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    Free
translation from Portuguese

     

    Exhibit
Number: 4.10

    

    SHARE
PURCHASE AGREEMENT

    

    This
share purchase agreement (“Agreement”), dated
January 19, 2009, is entered into by and between:

    

    (I) The
parties listed and identified in Exhibit
A (hereinafter referred to as “Group A Sellers”);

    

    (II) The
parties listed and identified in Exhibit B (hereinafter
referred to as “Group
B Sellers”);
and

    

    (III) The
parties listed and identified in Exhibit
C (hereinafter referred to as “Buyer”).

    

    Group A
Sellers and Group B Sellers are jointly referred to as “Sellers”.

    

    And also,
as intervening party,

    

    (IV) The
parties listed and identified in Exhibit
D (hereinafter referred to as “Intervening
Party”).

    

    Buyer,
Sellers and Intervening Party shall be jointly referred to as “Parties” or “Party”, as the
context may require.

    

    INITIAL
CONSIDERATIONS

    

    (a)
WHEREAS Group A Sellers are the lawful owners of one billion, one hundred and
fifty-five million, four hundred and fifty-four thousand and forty-seven
(1,155,454,047) shares issued by Arapar S.A., a corporation with its principal
place of business in the City of Rio de Janeiro, State of Rio de Janeiro, at
Avenida Augusto Severo, 8 – 7th floor,
enrolled with the National Corporate Taxpayers Register of the Ministry of
Finance under CNPJ/MF No. 29.282.803/0001-68 and its articles of incorporation
registered with the Commercial Registry of the State of Rio de Janeiro under
NIRE No. 33.3.0026230-0 (“Arapar”), of which
eight hundred and ninety-three million, eight hundred and forty-two thousand and
nine hundred and sixty-three (893,842,963) are common shares and two hundred and
sixty-one million, six hundred and eleven thousand and eighty four (261,611,084)
are preferred shares (“Arapar
Shares”);

    

    (b)
WHEREAS Group B Sellers are the lawful owners of one hundred and thirty million,
four hundred and twelve thousand and five hundred (130,412,500) shares issued by
São Teófilo Representação e Participações S.A., a corporation with its principal
place of business in the City of São Paulo, State of São Paulo, at Avenida
Eusébio Matoso, 891 – 22nd floor, enrolled with the National Corporate Taxpayers
Register of the Ministry of Finance under CNPJ/MF No. 03.214.652/0001-17 and its
articles of incorporation registered with the Commercial Registry of the State
of São Paulo under NIRE No. 35.300.325.516 (“São Teófilo”), of
which sixty-five million, nine hundred and three thousand and six hundred and
fifty-six (65,903,656) are common shares and sixty four million, five hundred
and eight thousand, eight hundred and forty-four (64,508,844) are preferred
shares (“São Teófilo Shares”);

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (c)
WHEREAS Arapar and São Teófilo are jointly the lawful owners of one hundred and
twenty-seven million, five hundred and six thousand, four hundred and
fifty-seven (127,506,457) common registered shares, with no par value,
representing approximately twenty-eight percent (28%) of the voting capital
stock of Aracruz Celulose S.A., a corporation with its principal place of
business in the City of Aracruz, State of Espírito Santo, at Aracruz
Highway/Barra do Riacho, km 25, no number, enrolled with the National Corporate
Taxpayers Register of the Ministry of Finance under CNPJ/MF No.
42.157.511/0001-61 (“Company”) (“Company’s Shares”);
;

    

    (d)
WHEREAS the only and exclusive business of Arapar and São Teófilo is to hold the
Company’s Shares;

    

    (e)
WHEREAS Group A Sellers intend to sell all Arapar’s Shares and Buyer intends to
purchase them;

    

    (f)
WHEREAS Group B Sellers intend to sell all São Teófilo’s Shares and Buyer
intends to purchase them;

    

    (g)
WHEREAS on February 5, 2003, Sodepa Sociedade de Empreendimentos, Publicidade e
Participações S.A., subsequently succeeded by Arainvest Participações S.A.
(“Arainvest”) and Arapar S.A., entered into a Shareholders Agreement regarding
the Company, with the adhesion of São Teófilo on August 1, 2008 ("Shareholders
Agreement"); and

    

    (h)
WHEREAS the carrying out of such purchase and sale is conditioned upon
compliance with all requirements and obligations to permit the indirect sale and
transfer of the Company’s Shares to Buyer as established in the Shareholders
Agreement.

    

    The
Parties RESOLVE to enter into the Agreement, which shall be governed by the
following terms and conditions:

    

    I
– PURCHASE AND SALE; PRICE AND CLOSING; WARRANTIES

    

    1.1.
Pursuant to this Agreement, each of the Sellers, irrevocably and irreversibly,
agrees to sell Arapar’s Shares and São Teófilo’s Shares to Buyer, which agrees
to purchase such Shares by January 21, 2009 (“Closing Date”).

    

    1.2. For
the purchase and sale of Arapar’s Shares and São Teófilo’s Shares, Buyer shall
pay to Sellers the certain and agreed upon price corresponding to R$21.2538 per
each Company’s Share, thus amounting to two billion, seven hundred and ten
million Reais (R$2,710,000,000.00) (“Price”), which shall
be subject to adjustment pursuant to item 1.2.1 below.

    

    1.2.1.
Buyer hereby agrees, in case of a direct or indirect sale, whether full or
partial, in any way or form, of the Shares of the Company or its successor by
Buyer, (i) within one (1) year as from the Closing Date, and (ii) for a share
price exceeding the Price, to pay to Sellers, as adjustment to the Price, the
excess amount received by Buyer, which adjustment shall be paid by Buyer in a
lump sum, in cash, in Brazilian currency, within at most thirty (30) days as
from the sale event (in any way or form) of the Company’s Shares. Such sale does
not apply to a secondary offering held on the stock market through an authorized
financial institution or in case of a direct or indirect sale, whether full or
partial, in any way or form, to the National Bank for Economic and Social
Development – BNDES or a company controlled by it.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    1.3. The
Price shall be paid by Buyer to Sellers in six (6) installments, on the dates
established below or on the next business day should any of the dates below fall
in a non-banking day in the Cities of Rio de Janeiro and São Paulo:

    

    (a) five
hundred million Reais (R$500,000,000.00) on the Closing Date;

    

    (b) five
hundred million Reais (R$500,000,000.00) on July 2, 2009;

    

    (c) five
hundred million Reais (R$500,000,000.00) on January 04, 2010;

    

    (d) five
hundred million Reais (R$500,000,000.00) on June 30, 2010;

    

    (e) four
hundred and ten million Reais (R$410,000,000.00) on January 3, 2011;
and

    

    (f) three
hundred million Reais (R$300,000,000.00) on July 1, 2011.

    

    1.3.1.
Buyer’s failure to pay, whether fully or in part, any of the installments of the
Price on the dates and amounts provided for in items 1.3(a) to 1.3(f) above
shall make Buyer to be automatically in default, irrespectively of any notice or
court summons, as regards the installment due and unpaid, and such installment
shall be restated by the reference rate of the Settlement and Custody Special
System for federal notes, accruing monthly and disclosed by the Central Bank of
Brazil (“Selic
Rate”) or any other index that legally replaces such Selic Rate, as from
the date of maturity up to the actual payment.

    

    1.3.2.
Should Buyer’s default as mentioned in item 1.3.1 above persist over ten (10)
days, Sellers may, irrespectively of any notice or court summons, declare all
installments of the Price not yet paid as due in advance and, in such case, the
default installment pursuant to item 1.3.1 above and the installments due in
advance shall be restated by the Selic Rate as from the Closing Date to the
actual payment thereof.

    

    1.3.3.
The Parties hereby agree that should Buyer increase its capital stock in cash
and/or credits after the date hereof up to the maturity date of the second
installment of the Price, Buyer shall be entitled, but shall not be required, to
partially advance the credit to Sellers regarding the second installment of the
Price due to them pursuant to item 1.3(b) above in an amount of one hundred
million Reais (R$100,000,000.00), using such amount to subscribe and pay in, on
behalf of Sellers and in the proportion each one of them is entitled to receive
the Price, a certain number of preferred shares issued by Buyer (“Payment in Registered
Preferred Shares of Buyer”).

    

    1.3.3.1.
Sellers, for the specific purposes of item 1.3.3 above, hereby name and appoint
the Intervening Party as their true and lawful attorney-in-fact, with
irrevocable powers to sign, on behalf of Sellers, any and all documents
necessary to actually make the Payment in Registered Preferred Shares of Buyer,
including, but not limited to, subscription bulletins and list of attendance at
shareholders meetings of Buyer. Buyer and Intervening Party agree that the
Payment in Registered Preferred Shares of Buyer is restricted (i) to the first
capital increase of Buyer made after the date hereof and before the maturity of
the second installment of the Price, fully failing to be valid and effective
should it be not exercised on that occasion, (ii) to the subscription and paying
up of preferred shares of Buyer, and it cannot be used for subscription and
paying up of common shares or any other security issued by Buyer and/or
Intervening Party, (iii) solely and exclusively up to an amount of one hundred
million Reais (R$100,000,000.00) advanced from the second installment of the
Price as provided for in item 1.3(b) above, and no other credit of Sellers
against Buyer and/or Intervening Party may be used for such purpose, (iv) shall
comply with the portion of the Price to which each of Sellers is entitled; and
(v) to the issuance price of such preferred shares issued by Buyer and purchased
through Payment in Registered Preferred Shares of Buyer.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    1.3.3.2.
Issuance and delivery of preferred shares to Sellers, by virtue of the Payment
in Registered Preferred Shares of Buyer, shall partially release the second
installment of the Price for an amount of one hundred million Reais
(R$100,000,000.00), which shall remain valid, due and payable in an amount of
four hundred million Reais (R$400,000,000.00), Sellers agreeing to return to
Buyer the Promissory Notes representing such installment against issuance and
delivery by Buyer of new promissory notes on the same terms as the Promissory
Notes for a new amount of the second installment of the Price. Buyer hereby
agrees, irrevocably and irreversibly, that there shall be no restriction as to
the sale by Sellers of preferred shares issued by Buyer and purchased through
the Payment in Registered Preferred Shares of Buyer.

    

    1.4.
Concurrently with the execution of this Agreement, Buyer delivers to Banco de
Investimentos Credit Suisse (Brasil) S.A. promissory notes linked to this
Agreement, to the order of Sellers, in the amount of the installments of the
Price set forth in items 1.3(a) to 1.3(f) above and with maturity dates
according to the payment dates established in items 1.3(a) to 1.3(f) above for
the installments of the Price, according to the draft included in Exhibit
1.4 hereof (“Promissory
Notes”).

    

    1.4.1.
The Promissory Notes shall remain deposited in guarantee with Banco de
Investimentos Credit Suisse (Brasil) S.A., having Banco de Investimentos Credit
Suisse (Brasil) S.A. irrevocable powers, irrespectively of any statement of the
Parties, to deliver the Promissory Notes to Sellers on the Closing
Date.

    

    1.4.2.
Sellers hereby agree that the transfer of the Promissory Notes is authorized
only between Sellers, including their causa mortis successors,
irrespectively of any declaration and/or agreement of Buyer, Sellers being also
assured the possibility to submit the Promissory Notes in guarantee to third
parties, provided that such third parties are fully aware of the prohibition to
transfer the Promissory Notes. The restriction to transmission, under no
circumstance, shall harm or withdraw from the Promissory Notes their other
characteristics of negotiable instrument.

    

    1.5. The
installments of the Price shall be paid by Buyer to Sellers on the respective
dates of maturity as provided for in item 1.3 above, in immediately available
funds, and Buyer shall make the applicable withholdings according to the
respective taxation condition of each of Sellers, pursuant to Exhibit 1.5(a), through
Electronic Transfer of Funds (“TED”) of the funds to
the current accounts indicated by Sellers in Exhibit 1.5(b).

    

    1.5.1.
Receipt of payment of the installments of the Price by Sellers through TED shall
imply release to Buyer and/or Intervening Party, as the case may be, of payment
of the respective installment of the Price, and the evidence of payment of TED
shall be a receipt for all purposes.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    1.5.2.
Upon evidence of the full and definitive payment of each installment of the
Price, Sellers agree to return to Buyer the Promissory Notes corresponding to
the installment of the Price actually paid, which shall be cancelled ipso jure, failing to produce
thereafter any effects between the Parties.

    

    1.5.3. In
case of loss by any of Sellers of their Promissory Notes, the loss shall be
informed in writing to Buyer and Seller shall be liable before Buyer should any
third party demand payment based on the lost Promissory Note. In such case,
Buyer may not withhold, delay or fail to pay the corresponding installment of
the Price.

    

    1.6.
Buyer hereby agrees, irrevocably and irreversibly, to fully bear the costs and
expenses relating to any legal or extrajudicial proceeding, including fees of
counsel, necessary for collection by Sellers of the amounts due by Buyer based
on the Promissory Notes.

