APPENDIX IV PROPERTY VALUATION

Transcrição

THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and
is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed ‘‘Warning’’
on the cover of this Web Proof Information Pack.
APPENDIX IV
PROPERTY VALUATION
The following is the text of a letter with the summary of values and valuation certificate received from
CB Richard Ellis Limited, prepared for the purpose of incorporation in this document, in connection with
their valuation as at September 30, 2010 of all the property interests of the Group.
November 26, 2010
The Board of Directors
Sateri Holdings Limited
23/F., East Tower, Zhong Rong Heng Rui International Plaza,
No. 620 Zhang Yang Road,
Pudong, Shanghai City,
the People’s Republic of China
Dear Sirs,
We have received instructions from you for us to value the property interests held by Sateri Holdings
Limited (the “Company”) and its subsidiaries (hereinafter together know as the “Group”) in the People’s
Republic of China (the “PRC”) and the Federative Republic of Brazil (the “Brazil”). We confirm that we
have carried out inspections, made relevant inquiries and obtained such further information as we considered
necessary for the purpose of providing you with our opinion of the capital values of such property interests
as at September 30, 2010 (the “date of valuation”).
Our valuation is our opinion of market value which is defined to mean “the estimated amount for which
a property should exchange on the date of valuation between a willing buyer and a willing seller in an
arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently
and without compulsion.”
Unless otherwise stated, our valuation is prepared in accordance with the “First Edition of The HKIS
Valuation Standards on Properties” published by The Hong Kong Institute of Surveyors (the “HKIS”) and
the RICS Appraisal and Valuation Standards (6th Edition) published by The Royal Institution of Chartered
Surveyors and effective from September 2008. We have also complied with all requirements contained in
Paragraph 34(2), (3) of Schedule 3 of the Companies Ordinance (Cap. 32) and Chapter 5, Practice Note 12
and Practice Note 16 of the Rule Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited (the “Listing Rules”).
Our valuation has been prepared in the capacity as consultants and has been made on the assumption
that the owner sells the properties on the open market without the benefit or burden of a deferred term
contract, leaseback, joint venture, management agreement or any similar arrangement, which would serve to
affect the values of the property interests.
— IV-1 —
APPENDIX IV
PROPERTY VALUATION
Unless otherwise stated, all the property interests are valued by the comparison method on the
assumption that each property can be sold with the benefit of vacant possession. Comparison is based on
prices realized on actual transactions or asking prices of comparable properties. Comparable properties with
similar sizes, character and locations are analyzed, and carefully weighted against all respective advantages
and disadvantages of each property in order to arrive at a fair comparison of value.
For property No. 1 in Group I, which is partly held by the Group for occupation in the PRC, we have
valued that property interests by the direct comparison approach. We have assumed sale of each of these
property interests in its existing state with the benefit of vacant possession and by making reference to
comparable sales transactions as available in the relevant market.
For the other property interests in Group I, which are held by the Group for occupation in the PRC and
Brazil, we have adopted the market approach in valuing the land portion of the property and depreciated
replacement cost approach in assessing buildings and structures standing on the land. In the valuation of the
land portion, reference has been made to the standard land prices and the sales evidence as available to us
in the locality.
Depreciated replacement cost is based on an estimate of the market value for the existing use of the
land, plus the current gross replacement (or reproduction) costs of the improvements, less allowances for
physical deterioration and all relevant forms of obsolescence and optimization.
Where due to the specific purpose for which the buildings and structures of the property interests have
been constructed, or where the property interests are located in markets where there are no readily
identifiable market comparables, the property interests have been valued on the basis of the depreciated
replacement cost. The depreciated replacement cost approach considers the cost to reproduce or replace in
new condition the property appraised in accordance with current construction costs for similar property in the
locality, with allowance for accrued depreciation as evidence by observed condition or obsolescence present,
whether arising from physical, functional or economic causes. The depreciated replacement cost approach
generally furnishes the most reliable indication of value for property in the absence of a known market based
on comparable sales.
For the property in Group II, which is a property interest to be acquired by the Group in the PRC, we
have valued that property interest by the direct comparison approach. We have assumed sale of the property
interest in its existing state with the benefit of vacant possession and by making reference to comparable sales
transactions as available in the relevant market.
For the property Nos. 4 and 5 in Group I, we have relied on the valuation reports undertaken by Odemir
Vianna, Director of CB Richard Ellis LTDA located in Sâo Paulo, Brazil. Odemir Vianna is an engineer with
20 years experience in property valuation regarding the properties located in Brazil.
In the course of our valuation for the property interests in the PRC and Brazil, we have relied on the
legal opinion provided by the Group’s PRC legal advisor, King & Wood (the “PRC Legal Opinion”) and the
Group’s Brazil Legal advisor, Machado, Meyer, Sendacze Opice (the “Brazil Legal Opinion”) respectively.
We have been provided with extracts from title documents relating to such property interests. We have not,
however, searched the original documents to verify ownership or existence of any amendment which does not
appear on the copies handed to us. All documents have been used for reference only.
We have relied to a considerable extent on information given by the Group, in particular, but not limited
to, planning approvals, statutory notices, easements, tenancies, site areas, floor areas. No on-site
measurement has been taken. Dimensions, measurements and areas included in the valuation certificates are
only approximations. We have taken every reasonable care both during inspecting the information provided
to us and in making relevant enquiries. We have no reason to doubt the truth and accuracy of the information
provided to us by the Group, which is material to the valuation. We were also advised by the Group that no
material facts have been omitted from the information provided to us.
— IV-2 —
APPENDIX IV
PROPERTY VALUATION
We have inspected the properties to such extent as for the purpose of this valuation. In the course of
our inspection, we did not notice any serious defects. However, we have not carried out any structural survey
nor any tests were made on the building services. Therefore, we are not able to report whether the properties
are free of rot, infestation or any other structural defects. We have not carried out investigations on the site
to determine the suitability of the ground conditions and the services etc. for any future development.
No allowance has been made in our valuation neither for any charges, mortgages or amounts owing on
the property interests nor for any expenses or taxation which may be incurred in effecting a sale. Unless
otherwise stated, it is assumed that the property interests are free from encumbrances, restrictions and
outgoing of an onerous nature which could affect their values.
Unless otherwise stated, all monetary amounts are stated in US Dollars (“USD”). We have converted
Renminbi (“RMB”) into USD at an exchange rate of USD1 = RMB6.7011 and Brazilian Real (“BRL”) into
USD at an exchange rate of USD1 = BRL1.6920.
We enclose herewith a summary of values and our valuation certificate.
Yours faithfully,
For and on behalf of
CB Richard Ellis Limited
Leo M Y Lo
MHKIS MRICS
Director
Valuation & Advisory Services
Note:
Mr. Lo is a member of the Royal Institution of Chartered Surveyors and a member of the Hong Kong Institute of Surveyors. He has
over 7 years’ valuation experience in the PRC and Hong Kong.
— IV-3 —
APPENDIX IV
PROPERTY VALUATION
SUMMARY OF VALUES
Property interests
Capital value
in existing
state as at
September 30,
2010
Interests
attributable to
the Group
Capital value
attributable to
the Group as at
September 30,
2010
(USD)
(USD)
Group I — Property interests owned by the Group for occupation in the PRC and Brazil
6,400,000
100%
6,400,000
An industrial
complex located
at Gushan Village,
Gutang Town,
Jiujiang City,
Jiangxi Province,
the PRC
52,000,000
81.1%
42,172,000
3.
A Block of Staff
Dormitory Building
located at
Gushan Village,
Gutang Town,
Jiujiang City,
Jiangxi Province,
the PRC
2,000,000
81.1%
1,622,000
4.
An Industrial Complex,
Alfa Street,
Camacari,
the State of Bahia,
Brazil
96,660,000
98.4%
95,113,440
5.
Various forest units with
buildings and structures
in the State of Bahia,
Brazil
310,200,000
99.6%
308,959,200
Group I Sub-total:
454,266,640
1.
Room Nos. 2201,
2205 and 2206 on
22nd Floor and
Room Nos. 2302,
2303 and 2304 on
23rd Floor, No. 620
Zhangyang Road,
Shanghai City,
the PRC
2.
— IV-4 —
APPENDIX IV
Property interests
PROPERTY VALUATION
Capital value
in existing
state as at
September 30,
2010
Interests
attributable to
the Group
(USD)
Capital value
attributable to
the Group as at
September 30,
2010
(USD)
Group II — Property interest to be acquired by the Group in the PRC
6.
A reserved land parcel (Plot
No.PSBA-2010-01) located at
Economic Development Zone,
North Meizhou Bay, Putian City,
Fujian Province, the PRC
No Commercial
Value
(Note i)
Group II Sub-total:
No Commercial
Value
Grand total:
454,266,640
Note:
i.
As Sateri (Fujian) Fibre Co., Ltd. (“Sateri Fujian”) has not obtained any State-owned Land Use Rights Certificate of the property
as at the date of valuation, we have ascribed “no commercial value” to the property. Had Sateri Fujian obtained all the
State-owned Land Use Rights Certificate of the property at the date of valuation, the capital value of the property as at the date
of valuation would be in the sum of USD6,500,000. (100% interest attributable to the Group: USD6,500,000)
— IV-5 —
APPENDIX IV
PROPERTY VALUATION
VALUATION CERTIFICATE
Group I — Property interests owned by the Group for occupation in the PRC and Brazil
Property
Description and tenure
Details of occupancy
Capital value in
existing state as at
September 30, 2010
(USD)
1.
Units 2201,
2205 and 2206 on
22nd Floor
and Units 2302,
2303 and 2304
on 23rd Floor,
No. 620
Zhangyang Road,
Shanghai City,
the PRC
The property comprises 6 office units on two
office floors in a commercial building.
The property was completed in 2006.
The gross floor area of the property is
approximately 1,462.10 sq.m.
The property is held under 6 Realty Title
Certificates for a land use term expiring on
23 February 2052 for office use.
Units 2201, 2205 and
2206 of the property are
currently leased to two
tenants; while Units
2302, 2303 and 2304
are currently occupied
by the Group as office.
6,400,000
100% interest
attributable
to the Group:
USD 6,400,000
Unit 2201 of the
property with a total
gross floor area of
309.43 sq.m. was leased
to a company at a
monthly rent of
RMB42,353.20 from
March 20, 2010 to
March 19, 2012.
Units 2205 and 2206 of
the property with a total
gross floor area of
402.48 sq.m. was leased
to a company at a
monthly rent of
RMB55,090 from
November 13, 2009 to
April 15, 2011.
Notes:
1.
Pursuant to six Housing Presale Contracts dated 13 June 2006 between Zhongrong Real Estate Group Co., Ltd.
(中融置業集團有限公司) (the “Party A”) and Sateri (Shanghai) Management Limited, Party A agreed to transfer 6 office
units (Units 2201, 2205, 2206, 2302, 2303 and 2304) at No.620 Zhangyang Road, Shanghai, with a total gross floor area
of approximately 1,432.10 sq.m., to the Party B at a consideration of RMB30,464,550.
2.
Pursuant to the following Realty Title Certificates, the title ownership of the property with a gross floor area of
approximately 1,462.1 sq.m. has been held by Sateri (Shanghai) Management Limited for office use:
Certificate No.
Date of Issuance
Location
Gross Floor
Area
Date of Expiry
(sq.m.)
Hu
Hu
Hu
Hu
Hu
Hu
Fang
Fang
Fang
Fang
Fang
Fang
Di
Di
Di
Di
Di
Di
Pu
Pu
Pu
Pu
Pu
Pu
Zi
Zi
Zi
Zi
Zi
Zi
(2006)
(2006)
(2006)
(2006)
(2006)
(2006)
Di
Di
Di
Di
Di
Di
057731
058309
058308
057730
059244
057698
Hao
Hao
Hao
Hao
Hao
Hao
25
27
27
25
27
25
July
July
July
July
July
July
2006
2006
2006
2006
2006
2006
Unit
Unit
Unit
Unit
Unit
Unit
2302
2303
2304
2201
2205
2206
Total:
— IV-6 —
298.22
329.47
122.50
309.43
122.50
279.98
1,462.1
23
23
23
23
23
23
February
February
February
February
February
February
2052
2052
2052
2052
2052
2052
APPENDIX IV
3.
PROPERTY VALUATION
We have been provided with a legal opinion on the property prepared by the Group’s PRC legal adviser, which contains,
inter alia, the following information:
a).
[Based on the Company’s confirmation and to the best of our knowledge, Sateri (Shanghai) Management Limited
(“Sateri Shanghai”) is the legitimate owner of the aforementioned properties, and holds the corresponding land use
rights for a term expiring on 23 February 2052. Under the PRC Laws, Sateri Shanghai is entitled to lease, transfer,
mortgage or otherwise dispose of the aforementioned properties, which are clear in title and free from any
mortgage.
b).
