for the expenses of the Issuer and the Trustee in replacing such Note. In case the mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Issuer in its discretion may pay the Note instead of issuing a replacement Note.

Section 2.07. Outstanding Notes. (a) Notes outstanding at any time (such Notes, “Outstanding”) are all Notes of each series that have been authenticated by the Trustee except for:

(i) Notes cancelled by the Trustee or delivered to it for cancellation;

(ii) any Note which has been replaced pursuant to Section 2.06 unless and until the Trustee and the Issuer receive proof satisfactory to them that the replaced Note is held by a bona fide purchaser; and

(iii) on or after the Maturity Date or any redemption date in respect of any series of Notes, those Notes of such series payable or to be redeemed on that date for which the Trustee (or Paying Agent, other than the Issuer or an Affiliate of the Issuer) holds money sufficient to pay all amounts then due thereunder.

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

Section 2.08. Temporary Notes. Until definitive Notes of a series are ready for delivery, the Issuer may prepare and the Trustee will authenticate temporary Notes of such series.

Temporary Notes of a series will be substantially in the form of definitive Notes of such series but may have insertions, substitutions, omissions and other variations determined to be appropriate by the Officer executing such temporary Notes, as evidenced by the execution of the temporary Notes. If temporary Notes are issued, the Issuer will cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive Notes of a series, the temporary Notes will be exchangeable for definitive Notes of such series upon surrender of the temporary Notes at the office or agency of the Issuer designated for such purpose pursuant to Section 4.03, without charge to the Holder. Upon surrender for cancellation of any temporary Notes of a series, the Issuer will execute and the Trustee will authenticate and deliver in exchange therefor a like principal amount of definitive Notes of such series of authorized denominations. Until so exchanged, the temporary Notes of a series will be entitled to the same benefits under this Indenture as definitive Notes of such series.

Section 2.09. Cancellation. The Issuer at any time may, but shall not be obligated to, deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Notes previously authenticated hereunder which the Issuer has not issued and sold. Any Registrar or Paying Agent will forward to the Trustee any Notes surrendered to it for transfer, exchange or payment. The Trustee will cancel all Notes

surrendered for transfer, exchange, payment or cancellation and dispose of them in accordance with its normal procedures or the written instructions of the Issuer; provided that the Trustee shall not be required to destroy cancelled Notes. The Issuer may not issue new Notes to replace Notes it has paid in full or delivered to the Trustee for cancellation.

Section 2.10. CUSIP and ISIN Numbers. The Issuer in issuing the Notes of a series may use “CUSIP” and “ISIN” numbers, and the Trustee will use CUSIP numbers or ISIN numbers in notices of redemption or exchange or in offers to purchase as a convenience to Holders of the Notes of such series; the notice should state that no representation is made by the Issuer or the Trustee as to the correctness of such numbers either as printed on such Notes or as contained in any notice of redemption or exchange. The Issuer will promptly notify the Trustee of any change in the CUSIP or ISIN numbers.

Section 2.11. Registration, Transfer and Exchange. (a) The Notes will be issued in registered form only, without coupons, and the Issuer shall cause the Trustee to maintain a register (the “Register”) of the Notes of each series, for registering the record ownership of the Notes of such series by the Holders and transfers and exchanges of the Notes of such series.

(b) (i) Each Global Note will be registered in the name of the Depositary or its nominee and, so long as DTC is serving as the Depositary thereof, will bear the DTC Legend.

(ii) Each Global Note will be delivered to the Trustee as custodian for the Depositary. Transfers of a Global Note (but not a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depositary, its successors or their respective nominees, except (1) as set forth in Section 2.11(b)(iv) and (2) transfers of portions thereof in the form of Certificated Notes may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary in accordance with customary procedures of the Depositary and in compliance with this Section 2.11 and Section 2.12.

(iii) Agent Members will have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, and the Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner and Holder of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, the Depositary or its nominee may grant proxies and otherwise authorize any Person (including any Agent Member and any Person that holds a beneficial interest in a Global Note through an Agent Member) to take any action which a Holder is entitled to take under this Indenture or the Notes, and nothing herein will impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a holder of any security.

(iv) If (x) the Depositary (A) notifies the Issuer that it is unwilling or unable to continue as Depositary for a Global Note of any series and the Depositary fails to appoint a successor depositary within 90 days of the notice or (B) has ceased to be a clearing agency registered under the Exchange Act; (y) subject to the procedures of the

Depositary, the Issuer notifies the Trustee in writing that the Issuer elects to cause the issuance of Certificated Notes of such series or (z) there has occurred and is continuing a Default or Event of Default and the Trustee has received a request from the Depositary, the Trustee will promptly exchange each beneficial interest in the Global Note of such series for one or more Certificated Notes of such series in authorized denominations having an equal aggregate principal amount registered in the name of the owner of such beneficial interest, as identified to the Trustee by the Depositary, and thereupon the Global Note of such series will be deemed canceled. If such Note does not bear the Restricted Legend, then the Certificated Notes to be issued in exchange therefor will not bear the Restricted Legend. If such Note bears the Restricted Legend, then the Certificated Notes to be issued in exchange therefor will bear the Restricted Legend.

(v) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note of a series (including any transfers between or among Agent Members or beneficial owners of interests in any Global Note of such series) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

(vi) Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary.

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

(d) A Holder may transfer a Note of any series (or a beneficial interest therein) to another Person or exchange a Note (or a beneficial interest therein) for another Note or Notes of such series of any authorized denomination by presenting to the Trustee a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any certification, opinion or other document required by Section

2.12. The Trustee will promptly register any transfer or exchange that meets the requirements of this Section 2.11 by noting the same in the register maintained by the Trustee for the purpose; provided that:

(i) no transfer or exchange will be effective until it is registered in such register, and

(ii) the Trustee will not be required (w) to issue, register the transfer of or exchange any Note for a period of 15 days before a selection of Notes to be redeemed, (x) to register the transfer of or exchange any Note of a series so selected for redemption in whole or in part, except, in the case of a partial redemption, that portion of any Note of such series not being redeemed, (y) to register any Note between a

Regular Record Date and the corresponding Payment Date, except for PIK Notes to be issued in a PIK Interest Payment Date, or (z) if a redemption is to occur after a Regular Record Date but on or before the corresponding Payment Date, to register the transfer of or exchange any Note on or after the Regular Record Date and before the date of redemption. Prior to the registration of any transfer, the Issuer, the Trustee and their agents will treat the Person in whose name the Note is registered as the owner and Holder thereof for all purposes (whether or not the Note is overdue), and will not be affected by notice to the contrary.

From time to time the Issuer will execute and the Trustee will authenticate additional Notes as necessary in order to permit the registration of a transfer or exchange in accordance with this Section 2.11.