    

    1.7. On
the Closing Date there shall occur the consummation of the purchase and sale of
Arapar’s Shares and São Teófilo’s Shares to be carried out at the offices of
Barbosa, Mussnich & Aragão – Advogados located in the City and State of Rio
de Janeiro, at Av. Almirante Barroso, 52, 31st floor,
or in any other location to be mutually agreed upon by the Parties, with the
performance of the following acts by the Parties:

    

    (a)
Sellers shall deliver to Buyer a statement of deposit account issued by the
financial institution in charge of the deposit and book-entry of the Company’s
Shares (“Book-entry
Agent”) certifying that Arapar and São Teófilo are holders of the
Company’s Shares free and clear of any liens, restriction and encumbrances of
any nature, except for the subject-matter of the Shareholders
Agreement;

    

    (b) Group
A Sellers shall sign Arapar’s Shares Transfer Register transferring to Buyer all
and not less than all Arapar’s Shares, free and clear of any liens, restriction
and encumbrances of any nature;

    

    (c) Group
B Sellers shall sign São Teófilo’s Shares Transfer Register transferring to
Buyer all and not less than all São Teófilo’s Shares, free and clear of any
liens, restriction and encumbrances of any nature;

    

    (d) Buyer
shall evidence the payment of the first installment of the Price established in
item 1.3(a) above for Sellers through TED; and

    

    (c)
Sellers shall receive the Promissory Notes corresponding to the installments of
the Prices provided for in items 1.3(b) to 1.3(f).

    

    1.8. The
Parties agree to enter into and perfect all other documents, agreements, terms
and other instruments, as well as perform any other acts that are necessary or
proper for the consummation and/or implementation of the transaction established
in this Agreement.

    

    II
– SHAREHOLDERS AGREEMENT

    

    2.1.
Buyer acknowledges, irreversibly and irrevocably and for all purposes of the
law, the Shareholders Agreement and that the purchase and sale of Arapar’s
Shares and São Teófilo’s Shares which are the subject-matter of this Agreement
shall be subject to the right of first refusal established in Section IV of the
Shareholders Agreement and to the tag-along right of the common shares issued by
the Company and held by Arainvest linked to the Shareholders Agreement (“Linked
Shares”), pursuant to Section VI and Section 4.2.(d) of the Shareholders
Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    2.1.1.
Considering the purpose of Sections IV and VI of such Shareholders Agreement,
Buyer shall be liable for notifying Arainvest of the contents of this Agreement
within twenty-four (24) hours after entering into of this Agreement, and Buyer,
irrevocably and irreversibly, shall indemnify, defend and hold Sellers harmless
of any claim or questioning made by Arainvest based on the Shareholders
Agreement, even if pursuant to item 2.5 below.

    

    2.1.2.
Buyer agrees to include in the notice to Arainvest mentioned in item 2.1.1 above
the following statement: “Buyer declares, under the penalty of the law, that
there are no other amounts or benefits being offered, paid, prior to or
subsequently to the Agreement, or promised to be paid, in any way, by virtue of
other transactions, directly or by a third person, to Sellers”.

    

    2.1.3.
Buyer agrees, irrevocably and irreversibly, not to carry out directly or
indirectly any amendments to the By-laws of Arapar and/or São Teófilo rendering
it impossible for Arainvest to exercise its rights provided for in the
Shareholders Agreement.

    

    2.2.
Should Arainvest timely exercises its right of first refusal in the purchase of
the Company’s Shares or Arapar’s Shares or São Teófilo’s Shares, pursuant to
Section IV of the Shareholders Agreement, Buyer agrees, irrevocably and
irreversibly, to transfer the Company’s Shares, Arapar’s Shares or São Teófilo’s
Shares, as the case may be, to Arainvest.

    

    2.2.1.
Should Arainvest exercise its right of first refusal against the transfer of the
Company’s Shares or Arapar’s Shares or São Teófilo’s Shares, as the case may be,
to Arainvest, Arainvest shall (i) adhere to this Agreement as buyer, Arainvest
becoming subrogated in the obligations of Buyer established in this Agreement,
also as regards the payment of the installments of the Price provided for in
items 1.3(a) to 1.3(f) above; (ii) issue new promissory notes in replacement of
the Promissory Notes on the same terms and conditions; and (iii) reimburse Buyer
for the amount of the installment of the Price established in item 1.3(a)
above.

    

    2.2.1.1.
Should Arainvest exercise its right of first refusal pursuant to item 2.2.1,
Sellers agree to return the Promissory Notes to Buyer upon receipt of the new
promissory notes issued by Arainvest.

    

    2.2.2.
Against the reimbursement of the first installment of the Price provided for in
item 1.3(a) above by Arainvest and return of the Promissory Notes by Sellers, in
order to guarantee Arainvest’s rights based on the Shareholders Agreement and
permit due compliance with the provisions of the Shareholders Agreement, in case
of timely exercise by Arainvest of its right of first refusal, Buyer grants to
Arapar Persons Responsible and São Teófilo Persons Responsible, as
representatives of Sellers, irrevocably, irreversibly and unconditionally,
pursuant to article 684 of the Brazilian Civil Code, exclusive and specific
powers for Arapar Persons Responsible and São Teófilo Persons Responsible,
always jointly, on behalf of Sellers, (i) to perform all acts necessary to
transfer Arapar’s Shares and São Teófilo’s Shares or the Company’s Shares, as
the case may be, in the Arapar Share Transfer Register and São Teófilo Share
Transfer Register, respectively or with a Book-Entry Agent, as the case may be,
to Arainvest; and (ii) to sign any and all documents, agreements or transfer
instruments, perform any and all acts before the Company, Arapar and São
Teófilo, as the case may be, and also represent Buyer with third parties, any
other government bodies, for the purpose of taking all necessary measures to
transfer the Company’s Shares or Arapar’s Shares or São Teófilo’s Shares, as the
case may be, to Arainvest, being able to delegate wholly or in part such
powers.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.3.
Should Arainvest exercise the tag along right of the Linked Shares, pursuant to
Section VI of the Shareholders Agreement, Buyer agrees to purchase from
Arainvest the Linked Shares on the same terms and conditions established
herein.

    

    2.4.
Should Arainvest fail to timely exercise the right of first refusal established
in Section IV of the Shareholders Agreement or the tag along right, according to
Section VI of the Shareholders Agreement, Buyer agrees to adhere to the
Shareholders Agreement, as required in the Shareholders Agreement.

    

    2.5.
Buyer agrees, irrevocably and irreversibly, with the obligations established in
item 1.7 for the Closing Date, notwithstanding the event that, on the Closing
Date, the transfer of Arapar’s Shares or São Teófilo’s Shares as provided for in
items 1.7(b) and/or 1.7(c) above, as the case may be, fails to occur by virtue
of any claim or challenging by Arainvest based on the Shareholders Agreement, or
by any third party. Upon resolution of the claim or challenging, Sellers agree,
irrevocably and irreversibly, to comply with the obligations provided for in
items 1.7(b) and/or 1.7(c) above.

    

    2.5.1
Buyer also agrees that, in case Sellers fail to comply with the obligations
provided for in item 1.7 by the Closing Date due to any claim or questioning by
Arainvest based on the Shareholders Agreement, or by any third party, the fine
provided for in item 10.1 shall not be due in any way by Sellers to
Buyer.

    

    III
– REPRESENTATIONS AND WARRANTIES

    

    3.1.
Sellers, for all purposes of this Agreement, represent and warrant to Buyer, on
the date hereof and on the Closing Date, as a condition and presupposition for
the execution and consummation of the purchase and sale of the s Shares,
that:

    

    3.1.1.
Sellers have full capacity to sign this Agreement and comply with the
obligations provided for herein. Execution and compliance with this Agreement by
Sellers were duly authorized by all necessary corporate acts, as the case may
be, which are in full force. Assuming the due authorization, execution and
perfection by Buyer, this Agreement is a legal, valid, binding and enforceable
obligation against Sellers.

    

    3.1.2.
Execution and compliance with this Agreement by Sellers (a) shall not violate
its articles of incorporation, when applicable; (b) shall not violate any
applicable law; and (c) (i) shall not require any
consent or any other act by any person, including Arapar and/or São Teófilo
pursuant to any shareholders agreement or contract or another instrument of
which Sellers are a party, or any grant, authorization, permit, license or other
similar authorization held by Sellers, except for the provisions of the
Shareholders Agreement, or shall be a default pursuant to the terms of any
agreement or instrument of which Sellers are a party, except for the provisions
of the Shareholders Agreement; and (ii) shall not create any
right of termination, cancellation or early maturity of any obligation of
Sellers or Arapar or São Teófilo which in any way impedes the transaction
established herein.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    3.1.3.
Exhibit Whereas (a) includes a description of the totality of Arapar Shares,
Exhibit Whereas (b) includes a description of the totality of São Teófilo Shares
and Exhibit 3.1.3(a) includes a description of the totality of the Company’s
issued and outstanding Shares held by Arapar and São Teófilo. Except for the
provisions in Exhibit 3.1.3(b), Arapar Shares, São Teófilo Shares and the
Company’s Shares were validly issued and are fully paid-in, free and clear of
any encumbrances, restrictions and liens, whether judicial or extrajudicial,
except for the provisions in the Shareholders Agreement. Arapar’s Shares
represent the totality of Arapar’s capital stock. São Teófilo’s Shares represent
the totality of São Teófilo’s capital stock. Arapar and São Teófilo are the
lawful owners of the Company’s Shares, and neither Arapar nor São Teófilo are
owners of any other share or security issued by the Company. Sellers are not the
owners of any other share issued by Arapar or São Teófilo or any other security
convertible into Arapar’s and/or São Teófilo’s share. São Teófilo adhered to the
Shareholders Agreement.

    

    3.1.4.
Arapar and São Teófilo are pure companies (i.e., business companies the
exclusive purpose of which is the participation in other companies) in good
standing before all authorities and third parties in general, and shall have the
Company’s Shares, cash and recoverable taxes as sole assets on the Closing Date.
Arapar and São Teófilo do not exercise any other activity or transaction, do not
have employees or any obligation, debt, contingency or claim of any nature,
except as reflected in the respective trial balances included in Exhibit
3.1.4(a) and the proceedings included in Exhibit 3.1.4(b). Arapar and São
Teófilo cash included in such trial balances, as the case may be, shall be
exclusively the amount mentioned in item 4.3 below.

    

    3.2.
Buyer and Intervening Party, for all purposes of this Agreement, represent and
warrant to Sellers, on the date hereof and on the Closing Date, as a condition
and presupposition for the execution of this Agreement, that:

    

    3.2.1.
The execution and compliance with this Agreement by Buyer, including issuance of
the Promissory Notes by Buyer, were duly authorized by all necessary corporate
acts of Buyer, which are in full force. Assuming the due authorization,
execution and perfection by Sellers, this Agreement is the legal, valid, binding
and enforceable obligation against Buyer.

    

    3.2.2.
The execution and compliance with this Agreement by Buyer (a) shall not violate
its articles of incorporation; (b) shall not violate any law applicable thereto;
(c) shall not require any other consent or other act by any other person
pursuant to any agreement or another instrument to which Buyer is bound, or any
license or another similar authorization held by Buyer; (d) shall not constitute
a default pursuant to any agreement or instrument to which Buyer is bound and
which in any way impedes the transaction contemplated herein; and (e) shall not
create any right of termination, cancellation or early maturity of any
obligation of Buyer which in any way impedes the transaction contemplated
herein.

    

    3.2.3.
The decision to indirectly buy any of the Company’s Shares was taken based on
the information held by Buyer and/or Intervening Party, as indirect shareholders
of the Company and in charge of indicating the Company’s managers, as well as on
the information available to the market and disclosed by the Company pursuant to
applicable law, also on the economic-financial-accounting situation of the
Company, including, but not limited to, the Company’s obligations arising out of
transactions with derivatives, changes in exchange rate, effects on the sales
and liquidity of clients by virtue of the Brazilian and world economic scenario,
Buyer and Intervening Party fully undertaking, as from the Closing Date, all
benefits and risks arising out of the indirect ownership of the Company’s
Shares, without such economic-financial factors regarding the Company, its
clients, the Brazilian or world economic situation or the market where the
Company, Buyer and/or Intervening Party acts, even that thereafter they may be
aggravated, in an unpredictable or exceptional way, or in any way be cause for
changing the obligation to pay the Price provided for herein, and no allegation
on the change in the economic, commercial or financial premises of the Agreement
shall be made.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    3.2.4.
They acknowledge the existence of registration in Arapar and/or São Teófilo
accounts of a discount, Buyer fully assuming in any case, as from the Closing
Date, all benefits, obligations, liabilities and risks arising out of the
ownership of Arapar’s Shares and São Teófilo’s Shares.