Based on the Company’s confirmation and to the best of our knowledge, the use of the aforementioned properties
and land by Sateri Shanghai are in compliance with the approved usage of such properties and land.
c).
Pursuant to a lease agreement executed by Sateri Shanghai and APEX China Co., Ltd (hereinafter refer to as
“APEX”), Units 2205 and 2206 were leased to APEX for commercial and office use. The lease term is from
November 13, 2009 to April 15, 2011.
d).
Pursuant to a lease agreement executed by Sateri Shanghai and Stemcor Co. Ltd Group, Shanghai Office
(hereinafter refer to as “Stemcor Shanghai”), Unit 2201 was leased to Stemcor Shanghai for commercial and office
use. The lease term is from March 20, 2010 to March 19, 2012.
e).
Sateri Shanghai has the legal right to lease the aforementioned properties to a third party and obtain the lease
proceeds according to the terms of the agreements. The aforementioned lease agreements are legal, valid and
binding on the parties thereto. We note that the aforementioned lease agreements have not been registered with the
relevant competent authority. The Administration Measures of the Leasing of Urban Premises Procedures (in
Chinese: 城市房屋租賃管理辦法), which came into effect on June 1, 1995, requires leases to be registered with
local housing authorities. However, the registration is not mandatory in Shanghai according to Regulations of
Shanghai Municipality on Registration of Real Estate (in Chinese: 上海市房地產登記條例) effective from 1 July,
2009, and the same regulation does not provide any consequence for the non-registration of the lease agreement.
Such non-registration with the relevant competent authority will not affect the legality of the aforementioned lease
agreements, which remain valid and binding on the parties thereto.]
— IV-7 —
APPENDIX IV
PROPERTY VALUATION
Property
Capital value in
September 30, 2010
(USD)
2.
An industrial
complex located at
Gushan Village,
Gutang Town,
Jiujiang City,
Jiangxi Province,
the PRC
The property comprises an industrial
complex occupying a site with a land area of
approximately 404,351 sq.m.(the “Site”).
As advised by the Group, Phase I of the
property comprises 18 buildings, including
various 1 to 5 storey workshops, plant
rooms, power station, ancillary office and a
guard house with a total gross floor area of
approximately 47,353.78 sq.m., it was
completed in 2004.
Phase I of the property
is currently occupied by
the Group as a chemical
fiber production plant.
52,000,000
81.1% interest
attributable
to the Group:
USD 42,172,000
Phase II of the property
is currently under
construction.
Phase II of the property is currently under
construction. As advised, upon completion, it
will comprise 32 various buildings and
various constructions. The proposed gross
floor area of the buildings is approximately
75,734.08 sq.m.. As advised, Phase II will be
completed in late 2010.
The Site is held under four State-owned
Land Use Rights Certificates with various
land use term expiring on 26 October 2053,
9 April 2057 and 29 June 2057 respectively
for industrial use.
Notes:
1.
Pursuant to the following State-owned Land Use Rights Grant Contracts entered into between Sateri (Jiangxi) Chemical
Fibre Co., Ltd. and Jiangxi Jiujiang Land and Resources Bureau, the land use rights of the Site with a total land area of
approximately 457,838 sq.m. has been contracted to be granted to the Group with a total consideration of
RMB16,407,400.
Plot No.
Plot 1
Plot 2
Plot 3
Contract No.
N/A
Jiu Guo Tu Chu 2007 05-11
Jiu Guo Tu Chu 2007 03-19
Date of Agreement
19 September 2002
29 June 2007
29 April 2007
Total:
Site Area
Consideration
(sq.m.)
(RMB)
411,333
45,505
1,000
7,000,000
9,283,020
124,380
457,838
16,407,400
Remark:
(1). The total site area of 457,838sq.m. includes the site area for a dormitory building which is not part of the industrial
complex.
(2). The plot ratio of Plot 1 is not specified in the State-owned Land Use Rights Grant Contract dated 19 September 2002;
whereas the plot ratio of Plot 2 should not be less than 0.8 as stated in State-owned Land Use Rights Grant Contract dated
29 June 2007. As advised by the Group, the plot ratio of Plot 2 complies with the relevant requirement set out in the
aforesaid State-owned Land Use Rights Grant Contract.
— IV-8 —
APPENDIX IV
2.
PROPERTY VALUATION
Pursuant to the following State-owned Land Use Rights Certificates issued by Jiujiang Land and Resources Bureau, the
land use rights of the Site with a total site area of approximately 404,351 sq.m. has been granted to Sateri (Jiangxi)
Chemical Fibre Co., Ltd. for industrial use.
Certificate No.
Issue Date
Site Area
Expiry Date
(sq.m.)
Jiu
Jiu
Jiu
Jiu
Cheng
Cheng
Cheng
Cheng
Guo
Guo
Guo
Guo
Yong
Yong
Yong
Yong
(2003)
(2007)
(2007)
(2007)
Zi
Zi
Zi
Zi
Di
Di
Di
Di
067
110
229
230
Hao
Hao
Hao
Hao
17
23
17
17
October 2003
May 2007
August 2007
August 2007
357,846.00
1,000.00
41,185.60
4,319.40
Total:
3.
26 October 2053
9 April 2057
29 June 2057
29 June 2057
404,351.00
Pursuant to the following Building Ownership Certificates, the building ownership of the property with a total gross floor
area of approximately 47,353.78 sq.m. has been held by Sateri (Jiangxi) Chemical Fibre Co., Ltd. for industrial use.
Certificate No.
Gross Floor
Area
Issue Date
(sq.m.)
Jiu
Jiu
Jiu
Jiu
Jiu
Jiu
Jiu
Jiu
Jiu
Jiu
Jiu
Jiu
Jiu
Jiu
Jiu
Jiu
Jiu
Jiu
Fang
Fang
Fang
Fang
Fang
Fang
Fang
Fang
Fang
Fang
Fang
Fang
Fang
Fang
Fang
Fang
Fang
Fang
Quan
Quan
Quan
Quan
Quan
Quan
Quan
Quan
Quan
Quan
Quan
Quan
Quan
Quan
Quan
Quan
Quan
Quan
Zheng
Zheng
Zheng
Zheng
Zheng
Zheng
Zheng
Zheng
Zheng
Zheng
Zheng
Zheng
Zheng
Zheng
Zheng
Zheng
Zheng
Zheng
Xun
Xun
Xun
Xun
Xun
Xun
Xun
Xun
Xun
Xun
Xun
Xun
Xun
Xun
Xun
Xun
Xun
Xun
Zi
Zi
Zi
Zi
Zi
Zi
Zi
Zi
Zi
Zi
Zi
Zi
Zi
Zi
Zi
Zi
Zi
Zi
Di
Di
Di
Di
Di
Di
Di
Di
Di
Di
Di
Di
Di
Di
Di
Di
Di
Di
107029
107030
107031
107032
107033
107034
107035
107036
107037
107038
107039
107040
107041
107042
107043
107072
107073
107074
Hao
Hao
Hao
Hao
Hao
Hao
Hao
Hao
Hao
Hao
Hao
Hao
Hao
Hao
Hao
Hao
Hao
Hao
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
21.57
21.57
32.71
1,035.62
22.22
140.82
13,135.93
13,270.80
12,399.82
205.50
450.92
188.55
107.25
143.00
73.70
5,793.95
97.31
212.54
Total:
47,353.78
4.
As advised by the Group, the incurred cost as at the date of valuation is approximately RMB220,000,000 and the estimated
outstanding cost to completion is approximately RMB33,000,000.
5.
According to the information provided by the Group, the proposed gross floor area of buildings under construction in
Phase II as at valuation date was approximately 75,734.08 sq.m.. However, we have only been provided with Construction
Work Commencement Permits for a construction area of approximately 58,907.51 sq.m.. As advised by the Group, the
relevant additional permits are currently under application.
6.
We have been provided with a legal opinion on the property prepared by the Group’s PRC legal advisor, which contains,
a).
[Pursuant to the Land Use Right Certificate (Jiu Cheng Guo Yong (2003) No.067), the land located at Gushan
Village of Gutang Township, Lushan District, Jiujiang, Jiangxi Province, with an area of 357,846 sq.m., has been
granted to Sateri (Jiangxi) Chemical Fibre Co., Ltd. (“Sateri Jiangxi”) for a term expiring on October 26, 2053 for
industrial use.
— IV-9 —
APPENDIX IV
PROPERTY VALUATION
b).
According to the Mortgage Certificate (Jiu Guo Tu Ta Xiang (2009) No. 015), an area of 312,343 sq.m. of the land
has been mortgaged to the Bank of Industry and Commerce, Jiujiang Xunzhong Sub-branch for a term of 6 years
expiring on February 11, 2015. Based on the Company’s confirmation and to the best of our knowledge, Sateri
Jiangxi has the legitimate right to use the land aforementioned. Under the PRC Laws, Sateri Jiangxi is entitled to
lease, transfer, mortgage or otherwise dispose of the aforementioned land upon the prior written consent of the
Bank of Industry and Commerce, Jiujiang Xunzhong Sub-branch within the mortgaged period.]
c).
[Pursuant to the Land Use Right Certificate (Jiu Cheng Guo Yong (2007) Zi No. 230), the land located at Gushan
Village and Dengqiao Village of Gutang Township, Lushan District, Jiujiang, Jiangxi Province, with an area of
4,319.4 sq.m., has been granted to Sateri Jiangxi for a term expiring on June 29, 2057 for industrial use. Based on
the Company’s confirmation and to the best of our knowledge, Sateri Jiangxi has the legitimate right to use the land
aforementioned. Under the PRC Laws, Sateri Jiangxi is entitled to lease, transfer, mortgage or otherwise dispose
of the aforementioned land, which is clear in title and free from any mortgage.]
d).
[Pursuant to the Land Use Right Certificate (Jiu Cheng Guo Yong (2007) Zi No. 229), the land located at Gushan
Village and Dengqiao Village of Gutang Township, Lushan District, Jiujiang, Jiangxi Province, with an area of
41,185.6 sq.m., has been granted to Sateri Jiangxi for a term expiring on June 29, 2057 for industrial use.
According to the Mortgage Certificate (Jiu Guo Tu Ta Xiang (2008) No. 13), the land has been mortgaged to the
Bank of China, Jiujiang Branch for a term of 5 years expiring on February 3, 2013. Based on the Company’s
confirmation and to the best of our knowledge, Sateri Jiangxi has the legitimate right to use the land
of the aforementioned land upon the prior written consent of the Bank of China, Jiujiang Branch within the
mortgaged period.]
e).
[Pursuant to the Land Use Right Certificate (Jiu Cheng Guo Yong (2007) No. 110), the land located at Gushan
Village of Haihui Township, Lushan District, Jiujiang, Jiangxi Province, with an area of 1,000 sq.m., has been
granted to Sateri Jiangxi for a term expiring on April 9, 2057 for industrial use. Based on the Company’s
confirmation and to the best of our knowledge, Sateri Jiangxi has the legitimate right to use the land
of the aforementioned land, which is clear in title and free from any mortgage.]
f).
[According to the Mortgage Certificate (Jiu Fang Xun Ta Zi No. 163645), the aforementioned (18) buildings, with
a total gross floor area of approximately 47,353.78 sq.m., have been mortgaged to the Bank of Industry and
Commerce, Jiujiang Xunzhong Sub-branch for a term of 6 years expiring on February 11, 2015. Based on the
Company’s confirmation and to the best of our knowledge, Sateri Jiangxi is the legitimate owner of the buildings
of the aforementioned buildings upon the prior written consent of the Bank of Industry and Commerce, Jiujiang
Xunzhong ranch within the mortgaged period.]
g).
[Based on the Company’s confirmation, Sateri Jiangxi currently has 32 buildings with a total area of [75,734.08]
sq.m. under construction and has obtained all Construction Planning Permits for the corresponding areas and the
Construction Work Commencement Permits for a total area of [58,907.51] sq.m. Sateri Jiangxi is in the process
of applying for the Construction Work Commencement Permits for the remaining areas.]
— IV-10 —
APPENDIX IV
PROPERTY VALUATION
Property
Capital value in
September 30, 2010
(USD)
3.
A Block of Staff
Dormitory Building
located at Gushan
Village,
Gutang Town,
Jiujiang City,
Jiangxi Province,
the PRC
The property comprises a block of 5-storey
staff dormitory building with a total gross
floor area of approximately 1,860.06 sq.m.
erected on a site with a land area of
approximately 53,333.33 sq.m. (the “Site”).
The property is
currently self-occupied
by the Group as staff
dormitory.
2,000,000
81.1% interest
attributable
to the Group:
USD 1,622,000
As advised by the Group, the property was
completed in 2006.
The Site is held under a State-owned Land
Use Rights Certificate with a land use term
expiring on 25 April 2053 for industrial use
(residential use).