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

(e) (1) Global Note to Global Note. If a beneficial interest in a Global Note of a series is transferred or exchanged for a beneficial interest in another Global Note of such series, the Trustee will (x) record a decrease in the principal amount of the Global Note of such series being transferred or exchanged equal to the principal amount of such transfer or exchange and (y) record a like increase in the principal amount of the other Global Note of such series. Any beneficial interest in one Global Note of a series that is transferred to a Person who takes delivery in the form of an interest in another Global Note of such series, or exchanged for an interest in another Global Note of such series, will, upon transfer or exchange, cease to be an interest in such Global Note and become an interest in the other Global Note of such series and, accordingly, will thereafter be subject to all transfer and exchange restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest.

(ii) Global Note to Certificated Note. If a beneficial interest in a Global Note of a series is transferred or exchanged for a Certificated Note, the Trustee will (x) record a decrease in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (y) deliver one or more new Certificated Notes of such series in authorized denominations having an equal aggregate principal amount to the transferee (in the case of a transfer) or the owner of such beneficial interest (in the case of an exchange), registered in the name of such transferee or owner, as applicable.

(iii) Certificated Note to Global Note. If a Certificated Note of a series is transferred or exchanged for a beneficial interest in a Global Note of such series, the Trustee will (x) cancel such Certificated Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (z) in the event that such transfer or exchange involves less than the entire principal

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

(iv) Certificated Note to Certificated Note. If a Certificated Note of a series is transferred or exchanged for another Certificated Note of such series, the Trustee will (x) cancel the Certificated Note of such series being transferred or exchanged, (y) deliver one or more new Certificated Notes of such series in authorized denominations having an aggregate principal amount equal to the principal amount of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Certificated Note of such series (in the case of an exchange), registered in the name of such transferee or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire principal amount of the canceled Certificated Note of such series, deliver to the Holder thereof one or more Certificated Notes of such series in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note of such series, registered in the name of the Holder thereof.

Section 2.12. Restrictions on Transfer and Exchange. (a)The transfer or exchange of any Note of a series (or a beneficial interest therein) may only be made in accordance with this Section 2.12 and Section 2.11 and, in the case of a Global Note of such series (or a beneficial interest therein), the applicable rules and procedures of the Depositary. The Trustee shall refuse to register any requested transfer or exchange that does not comply with the preceding sentence.

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

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

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

(1) No certification is required.

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

(3) The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee (x) a duly completed and executed Rule 144A Certificate or (y) a duly completed and executed Regulation S Certificate, and/or an Opinion of Counsel and such other certifications and evidence as the Issuer may reasonably require in order to determine that the proposed transfer or exchange is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States; provided that if the requested transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required. In the event that a Certificated Note of a series that does not bear the Restricted Legend is surrendered for transfer or exchange, upon transfer or exchange the Trustee will deliver a Certificated Note of such series that does not bear the Restricted Legend.

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

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

(d) No transfer or exchange of any Note shall take place during the first 40 days after the execution of this Indenture.

Section 2.13. Open Market Purchases. The Issuer or its Affiliates may at any time purchase Notes of any series in the open market or otherwise at any price; provided that, (i) no

Default or Event of Default (whether under this Indenture or any supplemental indenture governing either the series of the Notes purchased or any other series of the Notes) has occurred and is continuing (or would occur as a result of such purchase), (ii) the seller of the purchased Notes is not a Permitted Holder; and (iii) the Issuer will not be permitted to resell such purchased Notes and the purchased Notes shall be cancelled.

ARTICLE 3

REDEMPTION

Section 3.01. Optional Redemption.

(a) Except as described in this Article 3 or as otherwise provided in the terms of the relevant series of Notes, the Notes may not be redeemed prior to maturity.

(b) The Notes of a series then Outstanding shall be redeemable, in whole or in part, at the option of the Issuer at any time or from time to time prior to their maturity, upon giving not less than 15 nor more than 60 days’ notice to the Noteholders of such series of Notes to be redeemed and written notice to the Trustee 5 days prior to giving notice to the Noteholders of the relevant series of Notes (unless a shorter period shall be satisfactory to the Trustee). Except as otherwise provided in the terms of the relevant series of Notes, the Issuer may redeem the Notes of any series either as a whole or in part at a price of 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date (subject to the right of Holders of the Notes of such series on the relevant record date to receive interest due on the relevant Interest Payment Date).

(c) Notes of each series called for redemption will become due on the date fixed for redemption. Notices of redemption will be given at least 15 but not more than 60 days before the date fixed for redemption to each Noteholder of the relevant series of Notes at its registered address. The notice will state the amount to be redeemed. Notice of any redemption of the Notes of a series may, at the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent. If such redemption is subject to satisfaction of one or more conditions precedent, such notice of redemption shall describe each such condition and, if applicable, shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time (but no more than 60 days after the date of the notice of redemption) as any or all such conditions shall be satisfied (or waiver by the Issuer in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions precedent shall not have been satisfied (or waived by the Issuer in its sole discretion) by the redemption date stated in such notice, or by the redemption date as so delayed. On and after the date fixed for redemption, interest will cease to accrue on any redeemed series of Notes. If less than all the Notes of a series are redeemed at any time, the Notes of such series to be redeemed shall be selected by lot (or, in the case of Global Notes of such series, in accordance with the Depositary’s applicable procedures).

Section 3.02. Method and Effect of Redemption. In the event that the Issuer elects to so redeem any of the Notes of a series, it shall be a condition to any such redemption that the Issuer will deliver to the Trustee a certificate, signed in the name of the Issuer by any two of its executive officers or by its attorney in fact in accordance with its bylaws, referencing this Section 3.02 and providing that the Issuer is entitled to redeem the Notes of such series pursuant to their terms and setting forth a statement of facts showing that the condition or conditions precedent to the right of the Issuer to so redeem have occurred or been satisfied, including as to conditions and conditions precedent to redemption or repurchase of the Notes in accordance with the organizational and constituent charter, by−laws and other documents of the Issuer (including the provisions of any shareholder agreement with respect to the Issuer or to which the Issuer is a party regulating the redemption or repurchase of the Notes), and that no Default or Event of Default (whether under this Indenture or any supplemental indenture governing either the series of the Notes to be redeemed or any other series of the Notes) has occurred and is continuing on the date of the redemption.

ARTICLE 4

COVENANTS

Section 4.01. Payment of Notes. (a) The Issuer agrees to pay the principal of and interest on the Notes of each series on the dates and in the manner provided in the Notes of such series and this Indenture. Not later than 10:00 A.M. (New York City time) on the Business Day (solely in New York City) immediately prior to the due date of the payment of any principal of or interest on any series of Notes, or any redemption of the Notes of a series, the Issuer will deposit with the Paying Agent Dollars in immediately available funds sufficient to pay such amounts, provided that if the Issuer or any Affiliate of the Issuer is acting as a Paying Agent, it will, on or before each due date, segregate and hold in a separate trust fund for the benefit of the Holders of the relevant series of Notes a sum of Dollars sufficient to pay such amounts until paid to such Holders or otherwise disposed of as provided in this Indenture. In each case the Issuer will promptly notify the Trustee in writing of its compliance with this Section 4.01.