    

    3.2.5.
They shall cause the Company to indemnify and hold harmless the persons listed
in Exhibit
3.2.5, as former managers, agents representatives or members of the
management of the Company, including as guest or listener, and/or as managers of
Arapar and São Teófilo (“Managers”), from and
against any Loss or liability of any nature incurred by them in connection with
the transactions of the Company with derivative instruments in any
jurisdictions, including upon retaining and maintaining legal advisory services,
as the case may be, at the expenses of the Company, so long as such Loss or
liability is not resulting from gross negligence or willful misconduct of the
Managers in the performance of their duties or in breach of the law or Bylaws of
the Company.

    

    IV
– OTHER OBLIGATIONS

    

    4.1. On
the Closing Date, Sellers shall cause the managers of Arapar and the managers of
São Teófilo to deliver to Arapar and São Teófilo, as the case may be, their
respective irrevocable waiver letters, together if applicable with a release of
such managers as regards their fees for the performance of their
duties.

    

    4.2.
Sellers agree, even after the Closing Date, to supply within a reasonable term
any and all information of Arapar, São Teófilo and also Sellers, which is
necessary for Buyer as a shareholder of the companies Arapar, São Teófilo and
indirectly the Company.

    

    4.3.
Concomitantly with the Closing Date, Group A Sellers agree to file with the
proper courts a claim for withdrawal of tax actions of which Arapar is a
defendant, mentioned in Exhibit 4.3, when applicable, and make the respective
payments. Sellers agree to keep at Arapar and São Teófilo current assets,
according to the trial balances mentioned in Exhibit 3.1.4(a), the amounts
necessary for such withdrawal, and Sellers agree to fully bear the costs and
expenses relating to the withdrawal of actions, including fees of
counsel.

     

    V
– INDEMNITY

     

    5.1.
After the Closing Date, Group A Sellers shall indemnify, defend and hold Buyer
harmless from and against any loss, damage, liability, injury, expense or cost
(collectively “Losses” and
individually a “Loss”) which may be
actually incurred by Buyer arising from:

     

    (a)
incorrection, misrepresentation, inaccuracy or noncompliance of any
representation or warranty provided by Group A Sellers under Section III
hereof;

     

    (b)
breach, by Group A Sellers, of the their obligations under this Agreement;
and

     

    (c)
corporate acts under the responsibility of Group A Sellers regarding the
ownership of the Company’s Shares before carrying out the transaction provided
for herein.

     

    5.1.1.
For purposes of the indemnity provided for in item 5.1, Group A Sellers appoint
as joint and several persons responsible before Buyer Mr. Haakon Lorentzen,
Norwegian, married, businessman, bearer of Identity Card for Foreigners RNE No.
W-2064-10-E, issued by SE/DPMAF/DPF, enrolled with the Individual Taxpayers
Register of the Ministry of Finance under CPF/MF No. 667.258.797-72, domiciled
at Av. Augusto Severo, 8, 7th floor,
in the City of Rio de Janeiro, State of Rio de Janeiro (“HL”) and Mr. Erling
Sven Lorentzen, Norwegian, married, businessman, bearer of Identity Card for
Foreigners RNE No. W339332-8, issued by SE/DPMAF/DPF, enrolled with the
Individual Taxpayers Register of the Ministry of Finance under CPF/MF No.
021.948.307-82 (“ESL” and jointly with HL, “Arapar Persons Responsible”). For
purposes of item 5.1, Arapar Persons Responsible indicate as address to receive
all notices Av. Augusto Severo, 8, 7th floor,
in the City of Rio de Janeiro, State of Rio de Janeiro, fax (21) 2221-2673,
phone (21) 2508-0505.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5.2.
After the Closing Date, Group B Sellers agree to indemnity, defend and hold
Buyer harmless in connection with any Loss to be effectively suffered by Buyer
by virtue of:

     

    (a)
incorrectness, misrepresentation, inaccurateness or noncompliance with any
representation or warranty given by Group B Sellers in Section III
hereof;

     

    (b)
breach, by Group B Sellers, of the obligations undertaken herein;
and

     

    (c)
corporate events under the responsibility of Group B Sellers in connection with
ownership of the Company’s Shares before carrying out the transaction provided
for herein.

     

    5.2.1.
For purposes of the indemnity provided for in item 5.2, Group B Sellers appoint
as persons responsible before Buyer Mr. Pedro Moreira Salles, Brazilian,
married, banker, bearer of Identity Card RG No. 19.979.952-0 SSP-SP, enrolled
with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF
No. 551.222.567-72, and Mr. Fernando Roberto Moreira Salles, Brazilian, married,
industrialist, bearer of Identity Card RG No. 2.066.712-7 SECC/RJ, enrolled with
the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No.
002.938.068-53 (“Moreira Salles Persons Responsible”) and Mr. Luis Antonio
Nabuco de Almeida Braga, Brazilian, married, businessman, bearer of Identity
Card RG No. 03.474.562-0 issued by the IPF/RJ, enrolled with the Individual
Taxpayers Register of the Ministry of Finance under CPF/MF No. 533.519.087-68
and Mrs. Maria do Carmo Nabuco de Almeida Braga, Brazilian, single, of age,
businesswoman, bearer of Identity Card RG No. 02.978.307-3, issued by the
IFP/RJ, enrolled with the Individual Taxpayers Register of the Ministry of
Finance under CPF/MF No. 487.269.157-15 (“Almeida Braga Persons Responsible”)
(Moreira Salles Persons Responsible jointly with Almeida Braga Persons
Responsible, “São Teófilo Persons Responsible”). With no joint and several
liability, Moreira Salles Persons Responsible shall be liable for 60.2599% of
any indemnities mentioned in item 5.2 and Almeida Braga Persons Responsible
shall be liable for 39.7401%. For purposes of item 5.2, Moreira Salles Persons
Responsible indicate as address to receive all notices Av. Eusébio Matoso, 891,
22nd
floor, Pinheiros 05423-901, in the City of São Paulo, State of São Paulo, phone
(011) 3095-2855, fax (011) 3814-8977. Also for purposes of item 5.2, Almeida
Braga Persons Responsible indicate as address to receive all notices Av.
Presidente Wilson, 231, 9th floor,
Downtown, in the City of Rio de Janeiro, State of Rio de Janeiro, phone (021)
3804-8618, fax (021) 3804-8627. Moreira Salles Persons Responsible are joint and
several liable between them, and Almeida Braga Persons Responsible are also
joint and several liable between them, in the percentages indicated above,
respectively.

     

    5.3. If
Buyer is informed of any omission, act or fact giving rise to the indemnity
obligation, Buyer shall notify Arapar Persons Responsible or São Teófilo Persons
Responsible, as the case may be, within the lesser of five (5) business days
from the date on which such information comes to the knowledge of Buyer or 1/3
of the term provided by law for pronouncing on the claim or obligation, in order
to allow Arapar Persons Responsible or São Teófilo Persons Responsible, as the
case may be, to elect whether to challenge the debt or obligation claimed in the
notice within the lesser of five (5) business days from receiving the notice
from Buyer or 1/3 of the term provided by law for pronouncing on the claim or
obligation.

     

    5.3.1. If
the event provided for in item 5.3. above occurs before the full payment of the
Price by Buyer, the following shall apply:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5.3.1.1.
If Arapar Persons Responsible or São Teófilo Persons Responsible, as the case
may be, elect not to challenge the debt or obligation, the Parties hereby
irrevocably and irreversibly agree that Buyer shall (i) pay the debt in full or
perform the obligation within the term provided for by the law and (ii) discount
the amount of the debt or obligation from the portion of the Price due to Group
A Sellers or Group B Sellers, as the case may be, beginning by the last
installment, and Buyer shall deliver any balance, if any, to Group A Sellers or
Group B Sellers, as the case may be, on the date scheduled for the payment of
the last installment of the Price, pursuant to item 1.3(f) above. If the amount
of the debt or obligation exceeds the amount of the last installment of the
Price due to Group A Sellers or Group B Sellers, as the case may be, Buyer shall
discount the exceeding amount from the portion due to Group A Sellers or Group B
Sellers, as the case may be, of the immediately preceding installment of the
Price, and so on successively.

     

    5.3.1.2.
If Arapar Persons Responsible or São Teófilo Persons Responsible, as the case
may be, elect to challenge the debt or obligation, the Parties hereby
irrevocably and irreversibly agree that Buyer shall (i) fully bear, at its own
expenses, with the costs arising from the challenge by Sellers to the debt or
obligation claimed in the judicial and/or extrajudicial notice, including all
expenses and fees of attorneys and consultants appointed by Sellers and
providing guarantees as may be necessary for the defense, and (ii) if Sellers
are not successful in their challenging the debt or obligation, Buyer shall be
fully reimbursed according to the provisions of item 5.3.1.1(ii) above; or (b)
if Sellers are successful in their challenging the debt or obligation, no
reimbursement of any nature shall be payable to Buyer.

     

    5.3.1.3.
In the event of item 5.3.1 above, Buyer hereby irrevocably and irreversibly
agree that Buyer may not retain, delay, fail to pay, discount or otherwise
dispose of installments not yet due of the Price, which shall remain to be
payable to Sellers in the amount and terms provided for in such items of this
Agreement, except any reimbursements as provided for in items 5.3.1.1 and
5.3.1.2 above.

     

    5.3.1.4.
If any reimbursement shall be made to Buyer according to items 5.3.1.1 and
5.3.1.2 above, Sellers agree to return to Buyer the Promissory Notes
representing the installments not paid yet which shall be subject to discount,
and Buyer shall, simultaneously with such return, issue new Promissory Notes to
Sellers, in the same number and with the same characteristics of the Promissory
Notes returned, discounting the amounts agreed under said items. Except as
provided for in item 1.5.3 above, if by any reason the Promissory Notes shall
not have been returned to Buyer on the date of payment of the installment which
shall be granted abatement, Sellers acknowledge that Buyer shall be entitled,
without any penalty or indemnity obligation, to retain the payment exclusively
of the Seller whose Promissory Note has not been returned, until said Promissory
Note is returned and cancelled.

     

    5.3.2. If
the event provided for in item 5.3 above occurs after the full payment of the
Price by Buyer, the following shall apply:

     

    5.3.2.1.
If Arapar Persons Responsible or São Teófilo Persons Responsible, as the case
may be, elect not to challenge the debt or obligation, they shall, within the
term provided by law for the settlement of the debt or performance of the
obligation, settle the debt or perform the obligation, or, yet, in the event
Buyer may not have settled the debt or performed the obligation, reimburse Buyer
for the amount of said debt or obligation, plus the due additions provided for
by the law or contract.

     

    5.3.2.2.
If Arapar Persons Responsible or São Teófilo Persons Responsible, as the case
may be, elect to challenge the debt or obligation, they shall, at their own
expenses, bear the costs related to their judicial and/or extrajudicial
challenging, including all expenses and fees of attorneys and consultants.
Arapar Persons Responsible or São Teófilo Persons Responsible, as the case may
be, upon request, shall provide the guarantees necessary for the defense, so
that Buyer shall not, at any time, make any disbursement or sustain any
constraint to its assets or limitation of any nature to its business or
operations. Buyer, in turn, shall grant power of attorney to the attorneys
appointed by Arapar Persons Responsible or São Teófilo Persons Responsible, as
the case may be, as well as cooperate with these attorneys to produce evidences
as necessary for an efficient defense against the third party
claim.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5.3.2.3.
In the events provided for in 5.3.2.1 and 5.3.2.2 above, if Arapar Persons
Responsible or São Teófilo Persons Responsible, as the case may be, as duly
notified according to item 5.3 above, fail to directly pay the debt or indemnify
Buyer against the amount due, omit, confess, or fails to take the measures
necessary to challenge the notified debt, requirement or claim and to the
defense of Buyer, and Buyer sustains any constraint on its assets or limitation
of any nature to its business or operations as a result thereof, Buyer itself
shall be entitled to pay the claimed debt and shall become creditor of Arapar
Persons Responsible or São Teófilo Persons Responsible, as the case may be, in
respect to said amount. A penalty of ten per cent (10%) shall accrue on the
amount due by Arapar Persons Responsible or São Teófilo Persons Responsible, as
the case may be, plus interests calculated on pro rata die basis at Selic
Rate. This clear legal credit right shall be evidenced upon the submission of
the receipt of payment of the payable debt, which, for all purposes and legal
effects, shall operate as an extrajudicial execution instrument.