Notes:
1.
Pursuant to the following State-owned Land Use Rights Certificate issued by Jiujiang Land and Resources Bureau, the
land use rights of the Site with a total site area of approximately 53,333.33 sq.m. has been granted to Sateri (Jiangxi)
Chemical Fibre Co., Ltd. for industrial use (residential use).
Certificate No.
Issue Date
Site Area
Expiry Date
(sq.m.)
Jiu Cheng Guo Yong (2003) Zi Di 177 Hao
2.
24 September 2003
53,333.33
25 April 2053
Pursuant to the following Building Ownership Certificate, the building ownership of the property with a total gross floor
area of approximately 47,353.78 sq.m. has been held by Sateri (Jiangxi) Chemical Fibre Co., Ltd. for residential use.
Certificate No.
Issue Date
Gross Floor Area
(sq.m.)
Jiu Fang Quan Zheng Xun Zi Di 127618 Hao
3.
2 July 2007
1,860.06
We have been provided with a legal opinion on the property prepared by the Group’s PRC legal advisor, which contains,
a).
[Based on the Company’s confirmation and to the best of our knowledge, Sateri (Jiangxi) Chemical Fibre Co., Ltd.
(“Sateri Jiangxi”) has the legitimate right to use the land aforementioned. Under the PRC Laws, Sateri Jiangxi is
entitled to lease, transfer, mortgage or otherwise dispose of the aforementioned land, which is clear in title and free
from any mortgage.
b).
Based on the Company’s confirmation and to the best of our knowledge, Sateri Jiangxi is the legitimate owner of
the buildings aforementioned. Under the PRC Laws, Sateri Jiangxi is entitled to lease, transfer, mortgage or
otherwise dispose of the aforementioned buildings, which is clear and free of any mortgage.
c).
Based on the Company’s confirmation and to the best of our knowledge, the use of the buildings and land as
mentioned in Notes 1 and 2 above, by Sateri Jiangxi are in compliance with the approved usage of such buildings
and land.]
— IV-11 —
APPENDIX IV
PROPERTY VALUATION
Property
Capital value in
September 30, 2010
(USD)
4.
An Industrial
Complex,
Alfa Street,
Camacari,
the State of Bahia,
Brazil
The property comprises an industrial
complex used for the production of soluble
cellulose located at Alfa Street in the
Industrial Estate of Camaçari, State of Bahia,
Brazil. The property covers a site area of
approximately 850,000 sq.m.
The property is
currently occupied by
the Group as production
plant.
96,660,000
98.4% interest
attributable
to the Group:
USD 95,113,440
Buildings with a gross area of about 30,000
sq.m. and other improvements were
completed in various years, from 1977 to
1995; while the remaining buildings with a
gross area of approximately 60,000 sq.m.
were completed in 2008.
The general conditions of the industrial
complex are good and its layout is
compatible with its current use.
Notes:
1.
The registered owner of the property is Bahia Specialty Cellulose S.A.
2.
Our valuation conclusion is reached having regard to the valuation report undertaken by Odemir Vianna, Director of CB
Richard Ellis LTDA located in Sâo Paulo, Brazil. Odemir Vianna is an engineer with 20 years experience in property
valuation in Brazil.
3.
We have been provided with a legal opinion on the property prepared by the Group’s Brazil legal advisor, which contains,
a).
To the best of our knowledge after due enquiry and based on our review of real estate documents, Bahia Specialty
Cellulose (i) has good and marketable title to the real property represented by approximately 44.3 hectares located
in the Camaçari Industrial Complex, located at Municipality of Camaçari, State of Bahia, Brazil (the “Camaçari
Complex”), including the constructions located therein, and therefore according to Brazilian law has the legitimate
right to use, lease, transfer, constitute mortgage (hipoteca) or otherwise dispose of such real property, and (ii) has
the right of possession with respect to an additional area of 40 hectares in the Camaçari Complex, and therefore
according to Brazilian law has the right to use, enjoy and claim such real property from a party who wrongfully
possesses or holds it and has good title to the constructions located therein, and therefore has the right to be
indemnified in case of loss of the right of possession of the area of 40 hectares. However, the relevant Brazilian
Subsidiary may not sell, dispose or constitute mortgages (hipoteca) over such real property. According to a
Statement issued on April 12, 2010 by SUDIC- Superintendência de Desenvolvimento Industrial e Comercial, an
autonomous governmental entity of the State of Bahia, the grant of the public deed of title for the transfer of the
ownership of the 40 hectares (400,000.00 m2) area to Bahia Specialty Cellulose S.A. is currently undergoing an
approval process and no technical issues or obstacles have been identified that could prevent the transfer of such
area by [the State of Bahia] to Bahia Specialty Cellulose;
b).
To the best of our knowledge and based on our review of the Documents, except for a first priority mortgage (which
release is pending) and a second priority mortgage (which will become a first priority mortgage once the existing
one is formally released) over the real property represented by approximately 44.3 hectares located in the Camaçari
Industrial Complex, such real property is free and clear of other liens, mortgages (hipoteca), encumbrances, claims,
charges, security interests and defects and imperfections of title.
— IV-12 —
APPENDIX IV
PROPERTY VALUATION
Property
Capital value in
September 30, 2010
(USD)
5.
Various forest
units with buildings
and structures in the
State of Bahia,
Brazil
The property comprises 752 farms of
different sizes varying from 0.03 hectares to
7,950 hectares scattered through 21
municipalities in the State of Bahia, Brazil.
The total land area of the property is
approximately 150,680 hectares.
The distribution of land area per
municipality is presented in the table below:
MUNICIPALITY
TOTAL SITE
AREA (ha)
Acajutiba
103
Agua Fria
2.646
Alagoinhas
16.043
Apora
1.097
Araças
1.148
Aramari
9.530
Cardeal da Silva
5.393
Catu
Conde
80
8.200
Crisopolis
2.227
Entre Rios
28.874
Esplanada
15.399
Inhambupe
23.309
Itanagra
12.180
Itapicuru
162
Jandaira
10.323
Mata de Sao Joao
1.605
Olindina
3.992
Ouricangas
3.303
Rio Real
3.364
Satiro Dias
TOTAL
1.677
150.680
The main clusters of land are in the
municipalities of Entre Rios, Inhambupe,
Alagoinhas, Esplanada, Itanagra and
Jandaíra.
The improvements on the farms are simple
and suitable for the current use and there are
just a few buildings in some of the farms for
operational purposes.
— IV-13 —
The property is
currently occupied by
the Group for
production and
procurement of raw
material.
310,200,000
99.6% interest
attributable
to the Group:
USD 308,959,200
APPENDIX IV
PROPERTY VALUATION
Notes:
1.
The registered owners of the property are Bahia Pulp S.A. (27.986 hectares) and Copener Florestal Ltda (122.694
hectares).
2.
The property includes land portion only and excludes forests and buildings.
3.
Our valuation conclusion is reached having regard to the valuation report undertaken by Odemir Vianna, Director of CB
Richard Ellis LTDA located in Sâo Paulo, Brazil. Odemir Vianna is an engineer with 20 years experience in property
valuation in Brazil.
4.
Please note that the detailed information of the property is listed in Exhibit II and III as below pages mentioned.
5.
We have been provided with a legal opinion on the property prepared by the Group’s Brazil legal advisors, which contains,
a).
To the best of our knowledge after due enquiry and based on our review of real estate documents, the respective
Brazilian Subsidiaries have good and marketable title to the real property described in Exhibit II hereto and
identified as having enrollment certificates issued in 2010 and therefore according to Brazilian law have the
legitimate right to use, lease, transfer, constitute mortgage (hipoteca) or otherwise dispose of such real property;
except for the real properties named Terra Dura and Canon, located in the districts of Irara and Mata de São João,
respectively, for which we have not received enrollment certificates issued in 2010 and are relying exclusively on
a duly executed certificate delivered to us by each of the Brazilian Subsidiaries dated November 18, 2010. As
indicated in Exhibit II, certain areas regarding the real property found in the enrollment certificates do not
correspond to the areas the Brazilian Subsidiaries understand to be correct and, in case no measures are taken to
correct such differences in areas, discussions with third parties regarding the title to such areas may arise;
To the best of our knowledge and based on our review of the Documents, all real property of the respective
Brazilian Subsidiaries described in Exhibit II hereto are free and clear of all liens, mortgages (hipoteca),
encumbrances, claims, charges, security interests and defects and imperfections of title, except for the first and
second priority mortgage described in note b) of the Property No.4 above and for the mortgage over Altamira da
Direita Farm enrolled with the Real Estate Registry Office of Conde, State of Bahia, under nr. 164. However, for
the real properties which enrollment certificates presented for review were issued more than thirty days prior to
the date hereof, there may be recent liens, mortgages (hipoteca), encumbrances, claims, charges and security
interests created in one or more of such real properties that we are not aware of;
b).
Based exclusively on a duly executed certificate delivered to us by each of the Brazilian Subsidiaries dated
November 18, 2010 and without having performed any independent investigation in connection thereto, the
respective Brazilian Subsidiaries also have rights of possession over the rural property described in Exhibit III
hereto, and therefore according to Brazilian law has the right to use, enjoy and claim the real property from a party
who wrongfully possesses or holds it. However, the relevant Brazilian Subsidiary may not sell, dispose or
constitute mortgages (hipoteca) over such real properties. According to the respective Brazilian Subsidiaries, such
rights of possession have arisen from sales contracts and/or the peaceful and uncontested occupation of the land
over a period by the respective Brazilian Subsidiaries.
— IV-14 —
APPENDIX IV
PROPERTY VALUATION
Group II — Property interest to be acquired by the Group in the PRC
Property
Capital value in
September 30, 2010
(USD)
6.
A reserved land
parcel (Plot No.
PSBA-2010-01)
located at Economic
Development Zone,
North Meizhou Bay,
Dongpu Township
and Zhongmen
Township, Putian
City, Fujian
Province, the PRC
The property comprises a land parcel with a
site area of approximately 299,348.29 sq.m..
(“the Site”)
As advised, the property
is currently vacant.
No Commercial Value
As required by the State-owned Land Use
Rights Grant Contract, the construction plot
ratio upon the property shall be no less than
0.90, and be completed by no later than 8
September 2012.
Pursuant to the abovementioned contract, the
site is held for industrial use with a term of
50 years.
Notes:
1.
Pursuant to the a State-owned Land Use Rights Grant Contract Pu Mei Bei Guo Tu Zi Chu Zi (2010) No.1 dated 6
September 2010, a site with an area of approximately 299,348.29 sq.m. was contracted to be granted to Sateri (Fujian)
Fibre Co., Ltd. (“Sateri Fujian”) for industrial use at a total consideration of RMB43,555,176.20.
2.
As Sateri Fujian has not obtained any State-owned Land Use Rights Certificate of the property as at the date of valuation,
we have ascribed “no commercial value” to the property. Had Sateri Fujian obtained all the State-owned Land Use Rights
Certificate of the property at the date of valuation, the capital value of the property as at the date of valuation would be
in the sum of USD6,500,000. (100% interest attributable to the Group: USD6,500,000)
3.
We have been provided with a legal opinion on the property prepared by the Group’s PRC legal advisors, which contains,
a).
[Pursuant to a Land Use Rights Granting Agreement dated September 6, 2010, a land parcel located in Dongpu
Township and Zhongmen Township, Putian City with a gross area of 299,348.29 sq.m. has been granted to Sateri
Fujian for industrial use. The granting fee is RMB43,555,176.20 and according to the Company, has been fully
paid.
b).
As confirmed by the Company, Sateri Fujian is waiting for the issuance of the related Land Use Rights Certificate.
Sateri Fujian will have the legitimate right to use the land aforementioned when it receives the Land Use Rights
Certificate of the same.]
— IV-15 —
APPENDIX IV
PROPERTY VALUATION
EXHIBIT II TO THE LEGAL OPINION DATED AS OF NOVEMBER 26, 2010
REAL ESTATE PROPERTIES WITH GOOD AND MARKETABLE TITLE
COPENER FLORESTAL LTDA.
DISTRICT
AREA
According to
the Enrollments
Certificates (ha)
FARM
REUNIDAS ALTAMIRA
SITIO DE LICIA
REUNIDAS RIO BRANCO
REUNIDAS PIRANJI
SUBAUMA MIRIM
MINA DO OURO A
LAGOA DO BÚ
LONTRA E SAUDADE
REUNIDAS CARDOSO
BORBA GATO
MINERVA
REUNIDAS PEDRA DE SAO
JOSE
CAJUEIRO
PONTA DO BREJO
MATINHA
AZEVEDO
SANTO ANDRE E PANCADA
GRANDE
NAMBIS PECUARINHA
CACHOEIRA
RANCHO ALEGRE IV
CAJUEIRO II
OITEIRO I
SANTA ESTER
LAGOA AMARELA E
ALVORADA
QUATIS
MINA DO OURO B
BONFIM IV
Enrolment
Certificates
issued on 1
AREA indicated
by the Company
(ha)2
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
Conde
Irara
Alagoinhas
Rio Real
Alagoinhas
Inhambupe
Esplanada
Entre Rios
Esplanada
Inhambupe
Rio Real
Mata de Sao Joao
13.
