Common use of Optional Early Redemption Clause in Contracts

Optional Early Redemption. The Notes are subject to redemption at the Company’s option prior to the Par Call Date in whole at any time, or in part from time to time, at a redemption price equal to the greater of (A) 100% of the principal amount of such Notes and (B) the sum of the present values, calculated as of the redemption date, of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to the redemption date) (calculated at a rate of 3.750% per annum until the interest period immediately following the Interest Rate Step Up Date, at which point the interest rate shall be deemed to be the Subsequent Rate of Interest unless the Sustainability Performance Target has been satisfied in respect of the year ended December 31, 2025 and the Company has provided confirmation thereof to the Trustee together with a related confirmation by the External Verifier at least 30 days prior to July 16, 2026 as set forth in Section 2.01(vi)) as if the bonds were redeemed on the Par Call Date, discounted to the redemption date on an annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus in each case, any accrued and unpaid interest and Additional Amounts, if any, on such notes to the redemption date, as calculated by the Independent Investment Banker. At any time on or after the Par Call Date, the company will have the right to redeem the Notes, in whole or in part and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest on the principal amount of the Notes being redeemed to such redemption date.

Optional Early Redemption. The Notes are subject to redemption at the Company’s option prior to the Par Call Date in whole at any time, or in part from time to time, at a redemption price equal to the greater of (A) 100% of the principal amount of such Notes and (B) the sum of the present values, calculated as of the redemption date, of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to the redemption date) (calculated at a rate of 3.7502.500% per annum until (i) the interest period immediately following the Women in Leadership Positions Interest Rate Step Up Date and prior to the Industrial Water Withdrawal Intensity Interest Rate Step Up Date, during which period the interest rate shall be deemed to be the Women in Leadership Positions Subsequent Rate of Interest, as applicable, and (ii) the interest period immediately following the Industrial Water Withdrawal Intensity Interest Rate Step Up Date, at which point the interest rate shall be deemed to be the Industrial Water Withdrawal Intensity Subsequent Rate of Interest unless the Sustainability Performance Target has been satisfied in respect of the year ended December 31Interest, 2025 and the Company has provided confirmation thereof to the Trustee together with a related confirmation by the External Verifier at least 30 days prior to July 16as applicable, 2026 as set forth in Section 2.01(vi)) ), as if the bonds were redeemed on the Par Call Date, discounted to the redemption date on an annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 25 basis points, plus in each case, any accrued and unpaid interest and Additional Amounts, if any, on such notes to the redemption date, as calculated by the Independent Investment Banker. At any time on or after the Par Call Date, the company Company will have the right to redeem the Notes, in whole or in part and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest on the principal amount of the Notes being redeemed to such redemption date.