     

    5.3.3.
The obligation of Arapar Persons Responsible or São Teófilo Persons Responsible,
as the case may be, to indemnify Buyer provided for in items 5.1 and 5.2. shall
remain valid and effective for a period of five (5) years, except for the
representations set forth in items 3.1.2., 3.1.3. and 3.1.4. above in respect to
which the indemnity obligation shall remain valid and effective until the
expiration of said obligation (collectively “Liability Period”).
In the event of any existing debt, requirement or claim against Buyer which
constitutes a Loss and about which notice or service of process has already been
served on Buyer and/or Arapar Persons Responsible or São Teófilo Persons
Responsible, as the case may be, before the expiration of the Liability Period,
the indemnity obligation of the Persons Responsible shall survive until the
actual payment, settlement and/or reimbursement of the obligation related to the
debt, requirement or claim against Buyer.

     

    5.3.4.
The obligation of Arapar Persons Responsible or São Teófilo Persons Responsible,
as the case may be, to indemnify Buyer under items 5.1 and 5.2. is not subject
to a limit of amounts, subject, however, to their respective equity
interests.

     

    5.4.
After the Closing Date, Buyer shall indemnify, defend and hold Sellers harmless
from and against any Loss incurred by Sellers arising from:

     

    (a)
incorrection, misrepresentation, inaccuracy or noncompliance with any
representation or warrant provided by Buyer under Section III
hereof;

     

    (b)
breach by Buyer of its obligations under this Agreement;

     

    (c)
breach by Buyer of any obligation under law or which may be awarded against
Sellers for Buyer’s action or failure to act as regards market regulatory
bodies, notably those regulating competition issues and the stocks and
securities market; and

     

    (d)
transaction of the Company with derivative instruments in any jurisdiction,
including upon retaining and maintaining legal advisory services, as the case
may be, at the expenses of the Buyer.

     

    .

     

    5.4.1 The
procedures set forth in item 5.3 and following above shall apply mutatis mutandis and as
applicable to Buyer, Sellers and Managers as regards the indemnity obligation
under item 5.4 above. The Liability Period, in relation to Buyer, shall be equal
to the statute of limitations of said obligation.

     

    5.5. The
Parties hereby agree that, in the event of death of one of Arapar Persons
Responsible and/or one of Moreira Salles Persons Responsible and/or one of
Almeida Braga Persons Responsible, the remaining Arapar Person Responsible
and/or Moreira Salles Person Responsible and/or Almeida Braga Person
Responsible, as the case may be, shall be the sole person responsible for the
indemnity obligation established in items 5.1 and 5.2, as the case may be. The
Parties agree that, in case of death of the two Arapar Persons Responsible
and/or the two Moreira Salles Persons Responsible and/or the two Almeida Braga
Persons Responsible, the Group A Sellers or the Group B Sellers, as the case may
be, shall appoint the successor for the obligation of the two deceased Arapar
Persons Responsible and/or the two deceased Moreira Salles Persons Responsible
and/or the two deceased Almeida Braga Persons Responsible, established in items
5.1 and 5.2, as the case may be, and the successor to be appointed to substitute
the two deceased Arapar Persons Responsible, and/or the two deceased Moreira
Salles Persons Responsible and/or the two deceased Almeida Braga Persons
Responsible shall be reasonably acceptable to Buyer within fifteen (15) days
from appointment, provided that the silent of Buyer on this matter shall be
deemed as acceptance of the successor appointed. Until the acceptance by Buyer
of the successor of the two deceased Arapar Persons Responsible and/or the two
deceased Moreira Salles Persons Responsible and/or the two deceased Almeida
Braga Persons Responsible, the remaining Arapar Persons Responsible and São
Teófilo Persons Responsible shall be jointly liable for the indemnity obligation
of the two deceased Arapar Persons Responsible and/or the two deceased Moreira
Salles Persons Responsible and/or the two deceased Almeida Braga Persons
Responsible under items 5.1 and 5.2, as the case may be.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    VI
– APPROVAL BY CADE AND THE OTHER REGULATORY BODIES

     

    6.1.
Buyer acknowledges that this Agreement shall be binding upon the Parties before
the market regulatory bodies, notably those regulating competition and the
stocks and securities market.

     

    6.2.
Buyer, within fifteen (15) days from execution hereof, shall send to the
Brazilian Council for Economic Defense (“CADE”) the notice and
form required by applicable law regarding the transactions provided for herein.
Sellers shall provide the required information and reasonably assist in
connection with the finding of facts for any petition or motion that may be
necessary. Buyer shall keep Sellers informed about the development of the
proceeding, any notices sent to CADE and any other inquiries or requests of
additional information to CADE, and shall promptly fulfill any requirement or
request and provide such other additional information as may be requested. Buyer
shall fully bear all costs and expenses related to the submission of the
transaction for CADE’s consideration and approval, except the fees of attorneys,
auditors and advisors of Sellers. If the transaction is not approved by CADE, or
if CADE imposes conditions to approve the transaction, Buyer shall be solely
responsible and shall take all measures necessary to remedy the situation to
have the transaction approved by CADE, without any loss or damage to
Sellers.

     

    6.3.
Buyer shall also assume any and all liability before the other market regulatory
bodies, and shall take all measures necessary for the full performance of the
legal obligations imposed by these regulatory bodies.

     

    6.4.
Sellers shall be unconditionally entitled to receive the Price and to maintain
it even if the transaction hereunder does not meet, in the opinion of CADE or
any other regulatory bodies, the conditions provided by law, without any loss or
damage to Sellers.

     

    VII
– RESOLUTION OF DISPUTES

     

    7.1. In
the event of any difficulty in the interpretation or performance of this
Agreement, or any dispute related to or arising from any breach of this
Agreement, the Parties shall use their best efforts to solve it amicably. For
such purpose, the Parties shall negotiate in good-faith a solution acceptable to
both of them. If the Parties cannot reach an agreement within thirty (30) days
after the receipt of the notice of the existing dispute and the need of a
solution for the matter, the dispute shall be settled as provided for in the
items below.

     

    7.2.
Subject to the foregoing item, the Parties agree that any dispute related to or
arising from this Agreement whose solution would represent a cognizance
proceeding, including any dispute regarding the existence, effectiveness,
interpretation, or termination hereof, shall be exclusively and finally settled
upon arbitration conducted and managed according to applicable Arbitration Rules
of the Arbitration Center of the Brazil-Canada Chamber of Commerce and managed
by the Arbitration Center of the Brazil-Canada Chamber of Commerce, subject to
the provisions of Law No. 9307, of September 23, 1996, and the Brazilian Code of
Civil Procedure, without prejudice to the right of requiring payment of the
Price by Sellers directly through proceeding of execution on a fixed
amount.

     

    7.3. The
place of arbitration, if applicable, shall be the City of São Paulo, State of
São Paulo, Brazil, unless the Parties expressly agree otherwise, and without
prejudice to the Parties’ right to elect other location for the arbitration
proceedings.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    7.4. The
proceedings shall be conducted in the Portuguese language, and all documents and
statements provided as evidence in the course of the arbitration proceeding
shall be translated into Portuguese, if written in foreign language, and the
Party providing such evidence shall bear the respective costs of such
translation.

     

    7.5. The
dispute shall be settled upon arbitration proceeding conducted by an arbitral
tribunal consisting of three (3) arbitrators belonging to the Panel of
Arbitrators of the Arbitration Center of the Brazil-Canada Chamber of Commerce,
one (1) arbitrator being appointed by the Plaintiff(s) and one (1) by the
Defendant(s). The third arbitrator, who shall act as President of the
arbitration tribunal, shall be appointed by the two (2) first appointed
arbitrators. If the arbitrators fail to reach an agreement on the appointment of
the President of the arbitration tribunal, such appointment shall be made by the
Arbitration Center of the Brazil-Canada Chamber of Commerce.

     

    7.6. The
arbitration tribunal shall settle the dispute according to the provisions hereof
and the Brazilian law.

     

    7.7. Any
document or information disclosed by the Parties in the course of the
arbitration proceeding shall be confidential, and the Parties and the
arbitrator(s) to be appointed agree not to disclose them to third parties,
unless upon court or administrative order against which confidentiality
obligation may not be invoked. The information about the existence, filing or
development of the arbitration proceeding is confidential and may not be
disclosed without the prior and express consent of the other Party.

     

    7.8. The
arbitral award shall be binding upon the Parties and shall not be subject to any
legal or administrative appeal. The arbitral award shall be rendered in writing
and include the legal basis upon which it was rendered. The costs of the
arbitration proceeding, including the attorney’s fees and expenses, shall be
borne as determined by the arbitration court, unless the Parties mutually agree
otherwise in writing.

     

    7.9 The
Parties agree that during the course of the arbitration proceeding they shall
continue to perform their respective obligation hereunder.

     

    VIII
– CONFIDENTIALITY

     

    8.1. Each
Party shall keep strictly secret and shall cause the persons and consultants
related to said Party (“Related Parties”) to
keep strictly secret this Agreement, the provisions and exhibits hereof, and all
information and materials, whether in written, oral, electronic or other format,
obtained or received from the other Parties during the negotiation and
performance of this Agreement, and the Parties hereby agree that such
confidentiality shall not apply to the following cases:

     

    (a) if
prior written consent for disclosure is obtained by the Party in possession of
the confidential information;

     

    (b) the
relevant information is or become generally available to the public other than
as result of breach of the confidentiality obligation by any means of disclosure
or other action or omission by the Party or any of its Related
Parties;

     

    (c) the
information is or become known or available to the Party or any of its Related
Parties on a non-confidential basis from any source (other than the party in
possession of said information or any of its Related Parties) that, to the best
of the knowledge of the receiving Party, after due investigation, is not
prohibited from disclosing such information by obligation to the Party owning
said information or any of its Related Parties;

     

    (d) the
information was already known by the Party on a lawful basis on the date of its
disclosure by the other Party or its Related Parties; or

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (e) the
information is required to be disclosed according to applicable law or
regulations, including the rules of the Brazilian Council for Economic Defense
(CADE), the Brazilian Securities and Exchange Commission (CVM) and any competent
Stock Exchange, or as result of order, determination or Governmental ruling
applicable to said Party, so long as, if permitted by law, said Party consult
with the Party owning said information before the disclosure thereof, and the
Parties hereby agree that said consultation shall under no circumstances be
deemed as prior approval of the Party owning said information

     

    .

     

    8.2.
Furthermore, the Parties agree and shall cause its respective Related Parties to
agree not to use any confidential information as provided for in item 8.1 other
than for the purposes of this Agreement.

     

    8.3. The
confidentiality obligation provided for herein shall survive the termination of
this Agreement, for any reason whatsoever, and shall remain in full force and
effect for a period of three (3) years from execution of this
Agreement.

     

    8.4. In
addition to the provisions above, the Parties hereby acknowledge to be subject
to the confidentiality obligations provided for in the regulations issued by the
CVM and other relevant securities and exchange commissions in respect to
non-disclosure to third parties of any and all information about the transaction
provided for herein.

     

    8.5. The
Parties shall jointly agree on the form, contents and time of the disclosure to
the market of any notice or material fact regarding this Agreement, taking
always into account the applicable requirements of law.

     

    8.6. The
Parties agree that no notice to the market regarding this Agreement, including
press releases, shall be disclosed by any of the Parties without the express
written consent of the other Party.

     

    8.7.
Sellers agree not to disclose, and shall cause the representative of the bodies
of the Company to agree not to disclose to third parties any confidential
information about the Company, its business and operations, for a period of
three (3) years from the Closing Date, and not to use such information in any
business or transaction.

     

    8.8. The
Parties acknowledge that the disclosure of the information related to this
Agreement by any of the Related Parties in breach of this Chapter VIII shall
result in significant Losses to the non-breaching Party. In this case, the
non-breaching party may file a claim for damages against the breaching Party,
subject to the provisions under Chapter V above.

     

    IX
– JURISDICTION AND APPLICABLE LAW

     

    9.1.
Notwithstanding the provisions about arbitration and without prejudice to item
7.2. above regarding the right to require payment of the Price through execution
proceeding, the Parties shall be entitled to file claim in any competent court
(i) to have an injunction or provisional relief or (ii) enter judgment upon the
arbitral award against the other Party. For the purposes of any action or
proceeding to be filed according to this Section IX, the Parties hereby elect
the courts of the Judicial District of the City of São Paulo, State of São
Paulo, as the courts of jurisdiction to settle any disputes, except those to
which the applicable law require mandatory competence.

     

    9.2. This
Agreement shall be governed by and construed according to the laws of the
Federative Republic of Brazil.

     

    X
– MISCELLANEOUS

     

    10.1
Buyer’s failure to pay the first installment of the Price provided for in item
1.3(a) above on the Closing Date to Sellers or Sellers’ failure to transfer
Arapar’s Shares and São Teófilo’s Shares on the Closing Date shall entitle the
other Party to require execution of an affirmative covenant or execution on a
fixed amount, as the case may be, or the right to require from the other Party a
fine in an amount of one billion Reais (R$1,000,000,000.00), which fine the
Parties hereby agree as fair for the losses that would have be borne by the
other Party, and it is hereby agreed that the non-defaulting Party shall pay
such fine within fifteen (15) days as from receipt of the proper notice sent by
the other Party.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    10.1.1.
Buyer irrevocably and irreversibly agrees that, in the event provided for in
item 2.5 above, the fine established in item 10.1 shall not be due in any way by
Sellers to Buyer.