14.
15.
16.
17.
Inhambupe
Inhambupe
Inhambupe
Entre Rios
Alagoinhas
18.
19.
20.
21.
22.
23.
24.
Crisopolis
Entre Rios
Cardeal da Silva
Inhambupe
Inhambupe
Olindina
Alagoinhas
25.
26.
27.
Entre Rios
Inhambupe
Inhambupe
1
The enrollment certificates are only valid for 30 days after their issuance date.
2
The company has informed that the differences in the areas found in certain enrollment certificates and the area indicated by the
company are due to reasons such as (i) sales of part of the land have not been registered before the competent Real Estate Registry
Office and (ii) the company measured the area and found that the area identified in the enrollment certificate is different from
the actual area, however the company has not yet taken the measures to request the applicable correction.
— IV-16 —
5,064.2492
2,977.3637
2,234.0891
2,131.2570
2,128.8009
1,964.5312
1,992.5902
2,451.1830
1,858.2133
2,098.0000
1,517.7800
1,531.6050
06/17/2010
06/21/2010
07/30/2010
06/18/2010
07/09/2010
07/14/2010
07/16/2010
06/10/2010
07/21/2010
07/14/2010
06/18/2010
07/20/2010
5,064.2492
2,977.3677
2,234.0891
2,131.2570
2,128.8008
1,964.5313
1,910.8532
1,904.2000
1,858.2133
1,712.0871
1,539.7975
1,531.6050
1,357.8100
1,352.8020
1,301.4600
1,153.5028
1,162.0242
07/14/2010
07/14/2010
08/01/2010
07/27/2010
07/14/2010
1,353.0000
1,352.8020
1,301.6400
1,153.5028
1,058.9400
1,000.0000
1,045.4799
1,091.6729
1,000.0000
1,027.5600
845.0000
971.9200
07/19/2010
07/27/2010
01/14/2009
07/14/2010
07/14/2010
07/19/2010
07/21/2010
1,054.5545
880.8108
1,043.0358
1,000.0000
937.1620
885.4016
870.9000
936.2633
856.4600
850.8800
06/10/2010
07/14/2010
07/14/2010
868.1633
856.4600
850.8800
APPENDIX IV
DISTRICT
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
51.
52.
53.
54.
55.
56.
57.
58.
59.
60.
61.
62.
63.
64.
65.
66.
3
PROPERTY VALUATION
AREA
According to
the Enrollments
Certificates (ha)
FARM
CABOCLO/MONTE ALEGRE3
RENASCENÇAS
ITARIRI
REUNIDAS MASSARANDUBA
LAGOA D’AGUA
CANABRAVA
ARATICUM
CAJUEIRO III
CAATINGA GRANDE
CABANA
RIO FUNDO
DONA MARIA E
GENIPAPINHO
Alagoinhas
RIO TORTO
Esplanada
REUNIDAS BAIXA DA
RAPÔSA
Esplanada
LUA ALTA
Entre Rios
RIO NEGRO
Entre Rios
VALENTIM
Inhambupe
SALGADA/LARANJEIRAS
Esplanada
PARAISO
Irara
TERRA DURA
Mata de São João PEDRA DE SÃO JOSÉ
Olindina
FERNAO DIAS
Alagoinhas
TOMBADOR
Alagoinhas
FARJE
Mata de São João ALCOBAÇA
Crisópolis
OLHOS D’ÁGUA I
Entre Rios
TUPY
Inhambupe
PAVUNA
Inhambupe
MINA DO OURO
Alagoinhas
SAO MARCELINO
Alagoinhas
SAGARANA
Alagoinhas
BAIXA DA CANDEIA
Alagoinhas
MUCURI
Inhambupe
BEIJA FLOR
Alagoinhas
PANCADA GRANDE I
Entre Rios
RIACHAO
Esplanada
JUSSARA
Alagoinhas
LAGOA DA CATARINA I
Inhambupe
BONFIM I
Entre Rios
Alagoinhas
Esplanada
Rio Real
Irara
Entre Rios
Alagoinhas
Inhambupe
Inhambupe
Alagoinhas
Conde
Olindina
Enrolment
Certificates
issued on 1
AREA indicated
by the Company
(ha)2
884.0900
817.4266
764.5506
755.4202
740.4751
867.4411
733.5475
724.0000
702.0000
698.6282
677.5315
1,072.3122
07/07/2010
07/09/2010
07/16/2010
08/12/2010
07/21/2010
07/27/2010
07/09/2010
07/14/2010
07/14/2010
07/30/2010
06/18/2010
06/02/2009
845.1427
817.4266
764.5506
755.4202
740.4751
737.6434
733.5475
724.0000
695.6400
688.4719
677.5315
670.5994
668.6778
639.5842
07/30/2010
08/05/2010
653.6511
636.1942
577.3269
572.4467
570.0925
737.7300
648.2338
06/08/2010
06/10/2010
07/27/2010
07/14/2010
06/10/2010
535.3718
1,000.0000
515.7411
514.9725
364.5277
502.1666
499.3193
499.3082
522.7743
488.7589
472.6395
467.5197
465.9722
500.6726
463.1887
661.6757
904.5306
452.0934
450.0000
07/06/2010
06/22/2010
06/14/2010
07/30/2010
06/21/2010
07/19/2010
07/27/2010
07/21/2010
07/14/2010
07/09/2010
07/09/2010
07/21/2010
07/09/2010
07/14/2010
07/09/2010
07/27/2010
08/05/2010
07/09/2010
07/14/2010
577.3269
572.4467
570.0925
565.0221
553.5581
540.0000
531.9742
520.1700
515.7416
514.9725
506.5230
502.1666
499.3193
499.3082
487.6997
479.3939
472.6395
467.5197
465.9722
463.3471
463.1887
460.1770
453.3985
452.0934
450.0000
“Tarefa” is one way to measure land areas in Brazil, and it is usually used for sugar cane plantations, specially in Bahia State.
However, since we standardized “hectares” at this report, but this Certificate of Enrollment mention “tarefa” as a way to measure
the land size area, we convert “tarefa” into “hectare”. Just for information, 1 “tarefa” is equal to 4356m2, or 0.4356 ha.
— IV-17 —
APPENDIX IV
DISTRICT
67.
68.
69.
70.
71.
72.
73.
74.
75.
76.
77.
78.
79.
80.
PROPERTY VALUATION
AREA
According to
the Enrollments
Certificates (ha)
FARM
Inhambupe
Alagoinhas
Itapicuri
Inhambupe
Entre Rios
Inhambupe
Rio Real
Inhambupe
Esplanada
Entre Rios
Inhambupe
Alagoinhas
Entre Rios
Entre Rios
MINA DO OURO
RIACHO VERMELHO
CAICARA
BOA ESPERANCA
DIVINA PASTORA DO PATI
VITORIA
AGUAS CLARAS
BONFIM III
JAPURA
PONTE NOVA
BONFIM II
BAIXA DO GONCALO ALVES
CAPIVARA
SUSSUARANA II/FERRUGEM
II
81. Entre Rios
CAIANA
82. Entre Rios
SANTA MARIA/SANTA
CECILIA
83. Mata de São João TAIMBE II
84. Inhambupe
CAMPOS
85. Inhambupe
RAIZ
86. Conde
SALOBRO
87. Inhambupe
BONFIM V
88. Alagoinhas
RAPE
89. Alagoinhas
CONCEICAO I/II
90. Entre Rios
BREJADA
91. Irará
GENIPAPO
92. Alagoinhas
SAO SEBASTIAO
93. Alagoinhas
ALTO ALEGRE
94. Alagoinhas
AGUA BOA
95. Mata de São João TAIMBE
96. Entre Rios
CACHOEIRA I
97. Alagoinhas
ALIANCA
98. Entre Rios
GAMELEIRA
99. Alagoinhas
BAOBA
100. Entre Rios
CHAPARRAL
101. Esplanada
ENGENHO VELHO
102. Entre Rios
OURO NEGRO
103. Rio Real
OLHOS D’AGUA VI
104. Itapicuri
OLHOS D’AGUA DAS
CANDEIAS
105. Entre Rios
CABOCLO/MANGUEIRA
106. Inhambupe
CAJUEIRO
107. Inhambupe
PONTA DO BREJO
108. Alagoinhas
INOAN
109. Entre Rios
JOAO MENDES
— IV-18 —
Enrolment
Certificates
issued on 1
AREA indicated
by the Company
(ha)2
442.0000
14.8451
432.8807
178.6604
444.3353
429.0700
423.7054
422.1900
450.2741
406.5183
405.2500
404.6090
401.9797
426.4958
08/01/2010
07/26/2010
07/19/2010
07/14/2010
07/27/2010
07/14/2010
08/16/2010
07/14/2010
07/16/2010
07/27/2010
07/14/2010
07/09/2010
07/27/2010
07/27/2010
442.0224
439.5496
432.8807
430.8575
430.8233
429.0700
423.7054
422.1900
415.3792
406.5183
405.2500
404.6090
401.9797
399.8487
416.2817
381.7237
07/27/2010
07/27/2010
399.3342
381.7237
378.5623
332.6513
366.6414
353.8757
352.3800
347.4000
338.2756
339.4936
346.1216
332.3018
332.0397
330.3241
331.9625
325.6865
321.5500
313.1064
318.4102
320.0890
450.0000
274.2314
450.4410
305.1383
07/26/2010
07/14/2010
08/01/2010
07/19/2010
07/14/2010
07/30/2010
07/14/2010
07/27/2010
07/21/2010
07/30/2010
07/26/2010
07/09/2010
07/26/2010
07/27/2010
07/09/2010
07/27/2010
07/30/2010
07/27/2010
08/05/2010
07/27/2010
08/16/2010
07/19/2010
375.3123
374.4026
366.6414
353.8757
352.3800
348.3423
339.9525
339.4936
333.8679
332.3018
332.0397
330.3241
330.2125
325.6865
321.5500
313.1064
311.5000
311.4300
309.9855
309.1374
307.7321
305.1383
296.6748
296.6325
300.0000
280.2200
222.7379
07/27/2010
07/14/2010
08/01/2010
07/09/2010
07/27/2010
296.6748
296.6325
294.4800
280.2200
277.7311
APPENDIX IV
DISTRICT
110.
111.
112.
113.
114.
115.
116.
117.
118.
119.
120.
121.
122.
123.
124.
125.
126.
127.
128.
129.
130.
131.
132.
133.
134.
135.
136.
137.
138.
139.
140.
141.
142.
143.
144.
Aporá
Mata de São João
Mata de São João
Alagoinhas
Olindina
Inhambupe
Entre Rios
Alagoinhas
Mata de São João
Rio Real
Inhambupe
Entre Rios
Inhambupe
Inhambupe
Esplanada
Inhambupe
Alagoinhas
Conde
Entre Rios
Crisopolis
Entre Rios
Inhambupe
Inhambupe
Itapicuri
Entre Rios
Itapicuri
Olindina
Entre Rios
Entre Rios
Alagoinhas
Inhambupe
Alagoinhas
Alagoinhas
Esplanada
Entre Rios
145.
146.
147.
148.
149.
150.
151.
152.
153.