(b) Payments made on any series of Notes will be applied first to interest due and payable on the Notes of such series and then to the reduction of the unpaid principal amount of the Notes of such series. An installment of principal or interest relating to a series of Notes will be considered paid on the date due if the Trustee (or Paying Agent, other than the Issuer or any Affiliate of the Issuer) holds on that date Dollars designated for and sufficient to pay the installment. If the Issuer or any Affiliate of the Issuer acts as a Paying Agent, an installment of principal or interest relating to a series of Notes will be considered paid on the due date only if paid to the Holders thereof. Notwithstanding the foregoing, an installment of principal due and payable on a PIK Interest Payment Date relating to a series of Notes will be considered paid on the applicable Interest Payment Date by the issuance of a PIK Payment on such date in an amount equal to the amount of accrued interest due on the relevant Interest Payment Date relating to such series of Notes (rounded up to the nearest whole U.S. dollar).

(c) On each Interest Payment Date relating to a series of Notes, accrued interest shall be paid (i) entirely in cash, (ii) as a PIK Payment by (x) increasing the principal amount of the outstanding Global Notes by an amount equal to the amount of PIK Interest for the applicable interest period (rounded up to the nearest whole U.S. dollar), or (y) issuing PIK Notes in certificated form in an aggregate principal amount equal to the amount of PIK Interest for the applicable interest period (rounded up to the nearest whole U.S. dollar), or (iii) as a combination of cash and a PIK Payment, in each case, as specifically provided for in the Notes of such series.

(d) The calculation of PIK Interest in respect of each relevant series of Notes shall be made by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate, and in no event shall the Trustee have any duty or obligation to calculate such PIK Interest or to verify the Issuer’s or its designee’s calculation of such PIK Interest. The Issuer shall deliver a written notice to the Trustee, the Paying Agent and the Holders not less than five (5) Business Days prior to the relevant PIK Interest Payment Date, which notice shall state the total amount of accrued interest as of such PIK Interest Payment Date and the total amount of PIK Interest to be paid on such PIK Interest Payment Date, and directing the Trustee on or prior to such Interest Payment Date to either issue PIK Notes or increase the Principal Amount of this Note on such date, in either case in amount equal to the amount of the PIK Interest to be paid in respect of such relevant series of Notes.

(e) Any PIK Notes issued hereunder shall have the same terms and conditions as the Notes of the relevant series to which they relate, except as otherwise expressly provided herein. Following an increase in the principal amount of the Outstanding Global Notes of a series as a result of a PIK Payment, the Global Notes of such series shall bear interest on such increased principal amount from and after the date of such PIK Payment. Any PIK Notes issued in certificated form will be dated as of the applicable Interest Payment Date and will bear interest from and after such date. Any certificated PIK Notes will be issued with the description “PIK” on the face of such PIK Notes.

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

(g) The Issuer agrees to pay interest on overdue principal, and to the extent lawful, overdue installments of interest at the rate per annum specified in the Notes of each series (1% per annum in excess of the rate per annum borne by the Notes of such series). For the avoidance of doubt, interest shall continue to accrue on the outstanding amount of the Notes of each series as set forth herein, until the total amount of the Notes of such series and all obligations thereunder are paid in full or otherwise discharged in accordance with Article 8.

(h) Payments in respect of the Notes of each series represented by Global Notes are to be made by wire transfer of immediately available funds to the accounts specified by the Depositary, as the Holder of the Global Notes of such series. Notwithstanding the foregoing, any PIK Payment shall be made in the form of PIK Interests as prescribed by Section 4.01(c) and the Trustee and the Paying Agent shall take additional steps as necessary to effect such PIK Payment. With respect to Certificated Notes of each series, all payments shall be payable at the office of the Paying Agent.

(i) In the event a Paying Agent receives from the Issuer funds in Dollars for the payment of principal, redemption amount and/or interest in respect of any series of Note, or in the case of a PIK Interest Payment Date, receives from the Issuer appropriate and timely instructions for the issuance of the PIK Payment, and such Paying Agent defaults in its obligation to make any such payment, such funds in Dollars shall be returned to the Issuer promptly upon the written request by the Issuer and all liability of the Trustee and the Paying Agent with respect to such funds will cease.

Section 4.02. Limitation on Debt.

(a) The Issuer shall not, and shall not permit any Subsidiary of the Issuer to, Incur any Debt (including Acquired Debt); provided that, the Issuer or any Subsidiary of the Issuer may Incur Debt if prior to and after giving effect to such Incurrence the Net Debt to EBITDA Ratio is less than or equal to 4.5 to 1.0.

(b) Notwithstanding the foregoing, the Issuer and, to the extent provided below, any Subsidiary of the Issuer may Incur the following (“Permitted Debt”):

(i) Debt Incurred on or after the Amendment and Restatement Date not otherwise permitted in an aggregate principal amount not to exceed at any one time outstanding the greater of (x) R$250,000,000 (two hundred and fifty million Brazilian reais), as adjusted annually beginning on the Issue Date by the IPCA, and (y) US$ 50,000,000.00 (fifty million U.S. dollars), as adjusted annually beginning on the Issue Date by the positive variation of the CPI;

(ii) Debt Incurred by the Issuer or a Subsidiary of the Issuer constituting an extension or renewal of, replacement of, or substitution for, or issued in exchange for, or the net proceeds of which are used to repay, redeem, repurchase, refinance or refund, including by way of defeasance then outstanding Debt in an

amount not to exceed the principal amount of the Debt so refinanced, plus premiums, interest, fees and expenses; provided that:

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

(2) the new Debt does not have a Stated Maturity prior to (x) the Stated Maturity of the Debt to be refinanced, and the Average Life of the new Debt is at least equal to the remaining Average Life of the Debt to be refinanced, or (y) the 91st day after the Stated Maturity of the Notes and does not have any scheduled principal payments prior to such date;

(iii) Debt Incurred by the Issuer or a Subsidiary of the Issuer so long as such Debt is owed to the Issuer or any Subsidiary of the Issuer and which, if the obligor is the Issuer, is subordinated in right of payment to the Notes;

(iv) Debt of the Issuer pursuant to the Initial Notes (including the issuance of PIK Notes required pursuant to the terms of the Initial Notes) but excluding the issuance of additional Notes, whether of the same series as previously issued Notes or a separate series of Notes;

(v) Hedging Agreements of the Issuer or any Subsidiary of the Issuer entered into in the ordinary course of business or directly related to Debt permitted to be Incurred by the Issuer or any Subsidiary of the Issuer pursuant to this Indenture, and in each case not for speculative purposes;

(vi) Debt of the Issuer or any Subsidiary of the Issuer in respect of performance bonds, reimbursement obligations with respect to letters of credit, bankers’ acceptances, completion guarantees and surety or appeal bonds provided by the Issuer or any Subsidiary of the Issuer in the ordinary course of their business or Debt with respect to reimbursement type obligations regarding workers’ compensation claims;