     

    10.2.
This agreement comprises the entire understanding between the Parties regarding
the subject-matter hereof, and is binding upon the Parties and its respective
successors on any account.

     

    10.3.
Intervening Party hereby signs this Agreement to confirm that it is aware of the
provisions herein, and to ensure that it shall comply with its obligations under
such provisions and shall not perform any act against or in breach of the rights
and obligations of Sellers and Buyer under this Agreement, and shall cause Buyer
to perform its obligations under this Agreement.

     

    10.4. Any
changes in the terms and conditions hereof shall only be effective upon written
instrument duly executed by the Parties. Neither Party is entitled to assign or
otherwise transfer, in whole or in part, any of its rights or obligations under
this Agreement without the prior written and express consent of the other Party,
except as provided in item 1.4.2. above.

     

    10.5. The
invalidity or unenforceability of any provision hereof shall not affect the
validity or enforceability of the other provisions hereof, which shall be fully
complied with, and the Parties agree to use their best efforts to validly attain
the same effects of the provision deemed invalid or unenforceable.

     

    10.6.
This Agreement is irrevocably and irreversibly executed, and the Parties shall
not be entitled to terminate it or be released from performing it.

     

    10.7. The
commitments and covenants of Parties hereunder are subject to the specific
performance of articles 461, 461-A, 466-A, 466-C and 632 et seq. of the Brazilian Code
of Civil Procedure, and this Agreement shall operate as an extrajudicial
execution instrument pursuant to article 585, II, of the Brazilian Code of Civil
Procedure.

     

    10.8. All
costs and expenses incurred in connection with this Agreement shall be paid by
the Party incurring them.

     

    10.9. All
notices, requests and other communications between the Parties shall be in
writing (including by facsimile) and shall be sent (i) to Sellers to Arapar
Persons Responsible and São Teófilo Persons Responsible at the address and
number of fax specified in items 5.1.1 and 5.2.1 above, respectively (or any
other address that may be informed by them upon notice) and (ii) to Buyer, care
of Mr. José Luciano Duarte
Penido, at Alameda Santos, 1357, 6° andar, Cerqueira César, São Paulo -
São Paulo, Facsimile: (11) 2138-4000, Telephone: (11) 2138-4065, and (iii) to
Intervening Party, care of Mr. Raul Calfat at Rua Amauri,
255, 13th floor, Itaim Bibi, São Paulo – State of São Paulo, Facsimile: (11)
3079-9345, Telephone: (11) 3704-3320. The communications to be sent by any of
the Parties as set forth in this provision shall be deemed received when
delivered by certified letter or with “acknowledgement receipt” issued by the
Brazilian Postal and Telegraph Services Company. The communications sent by
facsimile or email shall be deemed received on the date they are sent, so long
as acknowledgement of receipt is issued by the machine used by the issuer. The
original of said notices shall be sent to the addresses of Intervening Party,
Buyer or Arapar Persons Responsible and São Teófilo Persons Responsible, as the
case may be, within up to two (2) business days after the message is
sent.

     

    IN
WITNESS WHEREOF, the Parties hereto execute this Agreement in eight (8)
counterparts of equal tenor and form before the undersigned
witnesses.

     

    São
Paulo, January 19, 2009

     

    Buyer:

     

    (sgd) /
(sgd)VOTORANTIM CELULOSE E
PAPEL S.A.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    By:

     

    Title:

     

    Sellers:

    

    (sgd)

    ERLING
SVEN LORENTZEN

    (sgd)

    HAAKON
LORENTZEN

    (sgd)

    INGEBORG
LORENTZEN RIBEIRO

    (sgd)

    VICTORIA
RAGNA LORENTZEN RIBEIRO

    (sgd)

    OIVIND
HARALD LORENTZEN

    (sgd)

    OIVIND
LORENTZEN JR. TRUST – OIVIND LORENTZEN III FUND

    (sgd)

    OIVIND
LORENTZEN JR. TRUST – EVELYN BELL FUND

    (sgd)

    CLEARWATER
NAVIGATION LIMITED

    (sgd)

    THEA HACK
LORENTZEN

    (sgd)

    LILY HACK
LORENTZEN

    

    (sgd)

    CLAIRE
WARWICK LORENTZEN

    (sgd)

    OIVIND
HARALD HACK LORENTZEN

    (sgd)

    LUKE BYRD
HACK LORENTZEN

    (sgd)

    GIF-II
FUNDO DE INVESTIMENTO EM PARTICIPAÇÕES

    (sgd) /
(sgd)

    PEDRO
MOREIRA SALLES

    (sgd) /
(sgd)

    WALTHER
MOREIRA SALLES JÚNIOR

    (sgd) /
(sgd)

    JOÃO
MOREIRA SALLES

    (sgd) /
(sgd)

    LUCAS
ESPINOLA MOREIRA SALLES

    (sgd) /
(sgd)

    ANDRE
ESPINOLA MOREIRA SALLES

    (sgd) /
(sgd)

    ROBERTO
KONDER BORNHAUSEN

    (sgd) /
(sgd)

    TOMAS
TOMISLAV ANTONIN ZINNER

    (sgd) /
(sgd)

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ISRAEL
VAINBOIM

    (sgd) /
(sgd)

    CARLOS
LEONI RODRIGUES SIQUEIRA

    (sgd) /
(sgd)

    ELOY DE
MACEDO

    (sgd)

    MAURO
AGONILHA

    (sgd)

    BRAZIL
SILVA I LLC

    (sgd)

    NALBRA’S,
LLC

    (sgd)

    SYLVIA
MARIA DA GLÓRIA DE MELLO FRANCO NABUCO

    (sgd)

    MARIA DO
CARMO NABUCO DE ALMEIDA BRAGA

    (sgd)

    LUIS
ANTONIO NABUCO DE ALMEIDA BRAGA

    (sgd)

    SYLVIA
NABUCO DE ALMEIDA BRAGA

    (sgd)

    LUCIA
NABUCO DE ALMEIDA BRAGA REBELLO

    (sgd)

    ALARICO
SILVEIRA NETO

    (sgd)

    ANTONIO
CARLOS DANTAS MATTOS

    (sgd)

    ANTONIO
DE PÁDUA BITTENCOURT NETO

    (sgd)

    LUCIANO
SOARES

    (sgd)

    MARCOS
PESSOA DE QUEIROZ FALCÃO

    (sgd)

    NEY
VILLAS BÔAS MARINHO

    (sgd)

    PEDRO
LUIZ BODIN MORAES

     

    Intervening
Party:

     

    (sgd)/
(sgd)

     

    VOTORANTIM
INDUSTRIAL S.A.

     

    By:

     

    Title:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Witnesses:

    

    (sgd)

    Name:
Andréia Mendes de Souza

    Individual
Taxpayers Register (CPF/MF) No.: 033.127.177-01

    Identity
Card (RG) No.: 08.179.174-1 IFP

    

    (sgd)

    Name:
Carla Maria Baraldo da Silva Campos

    Individual
Taxpayers Register (CPF/MF) No: 021.388.157-81

     

    Identity
Card (RG) No.: 08.058.116-8 IFP

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Exhibit
A

     

    Group A
Sellers

     

    1.           ERLING SVEN LORENTZEN, Norwegian, married,
businessman, bearer of identity card for foreigners RNE No. W-339332-8, issued
by SE/DPMAF/DPF, enrolled with the Individual Taxpayers Register of the Ministry
of Finance under CPF/MF No. 021.948.307-82, domiciled in the City and State of
Rio de Janeiro, at Av. Augusto Severo No. 8, 7th
floor;

     

    2.           HAAKON LORENTZEN, Norwegian,
married, businessman, bearer of identity card for foreigners RNE No.
W-2064-10-E, issued by SE/DPMAF/DPF, enrolled with the Individual Taxpayers
Register of the Ministry of Finance under CPF/MF No. 667.258.797-72, domiciled
in the City and State of Rio de Janeiro, at Av. Augusto Severo No. 8, 7th
floor;

     

    3.           INGEBORG LORENTZEN
RIBEIRO, Norwegian, married,
housewife, bearer of identity card for foreigners RNE No. W100036-C, issued by
SE/DPMAF/DPF, enrolled with the Individual Taxpayers Register of the Ministry of
Finance under CPF/MF No. 708.256.707-30, domiciled in the City and State of Rio
de Janeiro, at Av. Portugal No. 680, district of Urca;

     

    4.           VICTORIA RAGNA LORENTZEN RIBEIRO, Brazilian, single,
student, bearer of identity card No. 24.569.732-1, issued by Detran/RJ and
enrolled with the Individual Taxpayers Register of the Ministry of Finance under
CPF/MF No. 109.012.467-86, domiciled in the City and State of Rio de Janeiro, at
Av. Portugal No. 680, district of Urca;

     

    5.           OIVIND HARALD LORENTZEN, US
citizen, married, enrolled with the Individual Taxpayers Register of the
Ministry of Finance under CPF/MF No. 691.392.537-91, domiciled at 89, Butternut
Hollow Road, Greenwich, Connecticut, United States;

     

    6.           OIVIND LORENTZEN JR. TRUST - OIVIND
LORENTZEN III FUND, an equity fund administered by Codan
Trust Company Limited, with its principal place of business at Richmond House,
12 Par-la-Ville Road, P.O. Box HM 6666, Hamilton HM CX, Bermuda;

     

    7.           OIVIND LORENTZEN JR. TRUST – EVELYN
BELL FUND, an equity fund administered by Codan Trust Company Limited,
with its principal place of business at Richmond House, 12 Par-la-Ville Road,
P.O. Box HM 6666, Hamilton HM CX, Bermuda;

     

    8.           CLEARWATER NAVIGATION LIMITED,
a company with its
principal place of business at P.O. Box 309, Ugland House, South Church St.,
Grand Cayman, Cayman Island, enrolled with the National Corporate Taxpayers
Register of the Ministry of Finance under CNPJ/MF No.
05.772.410/0001-74;

     

    9.           THEA HACK LORENTZEN,
Brazilian, enrolled with the Individual Taxpayers Register of the Ministry of
Finance under CPF/MF No. 108.809.637-94, domiciled at 89, Butternut Hollow Road,
Greenwich, Connecticut, United States;

     

    10.         LILY HACK LORENTZEN,
Brazilian, enrolled with the Individual Taxpayers Register of the Ministry of
Finance under CPF/MF No. 108.808.007-39, domiciled at 89, Butternut Hollow Road,
Greenwich, Connecticut, United States;

     

    11.         CLAIRE WARWICK LORENTZEN, US
citizen, enrolled with the Individual Taxpayers Register of the Ministry of
Finance under CPF/MF No. 108.808.577-65, domiciled at 89, Butternut Hollow Road,
Greenwich, Connecticut, United States;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      12.         OIVIND HARALD HACK LORENTZEN,
US citizen, enrolled with the Individual Taxpayers Register of the Ministry of
Finance under CPF/MF No. 108.807.607-61, domiciled at 89, Butternut Hollow Road,
Greenwich, Connecticut, United States;

       

      13.         LUKE BYRD HACK LORENTZEN, US
citizen, enrolled with the Individual Taxpayers Register of the Ministry of
Finance under CPF/MF No. 108.807.887-71, domiciled at 89, Butternut Hollow Road,
Greenwich, Connecticut, United States;

       

      14.         GIF-II FUNDO DE INVESTIMENTOS EM
PARTICIPAÇÕES, an equity fund enrolled with the
National Corporate Taxpayers Register of the Ministry of Finance under CNPJ/MF
No. 08.669.289/0001-48, herein represented by its investment manager GIF GESTÃO
DE INVESTIMENTOS E PARTICIPAÇÕES LTDA., a limited liability company with its
principal place of business in this City and State of Rio de
Janeiro.