Entre Rios
Itapicuri
Inhambupe
Entre Rios
Inhambupe
Alagoinhas
Entre Rios
Irará
Alagoinhas
PROPERTY VALUATION
AREA
According to
the Enrollments
Certificates (ha)
FARM
PUEBLA
SANTA ROSA
CACHOEIRA GRANDE
CHILE
MANDACARU
BONFIM I-A
ABAETE
JASMINE
POUSO ALEGRE
REUNIDAS CARANGUEIJO
SALOBRO
BOA SORTE
GALILEIA/BORBA GATO 2
OITEIRO II
REUNIDAS BURIZINHO
FENIX
NORUEGA
GROTA VERDE
MASSAPE
OLHOS D’AGUA II
ALEGRIA/MONTE ALEGRE
MOCAMBO
CANAVERDE
SALGADO
ESPIRITO SANTO
ASA BRANCA
BAIXA DA CANABRAVA
VALENTIM II
DOIS IRMAOS
VARELA
CAJUEIRO
DIAMANTINA IX
SIRIEMA
BARBOSA
SANTA MARIA/SANTA
CECILIA
GEREZIN
NAMBIS
MINA DO OURO C
CARAVELLE
ILHA GRANDE
MACAQUINHO
POTY DE MONTE ALEGRE
TANQUINHO 3
PILAR
— IV-19 —
Enrolment
Certificates
issued on 1
07/14/2010
07/26/2010
07/27/2010
07/30/2010
06/22/2010
07/14/2010
07/27/2010
07/30/2010
07/26/2010
07/09/2010
07/14/2010
07/27/2010
08/01/2010
07/14/2010
08/05/2010
08/01/2010
07/30/2010
07/29/2010
07/27/2010
07/19/2010
07/27/2010
07/14/2010
07/14/2010
08/12/2010
07/27/2010
09/20/2010
07/19/2010
07/27/2010
07/27/2010
07/30/2010
07/14/2010
07/30/2010
AREA indicated
by the Company
(ha)2
323.5172
302.0191
262.8353
258.7975
253.5286
252.3700
247.2572
270.6961
246.4253
240.4993
241.8607
240.9767
240.0000
236.6000
232.6427
232.2424
227.7132
224.0976
223.8744
220.5033
217.2238
216.2571
214.0052
215.4945
213.0636
211.5713
98.1159
210.4000
209.7862
221.9579
208.4849
208.7521
307.8381
203.8546
201.1236
07/21/2010
07/27/2010
270.2224
265.1591
262.2690
258.7975
253.5286
252.3700
247.2572
247.0000
246.4253
242.4993
241.8607
240.9767
240.0000
236.6000
232.6427
232.2424
227.7132
224.0976
223.8744
220.5033
217.2238
215.4871
214.0052
213.3546
213.0636
211.5713
211.0662
210.4000
209.7862
208.5614
208.4849
207.9824
205.5876
203.8546
201.1236
196.1786
1,000.00
188.6200
187.1762
185.5743
185.4745
159.5335
217.8000
181.1088
07/27/2010
07/19/2010
07/14/2010
07/27/2010
08/26/2010
07/30/2010
07/27/2010
07/21/2010
07/30/2010
196.1786
193.8159
188.6200
187.1762
185.5743
185.4745
184.1737
182.2729
181.0409
APPENDIX IV
DISTRICT
154.
155.
156.
157.
158.
159.
160.
161.
162.
163.
164.
165.
166.
167.
168.
169.
170.
171.
172.
173.
174.
175.
176.
177.
178.
179.
180.
181.
182.
183.
184.
185.
186.
187.
188.
189.
190.
191.
192.
193.
194.
195.
196.
197.
198.
Entre Rios
Inhambupe
Rio Real
Entre Rios
Inhambupe
Alagoinhas
Irará
Entre Rios
Entre Rios
Alagoinhas
Esplanada
Itapicuri
Aporá
Alagoinhas
Esplanada
Entre Rios
Mata de São João
Inhambupe
Inhambupe
Olindina
Inhambupe
Entre Rios
Entre Rios
Entre Rios
Entre Rios
Alagoinhas
Inhambupe
Alagoinhas
Rio Real
Entre Rios
Inhambupe
Entre Rios
Inhambupe
Entre Rios
Inhambupe
Inhambupe
Entre Rios
Entre Rios
Alagoinhas
Entre Rios
Entre Rios
Esplanada
Alagoinhas
Inhambupe
Entre Rios
PROPERTY VALUATION
AREA
According to
the Enrollments
Certificates (ha)
FARM
MASSARANDUPIO 3
TAPERINHA
PIRANJI
TRAIRA II
TAPERINHA V
NARRE
JUREMA 3
CATANA
GENIPAPO
MANGUEIRA
REUNIDAS SR. DO BONFIM
GENIPAPO
BARRINHA
MANGALO
JAPURA A
CABOCLO-M
SAO JOAO DE ITAPICIRICA
CAPOEIRA
CANDEAL
POÇOS
BOTELHO
REUNIDAS SAO GONCALO
CARACATU
PAU DE MILHO
TRES IRMAOS
ARATICUM II
JATOBA
LIMEIRA I
REUNIDAS ANJINHO
BAIXIO
FLORES
NEGRO DO MATO
SAO JORGE II
BOM JARDIM
AMARGOSO B/C/E
MERANTE
MIRANGA
DUSA
TROVATA
NEGRO DO MATO I
RIO NEGRO IV
NATIVA
RIBALTA
MONTE ALEGRE
GROTAO
— IV-20 —
180.2240
197.9124
175.2334
161.9946
172.8915
177.8445
111.0780
166.0729
130.6530
163.5400
493.5373
161.5872
164.1326
43.5600
159.7757
166.5995
158.7983
197.7124
155.1384
155.1379
151.8308
151.5084
150.8234
150.7030
138.1991
145.0582
141.2851
140.9032
139.1928
136.9817
136.3983
149.4208
135.0635
169.5341
134.2910
133.5400
133.4275
133.1466
158.0914
130.6530
130.0508
166.4971
131.4004
130.3988
130.5937
Enrolment
Certificates
issued on 1
07/27/2010
07/14/2010
07/07/2010
07/27/2010
07/14/2010
07/26/2010
07/21/2010
07/27/2010
07/27/2010
07/30/2010
08/02/2010
09/20/2010
07/14/2010
07/30/2010
07/16/2010
07/27/2010
07/26/2010
07/14/2010
07/14/2010
07/19/2010
07/14/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/09/2010
07/14/2010
07/30/2010
07/23/2010
07/27/2010
07/14/2010
07/27/2010
08/01/2010
07/27/2010
07/14/2010
07/14/2010
07/27/2010
07/27/2010
07/30/2010
07/27/2010
07/27/2010
08/02/2010
07/30/2010
08/01/2010
07/27/2010
AREA indicated
by the Company
(ha)2
180.2243
176.5105
175.2334
173.0143
172.8915
172.1929
168.0700
166.0729
165.4309
163.5400
162.8317
161.5872
160.2426
159.9019
159.7757
159.5995
158.7983
155.1500
155.1384
155.1379
151.8308
151.0544
150.8234
150.7030
148.5988
145.0582
141.2851
140.9032
139.1928
136.9817
136.3983
135.8715
134.9635
134.8901
134.2910
133.5400
133.4275
133.1466
131.4619
130.6530
130.0508
129.7927
129.2704
128.7949
128.1341
APPENDIX IV
DISTRICT
199.
200.
201.
202.
203.
204.
205.
206.
207.
208.
209.
210.
211.
212.
213.
214.
215.
216.
217.
218.
219.
220.
221.
222.
223.
224.
225.
226.
227.
228.
229.
230.
231.
232.
233.
234.
235.
236.
237.
238.
239.
240.
241.
242.
243.
Entre Rios
Entre Rios
Esplanada
Entre Rios
Alagoinhas
Alagoinhas
Entre Rios
Entre Rios
Inhambupe
Alagoinhas
Entre Rios
Esplanada
Inhambupe
Inhambupe
Alagoinhas
Alagoinhas
Entre Rios
Entre Rios
Entre Rios
Entre Rios
Entre Rios
Inhambupe
Alagoinhas
Entre Rios
Itapicuru
Entre Rios
Esplanada
Alagoinhas
Entre Rios
Itapicuri
Alagoinhas
Alagoinhas
Alagoinhas
Entre Rios
Entre Rios
Alagoinhas
Alagoinhas
Inhambupe
Entre Rios
Alagoinhas
Inhambupe
Inhambupe
Entre Rios
Esplanada
Entre Rios
PROPERTY VALUATION
AREA
According to
the Enrollments
Certificates (ha)
FARM
VISTA ALEGRE II
BARREIROS
TONSO
JUAZEIRO
ACARA
SAO JOSE
RIO GRANDE
VERONICA/REDENCAO/PEDRAS
CABACEIRO
PATIOBA
NEGRO DO MATO VII
ESTRELA
MURICI
VINHA
ESPERANCA
AGUA SANTA I
ROSANA
SAINANA
GENIPAPO VI
CAUBA
CABOCLO 3
CAJU
SANTO ANTONIO
PIRAJUI
BOA VISTA
CASARAO
DIVINERA
CRAVO ROXO
BOA VISTA VIII
POCOS I
PAPA MEL
APIS
COQUEIRO
ARARI
SAJORA
LADEIRA
SARANDI
TERRA DURA II
BOM JARDIM/ALEGRIA
O BONITO
LAGOA DO MANGUE
MATINHA II/III
BOM JARDIM II/III
PASTO NOVO
SERRADINHO
— IV-21 —
128.1166
127.7453
600.0000
123.1626
122.7606
119.9147
119.5756
118.4869
117.6674
117.4190
208.7114
70.5000
112.7890
256.1500
110.8419
108.4500
108.9000
105.7647
105.0563
47.0000
105.0095
103.7200
103.4359
103.4334
20.3733
102.2221
102.1700
101.3449
100.8666
100.8504
99.9904
99.9624
99.5987
98.7301
96.9153
96.2001
95.8533
95.0000
94.3295
93.9842
91.4155
101.3109
93.7977
89.7119
88.5008
Enrolment
Certificates
issued on 1
07/27/2010
07/27/2010
08/05/2010
07/27/2010
07/09/2010
07/30/2010
07/27/2010
07/27/2010
07/14/2010
08/02/2010
07/27/2010
08/05/2010
07/14/2010
07/14/2010
07/30/2010
07/30/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/14/2010
07/09/2010
07/27/2010
07/19/2010
01/27/2010
07/14/2010
07/09/2010
07/27/2010
07/19/2010
07/30/2010
07/30/2010
07/09/2010
07/27/2010
07/27/2010
07/09/2010
07/30/2010
07/14/2010
07/27/2010
07/30/2010
07/14/2010
07/14/2010
07/22/2010
07/27/2010
07/27/2010
AREA indicated
by the Company
(ha)2
128.1166
127.7453
123.5900
123.1626
122.7606
119.9147
119.5756
118.4869
117.6674
115.8020
115.2492
115.1450
112.3590
111.5803
110.8419
108.4500
105.8155
105.7647
105.0563
105.0484
105.0067
103.7200
103.4359
103.4334
102.6139
102.2221
102.1700
101.3449
100.8666
100.8504
99.9904
99.9624
99.5987
98.7301
96.9453
96.2001
95.8933
95.0000
94.3260
93.9842
91.4155
90.8109
89.8477
89.7119
88.5008
APPENDIX IV
DISTRICT
244.
245.
246.
247.
248.
249.
250.
251.
252.
253.
254.
255.
256.
257.
258.
259.
260.
261.
262.
263.
264.
265.
266.
267.
268.
269.
270.
271.
272.
273.
274.
275.
276.
277.
278.
279.
280.
281.
282.
283.
284.
285.
286.
287.
288.
PROPERTY VALUATION
AREA
According to
the Enrollments
Certificates (ha)
FARM
Entre Rios
FLORESTA
Entre Rios
RIATA
Alagoinhas
CAROLINA
Inhambupe
SACO I
Rio Real
SITIO SAO JOSE I e II
Mata de São João ALEGRIA
Alagoinhas
URAI
Entre Rios
FILOME
Alagoinhas
SAUIPE A
Entre Rios
ARACATI
Inhambupe
SUBAUMA IV
Inhambupe
MOCAMBO II
Inhambupe
SACO IX
Entre Rios
GENIPAPO
Inhambupe
MOCAMBO III
Rio Real
RIO AZUL I (PARTE 1)
Alagoinhas
BULDOGUE
Entre Rios
SUBAUMA
Inhambupe
CAJUEIRO
Inhambupe
BONFIM III
Entre Rios
SANTA MARIA II
Inhambupe
FRADES
Itapicuri
POCOS II
Olindina
LAGOA DOS VEADOS
Alagoinhas
PASTORE
Entre Rios
TIMBO I
Entre Rios
SANTA BARBARA
Entre Rios
BROCA
Entre Rios
MACEIO III
Inhambupe
ALDEIA IV
Mata de São João CANON
Entre Rios
VALE VERDE
Rio Real
AGUAS CLARAS I
Entre Rios
GENIPAPO III
Entre Rios
CORAL
Entre Rios
HUMAITA IV
Alagoinhas
CENTO E UM
Alagoinhas
HABALA
Alagoinhas
JURITI
Entre Rios
FLAMENGO
Alagoinhas
ESPUMA
Entre Rios
ROSAS
Alagoinhas
ARATICUM III
Inhambupe
PAPAGAIO
Esplanada
GROTA
— IV-22 —
Enrolment
Certificates
issued on 1
88.2611
88.1885
104.5440
86.0574
85.5735
97.7200
85.0391
85.0445
85.0000
84.7825
83.1894
83.0392
119.4438
82.2407
81.5253
81.0000
80.4616
78.4243
80.3312
80.1827
79.0928
78.6469
76.6966
76.5619
86.3230
75.8638
74.1734
74.0320
73.9140
92.2070
07/27/2010
07/27/2010
07/30/2010
08/01/2010
08/12/2010
07/26/2010
07/30/2010
07/27/2010
07/30/2010
07/27/2010
07/14/2010
08/01/2010
08/01/2010
07/27/2010
08/01/2010
09/01/2010
07/30/2010
07/27/2010
07/14/2010
08/01/2010
07/27/2010
07/14/2010
09/20/2010
07/19/2010
07/09/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/14/2010
72.9013
71.1776
70.1152
69.7410
69.7177
68.5790
67.5217
66.5747
66.4201
66.3338
66.0086
65.7342
25.5035
65.1836
07/27/2010
08/09/2010
07/27/2010
07/27/2010
07/27/2010
07/30/2010
07/09/2010
07/30/2010
07/27/2010
07/30/2010
07/27/2010
07/09/2010
07/26/2010
08/05/2010
AREA indicated
by the Company
(ha)2
88.2611
88.1885
87.3325
86.1554
85.5735
85.4992
85.0691
85.0445
85.0000
84.7825
83.1894
83.0392
82.8279
82.2407
81.5253
81.1353
80.4616
80.4043
80.3312
80.1847
79.0928
78.7269
76.6966
76.5619
75.9779
75.8638
74.1734
74.0320
73.9140
73.9108
73.1812
72.9013
71.1716
70.1152
69.7420
69.7177
68.5917
67.5217
66.5747
66.4201
66.3338
66.0086
65.7342
65.5173
65.1836
APPENDIX IV
DISTRICT
289.