Optional Early Redemption. 5.1.1. Pursuant to CMN Resolution 4.751 or otherwise, provided that the minimum weighted average term of 4 (four) years of payments elapsed between the Issuance Date and the effective date of early redemption is respected, under the terms of item I, article 1 of CMN Resolution 4.751 and calculated under CMN Resolution 5.034, the Issuer may, provided that the early maturity of the Debentures has not been declared, under the terms of this Issuance Deed, including in the event of loss of the benefit generated by the tax treatment of Law 12.431, under the terms of Clause 4.21 above, at its sole discretion and regardless of the will of the debenture holders, from November 10, 2030 (inclusive), carry out the total optional early redemption of the debentures, according to the terms and conditions provided below (“Optional Early Redemption”). 5.1.2. The Notes are subject Optional Early Redemption must be carried out by publishing a communication of Optional Early Redemption or by sending such communication addressed to redemption the debenture holders, with a copy to the Trustee (in each case, “Optional Early Redemption Communication”), at least 3 (three) Business Days in advance of the Company’s option scheduled date for the Optional Early Redemption, containing the provisions of Clause 5.1.4 below (“Optional Early Redemption Date”). 5.1.3. The amount to be paid in relation to each of the Debentures under the Optional Early Redemption will be equivalent to the Unit Nominal Value or the balance of the Unit Nominal Value, as the case may be, plus (i) the Remuneration, calculated pro rata temporis from the Profitability Start Date or the immediately preceding Remuneration Payment Date, as the case may be, until the Optional Early Redemption Date; (ii) the Default Charges, if any, as well as any other amounts eventually owed by the Issuer under this Deed of Issuance; (iii) any monetary obligations and other additions related to the Debentures eventually due and unpaid until the Optional Early Redemption Date, as applicable; and (iv) the present value of the remaining amortization payment installments of the Unit Nominal Value and the Remuneration, using as a discount rate the coupon of the Fixed Rate Treasury Bond with semiannual interest (NTN-F), with a duration approximately equivalent to the remaining duration of the Debentures on the Optional Early Redemption Date, to be determined on the Business Day immediately prior to the Par Call Optional Early Redemption Date in whole at any timeof the Debentures, or in part from time to time, at a redemption price equal calculated according to the greater of (A) 100% of formula below, and added to the principal amount of such Notes Default Charges, if any, to any monetary obligations and (B) other additions related to the Debentures: PV = sum of the present valuesvalue of the Debentures payment installments; n = total number of payment events to be made for the Debentures, where "n" is an integer; VNEk = unit value of each of the "k" future amounts due of the Debentures, where the value of each "k" installment is equivalent to the payment of the Remuneration and/or the amortization of the Unit Nominal Value, as the case may be; Duration = the average term of the payment flows, weighted by the present value of these flows, as described in Resolution 3.947 or another regulation that replaces it; PVPk = present value factor, determined according to the following formula, calculated as with 9 (nine) decimal places, with rounding: TREASURYPRE = coupon of the redemption dateFixed Rate Treasury Bonds with Semiannual Interest (NTN-F), with a duration closest to the remaining duration of the remaining scheduled payments Debentures; nk = number of principal and interest thereon (exclusive of interest accrued to Business Days between the redemption date) (calculated at a rate of 3.750% per annum until the interest period immediately following the Interest Rate Step Up Date, at which point the interest rate shall be deemed to be the Subsequent Rate of Interest unless the Sustainability Performance Target has been satisfied in respect of the year ended December 31, 2025 Optional Early Redemption Date and the Company has provided confirmation thereof to the Trustee together with a related confirmation by the External Verifier at least 30 days prior to July 16, 2026 as set forth in Section 2.01(vi)) as if the bonds were redeemed on the Par Call Date, discounted to the redemption scheduled maturity date on an annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus in each case, any accrued and unpaid interest and Additional Amounts, if any, on such notes to the redemption date, as calculated by the Independent Investment Banker"k" installment due. 5.1.4. At any time on or after the Par Call Date, the company will have the right to redeem the Notes, in whole or in part and from time to timeThe Optional Early Redemption Communication must include, at a redemption price equal to 100% minimum: (i) the Optional Early Redemption Date, which must necessarily be a Business Day; (ii) a mention of the principal amount calculation of the Notes being redeemed plus accrued and unpaid interest on the principal amount Optional Early Redemption value of the Notes Debentures; and (iii) any other information necessary for the operationalization of the Optional Early Redemption, as applicable. 5.1.5. The Debentures redeemed by the Issuer under the Optional Early Redemption must be canceled by the Issuer. 5.1.6. The payment of the Optional Early Redemption cannot occur on a date that coincides with any payment date of the balance of the Unit Nominal Value of the Debentures and/or the Remuneration, as the case may be, but must necessarily be made on a Business Day and on a single date for all Debentures. 5.1.7. The Issuer must, at least 3 (three) Business Days in advance of the respective Optional Early Redemption date, send written notice to B3, the Settlement Agent, and the Registrar, as the case may be, informing them of the execution of the said Optional Early Redemption, with the communication to B3 being redeemed signed jointly with the Trustee. 5.1.8. The payment of the Optional Early Redemption must be made in accordance with (i) the operational procedures established by B3 concerning the Debentures that are electronically held at B3; or (ii) the operational procedures adopted by the Registrar, for the Debentures that are not electronically held at B3. 5.1.9. Partial Optional Early Redemption of the Debentures will not be allowed. The Optional Early Redemption will be addressed to such redemption dateall debenture holders, without distinction, ensuring equal conditions for all debenture holders. 5.1.10. Notwithstanding the provisions of the above Clauses, the Optional Early Redemption will follow the rules issued by the CMN, Law 12.431, and other applicable legislation and regulations.

Optional Early Redemption. The Notes are subject Unless the Holder has previously issued an EOD Notice of Repayment under Condition 9.2, the Issuer may at any time redeem, by delivering a written notice of early redemption in the form prescribed in Appendix III hereof to redemption the Holder at the Company’s option least five (5) Business Days prior to the Par Call Date in whole at any timeproposed date of such early redemption (the “Optional Early Redemption Date”), or in part from time to time, at a redemption price equal to the greater of (A) 100% of the outstanding principal amount of such the Notes and (B) the sum of the present values, calculated as of the redemption date, of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to the redemption date) (calculated at a rate of 3.750% per annum until the interest period immediately following the Interest Rate Step Up Date, at which point the interest rate shall be deemed to be the Subsequent Rate of Interest unless the Sustainability Performance Target has been satisfied in respect of the year ended December 31, 2025 and the Company has provided confirmation thereof to the Trustee together with a related confirmation by the External Verifier at least 30 days prior to July 16, 2026 as set forth in Section 2.01(vi)) as if the bonds were redeemed on the Par Call Date, discounted to the redemption date on an annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus in each case, any accrued and unpaid interest and Additional Amounts, if any, on such notes to the redemption date, as calculated by the Independent Investment Banker. At any time on or after the Par Call Date, the company will have the right to redeem the Notes, in whole or in part and from time (the principal amount to timebe redeemed, at a redemption price the “Early Redemption Principal Amount”) in an amount equal to 100% of the aggregate of: (a) the Early Redemption Principal Amount; (b) interest accrued and outstanding under Condition 6 on the Early Redemption Principal Amount; (c) Default Interest (where applicable) accrued and outstanding on the Early Redemption Principal Amount; and (d) any other payment accrued and outstanding to the Holder pursuant to these Conditions on the Early Redemption Principal Amount (together with the amount set forth in Conditions 9.3(a) to 9.3(c) above, collectively, the “Early Redemption Amount”); provided that the Early Redemption Principal Amount for any redemption shall not be less than US$2,420,000 or if the total principal amount of the Notes being redeemed plus accrued and unpaid interest on that remain outstanding is less than US$2,420,000, the total outstanding principal amount of the Notes being redeemed Notes. The Issuer shall redeem the Early Redemption Principal Amount held by the Holder in an amount equal to such redemption datethe Early Redemption Amount on the Optional Early Redemption Date.