       

      Exhibit
B

       

      Group B
Sellers

       

      1.           
PEDRO MOREIRA SALLES,
Brazilian, married, banker, domiciled in the City of São Paulo, State of São
Paulo, at Av. Eusébio Matoso No. 891 – 4th floor,
bearer of identity card RG No. 19.979.952-0 SSP/SP and enrolled with the
Individual Taxpayers Register of the Ministry of Finance under CPF/MF No.
551.222.567-72;

       

      2.         
  WALTHER MOREIRA
SALLES JÚNIOR, Brazilian, married,
filmmaker, domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, at
Rua do Russel No. 270 – 3rd floor,
bearer of identity card RG n° 3.113.711 SSP/RJ and enrolled with the Individual
Taxpayers Register of the Ministry of Finance under CPF/MF No.
406.935.467-00;

       

      3.            JOÃO MOREIRA SALLES,
Brazilian, married, documentarian, domiciled in the City of Rio de Janeiro,
State of Rio de Janeiro, at Rua do Russel No. 270 - 3rd floor,
bearer of identity card RG No. 05.935.901-8 SSP/RJ and enrolled with the
Individual Taxpayers Register of the Ministry of Finance under CPF/MF No.
667.197.397-00;

       

      4.       
    LUCAS
ESPINOLA MOREIRA SALLES, Brazilian, single,
student, domiciled in the City of São Paulo, State of São Paulo, at Avenida
Eusébio Matoso No. 891 – 22nd floor,
bearer of identity card RG No. 35.546.325-8 SSP-SP and enrolled with the
Individual Taxpayers Register of the Ministry of Finance under CPF/MF No.
226.604.568-79;

       

      5.           ANDRE ESPINOLA MOREIRA SALLES,
Brazilian, single, student, domiciled in the City of São Paulo, State of São
Paulo, at Avenida Eusébio Matoso No. 891 - 22nd floor,
bearer of identity card RG No. 37.504.024-9 SSP-SP and enrolled with the
Individual Taxpayers Register of the Ministry of Finance under CPF/MF No.
226.604.548-25;

       

      6.           ROBERTO KONDER BORNHAUSEN,
Brazilian, married, agronomist, domiciled in the City of São Paulo, State of São
Paulo, at Av. Eusébio Matoso No. 891, 22nd floor,
bearer of identity card RG No. I/R 44.560 SSI-SC and enrolled with the
Individual Taxpayers Register of the Ministry of Finance under CPF/MF No.
003.899.359-72;

       

      7.           TOMAS TOMISLAV ANTONIN
ZINNER, Brazilian, married,
economist, domiciled in the City of Rio de Janeiro, State of Rio de Janeiro,
District of Gloria, at Rua do Russel No. 270 – 3rd floor,
bearer of identity card No. 16.459-CRE – 1st Region,
and enrolled with the Individual Taxpayers Register of the Ministry of Finance
under CPF/MF No. 007.884.067-87;

       

      8.           ISRAEL VAINBOIM, Brazilian,
divorced, engineer, domiciled in the City of São Paulo, State of São Paulo, at
Av. Eusébio Matoso No. 891, 22nd floor,
bearer of identity card RG No. 14.189.351 SSP-SP and enrolled with the
Individual Taxpayers Register of the Ministry of Finance under CPF/MF No.
090.997.197-87;

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      9.           CARLOS LEONI RODRIGUES
SIQUEIRA, Brazilian, married,
lawyer, domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, at Rua
Joana Angélica No. 166 - apt. 701, bearer of Identity Card OAB/RJ 10.577 and
enrolled with the Individual Taxpayers Register of the Ministry of Finance under
CPF/MF No. 003.908.877-49;

       

      10.         ELOY DE MACEDO, Brazilian,
married, lawyer, domiciled in the City of São Paulo, State of São Paulo, at Av.
Eusébio Matoso No. 891, 22nd floor,
bearer of identity card OAB/SP 71.184 and enrolled with the Individual Taxpayers
Register of the Ministry of Finance under CPF/MF No.
045.868.678-68;

       

      11.         MAURO AGONILHA, Brazilian,
married, accountant, domiciled in the City of São Paulo, State of São Paulo, at
Av. Eusébio Matoso No. 891, 22nd floor,
bearer of identity card RG No. 6.462.154-6 SSP/SP and enrolled with the
Individual Taxpayers Register of the Ministry of Finance under CPF/MF No.
577.141.008-00;

       

      12.         BRAZIL SILVA I, LLC, a company organized
under the laws of Delaware, United States of America, with its principal place
of business at 135 South State College BLVD. Brea, CA 92821, USA, enrolled with
the National Corporate Taxpayers Register under CNPJ No.
07.534.265/0001-19;

       

      13.         NALBRA S, LLC, a company
organized under the laws of Delaware, United States of America, with its
principal place of business at 1201 North Market Street, Wilmington, New Castle
County, Delaware 19801, USA, enrolled with the National Corporate Taxpayers
Register under CNPJ No. 06.205.788/0001-59;

       

      14.         SYLVIA MARIA DA GLÓRIA DE MELLO
FRANCO NABUCO, Brazilian, divorced, business woman, bearer of identity
card No. 01.173.774-9, issued by IFP/RJ, enrolled with the Individual Taxpayers
Register of the Ministry of Finance under CPF/MF No. 958.202.647-20, domiciled
in the City of Rio de Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson
No. 231, 9th
floor;

       

      15.         MARIA DO CARMO NABUCO DE ALMEIDA
BRAGA, Brazilian, single, of age, business woman, bearer of identity card
No. 02.978.307-3, issued by IFP/RJ, enrolled with the Individual Taxpayers
Register of the Ministry of Finance under CPF/MF No. 487.269.157-15, domiciled
in the City of Rio de Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson
No. 231, 9th
floor;

       

      16.         LUIS ANTONIO NABUCO DE ALMEIDA
BRAGA, Brazilian, married, businessman, bearer of identity card No.
03.474.562-0, issued by IFP/RJ, enrolled with the Individual Taxpayers Register
of the Ministry of Finance under No. 533.519.087-68, domiciled in the City of
Rio de Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson No. 231,
9th
floor;

       

      17.         SYLVIA NABUCO DE ALMEIDA
BRAGA, Brazilian, married, business woman, bearer of identity card No.
04.371.185-2, issued by IFP/RJ, enrolled with the Individual Taxpayers Register
of the Ministry of Finance under CPF/MF No. 786.276.997-04, domiciled in the
City of Rio de Janeiro - RJ, at Av. Presidente Wilson No. 231, 9th
floor;

       

      18.         LUCIA NABUCO DE ALMEIDA BRAGA
REBELLO, Brazilian, married, business woman, bearer of identity card No.
4.022.158, issued by IFP/RJ, enrolled with the Individual Taxpayers Register of
the Ministry of Finance under CPF/MF No. 733.363.007-20, domiciled in the City
of Rio de Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson No. 231,
9th
floor;

       

      19.         ALARICO SILVEIRA NETO,
Brazilian, married, lawyer, enrolled with the Individual Taxpayers Register of
the Ministry of Finance under CPF/MF No. 239.065.457-68 and with the Brazilian
Bar Association, Rio de Janeiro Chapter, under OAB/RJ 19.155, domiciled in the
City of Rio de Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson No.
231, 9th
floor;

       

      20.         ANTONIO CARLOS DANTAS MATTOS,
Brazilian, divorced, economist, enrolled with the Individual Taxpayers Register
of the Ministry of Finance under CPF/MF No. 272.521.327-49 and with the
CORECON-1st Region
under No. 7.770, domiciled in the City of Rio de Janeiro, State of Rio de
Janeiro, at Av. Presidente Wilson No. 231, 9th
floor;

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      21.         ANTONIO DE PÁDUA BITTENCOURT
NETO, Brazilian, married, economist, bearer of identity card No.
10.915.190-2, issued by IFP/RJ, enrolled with the Individual Taxpayers Register
of the Ministry of Finance under CPF/MF No. 914.571.577-72, domiciled in the
City of Rio de Janeiro, State of Rio de Janeiro, at Rua Padre Leonel Franca No.
135, district of Leblon;

       

      22.         LUCIANO SOARES, Brazilian,
married under the complete separation of assets regime, economist, enrolled with
the Individual Taxpayers Register of the Ministry of Finance under No.
007.555.737-14, bearer of identity card No. 07.823.930-8, issued by IFP/RJ,
domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, at Av.
Presidente Wilson No. 231, 9th
floor;

       

      23.         MARCOS PESSOA DE QUEIROZ
FALCÃO, Brazilian, married, economist, bearer of identity card No.
04.740.688-9, issued by IFP/RJ, enrolled with the Individual Taxpayers Register
of the Ministry of Finance under CPF/MF No. 914.007.167-72, domiciled in the
City of São Paulo, State of Rio de Janeiro, at Rua Leopoldo Couto de Magalhães
Jr. No. 758, suite 52;

       

      24.         NEY VILLAS BÔAS MARINHO,
Brazilian, married, economist, bearer of identity card No. 06.104.776-7, issued
by IFP/RJ, enrolled with the Individual Taxpayers Register of the Ministry of
Finance under CPF/MF No. 797.463.907-59, domiciled in the City of Rio de
Janeiro, State of Rio de Janeiro, at Rua Padre Leonel Franca No. 135, district
of Leblon; and

       

      25.         PEDRO LUIZ BODIN DE MORAES,
Brazilian, married, economist, bearer of identity card No. 3.733.122, issued by
IFP/RJ, enrolled with the Individual Taxpayers Register of the Ministry of
Finance under No. 548.346.867-87, resident in the City of London, at 32 Evelyn
Gardens, flat 05, SW 73BL, England, United Kingdom.

       

      Exhibit
C

       

      Buyer

       

      1. VOTORANTIM CELULOSE E PAPEL
S.A., a
joint-stock company enrolled with the National Corporate Taxpayers Register of
the Ministry of Finance under CNPJ/MF No. 60.643.228/0001-21, with its principal
place of business in the City and State of São Paulo, at Alameda Santos No.
1.357, 8th
floor.

       

      Exhibit
D

       

      Intervening
Party

       

      1. VOTORANTIM INDUSTRIAL S.A.,
a joint-stock company enrolled with the National Corporate Taxpayers Register of
the Ministry of Finance under CNPJ/MF No. 03.407.049/0001-51, with its principal
place of business in the City and State of São Paulo, at Rua Amauri, No. 255,
13th
floor, Suite A.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Exhibit Whereas
(a)

       

      Arapar’s
Shares

      

      
        
          
            
              
                	
                        Shareholder

                      	 	
                        Common

                        Shares

                      	 	 	
                        Preferred Shares

                      	 	 	
                        Total Shares

                      	 	 	
                        % interest

                      	 
	
                        Haakon
      Lorentzen

                      	 	 	475,157,940	 	 	 	-	 	 	 	475,157,940	 	 	 	41.13	%
	
                        Erling
      Sven Lorentzen

                      	 	 	276,495,249	 	 	 	92,608,881	 	 	 	369,104,130	 	 	 	31.94	%
	
                        Ingeborg
      Lorentzen Ribeiro

                      	 	 	72,516,457	 	 	 	-	 	 	 	72,516,457	 	 	 	6.28	%
	
                        Victória
      Ragna Lorentzen Ribeiro

                      	 	 	69,673,317	 	 	 	-	 	 	 	69,673,317	 	 	 	6.03	%
	
                        GIF-II

                      	 	 	-	 	 	 	107,847,220	 	 	 	107,847,220	 	 	 	9.33	%
	
                        Oivind
      Harald Lorentzen

                      	 	 	-	 	 	 	20,893,677	 	 	 	20,893,677	 	 	 	1.81	%
	
                        Oivind
      Harald Lorentzen Trust

                      	 	 	-	 	 	 	13,777,606	 	 	 	13,777,606	 	 	 	1.19	%
	
                        Clear
      Water Navigation Ltd

                      	 	 	-	 	 	 	6,863,068	 	 	 	6,863,068	 	 	 	0.59	%
	
                        Thea
      Hack Lorentzen

                      	 	 	-	 	 	 	2,068,233	 	 	 	2,068,233	 	 	 	0.18	%
	
                        Lily
      Hack Lorentzen

                      	 	 	-	 	 	 	2,068,233	 	 	 	2,068,233	 	 	 	0.18	%
	
                        Claire
      W. Lorentzen

                      	 	 	-	 	 	 	2,068,233	 	 	 	2,068,233	 	 	 	0.18	%
	
                        Oivind
      H.H. Lorentzen

                      	 	 	-	 	 	 	2,068,233	 	 	 	2,068,233	 	 	 	0.18	%
	
                        Luke
      B.H. Lorentzen

                      	 	 	-	 	 	 	2,068,233	 	 	 	2,068,233	 	 	 	0.18	%
	
                        Evelyn
      Byrd L. Bell Trust

                      	 	 	-	 	 	 	9,279,467	 	 	 	9,279,467	 	 	 	0.80	%
	
                        Total

                      	 	 	893,842,963	 	 	 	261,611,084	 	 	 	1,155,454,047	 	 	 	100.00	%

              

            

          

        

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Exhibit Whereas
(b)

       

      São Teófilo’s
Shares

      

      
        
          
            
              
                	
                        Shareholder

                      	 	
                        Common

                        Shares

                      	 	 	
                        Preferred Shares

                      	 	 	
                        Total Shares

                      	 	 	
                        % interest

                      	 
	