(vii) Debt Incurred by the Issuer or any Subsidiary of the Issuer outstanding on the Amendment and Restatement Date;

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

(ix) Debt Incurred by the Issuer or any Subsidiary of the Issuer to the extent that the net proceeds thereof are promptly deposited to defease or to satisfy and discharge any series of Notes in accordance with this Indenture;

(x) Debt of another Person Incurred and outstanding on or prior to the date on which such Person was acquired by, consolidates with or merges with or into the Issuer in accordance with the terms of this Indenture (other than Debt Incurred as consideration for, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Person consolidates with or merges with or into the Issuer); provided, however, that on the date that such transaction is consummated, the Issuer would have been able to Incur US$1.00 of additional Debt pursuant to paragraph (a) above after giving effect to the Incurrence of such Debt pursuant to this paragraph (x);

(xi) Debt of the Issuer owed to the holders (and any assigned holder) of debentures to be issued by the Issuer in connection with the Instrumento Particular de Escritura da 1ª (Primeira) Emissão de Debêntures Simples, Conversíveis em Ações Preferenciais Resgatáveis, em Série Única, da Espécie Quirografária, com Garantia Adicional Real, para Colocação Privada, da Cimento Tupi S.A. – Em Recuperação Judicial; and

(xii) Debt of the Issuer or any Subsidiary of the Issuer Incurred pursuant to agreements with tax authorities involving the payment in installments of any tax Debts, or any related extension, renewal or replacement thereof or substitution therefor (“Tax Debts”).

(c) Notwithstanding anything to the contrary in this Section 4.02, (i) the maximum amount of Debt that the Issuer and any Subsidiary of the Issuer may Incur pursuant to this Section 4.02 shall not be deemed to be exceeded, with respect to any outstanding Debt, solely as a result of fluctuations in the exchange rate of currencies, and (ii) an Issuer Subsidiary may Incur Debt pursuant to Sections 4.02(a), 4.02(b)(i), 4.02(b)(ii), 4.02(b)(iii), and 4.02(b)(x) only if at the time of the Incurrence of such Debt such Issuer Subsidiary is a Guarantor of all the obligations outstanding under the Notes, or becomes such a Guarantor prior to the Incurrence of such Debt, on terms (as to such Guarantee) satisfactory to the Trustee (acting at the direction of the Holders of a majority in principal amount of the Notes).

(d) For purposes of determining compliance with this Section 4.02, in the event that any proposed Debt meets the criteria of more than one of the categories of Permitted Debt described in clauses (i) through (x) of Section 4.02(b), or is entitled to be Incurred pursuant to Section 4.02(a), the Issuer and any Subsidiary of the Issuer shall be permitted to classify such item of Debt at the time of its Incurrence in any manner that complies with this Section 4.02 or to later divide and reclassify all or a portion of such item of Debt.

(e) The accrual of interest, the accretion or amortization of original issue discount or the payment of regularly scheduled interest in the form of additional Debt of the same instrument (including, but not limited to, PIK Payments) or the payment of regularly scheduled dividends on Disqualified Equity Interests with the same terms shall not be deemed to be an Incurrence of Debt for purposes of this Section 4.02; provided that any such outstanding additional Debt or Disqualified Equity Interests paid in respect of Debt Incurred pursuant to any provision of Section 4.02(b) shall be counted as Debt outstanding for purposes of any future Incurrence of Debt pursuant to Section 4.02(a).

(f) For purposes of determining compliance with any U.S. dollar denominated restriction on the Incurrence of Debt, the U.S. dollar−equivalent principal amount of Debt denominated in a non−U.S. currency shall be calculated based on the relevant currency exchange rate in effect on the date such Debt was Incurred or, in the case of revolving credit Debt, first committed; provided that if such Debt is Incurred to refinance other Debt denominated in a non−U.S. currency, and such refinancing would cause the applicable U.S. dollar−denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar−denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Debt to be Incurred pursuant to Section 4.02(b)(ii) does not exceed the principal amount of such Debt being refinanced. The principal amount of any Debt Incurred to refinance other Debt, if Incurred in a different currency from the Debt being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Debt to be Incurred pursuant to Section 4.02(b)(ii) is denominated that is in effect on the date of such refinancing.

Section 4.03. Maintenance of Office or Agency. The Issuer will maintain in the Borough of Manhattan, the City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially designates the Corporate Trust Office of the Trustee as such office of the Issuer. The Issuer will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands (other than any presentations, surrenders, notices and demands service in accordance with Section 10.07(b)) may be made or served to the Trustee.

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

Section 4.04. Existence. The Issuer will do or cause to be done all things necessary to preserve and keep in full force and effect its existence and the existence of each Significant

Subsidiary in accordance with their respective organizational documents, and the material rights, licenses and franchises of the Issuer and each Significant Subsidiary, provided that the Issuer is not required to preserve any such right, license or franchise, or the existence of any Significant Subsidiary, if the maintenance or preservation thereof is no longer desirable in the conduct of the business of the Issuer and its Significant Subsidiaries taken as a whole in its judgment; and provided further that this Section 4.04 does not prohibit any transaction otherwise permitted by Section 5.01.

Section 4.05. Payment of Taxes. The Issuer will pay or discharge (including by payment in installments or through offsetting with tax credits or otherwise), and cause each of its Subsidiaries to pay or discharge before the same become delinquent all material taxes, assessments and governmental charges levied or imposed upon the Issuer or any Subsidiary, other than any such tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and for which adequate reserves have been established as required by Applicable GAAP.

Section 4.06. Maintenance of Properties and Insurance. (a) The Issuer will cause all material properties used or useful in the conduct of its business or the business of its Significant Subsidiaries to be maintained and kept in good condition, repair and working order as in the judgment of the Issuer may be necessary so that the business of the Issuer and its Significant Subsidiaries may be properly and advantageously conducted at all times; provided that nothing in this Section prevents the Issuer or any Significant Subsidiary from discontinuing the use, operation or maintenance of any of such properties or disposing of any of them, if such discontinuance or disposal is, in the judgment of the Issuer, desirable in the conduct of the business of the Issuer and its Significant Subsidiaries taken as a whole.

(b) The Issuer will maintain or cause to be maintained, for itself and its Significant Subsidiaries, insurance (including appropriate self−insurance) against loss or damage of the kinds customarily insured against by Brazilian corporations similarly situated and owning like properties with reputable insurers, in such amounts, with such deductibles and by such methods as are customary for Brazilian corporations similarly situated in the industry in which the Issuer and its Significant Subsidiaries are then conducting business.