290.
291.
292.
293.
294.
295.
296.
297.
298.
299.
300.
301.
302.
303.
304.
305.
306.
307.
308.
309.
310.
311.
312.
313.
314.
315.
316.
317.
318.
319.
320.
321.
322.
323.
324.
325.
326.
327.
328.
329.
330.
331.
332.
333.
Entre Rios
Entre Rios
Alagoinhas
Entre Rios
Entre Rios
Inhambupe
Entre Rios
Entre Rios
Inhambupe
Entre Rios
Inhambupe
Entre Rios
Alagoinhas
Inhambupe
Entre Rios
Alagoinhas
Entre Rios
Entre Rios
Entre Rios
Entre Rios
Entre Rios
Alagoinhas
Inhambupe
Alagoinhas
Entre Rios
Alagoinhas
Alagoinhas
Inhambupe
Entre Rios
Inhambupe
Inhambupe
Inhambupe
Inhambupe
Entre Rios
Entre Rios
Entre Rios
Entre Rios
Inhambupe
Itapicuru
Entre Rios
Entre Rios
Entre Rios
Entre Rios
Inhambupe
Entre Rios
PROPERTY VALUATION
FARM
AREA
According to
the Enrollments
Certificates (ha)
BOA SORTE
TAQUARAL
REPUBLICA
CASARAO
CAPOEIRINHA
SACO IV
JUNCO
XINDUBA/SAO JUDAS TADEU
SAO CAMILO
BOA NOVA
CANGURU
BAIPENDI
SAUIPE
SERRADO
MONTE SERRAT
GRANJA ALEGRE
SUBAUMITA
VISTA ALEGRE
SAO JUDAS TADEU
SANTA LUCIA
TALISCA
ANTATA
VITORIA
ITACHAN
SANTO ANTONIO
IGUANA
COLIBRI
CANDEAL
JEQUITIBA
SACO DO MATIAS
SACO II
PEDREIRA II
BONFIM
HUMAITA II
SANTA FE
TERRA DURA
BELA VISTA I
PEDREIRA III
BOA VISTA
BACAXA
SUSSUARANA
MACEIO II
OLHOS D’AGUA IV
PEARI
CAPIVARA
65.1618
69.0155
78.3692
63.4209
63.2860
77.6690
61.9205
61.9127
61.7009
61.6618
60.9796
60.1253
59.2600
59.0000
58.0323
56.6000
58.3831
57.7481
57.6706
56.7826
56.5400
56.4220
56.3735
60.0000
56.1037
57.0000
55.9027
55.6939
55.6366
83.6422
48.8662
58.6235
53.9380
53.4900
53.2062
52.2300
52.0256
50.9691
20.3733
48.7100
50.6373
50.2987
49.6671
49.6844
48.9715
— IV-23 —
Enrolment
Certificates
issued on 1
07/27/2010
07/27/2010
10/13/2010
07/27/2010
07/27/2010
07/14/2010
07/27/2010
07/27/2010
07/14/2010
07/27/2010
07/14/2010
07/27/2010
07/29/2010
07/14/2010
07/27/2010
07/30/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/09/2010
07/14/2010
07/30/2010
07/27/2010
07/30/2010
07/15/2010
08/01/2010
07/27/2010
08/01/2010
09/20/2010
07/14/2010
07/14/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
08/01/2010
07/19/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/14/2009
07/27/2010
AREA indicated
by the Company
(ha)2
65.1618
64.0783
63.8692
63.4209
63.2860
62.0519
61.9205
61.9127
61.7009
61.6618
60.9796
60.1253
59.2600
59.0000
58.0323
57.8698
57.8031
57.7481
57.6706
56.7826
56.5400
56.4220
56.3755
56.2215
56.1037
55.9627
55.9027
55.8939
55.6366
55.4987
54.0714
54.0500
53.9380
53.4900
53.2062
52.2369
52.0256
50.9691
50.8811
50.7800
50.6373
50.2987
49.9009
49.6844
48.9715
APPENDIX IV
334.
335.
336.
337.
338.
339.
340.
341.
342.
343.
344.
345.
346.
347.
348.
349.
350.
351.
352.
353.
354.
355.
356.
357.
358.
359.
360.
361.
362.
363.
364.
365.
366.
367.
368.
369.
370.
371.
372.
373.
374.
375.
376.
377.
378.
PROPERTY VALUATION
DISTRICT
FARM
AREA
According to
the Enrollments
Certificates (ha)
Alagoinhas
Inhambupe
Entre Rios
Entre Rios
Entre Rios
Inhambupe
Entre Rios
Entre Rios
Alagoinhas
Entre Rios
Alagoinhas
Entre Rios
Mata de Sao Joao
Entre Rios
Rio Real
Rio Real
Entre Rios
Inhambupe
Entre Rios
Alagoinhas
Entre Rios
Inhambupe
Entre Rios
Mata de São João
Inhambupe
Mata de São João
Entre Rios
Inhambupe
Entre Rios
Inhambupe
Entre Rios
Inhambupe
Entre Rios
Inhambupe
Alagoinhas
Alagoinhas
Itapicuri
Entre Rios
Entre Rios
Inhambupe
Alagoinhas
Rio Real
Alagoinhas
Entre Rios
Entre Rios
TEXAS
SACO
BELA VISTA
ALTAMIRA
TRES MARIAS
MURA
MATURI
PRATA
REALEJO
BOA VISTA X
MILAGRE
HUMAITA III
ARIZONA
SAO CAETANO 3
RIO AZUL II
CARANGUEIJO II
HUMAITA I
CAMPO ALEGRE I
MACEIO I
ARAPUA
NOVA JERUSALEM
NOSSA SENHORA DE FATIMA
OLHOS D’AGUA IX
BINA
LAGE
SANTA MARGARIDA
JUERANA II
MATO DO UMBU
VALE I
TAPERINHA
ADERNO
AMARGOSO A
FORQUILHA
TAPERA
CASTELO
LIMEIRA
SALGADO III
FUNDAO
RIACHO DO MEIO
GAIVOTA
LIMEIRA
RIBEIRA
INES
ACASSIA
GENIPAPO VII
54.2322
58.3600
48.7887
48.7000
48.5779
48.4815
30.2689
47.9220
47.2202
47.2107
46.6010
46.5125
46.0491
47.0970
45.7650
27.5400
45.5986
45.2845
44.0389
43.9660
43.5600
43.5600
85.8131
30.7325
43.1738
42.9417
44.7445
41.5475
39.5268
39.2798
39.1491
39.1317
38.2387
38.6618
43.5600
43.7500
37.5606
33.1410
36.7297
36.3976
43.7500
35.8058
35.7600
35.5295
35.3854
— IV-24 —
Enrolment
Certificates
issued on 1
07/30/2010
07/14/2010
07/27/2010
07/27/2010
07/27/2010
07/14/2010
07/27/2010
07/27/2010
07/09/2010
07/27/2010
07/30/2010
07/27/2010
07/06/2008
07/27/2010
08/12/2010
07/21/2010
07/27/2010
07/14/2010
07/27/2010
07/30/2010
07/27/2010
08/09/2010
07/27/2010
07/26/2010
07/14/2010
07/26/2010
07/27/2010
07/14/2010
07/27/2010
07/14/2010
07/27/2010
07/14/2010
07/27/2010
07/14/2010
07/30/2010
07/30/2010
08/12/2010
07/27/2010
07/27/2010
03/13/2007
07/30/2010
08/17/2010
07/30/2010
07/27/2010
07/27/2010
AREA indicated
by the Company
(ha)2
48.9373
48.8647
48.7887
48.7000
48.5779
48.4815
47.6929
47.2720
47.2202
47.2107
46.6010
46.5125
46.0491
45.7963
45.7650
45.6897
45.5986
45.2845
44.0389
43.9660
43.5600
43.5600
43.4689
43.2921
43.1738
42.9419
41.9745
41.5475
39.5268
39.2798
39.1491
39.1317
38.7387
38.6655
38.4100
38.2500
37.5606
37.4336
36.9344
36.3976
35.9300
35.8058
35.7600
35.5295
35.3854
APPENDIX IV
DISTRICT
379.
380.
381.
382.
383.
384.
385.
386.
387.
388.
389.
390.
391.
392.
393.
394.
395.
396.
397.
398.
399.
400.
401.
402.
403.
404.
405.
406.
407.
408.
409.
410.
411.
412.
413.
414.
415.
416.
417.
418.
Inhambupe
Inhambupe
Inhambupe
Entre Rios
Entre Rios
Alagoinhas
Rio Real
Rio Real
Alagoinhas
Entre Rios
Entre Rios
Entre Rios
Inhambupe
Alagoinhas
Entre Rios
Rio Real
Alagoinhas
Inhambupe
Inhambupe
Entre Rios
Conde
Alagoinhas
Entre Rios
Entre Rios
Alagoinhas
Entre Rios
Mata de São João
Entre Rios
Alagoinhas
Alagoinhas
Alagoinhas
Conde
Entre Rios
Entre Rios
Alagoinhas
Inhambupe
Esplanada
Entre Rios
Entre Rios
Entre Rios
419.
420.
421.
422.
Entre Rios
Alagoinhas
Entre Rios
Inhambupe
PROPERTY VALUATION
AREA
According to
the Enrollments
Certificates (ha)
FARM
ITAIBA
FATIMA
GAROTA
PROGRESSO
CAMACARI
LAGOA DA CATARINA II
RIO AZUL (PARTE 2)
RIO AZUL I (PARTE 3)
ARARAT
CASQUINHA
LAGO
PORTENHA
PEDREIRA I
TRES IRMAS
MATA VERDE
ÁGUAS CLARAS III
SHARA
CAJUEIRO B
CAJUEIRO A
FELICIDADE
LUA ALTA A
ATALAIA
INDEPENDENCIA
SUSSUARANA I
PORTOES
RIO VERDE
CONQUISTA I
FERRUGEM
CRISTAL
GIRASSOL
SAO CRISTOVAO
IPEUNA
BIRIBA
TEDESCA
CRISTELA
INCA
TATU
SUSSUARANA V
NOVA ESPERANCA
NOSSA SENHORA DE
LOURDES
SUSSUARANA III
Turquesa
SERRA AZUL
PAPAGAIO I
— IV-25 —
Enrolment
Certificates
issued on 1
AREA indicated
by the Company
(ha)2
34.7571
34.7569
34.7569
34.4344
238.9600
33.5198
33.4898
33.4849
33.4178
47.4512
33.2302
33.0478
32.8800
32.8423
56.7898
32.5260
33.6544
31.3163
33.6200
31.2783
30.7303
30.6017
30.4629
35.9022
30.0000
29.5577
29.5403
29.1333
28.9496
28.8813
28.8755
59.0000
33.9652
27.9953
29.3930
27.5037
27.3600
28.1000
26.6540
51.3488
08/01/2010
07/14/2010
08/01/2010
07/27/2010
07/27/2010
07/09/2010
08/18/2010
08/13/2010
07/30/2010
07/27/2010
07/27/2010
07/27/2010
07/14/2010
07/30/2010
07/27/2010
09/01/2010
07/30/2010
07/14/2010
08/01/2010
07/27/2010
07/21/2010
07/30/2010
07/27/2010
07/27/2010
07/30/2010
07/27/2010
07/26/2010
07/27/2010
07/30/2010
07/30/2010
09/02/2010
07/19/2010
07/27/2010
07/27/2010
07/30/2010
07/14/2010
08/26/2010
07/27/2010
07/27/2010
07/27/2010
34.7571
34.7569
34.7569
34.4344
34.3840
33.5198
33.4898
33.4898
33.4178
33.3012
33.2302
33.0478
32.8810
32.8426
32.6798
32.5260
32.4361
31.3163
31.3163
31.2783
30.7303
30.6017
30.4629
29.8222
29.6600
29.5577
29.5403
29.1333
28.9496
28.8813
28.8755
28.8000
28.6618
27.9953
27.7779
27.5037
27.3600
26.9984
26.6540
26.4974
26.3421
26.1000
25.8375
25.5035
07/27/2010
07/30/2010
07/27/2010
07/14/2010
26.3421
26.1000
25.8375
25.5038
APPENDIX IV
DISTRICT
423.