                        Nalbra
      S, LLC

                      	 	 	1,720,353	 	 	 	5,970,031	 	 	 	7,690,384	 	 	 	5.897	%
	
                        Pedro
      Luiz Bodin de Moraes

                      	 	 	1,900,069	 	 	 	2,071,419	 	 	 	3,971,488	 	 	 	3.045	%
	
                        Sylvia
      Maria da Glória de Mello Franco Nabuco

                      	 	 	14,718,852	 	 	 	4,528,352	 	 	 	19,247,204	 	 	 	14.759	%
	
                        Maria
      do Carmo Nabuco de Braga Almeida

                      	 	 	2,457,099	 	 	 	755,943	 	 	 	3,213,042	 	 	 	2.464	%
	
                        Luis
      Antonio Nabuco de Braga Almeida

                      	 	 	2,457,099	 	 	 	755,943	 	 	 	3,213,042	 	 	 	2.464	%
	
                        Lúcia
      Nabuco de Almeida Braga Rebello

                      	 	 	2,457,099	 	 	 	755,943	 	 	 	3,213,042	 	 	 	2.464	%
	
                        Sylvia
      Nabuco de Almeida Braga

                      	 	 	2,457,099	 	 	 	755,943	 	 	 	3,213,042	 	 	 	2.464	%
	
                        Antonio
      Carlos Dantas Mattos

                      	 	 	386,310	 	 	 	337,404	 	 	 	723,714	 	 	 	0.555	%
	
                        Marcos
      Pessoa de Queiroz Falcão

                      	 	 	430,408	 	 	 	376,340	 	 	 	806,748	 	 	 	0.619	%
	
                        Ney
      Villas-boas Marinho

                      	 	 	1,490,696	 	 	 	724,172	 	 	 	2,214,868	 	 	 	1.698	%
	
                        Antônio
      de Pádua Bittencourt Neto

                      	 	 	2,225,538	 	 	 	1,482,552	 	 	 	3,708,090	 	 	 	2.843	%
	
                        Alarico
      Silveira Neto

                      	 	 	212,058	 	 	 	85,412	 	 	 	297,470	 	 	 	0.228	%
	
                        Luciano
      Soares

                      	 	 	39,148	 	 	 	274,834	 	 	 	313,982	 	 	 	0.241	%
	
                        Brazil
      Silva I LLC

                      	 	 	-	 	 	 	23,065,402	 	 	 	23,065,402	 	 	 	17.686	%
	
                        Pedro
      Moreira Salles

                      	 	 	8,237,920	 	 	 	4,359,884	 	 	 	12,597,804	 	 	 	9.660	%
	
                        João
      Moreira Salles

                      	 	 	8,237,920	 	 	 	2,898,882	 	 	 	11,136,802	 	 	 	8.540	%
	
                        Walther
      Moreira Salles Júnior

                      	 	 	8,237,920	 	 	 	1,924,880	 	 	 	10,162,800	 	 	 	7.793	%
	
                        Lucas
      Espínola Moreira Salles

                      	 	 	4,118,960	 	 	 	3,153,940	 	 	 	7,272,900	 	 	 	5.577	%
	
                        André
      Espínola Moreira Salles

                      	 	 	4,118,960	 	 	 	3,153,940	 	 	 	7,272,900	 	 	 	5.577	%
	
                        Israel
      Vainboim

                      	 	 	148	 	 	 	1,439,504	 	 	 	1,439,652	 	 	 	1.104	%
	
                        Mauro
      Agonilha

                      	 	 	-	 	 	 	2,121,274	 	 	 	2,121,274	 	 	 	1.627	%
	
                        Eloy
      de Macedo

                      	 	 	-	 	 	 	2,121,274	 	 	 	2,121,274	 	 	 	1.627	%
	
                        Tomas
      Tomislav Antonin Zinner

                      	 	 	-	 	 	 	1,045,710	 	 	 	1,045,710	 	 	 	0.802	%
	
                        Roberto
      Konder Bornhausen

                      	 	 	-	 	 	 	106,364	 	 	 	106,364	 	 	 	0.082	%
	
                        Carlos
      Leoni Rodrigues Siqueira

                      	 	 	-	 	 	 	243,502	 	 	 	243,502	 	 	 	0.187	%
	
                        Total

                      	 	 	65,903,656	 	 	 	64,508,844	 	 	 	130,412,500	 	 	 	100.0000	%

              

            

          

        

      

       

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Exhibit
1.4

         

        PROMISSORY
NOTE

         

        No.
01/01

         

        Principal
Amount: R$[•]

         

        Place of
Issuance: São Paulo, Brazil

         

        Date of
Issuance: [•]

         

        Maturity
Date: [•]

         

        By this
single copy of Promissory Note, VOTORANTIM CELULOSE E PAPEL
S.A., a joint-stock company enrolled with the National Corporate
Taxpayers Register of the Ministry of Finance under CNPJ/MF No.
60.643.228/0001-21, with its principal place of business in the City and State
of São Paulo, at Alameda Santos, 1.357, 8th floor
(hereinafter referred to as “Debtor”),
unconditionally promises to pay as of [•] to [Seller] (hereinafter referred to
as “Creditor”),
in cash and at the domicile of Creditor, in the City of [•], the amount of
R$[•], upon presentation of this Promissory Note.

         

        In the
event of late payment of this Promissory Note, the amount due and payable under
this Promissory Note shall be adjusted based on the reference rate of the
Settlement and Custody Special System for Federal securities, accruing monthly
and quoted by the Central Bank of Brazil (“Selic Rate”), or any
other legal rate that may replace the Selic Rate, from the date of issuance of
this Promissory Note to the date of actual payment hereof.

         

        This
Promissory Note is related to the Share Purchase Agreement executed on [•] [•],
[•] by and between Debtor, as Buyer, and Creditor, as Seller.

         

        São
Paulo, [•] , [•].

         

        Issuer:

         

        VOTORANTIM
CELULOSE E PAPEL S.A.

      

       

      
        Exhibit
1.5(a)

         

        Withholding Income Tax
(IRRF) - Buyer

         

        Group A
Sellers

        

        
          
            
              
                
                  	
                          Shareholder

                        	 	
                          % IRRF

                        	 
	
                          Haakon
      Lorentzen

                        	 	 	0	%
	
                          Erling
      Sven Lorentzen

                        	 	 	0	%
	
                          Ingeborg
      Lorentzen Ribeiro

                        	 	 	0	%
	
                          Victória
      Ragna Lorentzen Ribeiro

                        	 	 	0	%
	
                          GIF-II

                        	 	 	0	%
	
                          Oivind
      Harald Lorentzen

                        	 	 	15	%
	
                          Oivind
      Harald Lorentzen Trust

                        	 	 	25	%
	
                          Clear
      Water Navigation Ltd

                        	 	 	25	%
	
                          Thea
      Hack Lorentzen

                        	 	 	15	%
	
                          Lily
      Hack Lorentzen

                        	 	 	15	%
	
                          Claire
      W. Lorentzen

                        	 	 	15	%
	
                          Oivind
      H. H. Lorentzen

                        	 	 	15	%
	
                          Luke
      B.H. Lorentzen

                        	 	 	15	%
	
                          Evelyn
      Byrd L. Bell Trust

                        	 	 	25	%

                

              

            

          

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        Group B
Sellers

        

        
          
            
              
                
                  	
                          Shareholder

                        	 	
                          % IRRF

                        	 
	
                          Nalbra
      S, LLC

                        	 	 	15	%
	
                          Pedro
      Luiz Bodin de Moraes

                        	 	 	15	%
	
                          Sylvia
      Maria da Glória de Mello Franco Nabuco

                        	 	 	0	%
	
                          Maria
      do Carmo Nabuco de Almeida Braga

                        	 	 	0	%
	
                          Luis
      Antonio Nabuco de Almeida Braga

                        	 	 	0	%
	
                          Lúcia
      Nabuco de Almeida Braga Rebello

                        	 	 	0	%
	
                          Sylvia
      Nabuco de Almeida Braga

                        	 	 	0	%
	
                          Antonio
      Carlos Dantas Mattos

                        	 	 	0	%
	
                          Marcos
      Pessoa de Queiroz Falcão

                        	 	 	0	%
	
                          Ney
      Villas-boas Marinho

                        	 	 	0	%
	
                          Antônio
      de Pádua Bittencourt Neto

                        	 	 	0	%
	
                          Alarico
      Silveira Neto

                        	 	 	0	%
	
                          Luciano
      Soares

                        	 	 	0	%
	
                          Brazil
      Silva I LLC

                        	 	 	15	%
	
                          Pedro
      Moreira Salles

                        	 	 	0	%
	
                          João
      Moreira Salles

                        	 	 	0	%
	
                          Walther
      Moreira Salles Júnior

                        	 	 	0	%
	
                          Lucas
      Espínola Moreira Salles

                        	 	 	0	%
	
                          André
      Espínola Moreira Salles

                        	 	 	0	%
	
                          Israel
      Vainboim

                        	 	 	0	%
	
                          Mauro
      Agonilha

                        	 	 	0	%
	
                          Eloy
      de Macedo

                        	 	 	0	%
	
                          Tomas
      Tomislav Antonin Zinner

                        	 	 	0	%
	
                          Roberto
      Konder Bornhausen

                        	 	 	0	%
	
                          Carlos
      Leoni Rodrigues Siqueira

                        	 	 	0	%

                

                
                   

                  Exhibit
1.5(b)

                   

                  Banking Data for Payment to
Sellers

                  

                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          	
                                                                  Group A Sellers

                                                                	 	
                                                                  Banking Data

                                                                	 
	 
      	 	
                                                                  Bank

                                                                	 	
                                                                  Branch

                                                                	 	 	
                                                                  Account Number

                                                                	 
	
                                                                  Erling
      Sven Lorentzen

                                                                	 	
                                                                  Unibanco
      (409)  

                                                                	 	0300	 	 	104787-1	 
	
                                                                  Haakon
      Lorentzen

                                                                	 	
                                                                  Unibanco
      (409)

                                                                	 	0300	 	 	104158-5	 
	
                                                                  Ingeborg
      Lorentzen Ribeiro

                                                                	 	
                                                                  Unibanco
      (409)

                                                                	 	0300	 	 	104788-9	 
	
                                                                  Victoria
      Ragna Lorentzen Ribeiro

                                                                	 	
                                                                  Unibanco
      (409)

                                                                	 	0300	 	 	104789-7	 
	
                                                                  GIF-II
      Fundo de Investimentos em Participações

                                                                	 	
                                                                  Bradesco
      (237)

                                                                	 	2856-8  	 	 	588427-6	 

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                   

                  
                    
                      
                      

                    

                    
                      
                      

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                  
                    
                      
                        	
                                Oivind
      Harald Lorentzen

                              	 	
                                WACHOVIA
      NATIONAL BANK

                              
	 
      	 	 
      
	 
      	 	
                                CHARLOTTE,
      North Carolina 28288-1164, USA ABA Routing: 021-101-108

                              
	 
      	 	 
      
	 
      	 	
                                SWIFT:
      PNBPUS33

                              
	 
      	 	 
      
	 
      	 	
                                Acc.
      Name: Oivind Lorentzen III

                              
	 
      	 	 
      
	 
      	 	
                                Acc.
      Number: 8887655531

                              
	 
      	 	 
      
	 
      	 	
                                Oivind
      Harald Lorentzen

                              
	 
      	 	 
      
	 
      	 	
                                62
      Southfield Avenue - Suite 212

                              
	 
      	 	 
      
	 
      	 	
                                Stamford
      – USA

                              
	 
      	 	 
      
	
                                Oivind
      Lorentzen Jr. Trust - Oivind Lorentzen III Fund

                              	 	
                                CORRESPONDENT
      BANK

                              
	 
      	 	 
      
	 
      	 	
                                HSBC
      BANK USA

                              
	 
      	 	 
      
	 
      	 	
                                500
      Stanton Christiana Road, 2/OPS1,

                              
	 
      	 	 
      
	 
      	 	
                                Newark,
      Delaware, USA

                              
	 
      	 	 
      
	 
      	 	
                                SWIFT
      CODE: MRMDUS33

                              
	 
      	 	 
      
	 
      	 	
                                Fedwire
      ABA: 021001088

                              
	 
      	 	 
      
	 
      	 	
                                CHIPS
      ABA: 0108

                              
	 
      	 	 
      
	 
      	 	
                                BENEFICIARY
      BANK:

                              
	 
      	 	 
      
	 
      	 	
                                The
      Bank of Bermuda Limited

                              
	 
      	 	 
      
	 
      	 	
                                6
      Front Street

                              
	 
      	 	 
      
	 
      	 	
                                Hamilton,
      Bermuda

                              
	 
      	 	 
      
	 
      	 	
                                CHIPS
      UID: 005584

                              

                      

                    

                  

                   

                  
                    
                       

                    

                    
                       

                      
                        

                      

                    

                    
                       

                    

                  

                  

                  
                    
                      
                        	 