Section 4.07. Financial Reports. (a) The Issuer shall furnish to the Trustee:

(i) as soon as available and in any event by no later than 120 days after the end of each fiscal year of the Issuer, annual audited consolidated financial statements in English of the Issuer, prepared in accordance with Applicable GAAP and accompanied by an opinion of independent public accountants (together with a certified English translation of such opinion to the extent it is not in the English language) selected by the Issuer, which opinion shall be based upon an examination made in accordance with generally accepted auditing standards in Brazil; and

(ii) as soon as available and in any event by no later than 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Issuer,

quarterly unaudited consolidated financial statements in English of the Issuer, prepared in accordance with the Applicable GAAP and accompanied by a “limited review” (revisão limitada) report of independent public accountants selected by the Issuer (together with a certified English translation of such opinion to the extent it is not in the English language).

Notwithstanding the foregoing, if the Issuer makes available the information described above on its website or the website of a Subsidiary of the Issuer, it will be deemed to have satisfied the reporting requirement set forth above. It is understood that the Trustee shall have no responsibility to determine whether any information has been posted on such website.

For so long as a series of Notes remain Outstanding, the Issuer will make available to any Noteholder of such series or beneficial owner of an interest in the Notes of such series, or to any prospective purchasers designated by such Noteholder or beneficial owner, upon request of such Noteholder or beneficial owner, information required to be delivered under paragraph (d)(4) of Rule 144A under the Securities Act unless, at the time of such request, the Issuer is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or is exempt from reporting pursuant to Rule 12g3 2(b) under the Exchange Act.

(b) Delivery of these reports and information to the Trustee is for informational purposes only and the Trustee’s receipt of them will not constitute constructive notice of any information contained therein or determinable for information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

Section 4.08. Reports to Trustee. (a) The Issuer will deliver to the Trustee within 120 days after the end of the fiscal year an Officer’s Certificate stating, to the best of his or her knowledge after due inquiry, whether a Default exists on the date of such Officer’s Certificate and, if a Default exists, setting forth details thereof and the action which the Issuer is taking with respect thereto.

(b) The Issuer will deliver to the Trustee, within five business days after any Officer of the Issuer becomes aware of the occurrence of a Default, an Officer’s Certificate setting forth the details of the Default, and the action which the Issuer is taking with respect thereto.

(c) Within five business days after the Incurrence of any Debt exceeding US$ 5,000,000.00 (five million U.S. dollars) (including Acquired Debt) by the Issuer or any Issuer Subsidiary, the Issuer will deliver to the Trustee an Officer’s Certificate setting forth the details of such Incurrence and compliance with Section 4.02 hereof.

(d) The Issuer will provide prior written notice to the Trustee when any series of Notes are listed on any Brazilian, U.S. or foreign national securities exchange and of any delisting.

Section 4.09. Disclosure of Names and Addresses of Holders. Every Holder, by receiving and holding a Note, agrees with the Issuer and the Trustee that neither the Issuer nor the Trustee nor any Authenticating Agent nor any Paying Agent nor any Registrar shall be held accountable by reason of the disclosure of any information as to the names and addresses of the Holders in accordance with TIA Section 312, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of delivering any material pursuant to a request made under TIA Section 312(b).

Section 4.10. Paying Agent and Transfer Agent. (a) The Issuer agrees, for the benefit of each of the Holders from time to time of a series of Notes, that, until all of the Notes of such series are no longer Outstanding or until funds in Dollars for the payment of all of the principal of and interest on all Notes of such series shall have been made available at the Corporate Trust Office, and shall have been returned to the Issuer as provided herein, whichever occurs earlier, there shall at all times be a Paying Agent and Transfer Agent hereunder. The Paying Agent and the Transfer Agent shall have the powers and authority granted to and conferred upon it herein and in the Notes of such series.

(b) The Issuer hereby initially appoints the Paying Agent and Transfer Agent defined in this Indenture as such. The Paying Agent shall arrange for the payment, from funds furnished by the Issuer to the Paying Agent pursuant to this Indenture, of the principal of and interest on the Notes of each series and of the compensation of such paying agency or agencies for their services as such.

(c) Each Paying Agent and Transfer Agent defined in this Indenture as such accepts its respective obligations set forth herein and in the Notes upon the terms and conditions hereof and thereof, including the following, to all of which the Issuer agrees and to all of which the rights of the Holders from time to time of the Notes of each series shall be subject:

(i) The Paying Agent and Transfer Agent shall each be entitled to the compensation to be agreed upon with the Issuer for all services rendered by it, and the Issuer agrees promptly to pay such compensation and to reimburse each of the Paying Agent and Transfer Agent for their reasonable out of pocket expenses (including fees and expenses of counsel) incurred by it in connection with the services rendered by it hereunder. The Issuer also agrees to indemnify each of the Paying Agent and Transfer Agent and each of their respective affiliates, officers, directors, employees, counsel, agents, advisors and attorneys−in−fact for, and to hold each of them harmless against, any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, suits, costs, charges, expenses or disbursements, including any and all tax liabilities, which, for the avoidance of doubt, shall include Brazilian taxes and associated penalties, costs, claims, actions, damages, expenses or demands, (including, without limitation, reasonable and duly documented fees and expenses of agents and attorneys), of any kind or nature (all the foregoing, collectively, the “Indemnified Liabilities”) whatsoever at any time incurred out of or in connection with their acting as Paying Agent or Transfer

Agent of the Issuer hereunder, except to the extent such Indemnified Liabilities result from such Paying Agent’s or Transfer Agent’s own gross negligence or willful misconduct. The obligations of the Issuer under this subsection (i) shall survive the payment of each series of the Notes and the resignation or removal of the Paying Agent and Transfer Agent as the case may be;

(ii) In acting under this Indenture and in connection with the Notes, the Paying Agent and Transfer Agent are each acting solely as agent of the Issuer and do not assume any obligation towards or relationship of agency or trust for or with any of the Holders except that all funds held by a Paying Agent for the payment of the principal of and interest on each relevant series of Notes, shall be held in trust by it and applied as set forth herein and in the relevant Notes of such series, but need not be segregated from other funds held by it, except as required by law;

(iii) Each of the Paying Agent and Transfer Agent may consult with counsel and any advice or written opinion of counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or opinion;

(iv) Each of the Paying Agent and Transfer Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted to be taken or thing suffered by it in reliance upon any Note, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper party or parties;

(v) Neither the Paying Agent nor the Transfer Agent shall be under any liability for interest on any moneys received by it pursuant to any of the provisions of this Indenture or the Notes;

(vi) The Recitals contained herein and in the Notes shall be taken as the statements of the Issuer, and the Paying Agent and Transfer Agent assume no responsibility for the correctness of the same. Neither the Paying Agent nor the Transfer Agent make any representation as to the validity or sufficiency of this Indenture or the Notes. Neither the Paying Agent nor the Transfer Agent shall be accountable for the use or application by the Issuer of any of the Notes or the proceeds thereof;

(vii) The Paying Agent and Transfer Agent shall be obligated to perform such duties and only such duties as are herein and in the Notes specifically set forth, and no implied duties or obligations shall be read into this Indenture or any of the Notes against the Paying Agent or Transfer Agent. Neither the Paying Agent nor the Transfer Agent shall be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it; and

(viii) The Issuer acknowledges that the Paying Agent makes no representations as to the interpretation or characterization of the transactions herein undertaken for tax or any other purpose, in any jurisdiction. The Issuer represents that it has fully satisfied itself as to any tax impact of this Indenture before agreeing to the terms herein, and is responsible for any and all federal, state, local, income, franchise, withholding, value added, sales, use, transfer, stamp or other taxes imposed by any jurisdiction in respect of this Indenture.

