AZUL SA

Footnotes

F1

Represents 584,783 rights to acquire common shares of Azul S.A. (the "Anti-Dilution Grant Restricted Shares") granted pursuant to the anti-dilution protection provided to the restricted shares previously granted to the Reporting Person and reported on a Form 4 filed by the Reporting Person on March 30, 2026 (the "Restricted Shares") under Section 6.2 of the Restricted Shares Granting Plan of Azul S.A. and applicable documentation thereunder ("Plan"). The 584,783 Anti-Dilution Grant Restricted Shares vested automatically on the grant date of November 9, 2026.↩ 1

F2

On November 9, 2026, in accordance with the terms of the Plan and the relevant program and grant agreement thereunder, the Reporting Person paid an aggregate nominal subscription price of R$ 1.00 (one Brazilian real), which is equivalent to approximately US$ 0.20 (twenty cents) and Azul S.A. issued to the Reporting Person the 584,783 Anti-Dilution Grant Restricted Shares referred to above. The balance of the Restricted Shares reported as beneficially owned remain subject to time-based vesting, as previously reported.↩ 1