424.
425.
426.
427.
428.
429.
430.
431.
432.
433.
434.
435.
436.
437.
438.
439.
440.
441.
442.
443.
444.
445.
446.
447.
448.
449.
450.
451.
452.
453.
454.
455.
456.
457.
458.
459.
460.
461.
462.
463.
464.
465.
466.
467.
PROPERTY VALUATION
AREA
According to
the Enrollments
Certificates (ha)
FARM
Inhambupe
CARINA
Entre Rios
ESPERANCA
Entre Rios
MATO LIMPO
Entre Rios
SANTO ANTONIO II
Entre Rios
COVA DO BOI
Entre Rios
CAMPESTRE
Alagoinhas
CRISTALINA
Rio Real
CARANGUEIJO III
Entre Rios
FRADES II/III
Entre Rios
COVA DO BOI II
Inhambupe
SACO V
Entre Rios
CATARINA
Catu
PAFER
Inhambupe
MATINHA
Alagoinhas
OLHOS D’AGUA I
Inhambupe
CAMAMU
Alagoinhas
OCIDENTE
Inhambupe
PALMEIRA
Inhambupe
AMARGOSO J
Inhambupe
SUBAUMA
Inhambupe
SACO DO MATIAS
Alagoinhas
SARANDI A
Alagoinhas
MILOCA
Alagoinhas
PASSAGEM
Mata de São João BARROS
Alagoinhas
BARDANA
Entre Rios
SUSSUARANA V
Entre Rios
OLHOS D’AGUA XI
Entre Rios
FRADES IV
Entre Rios
ALCATIRA
Entre Rios
IMBUI
Entre Rios
RIO GRANDE II
Inhambupe
AMARGOSO G
Inhambupe
VOLTA DE CIMA V
Inhambupe
AMARGOSO I
Inhambupe
CAJUEIRO C
Alagoinhas
ANCE
Entre Rios
MARABA
Entre Rios
MARAJO
Mata de São João CANON I
Alagoinhas
LIRIO
Entre Rios
SOLEDADE
Entre Rios
RIO NEGRO
Inhambupe
VOLTA DE CIMA I
Alagoinhas
CHAMBO
— IV-26 —
22.2300
31.9915
24.9049
23.6829
23.3262
22.9996
22.7616
25.6426
22.7176
22.4682
22.7900
16.5421
21.7798
21.6654
21.7925
21.3395
21.3108
21.1462
20.9958
20.6314
20.3054
20.0145
25.6334
20.8941
25.3302
39.0000
18.8158
18.7954
18.2022
17.9107
17.6973
17.6800
17.4632
17.4493
17.4240
17.4240
17.4240
16.8000
29.0096
16.8188
15.7494
18.9389
15.6177
15.1767
15.1765
Enrolment
Certificates
issued on 1
07/14/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/09/2010
08/09/2010
07/27/2010
07/27/2010
07/14/2010
07/27/2010
09/29/2010
07/14/2010
07/09/2010
07/14/2010
07/30/2010
07/14/2010
07/14/2010
07/14/2010
08/01/2010
08/27/2010
07/30/2010
07/09/2010
08/25/2010
07/30/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/14/2010
07/14/2010
07/14/2010
07/14/2010
07/09/2010
07/27/2010
07/27/2010
07/27/2010
07/30/2010
07/27/2010
07/27/2010
07/14/2010
07/30/2010
AREA indicated
by the Company
(ha)2
25.4799
25.1083
24.9049
23.6829
23.3262
22.9996
22.7616
22.7347
22.7176
22.4682
22.1232
21.851
21.7798
21.6654
21.6351
21.3395
21.3100
21.1462
20.9958
20.6314
20.3054
20.0145
19.8512
19.7941
19.3910
19.2033
18.8158
18.7954
18.2022
17.9107
17.6973
17.6800
17.4632
17.4493
17.4240
17.4240
17.4240
16.8000
16.6212
16.2653
15.7494
15.6389
15.6177
15.1767
15.1765
APPENDIX IV
DISTRICT
468.
469.
470.
471.
472.
473.
474.
475.
476.
477.
478.
479.
480.
481.
482.
483.
484.
485.
486.
487.
488.
489.
490.
491.
492.
493.
494.
495.
496.
497.
498.
499.
500.
501.
502.
503.
504.
505.
506.
507.
508.
509.
510.
511.
512.
Alagoinhas
Alagoinhas
Alagoinhas
Alagoinhas
Alagoinhas
Entre Rios
Entre Rios
Entre Rios
Inhambupe
Entre Rios
Entre Rios
Entre Rios
Entre Rios
Entre Rios
Alagoinhas
Irara
Alagoinhas
Olindina
Alagoinhas
Inhambupe
Inhambupe
Alagoinhas
Entre Rios
Alagoinhas
Entre Rios
Alagoinhas
Inhambupe
Entre Rios
Inhanbupe
Alagoinhas
Entre Rios
Inhambupe
Inhambupe
Inhambupe
Inhambupe
Entre Rios
Entre Rios
Entre Rios
Entre Rios
Entre Rios
Entre Rios
Entre Rios
Inhambupe
Alagoinhas
Inhambupe
PROPERTY VALUATION
AREA
According to
the Enrollments
Certificates (ha)
FARM
MANGA
JACOCA
SUCURI
SANTA CRUZ
NOLAR
FRADES I
CAPOEIRINHA A
MACHADO
CAJUEIRO E/F
COWBOI I
ALALI
SAPUCAIA
MATO LIMPO A
GENIPAPO V
CEJARA
ESTRELA
IPE
MANDACARU III
ORIENTE(Canta Galo)
RETIRO
AMARGOSO F
VASSOURA
POSTAL
CHAMBE
LOTE 19
VIRGEM
VOLTA DO MEIO
CAPOEIRINHA
AMARGOSO D
CHAMBA
CAPOEIRINHA IV
QUEBRADA
AMARGOSO H
MURICI A
VOLTA DE CIMA IV
CAPOEIRINHA VI
MUNGUBA
NEGRO DO MATO VIII
OLHOS D’AGUA V
CANADA
GENIPAPO VIII
TIMBO
CAJUEIRO D
MALHADINHA I
CANDEIA
— IV-27 —
15.0000
14.9502
35.5974
17.6673
14.3998
21.0237
14.0793
13.8913
13.8900
13.8023
13.7757
13.5938
13.5689
13.5439
13.5036
13.4614
13.1671
12.4749
12.3275
11.9664
8.0000
11.7493
11.0258
11.3437
11.2697
11.1062
11.8794
11.0519
11.0119
10.5265
19.1910
10.1320
10.1277
10.1086
10.0038
9.9793
10.0188
9.8516
9.5774
9.0138
8.9364
8.8478
8.7120
11.2508
8.1225
Enrolment
Certificates
issued on 1
07/09/2010
07/30/2010
07/09/2010
07/30/2010
07/30/2010
07/27/2010
07/27/2010
07/27/2010
07/14/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/30/2010
07/21/2010
07/30/2010
07/19/2010
07/30/2010
07/14/2010
08/01/2010
07/30/2010
07/27/2010
07/30/2010
07/27/2010
07/30/2010
07/14/2010
07/27/2010
08/01/2010
07/30/2010
07/23/2010
08/01/2010
07/14/2010
07/14/2009
08/01/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/14/2010
07/09/2010
07/14/2010
AREA indicated
by the Company
(ha)2
15.0000
14.9502
14.6450
14.5126
14.3938
14.2240
14.0793
13.8916
13.8900
13.8023
13.7757
13.5938
13.5689
13.5439
13.5036
13.4614
13.1671
12.4749
12.3276
11.9664
11.9310
11.7493
11.7258
11.4804
11.2697
11.1062
11.0794
11.0519
11.0119
10.5265
10.4887
10.1320
10.1277
10.1086
10.0038
9.9793
9.9188
9.8516
9.5774
9.0138
8.9364
8.8478
8.7120
8.3879
8.1225
APPENDIX IV
DISTRICT
513.
514.
515.
516.
517.
518.
519.
520.
521.
522.
523.
524.
525.
526.
527.
528.
529.
530.
531.
532.
533.
534.
535.
536.
537.
538.
539.
540.
541.
542.
543.
544.
545.
546.
547.
548.
549.
Alagoinhas
Inhambupe
Entre Rios
Entre Rios
Entre Rios
Alagoinhas
Alagoinhas
Alagoinhas
Alagoinhas
Entre Rios
Entre Rios
Entre Rios
Esplanada
Alagoinhas
Inhambupe
Mata de São João
Inhambupe
Entre Rios
Entre Rios
Entre Rios
Inhambupe
Entre Rios
Irará
Entre Rios
Entre Rios
Entre Rios
Entre Rios
Entre Rios
Alagoinhas
Entre Rios
Alagoinhas
Alagoinhas
Alagoinha
Entre Rios
Rio Real
Entre Rios
Mata de São João
PROPERTY VALUATION
AREA
According to
the Enrollments
Certificates (ha)
FARM
MALHADINHA II
TAPERINHA A/B
COVA DO BOI III
PITOMBA
RANCHO ALEGRE V
PEREQUE
ITAU
BIBI II
MAMAO
CAPOEIRINHA III
CAPOEIRINHA D
DOLINA
ALECRIM
SITIO JUERANA
VOLTA DE CIMA II
LISBOA
MONTE ALEGRE II
TOESA
COWBOI II
FENICIA
VOLTA DE CIMA III
XINDUBA III
IRACEMA 3
BEIRADA
BEIRADAO
SULTANA
ROSANA
FAZENDINHA
TUCANO
PEDRA BRANCA
PANCARAI
PASTOREIO
SANTA CRUZ A
COITE
OLHOS D’AGUA VII
VALE II
CACHOEIRA GRANDE A
TOTAL AREA
11.5995
18.8808
7.6970
7.6500
7.5506
7.4928
13.6699
7.2868
7.1495
6.7485
6.4827
6.2200
5.8291
5.7718
5.3514
4.4564
5.1411
5.0768
4.9007
4.8084
4.5324
10.8404
111.0780
3.6241
3.6241
3.1133
3.0846
3.0134
366.9543
2.7473
2.6957
2.3537
6.906
1.9603
21.5066
1.2828
0.5663
118,047.1318
— IV-28 —
Enrolment
Certificates
issued on 1
07/09/2010
07/14/2010
07/27/2010
07/27/2010
07/27/2010
07/09/2010
07/30/2010
07/09/2010
07/30/2010
07/27/2010
07/27/2010
07/27/2010
07/20/2010
07/30/2010
07/14/2010
08/25/2010
07/14/2010
07/27/2010
07/27/2010
07/27/2010
07/14/2010
07/27/2010
07/21/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/27/2010
07/09/2010
07/27/2010
07/26/2010
07/09/2010
08/25/2010
07/27/2010
08/12/2010
07/27/2010
07/27/2010
AREA indicated
by the Company
(ha)2
7.9495
7.8398
7.6970
7.6500
7.5506
7.4928
7.4699
7.2868
7.1495
6.7482
6.4827
6.2200
5.8291
5.7718
5.3514
5.3355
5.1411
5.0768
4.9007
4.8084
4.5324
4.4477
3.8888
3.6241
3.6241
3.1133
3.0846
3.0134
2.9721
2.7473
2.6957
2.3537
2.1824
1.9603
1.7400
1.2828
0.5663
112,658.1898
APPENDIX IV
PROPERTY VALUATION
BAHIA SPECIALTY CELLULOSE S.A.
DISTRICT
FARM
AREA (ha)
Enrolment
Certificates
issued on1
TOTAL
BAHIA SPECIALTY CELLULOSE AREAS
1.
Mata de Sao Joao PEDRA DO SOBRADO
2.
Rio Real
REUNIDAS MARCANAIR
3.
Entre Rios
AREAL
4.
Rio Real
REUNIDAS TERRA DURA
5.
Conde
ALTAMIRA DA DIREITA
6.
Mata de Sao Joao CACHIMBO
7.
Esplanada
REUNIDAS RIACHO ESCURO
8.
Esplanada
REUNIDAS TIMBOZINHO
9.