(ix) The Issuer agrees to pay any and all stamp and other documentary taxes or duties which may be payable in connection with the execution, delivery, performance and enforcement of this Indenture by the Paying Agent.

Anything in this Section 4.10 to the contrary notwithstanding, the agreements to hold sums in trust as provided in this Section 4.10 are subject to the provisions of Section 8.05.

(d) Any of the Paying Agent or Transfer Agent may at any time resign by giving written notice of its resignation delivered to the Issuer and the Trustee specifying the date on which its resignation shall become effective; provided that such date shall be at least 60 days after the date on which such notice is given unless the Issuer agrees to accept less notice. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor Paying Agent or Transfer Agent, qualified as aforesaid, by written instrument in triplicate signed on behalf of the Issuer, one copy of which shall be delivered to the resigning Paying Agent or Transfer Agent, and one copy to the successor Paying Agent or Transfer Agent and one copy to the Trustee. Such resignation shall become effective upon the earlier of (i) the effective date of such resignation or (ii) the acceptance of appointment by the successor Paying Agent or Transfer Agent as provided in Section 4.10(e). Any Paying Agent or Transfer Agent shall have the right to petition a court of competent jurisdiction in the event that a successor has not been appointed within the times specified. The Issuer may, at any time and for any reason, and shall, upon any event set forth in the next succeeding sentence, remove a Paying Agent or Transfer Agent and appoint a successor Paying Agent or Transfer Agent, qualified as aforesaid, by written instrument in triplicate signed on behalf of the Issuer, one copy of which shall be delivered to the Paying Agent or Transfer Agent being removed, and one copy to the successor Paying Agent or Transfer Agent and one copy to the Trustee. A Paying Agent or Transfer Agent shall be removed as aforesaid if it shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Paying Agent or Transfer Agent or of its property shall be appointed, or any public officer shall take charge or control of it or of its property or affairs for the purpose of rehabilitation, conservation or liquidation. Any removal of a Paying Agent or Transfer Agent and any appointment of a successor Paying Agent or Transfer Agent shall become effective upon acceptance of appointment by the successor Paying Agent or Transfer Agent as provided in Section 4.10(e). Upon its resignation or removal, the Paying Agent or Transfer Agent shall be entitled to the payment by the Issuer of its compensation for the services rendered hereunder and to the reimbursement of all reasonable out−of−pocket expenses incurred in connection with the services rendered by it hereunder (including, to the

extent that the Paying Agent or Transfer Agent is being removed, all reasonable out−of−pocket expenses incurred in connection with such removal, including fees and expenses of counsel).

(e) Any successor Paying Agent or Transfer Agent appointed as provided in Section 4.10(d) shall execute and deliver to its predecessor and to the Issuer and Trustee an instrument accepting such appointment hereunder, and thereupon such successor Paying Agent or Transfer Agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Paying Agent or Transfer Agent hereunder, and such predecessor, upon payment of its compensation and out of pocket expenses then unpaid, shall pay over to such successor agent all moneys or other property at the time held by it hereunder, if any.

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

Section 4.11. Additional Amounts. (a) All payments by the Issuer in respect of the Notes of a series will be made without withholding or deduction for or on account of any present or future taxes, duties, assessments, or other governmental charges of whatever nature imposed or levied by or on behalf of Brazil or any other jurisdiction or political subdivision thereof in which the Issuer is organized or is a resident for tax purposes having power to tax or by the jurisdictions in which any paying agents appointed by the Issuer are organized or the location where payment is made, or any political subdivision or any authority thereof or therein having power to tax (a “Relevant Jurisdiction”), unless the Issuer is compelled by law to deduct or withhold such taxes, duties, assessments, or governmental charges. In such event, the Issuer will make such deduction or withholding, make payment of the amount so withheld to the appropriate governmental authority and pay such additional amounts as may be necessary to ensure that the net amounts receivable by Holders of the Notes of such series after such withholding or deduction shall equal the respective amounts of principal and interest which would have been receivable in respect of the Notes of such series in the absence of such withholding or deduction (“Additional Amounts”).

(b) Notwithstanding the provisions of Section 4.11(a), such Additional Amounts shall not be payable in relation to a series of Notes:

(i) to, or to a third party on behalf of, a Holder of such Notes who is liable for such taxes, duties, assessments or governmental charges in respect of such Notes by reason of the existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of such Holder, if such Holder is an estate, a trust, a partnership, a limited liability company or a

corporation) and the Relevant Jurisdiction, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member or shareholder) being or having been a citizen or resident thereof or being or having been engaged in a trade or business or present therein or having, or having had, a permanent establishment therein, other than the mere holding of such Notes or enforcement of rights and the receipt of payments with respect to such Notes;

(ii) in respect of the Notes of such series presented for payment more than 30 days after the Relevant Date except to the extent that the Holder of such Notes would have been entitled to such Additional Amounts, on surrender of such Notes for payment on the last day of such period of 30 days;

(iii) with respect to any withholding or deduction imposed on or in respect of any Note pursuant to Sections 1471−1474 of the Code (and any current and future regulations or official interpretations thereof or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code) (“FATCA”), the laws implementing FATCA in either Brazil or any other Relevant Jurisdiction, or any agreement between the Issuer and the United States or any authority thereof entered into pursuant to FATCA;

(iv) to, or to a third party on behalf of, a Holder of the Notes of such series who is liable for such taxes, duties, assessments or other governmental charges by reason of such Holder’s failure to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the Relevant Jurisdiction, if (1) compliance is required by the Relevant Jurisdiction, as a precondition to, exemption from, or reduction in the rate of, the tax, assessment or other governmental charge and (2) the Issuer has given such Holders at least 30 days’ notice that such Holders will be required to provide such certification, identification or other requirement;

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

(vi) in respect of any tax, assessment or other governmental charge which is payable by direct payment by the Issuer in respect of claims made

(vii) against the Issuer or other than by deduction or withholding from payments of principal of or interest on such Notes; or

(viii) in respect of any combination of Section 4.11(b)(i) through Section 4.11(b)(vii).

(c) In addition, no Additional Amounts shall be paid with respect to any payment on a Notes of a series to a Holder who is a fiduciary, a partnership, a limited liability

company or other than the sole beneficial owner of that payment to the extent that payment would be required by the laws of the Relevant Jurisdiction to be included in the income, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, an interest holder in a limited liability company or a beneficial owner who would not have been entitled to the Additional Amounts had that beneficiary, settlor, member or beneficial owner held such Note directly.

(d) Except as specifically provided in this Section 4.11, the Issuer shall not be required to make a payment with respect to any tax, assessment or governmental charge imposed by any government or a political subdivision or taxing authority thereof or therein.

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

(f) The Issuer will furnish to the Trustee within 30 days after the date of payment of any such taxes due pursuant to applicable law certified copies of tax receipts or, if such receipts are not obtainable, documentation evidencing such payment of taxes.

(g) Any reference in this Indenture or the Notes to principal, interest or any other amount payable in respect of the Notes by the Issuer shall be deemed also to refer to any Additional Amount, unless the context requires otherwise, that may be payable with respect to that amount under the obligations referred to in this Section 4.11.

(h) The foregoing obligation in this Section 4.11 shall survive termination or discharge of this Indenture, payment of all series of Notes issued hereunder and/or the resignation or removal of the Trustee or any Agent hereunder.

Section 4.12. Compliance with Applicable Laws. The Issuer shall, and shall cause each of its Significant Subsidiaries to, comply with all laws, rules, regulations and orders of any governmental authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

Section 4.13. Maintenance of Governmental Approvals. The Issuer shall, and shall cause each of its Significant Subsidiaries to, maintain and renew all permits, licenses, authorizations, approvals, and consents held by the Issuer and any Subsidiary and required for such Issuer or any Significant Subsidiary to conduct their respective businesses or to perform their obligations under the Notes and this Indenture, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. If any permit, license, authorization, approval or consent not held by the Issuer

or any Significant Subsidiary is or becomes required for the Issuer or such Significant Subsidiary to conduct its business or to perform any of its obligations under the Notes and this Indenture, the Issuer or such Significant Subsidiary shall promptly take all commercially reasonable steps within its power to obtain such permit, license, authorization, approval, or consent, unless the failure to take all such commercially reasonable steps would not reasonably be expected to result in a Material Adverse Effect.

Section 4.14. Maintenance of Books and Records. The Issuer shall keep, and shall cause each of its Significant Subsidiaries to keep, proper books of record and account in which full, true and correct entries in accordance with Applicable GAAP shall be made of all dealings and transactions in relation to its business and activities.

Section 4.15. Limitation on Restricted Payments.

(a) The Issuer shall not, and shall not permit any Subsidiary of the Issuer to, directly or indirectly (the payments and other actions described in the following clauses being collectively “Restricted Payments”):

(i) declare or pay any dividend or make any distribution on its Equity Interests (other than dividends or distributions by any direct or indirect Subsidiary of the Issuer payable or paid directly or indirectly to the Issuer and pro rata as to minority Equity Interests in such Issuer Subsidiary; provided that such dividends or distributions by a less than wholly− owned Issuer Subsidiary have, if so required, been approved in accordance with the organizational and constituent charter, by−laws and other documents of the Issuer and the Issuer Subsidiary, including the provisions of any shareholder agreement with respect to the Issuer or to which the Issuer is a party regulating the declaration and payment of such dividends or distributions by the Issuer or any Issuer Subsidiary);

(ii) purchase, redeem or otherwise acquire or retire for value any Equity Interests of the Issuer or any Subsidiary of the Issuer other than (A) in connection with a Change of Control permitted pursuant to Section 5.01 or a disposition of all or substantially all of the assets of the Issuer or any Subsidiary of the Issuer in a manner permitted pursuant to Section 5.02, or (B) any repurchases of Equity Interests deemed to occur upon exercise of stock options, warrants or similar rights if such Equity Interests represent a portion of the exercise price of such options, warrants or similar rights or required withholding or similar taxes;

(iii) repay, redeem, repurchase, defease or otherwise acquire or retire for value, or make any payment on or with respect to, any Subordinated Debt, except (A) a payment of interest, (B) a repayment, redemption, repurchase, defeasance or acquisition or retirement in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case, due within one year of the date of such repurchase, defeasance or acquisition or retirement, and (C) payments or repayments of interest or principal required in accordance with the terms of the RJ Plan; or

(iv) make any Investment in or to (A) any direct or indirect Affiliate of the Issuer (other than a Wholly−Owned Subsidiary of the Issuer) or (B) holder of Equity Interests in the Issuer or any Affiliate of such holder of Equity Interests (other than a Wholly−Owned Subsidiary of the Issuer), provided that any Investment in or to a Wholly−Owned Subsidiary of the Issuer shall be subject to such Wholly−Owned Subsidiary being a Guarantor of all the obligations outstanding under the Notes at the time of the Investment, or becoming such a Guarantor prior to the time the Investment is made, on terms (as to such Guarantee) satisfactory to the Trustee (acting at the direction of the Holders of a majority in principal amount of the Notes).

(b) Section 4.15(a) shall not prohibit: (i) Permitted Investments (as hereinafter defined) in an amount per annum of up to the greater of (x) R$250,000,000.00 (two hundred and fifty million Brazilian reais), as adjusted monthly beginning on the Issue Date by positive variation of the IPCA or (y) US$60,000,000.00 (sixty million Dollars), as adjusted monthly beginning on the Issue Date by the positive variation of the CPI; and (ii) the declaration and payment of the Minimum Legally Required Dividend; provided, that such payment of the Minimum Legally Required Dividend is in compliance with the Brazilian corporate law and the Issuer’s bylaws and that the Issuer’s Board of Directors, with the approval of the fiscal council, if in existence at such time, has not reported to the general shareholders’ meeting that the distribution would not be advisable given the financial condition of the Issuer or the Issuer Subsidiaries and that the shareholders have agreed with the proposal of the Board of Directors. “Permitted Investments” shall mean and include Investments as defined in clauses (i) and (ii) of the definition of “Investment” in any other Person, provided that (i) the Investment is permitted by the Issuer’s bylaws and the Issuer’s Board of Directors, (ii) is made for proper business purposes of the Issuer and the investee Person as determined in good faith by the Board of Directors of the Issuer, (iii) the proceeds of such Permitted Investment is used solely for the proper business purposes of the investee Person, and (iv) holders of the Capital Stock of such investee Person do not receive any direct or indirect benefit from the Permitted Investment (other than solely by virtue of their ownership interest in the investee Person), provided that any benefits resulting from any ordinary course supplier, service or other similar commercial agreements shall be disregarded for the purposes of this clause (iv) and shall be permissible.

Section 4.16. Ranking. The Issuer shall ensure that its obligations under this Indenture and the Notes will at all times constitute direct and unconditional obligations of the Issuer, ranking at all times at least pari passu in priority of payment among themselves and with all other Debt of the Issuer.