Esplanada
FALCÃO
10. Esplanada
REUNIDAS SR.DO BONFIM
(parte)
11. Mata de Sao Joao MARABÁ
12. Esplanada
BARRA DO MALOMBE (II)
13. Mata de Sao Joao DENDEZEIRO
14. Esplanada
COCO CARDOSO - I
15. Mata de Sao Joao VÁRZEA DE BAIXO
16. Conde
REUNIDAS ITARIRI (parte)
17. Entre Rios
BOM JARDIM
18. Mata de Sao Joao ALEGRIA
19. Esplanada
RIACHO DA ONCA
20. Esplanada
GUARIBAS
21. Esplanada
TIMBOZINHO IV
TOTAL AREA
TOTAL
7,954.2320
4,882.3801
4,255.8700
1,906.1534
1,617.5785
1,545.2750
1,125.5965
959.2805
676.3439
493.5300
07/06/2010
01/21/2010
07/27/2010
06/18/2010
07/22/2010
07/06/2010
08/02/2010
07/16/2010
08/02/2010
03/24/2010
7,954.2320
4,882.3800
4,255.8700
1,906.1500
1,617.5800
1,545.2700
1,125.6000
959.2800
676.3439
493.5773
418.0000
282.6666
261.1500
227.7860
197.3900
178.0009
163.8200
97.7200
86.1649
52.3493
49.7485
01/15/2010
07/16/2010
01/15/2010
07/16/2010
03/23/2010
07/22/2010
01/15/2010
01/15/2010
06/22/2009
07/16/2010
07/16/2010
418.0000
282.6700
261.1500
227.7860
197.3900
178.0009
163.8250
97.7200
86.1649
52.3500
49.7500
27,431,0392
— IV-29 —
AREA indicated
by the Company
(ha)
27,431.0900
APPENDIX IV
PROPERTY VALUATION
EXHIBIT III TO THE LEGAL OPINION DATED AS OF NOVEMBER 26, 2010
REAL ESTATE PROPERTIES WITH RIGHT OF POSSESSION ONLY ACCORDING TO
CERTIFICATE RECEIVED FROM THE BRAZILIAN SUBSIDIARIES
SALE CONTRACT — COPENER FLORESTAL LTDA.
FARM
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
Poços
Vargem
Mangue Dourado
Orion
Caboclo
Poços
Barbosa II
Cabuçu
Cacique
Paloma
Tanquinho
Cardoso IV
Cardoso V
Abaíra
Mutica
Jangada
Taita I
Concórdia
Ibó
Mingote
Pontal
Bardana
Alegrete II
Olaria
Talisca A
Cabeça do Rio
Pancada Grande II
Moita Fria
União
Oliveira
Piranema (Água Fria)
Uruba
Erundi
Bariri
Roldana
Tombadora
Catolé
Amora
Santana
Alegrete
Pafer I (Catu)
AREA (HÁ)
PURCHASE DATE
660.8556
370.0204
367.5681
327.4762
4.7631
1.7318
189.3201
185.6023
181.4163
176.5700
163.2724
157.1989
151.8510
145.5040
137.5999
130.3086
126.5731
122.8161
101.5056
100.5349
100.3556
93.6717
91.4760
89.2753
88.2884
88.0576
84.1208
82.4504
81.4720
81.2245
80.2647
77.5897
74.1755
72.9013
66.5450
63.0059
62.6242
61.6841
60.3921
59.5465
59.2730
— IV-30 —
21.05.99
21.05.99
21.05.99
21.05.99
10.05.84
26.11.86
26.11.86
26.11.86
10.11.92
21.05.99
21.05.99
15.08.88
20.09.88
20.11.87
19.10.90
30.11.90
08.10.87
30.09.86
14.05.1987
05.11.87
31.07.90
29.10.87
29.12.87
15.12.87
05.12.86
25.06.87
21.03.88
10.09.87
17.12.87
24.01.89
09.09.92
22.09.88
20.10.87
30.11.90
23.10.84
20.12.85
28.12.89
09.06.88
KIND
Heritage assignment
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
APPENDIX IV
FARM
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
Cercania
Ribó
Batista
Tamanduá II (Conde)
Hawaí
Cachoeira IV
Neves
Visale
Baver
Canto Escuro
N.Sa. das Graças
Faísca
Oliva
Olival
Turquesa I
Eldorado
Fuerte
Nascença II
Jardineira
Donana
Tejana
Bauru
Pedreira
Matila
Flórida (Água Fria)
Serrado I
Mangalô A
Jangada II
Cajazeira
Lagoinha
Queimadão
Alvorada
Iris
Melodia
Irati
Vazante
Ibirá
Lagoa Branca
Coaraci
Olhos D’agua III
Guaíba
Baixão
Recanto
Panelas
Mirangá I
Negro do Mato IX
Itachan I
Salobro IV
PROPERTY VALUATION
AREA (HÁ)
PURCHASE DATE
53.1999
53.0620
48.7597
48.6021
48.0755
47.6186
47.1628
46.3901
44.2794
41.3369
36.4989
36.1218
34.4794
31.0029
30.5280
29.0852
28.8071
28.3841
27.2538
26.6428
26.4000
24.6922
24.2994
24.0817
23.7394
23.4137
23.0000
22.9312
22.9212
22.6056
22.2921
22.0497
21.4950
21.0332
20.8112
19.9200
19.3609
18.2903
18.0751
17.9615
17.5660
17.0842
16.8653
16.8171
16.4638
16.2875
15.6191
15.3972
03.09.87
15.03.88
20.07.88
21.05.99
15.12.87
15.01.97
— IV-31 —
02.08.88
02.04.87
27.07.84
29.12.87
09.02.88
23.02.88
24.03.87
15.06.87
09.02.88
4.4.91
28.11.86
27.10.87
15.12.87
27.10.87
14.02.90
20.01.87
25.07.91
09.03.88
29.03.88
21.01.88
18.11.88
19.09.84
30.06.87
15.08.97
30.04.87
19.06.92
23.04.87
05.01.87
24.8.84
05.01.88
11.03.86
21.03.88
13.10.86
07.11.86
17.03.87
05.09.88
10.05.84
6.12.83
KIND
Possession
Possession
Heritage assignment
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Heritage assignment
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Heritage assignment
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
APPENDIX IV
FARM
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
Riacho Vermelho
Brejadinha
Benedita
Ubá
Santa Rita
Gaveta
Zanun II
Tamisa
Anjuna
Cruz
Olhos D’agua II
Santa Alice
Pity
Arambol
Mulata
Sauipe B
Capoeirinha C
Lama Preta
Lenca
Mangara
Taquara
Benedito
Boa Sorte
Canela
Bauru I
Caburé
Tatuí
Regente
Setubal
Tombador I
Celina
Chácara Mangabeira
Negro do Mato
Três Irmãs A
Tradição I
Estevo
Salgado
Rapeca
Mangueira
Perdiz
Salgada
Leira (Água Fria)
Texana
Vila Flor
Acará I
Jatobá I
Perequê I
Beiradinha
PROPERTY VALUATION
AREA (HÁ)
PURCHASE DATE
14.8451
14.8090
14.1346
13.8556
13.8473
13.1572
13.0361
13.0120
12.8854
12.4284
11.4631
11.4374
11.3478
10.2198
10.0977
9.7742
9.6595
9.5106
9.4239
9.3540
9.3426
8.8701
8.6453
8.4108
8.2112
7.9332
7.8392
7.5363
6.9390
6.3842
5.8757
5.8737
5.6374
5.6263
5.6263
5.4278
5.3268
4.5440
4.5361
4.3678
4.3562
4.1800
3.6728
3.5488
3.4651
2.9814
2.1199
1.8167
16.02.96
27.07.88
18.03.86
09.06.87
15.09.86
17.02.87
25.04.91
14.02.89
22.01.88
— IV-32 —
11.05.86
08.01.91
09.12.88
21.01.88
22.12.87
18.09.85
29.12.86
07.11.86
19.12.88
25.06.86
22.01.88
19.05.86
03.03.88
6.5.83
13.1.87
16.10.91
12.01.89
04.03.86
07.08.87
30.05.90
08.02.85
02.10.90
05.12.86
13.9.84
03.08.88
21.5.99
18.08.87
13.11.84
27.01.87
04.11.87
12.03.93
27.03.86
22.06.89
21.10.88
26.11.87
KIND
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Heritage assignment
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
APPENDIX IV
FARM
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
152
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
Estância
Conquista (Itanagra)
Taboca (Aporá)
Cabeça do Rio A
Ponta do Brejo
Passagem
Honório
Cabeça do Rio C
Brejada - Lote D
Brejada - Lote A
Brejada - Lote B
Calçada Nova (Calçada)
Xinduba II
Riviera
Santa Inês I
Santa Inês II
Vereda
Encantado
Cayru
Boa Vista/ Pedra Angular
Valentim III
Pati
Rio Negro
Brejão
Labra
Escuna
Carangueijo I
Tombador II
Salgado
Baixa da Cristalina
Calçada
Tradição
Turquesa
Nossa Sra. P. Socorro
TOTAL Possession SALE CF
PROPERTY VALUATION
AREA (HÁ)
PURCHASE DATE
1.3692
1.3426
1.2478
0.6220
0.6037
0.4813
0.1897
0.1848
0.0561
0.0416
0.0412
245.6448
19.8536
12.0800
6.6249
7.2900
19.9926
351.3300
64.7463
128.4223
36.4560
16.0200
138.9004
471.0500
75.3513
27.3100
15.9204
12.8589
11.3900
458.4242
167.9391
32.8426
26.1000
0.9600
9,530.7281
— IV-33 —
02.08.88
19.06.89
09.11.84
06.05.88
05.11.86
25.09.89
18.08.86
06.05.88
26.03.90
29.03.90
29.03.90
21.5.04
23.7.84
11.7.88
26.11.93
26.11.93
30.4.87
21.5.99
30.5.85
3.1.84
2.12.00
31.7.84
14.12.83
7.6.91
18.5.89
8.12.88
29.6.84
4.3.86
11.1.84
2.10.90
24.3.87
2.2.93
KIND
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
Possession
APPENDIX IV
PROPERTY VALUATION
UNCONTESTED OCCUPATION — COPENER FLORESTAL LTDA.
Ranking
1
2
3
4
5
6
7
8
FARM
Umbauba
Valentim III
Reunidas
Massaranduba
Brejada - Lote
Brejada - Lote
Brejada - Lote
Brejada - Lote
Brejada
AREA (HÁ)
C/G
H
E
F
TOTAL Possession
UNCONTESTED
OCCUPATION CF
POSSESSOR
OCCUPATION
DATE
KIND
122.36
36.456
6.7314
COPENER
COPENER
COPENER
30.03.87
15.02.86
10.05.94
Uncontested Occupation
0.1166
0.095
0.0361
0.036
339.4936
COPENER
COPENER
COPENER
COPENER
COPENER
20.09.90
26.03.90
26.03.90
26.03.90
Uncontested
Uncontested
Uncontested
Uncontested
Uncontested
Occupation
Occupation
Occupation
Occupation
Occupation
505.3247
SALE CONTRACT — BAHIA SPECIALTY CELLULOSE S.A.
Ranking
1
2
3
FARM
Reunidas Monte
Gordo
Jaboticaba
Cardoso VIII
TOTAL Possession SALE BSC
AREA (HÁ)
POSSESSOR
PURCHASE
DATE
KIND
356.62
BSC
21.05.99
Heritage assignment
195.9643
2.234
BSC
BSC
21.05.99
21.05.99
Heritage assignment
Possession
554.8183
— IV-34 —
APPENDIX IV
PROPERTY VALUATION
EXHIBIT IV TO THE LEGAL OPINION DATED AS OF NOVEMBER 26, 2010
ENCUMBRANCES ON THE REAL ESTATE PROPERTIES
1.
The real estate property owned by Bahia Specialty Cellulose and located at Rua Alfa, 1.033, at the Polo
Industrial de Camaçari, State of Bahia is object of a 1st priority mortgage to guarantee an amount of
US$350,000.00, (which release is pending), and a 2nd priority mortgage to guarantee an amount of
US$470,000.00, registered in the enrolment certificate nr.1823 of the Real State Registry Office of
Camaçari State of Bahia, issued on November, 8, 2010.
2.
The real estate property named Altamira da Direita Farm is object of a mortgage to guarantee the
delivery of wood in favor of Companhia de Ferro Ligas da Bahia S.A- FEBRASA, according to the
enrolment certificate nr. 164 of the Real Estate Registry Office of Conde, State of Bahia, issued on June
10, 2010.
Note: The legal opinion on Brazil properties cited in this valuation report is extracted from the legal opinion prepared by the Group’s
Brazil legal advisors.
— IV-35 —

APPENDIX IV PROPERTY VALUATION

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