Section 4.17. Limitation on Dividend and Other Payment Restrictions Affecting Issuer Subsidiaries. (a) Except as provided in Section 4.17(b) below, the Issuer shall not, and shall not permit any Significant Subsidiary to, create or otherwise cause or permit to exist or become effective any encumbrance or restriction of any kind on the ability of any Significant Subsidiary to: (i) pay dividends or make any other distributions on any Equity Interests of the Significant Subsidiary owned by the Issuer or any other Significant Subsidiary; (ii) pay any Debt or other

obligation owed to the Issuer or any other Significant Subsidiary, (iii) make loans or advances to the Issuer or any other Significant Subsidiary; or (iv) transfer any of its property or assets to the Issuer or any other Significant Subsidiary.

(b) The provisions of Section 4.17(a) do not apply to any encumbrances or restrictions:

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

(ii) existing with respect to any Person, or to the property of any Person, at the time the Person is acquired by the Company or any Significant Subsidiary, which encumbrances or restrictions: (A) are not applicable to any other Person or the property of any other Person; and

(B) were not put in place in anticipation of such event, and any extensions, renewals, replacements or refinancings of any of the foregoing; provided the encumbrances and restrictions in the extension, renewal, replacement or refinancing are, taken as a whole, no less favorable in any material respect to the Holders than the encumbrances or restrictions being extended, renewed, replaced or refinanced;

(iii) with respect to any agreement governing Debt of any Significant Subsidiary that is permitted to be Incurred by Section 4.02; provided that (A) the encumbrance or restriction is not materially disadvantageous to the Holders of the Notes, and (B) the Issuer determines that on the date of the Incurrence of such Debt, that such encumbrance or restriction would not be expected to materially impair the Issuer’s ability to make principal or interest payments on the Notes;

(iv) of the type described in Section 4.17 (a)(iv) arising or agreed to in the ordinary course of business (A) that restrict in a customary manner the subletting, assignment or transfer of any property that is subject to a lease or license or (B) by virtue of any Lien on, or agreement to transfer, option or similar right with respect to, any property of, the Issuer or any Significant Subsidiary that is subject to the foregoing;

(v) with respect to a Significant Subsidiary and imposed pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock of, or property of, the Significant Subsidiary that is permitted under Section 4.18; and

(vi) required pursuant to this Indenture.

Section 4.18. Limitation on Asset Sales. The Issuer shall not, and shall not permit any Subsidiary to, make any Asset Sale unless the Asset Sale is for fair market value.

Section 4.19. Related Party Transactions.

(a) Notwithstanding anything to the contrary in this Indenture, the Issuer shall not, and will not permit any Issuer Subsidiary to, directly or indirectly, enter into, renew or extend any transaction or arrangement, including the purchase, sale, lease or exchange of property or assets or the rendering of any service, with any Affiliate of the Issuer or any Issuer Subsidiary or with any holder of minority Equity Interests in any Issuer Subsidiary or any Person

in which the Issuer or any Issuer Subsidiary has made a Permitted Investment (each a “Related Party Transaction”), other than any transaction between the Issuer and any Wholly−Owned Issuer Subsidiary or between or among Wholly−Owned Issuer Subsidiaries, except upon fair and reasonable terms no less favorable to the Issuer or the Issuer Subsidiary than could be obtained in a comparable arm’s−length transaction with a Person that is not an Affiliate of the Issuer.

(b) In the case of Related Party Transaction with value in excess of US$5,000,000, as adjusted monthly beginning on the Issue Date by the positive variation of the CPI, (or the equivalent thereof at the time of determination), the Issuer shall first deliver to the Trustee an Officers’ Certificate to the effect that such Related Party Transaction is on fair and reasonable terms no less favorable to the Issuer or such Issuer Subsidiary than could be obtained in a comparable arm’s−length transaction.

(c) In the case of Related Party Transaction with value in excess of US$20,000,000, as adjusted monthly beginning on the Issue Date by the positive variation of the CPI, (or the equivalent thereof at the time of determination), the Issuer shall first deliver to the Trustee an opinion issued by an investment banking firm of recognized standing that such Related Party Transaction is on fair and reasonable terms no less favorable to the Issuer or such Issuer Subsidiary than could be obtained in a comparable arm’s−length transaction.

Section 4.20. Luxembourg Listing. The Issuer will use commercially reasonable efforts to obtain and maintain listing of the Notes on the Luxembourg Stock Exchange for trading on the Euro MTF Market; provided that if such listing of the Notes subsequently becomes impracticable or unduly burdensome, in the good faith determination of the Issuer, to maintain, due to changes in listing requirements occurring subsequent to the Issue Date, the Issuer may de−list the Notes from the Luxembourg Stock Exchange and shall have no further obligation in respect of any listing of the Notes. If such listing on the Luxembourg Stock Exchange is not obtained or maintained as aforesaid, then the Issuer will use commercially reasonable efforts to obtain and maintain listing of the Notes on another international exchange under the same conditions and assumptions.

ARTICLE 5

CHANGE OF CONTROL OR OTHER CONSOLIDATION, MERGER OR SALE OF ASSETS

Section 5.01. No Change of Control or Other Consolidation, Merger or Sale of Assets.

The Issuer shall not (i) effect any transaction which would result in a Change of Control (including as a result of any corporate reorganization of the Issuer), or (ii) facilitate or participate any such Change of Control, in each case, unless the Issuer makes an offer to purchase (the “Change of Control Offer”) any and all of the Notes at a price in cash (the “Change of Control Payment”) equal to 100.0% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to the date of repurchase, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date prior to such repurchase.

(a) Within 30 days following any Change of Control, the Issuer shall make a Change of Control Offer by notice to each Holder in accordance with the provisions of Section 10.02 stating:

(i) that a Change of Control has occurred and that such Holder has the right to require the Issuer to purchase such Holder’s Notes in exchange for its respective portion of the Change of Control Payment;

(ii) an expiration date (the “Expiration Date”) not less than 30 days or

more than 60 days after the date of the Change of Control Offer;

(iii) the Change of Control Payment and the Change of Control Payment Date;

(iv) information concerning the business of the Issuer and its Subsidiaries, including the relevant facts regarding such Change of Control, which the Issuer in good faith believes shall enable the Holders to make an informed decision with respect to the Change of Control Offer; and

(v) the instructions, as determined by the Issuer, consistent with this Section 5.01, that a Holder must follow in order to have its Notes repurchased.

(b) No such purchase in part shall reduce the outstanding principal amount of the Notes held by any Holder to below US$2,000.

(c) Holders electing to have a Note repurchased shall be required to surrender the Note, with an appropriate form duly completed, to the exchange agent at the address specified in the notice at least three Business Days prior to the Change of Control Payment Date. Holders shall be entitled to withdraw their election if each of the exchange agent, the Trustee and the Issuer receives not later than two Business Days prior to the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note which was delivered for repurchase by the Holder and a statement that such Xxxxxx is withdrawing his election to have such Note repurchased. Holders whose Notes are purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered.

(d) On the Change of Control Payment Date, the Issuer shall:

(i) accept for payment all Securities or portions of Notes properly tendered and not validly withdrawn pursuant to the Change of Control Offer;

(ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered and not validly withdrawn; and