      	 	
                                S.W.I.F.T.
      CODE: BBDA BMHM

                              
	 
      	 	 
      
	 
      	 	
                                FURTHER
      CREDIT:

                              
	 
      	 	 
      
	 
      	 	
                                Account
      No: 010-165678-502

                              
	 
      	 	 
      
	 
      	 	
                                Account
      Name: Codan Trust Company Limited U.S. Dollar Trust
  Account

                              
	 
      	 	 
      
	 
      	 	
                                REFERENCE:

                              
	 
      	 	 
      
	 
      	 	
                                Matter
      No. 017040 / Oivind Lorentzen Jr. Trust – Oivind III
  Fund

                              
	 
      	 	 
      
	
                                Oivind
      Lorentzen Jr. Trust - Evelyn Bell Fund

                              	 	
                                CORRESPONDENT
      BANK:

                              
	 
      	 	 
      
	 
      	 	
                                HSBC
      BANK USA 500 Stanton Christiana Road, 2/OPS1 Newark, Delaware -
      USA

                              
	 
      	 	 
      
	 
      	 	
                                SWIFT
      CODE: MRMDUS33

                              
	 
      	 	 
      
	 
      	 	
                                Fedwire
      ABA: 021001088 CHIPS ABA: 0108

                              
	 
      	 	 
      
	 
      	 	
                                BENEFICIARY
      BANK: The Bank of Bermuda Limited

                              
	 
      	 	 
      
	 
      	 	
                                6
      Front Street - Hamilton, Bermuda

                              
	 
      	 	 
      
	 
      	 	
                                CHIPS
      UID: 005584

                              
	 
      	 	 
      
	 
      	 	
                                S.W.I.F.T.
      CODE: BBDA BMHM

                              
	 
      	 	 
      
	 
      	 	
                                FURTHER
      CREDIT:

                              
	 
      	 	 
      
	 
      	 	
                                Account
      No: 010-165678-502

                              
	 
      	 	 
      
	 
      	 	
                                Account
      Name: Codan Trust Company Limited

                              
	 
      	 	 
      
	 
      	 	
                                U.S.
      Dollar Trust Account

                              
	 
      	 	 
      
	 
      	 	
                                REFERENCE:
      Matter No. 017040 / Oivind Lorentzen Jr. Trust - Evelyn
    Fund

                              
	 
      	 	 
      
	
                                Clearwater
      Navigation Limited

                              	 	
                                Beneficiary:
      10052062 Clearwater Navigation Limited

                              
	 
      	 	 
      
	 
      	 	
                                Bank
      Code: ** COUTGB22A

                              
	 
      	 	 
      
	 
      	 	
                                Beneficiary
      Bank: Coutts and Co.

                              
	 
      	 	 
      
	 
      	 	
                                IPB-400,
      Strand

                              
	 
      	 	 
      
	 
      	 	
                                London
      WC2R OQS

                              
	 
      	 	 
      
	 
      	 	
                                Intermediary:
      Cert.# 348223

                              

                      

                    

                  

                   

                  
                    
                       

                    

                    
                       

                      
                        

                      

                    

                    
                       

                    

                  

                  

                  
                    
                      
                        	
                                Thea
      Hack Lorentzen

                              	 	
                                WACHOVIA
      NATIONAL BANK

                              
	 
      	 	 
      
	 
      	 	
                                CHARLOTTE,
      North Carolina 28288-1164, USA

                              
	 
      	 	 
      
	 
      	 	
                                ABA
      Routing: 021-101-108

                              
	 
      	 	 
      
	 
      	 	
                                SWIFT:
      PNBPUS33

                              
	 
      	 	 
      
	 
      	 	
                                Acc.
      name: Oivind Lorentzen III

                              
	 
      	 	 
      
	 
      	 	
                                Acc.
      Number: 8887655531

                              
	 
      	 	 
      
	 
      	 	
                                Oivind
      Harald Lorentzen

                              
	 
      	 	 
      
	 
      	 	
                                62
      Southfield Avenue - Suite 212

                              
	 
      	 	 
      
	 
      	 	
                                Stamford
      - USA

                              
	 
      	 	 
      
	
                                Lily
      Hack Lorentzen

                              	 	
                                WACHOVIA
      NATIONAL BANK

                              
	 
      	 	 
      
	 
      	 	
                                CHARLOTTE,
      North Carolina 28288-1164, USA

                              
	 
      	 	 
      
	 
      	 	
                                ABA
      Routing: 021-101-108

                              
	 
      	 	 
      
	 
      	 	
                                SWIFT:
      PNBPUS33

                              
	 
      	 	 
      
	 
      	 	
                                Acc.
      name: Oivind Lorentzen III

                              
	 
      	 	 
      
	 
      	 	
                                Acc.
      Number: 8887655531

                              
	 
      	 	 
      
	 
      	 	
                                Oivind
      Harald Lorentzen

                              
	 
      	 	 
      
	 
      	 	
                                62
      Southfield Avenue - Suite 212

                              
	 
      	 	 
      
	 
      	 	
                                Stamford
      - USA

                              
	 
      	 	 
      
	
                                Claire
      Warwick Lorentzen

                              	 	
                                WACHOVIA
      NATIONAL BANK

                              
	 
      	 	 
      
	 
      	 	
                                CHARLOTTE,
      North Carolina 28288-1164, USA

                              
	 
      	 	 
      
	 
      	 	
                                ABA
      Routing: 021-101-108

                              
	 
      	 	 
      
	 
      	 	
                                SWIFT:
      PNBPUS33

                              
	 
      	 	 
      
	 
      	 	
                                Acc.
      name: Oivind Lorentzen III

                              
	 
      	 	 
      
	 
      	 	
                                Acc.
      Number: 8887655531

                              
	 
      	 	 
      
	 
      	 	
                                Oivind
      Harald Lorentzen

                              
	 
      	 	 
      
	 
      	 	
                                62
      Southfield Avenue - Suite 212

                              
	 
      	 	 
      
	 
      	 	
                                Stamford
      - USA

                              
	 
      	 	 
      
	
                                Oivind
      Harald Hack Lorentzen

                              	 	
                                WACHOVIA
      NATIONAL BANK

                              
	 
      	 	 
      
	 
      	 	
                                CHARLOTTE,
      North Carolina 28288-1164,
USA

                              

                      

                    

                  

                   

                  
                    
                       

                    

                    
                       

                      
                        

                      

                    

                    
                       

                    

                  

                  

                  
                    
                      
                        	 
      	 	
                                ABA
      Routing: 021-101-108

                              
	 
      	 	 
      
	 
      	 	
                                SWIFT:
      PNBPUS33

                              
	 
      	 	 
      
	 
      	 	
                                Acc.
      name: Oivind Lorentzen III

                              
	 
      	 	 
      
	 
      	 	
                                Acc.
      Number: 8887655531

                              
	 
      	 	 
      
	 
      	 	
                                Oivind
      Harald Lorentzen

                              
	 
      	 	 
      
	 
      	 	
                                62
      Southfield Avenue - Suite 212

                              
	 
      	 	 
      
	 
      	 	
                                Stamford
      – USA

                              
	 
      	 	 
      
	
                                Luke
      Byrd Hack Lorentzen

                              	 	
                                WACHOVIA
      NATIONAL BANK

                              
	 
      	 	 
      
	 
      	 	
                                CHARLOTTE,
      North Carolina 28288-1164, USA

                              
	 
      	 	 
      
	 
      	 	
                                ABA
      Routing: 021-101-108

                              
	 
      	 	 
      
	 
      	 	
                                SWIFT:
      PNBPUS33

                              
	 
      	 	 
      
	 
      	 	
                                Acc.
      name: Oivind Lorentzen III

                              
	 
      	 	 
      
	 
      	 	
                                Acc.
      Number: 8887655531

                              
	 
      	 	 
      
	 
      	 	
                                Oivind
      Harald Lorentzen

                              
	 
      	 	 
      
	 
      	 	
                                62
      Southfield Avenue - Suite 212

                              
	 
      	 	 
      
	 
      	 	
                                Stamford
      - USA

                              

                      

                    

                  

                   

                  
                    
                      
                      

                    

                    
                      
                      

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	
                                              Group B Sellers

                                            	 	
                                              Banking Data

                                            	 
	 
      	 	
                                              Bank

                                            	 	
                                              Branch

                                            	 	
                                              Account Number

                                            	 
	
                                              Sylvia
      Maria da Glória de Mello Franco Nabuco

                                            	 	
                                              Unibanco
      (409)  

                                            	 	
                                              0300

                                            	 	
                                              105.116-2

                                            	 
	
                                              Maria
      do Carmo Nabuco de Almeida Braga

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0300

                                            	 	
                                              105.114-7

                                            	 
	
                                              Luis
      Antonio Nabuco de Almeida Braga

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0300

                                            	 	
                                              104.202-1

                                            	 
	
                                              Lúcia
      Nabuco de Almeida Braga Rebello

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0300

                                            	 	
                                              105.117-0

                                            	 
	
                                              Sylvia
      Nabuco de Almeida Braga

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0300

                                            	 	
                                              105.118-8

                                            	 
	
                                              Antonio
      Carlos Dantas Mattos

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0300

                                            	 	
                                              105.125-3

                                            	 
	
                                              Marcos
      Pessoa de Queiroz Falcão

                                            	 	
                                              Itaú
      (341)

                                            	 	
                                              3789

                                            	 	
                                              05584-9

                                            	 
	
                                              Ney
      Villas-Boas Marinho

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0300

                                            	 	
                                              105.256-6

                                            	 
	
                                              Antônio
      de Pádua Bittencourt Neto

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0300

                                            	 	
                                              105.263-2

                                            	 
	
                                              Alarico
      Silveira Neto

                                            	 	
                                              Bradesco
      (237)

                                            	 	
                                              2773-1  

                                            	 	
                                              1430-3

                                            	 
	
                                              Luciano
      Soares

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0300

                                            	 	
                                              105.414-1

                                            	 
	
                                              Pedro
      Luiz Bodin de Moraes

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0300

                                            	 	
                                              104.227-8

                                            	 
	
                                              Nalbra
      S, LLC

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0300

                                            	 	
                                              104.777-2

                                            	 
	
                                              Brazil
      Silva I LLC

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0398

                                            	 	
                                              107.850-8

                                            	 
	
                                              Pedro
      Moreira Salles

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0927

                                            	 	
                                              202.159-4

                                            	 
	
                                              João
      Moreira Salles

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0927

                                            	 	
                                              202.161-0

                                            	 
	
                                              Walther
      Moreira Salles Júnior

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0927

                                            	 	
                                              202.160-2

                                            	 
	
                                              Lucas
      Espínola Moreira Salles

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0927

                                            	 	
                                              202.184-2

                                            	 
	
                                              André
      Espínola Moreira Salles

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0927

                                            	 	
                                              202.185-9

                                            	 
	
                                              Israel
      Vainboim

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0398

                                            	 	
                                              822.642-3

                                            	 
	
                                              Mauro
      Agonilha

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0398

                                            	 	
                                              822.919-5

                                            	 
	
                                              Eloy
      de Macedo

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0398

                                            	 	
                                              105.914-4

                                            	 
	
                                              Tomas
      Tomislav Antonin Zinner

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0300

                                            	 	
                                              820.907-8

                                            	 
	
                                              Roberto
      Konder Bornhausen

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0398

                                            	 	
                                              820.817-3

                                            	 
	
                                              Carlos
      Leoni Rodrigues Siqueira

                                            	 	
                                              Unibanco
      (409)

                                            	 	
                                              0240

                                            	 	
                                              820.002-6

                                            	 

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                   

                

                
                  Exhibit
3.1.3(a)

                   

                  Company
Shares

                  

                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	
                                              Company Shareholder

                                            	 	
                                              Registered Common Shares (ON)

                                            	 
	
                                              Arapar

                                            	 	 	62,300,207	 
	
                                              São Teófilo

                                            	 	 	65,206,250	 
	
                                              Total

                                            	 	 	127,506,457	 

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

                 

                Exhibit
3.1.3(b)

                 

                As a
condition for the negotiations in progress between the Company and the financial
institutions for purposes of reviewing the transactions they carried out with
derivatives, the financial institutions may require Arapar and São Teófilo to
encumber the Company shares they own so as to guarantee the obligations
undertaken or that may be undertaken by the Company.

                 

                Accordingly,
Arapar and São Teófilo, as holders of the Company shares, may enter into an
agreement reflecting the provisions above, and Buyers of Arapar and São Teófilo
shares undertake the obligation to cause the companies now acquired to comply
with the obligation to encumber the Company shares now directly held by Arapar
and São Teófilo as a guarantee of the obligations undertaken by the Company
before the financial institutions.

                 

                It should
be worthy of note that the encumbrance, so as to be effective, shall be subject
to the prior approval of Arainvest Participações S.A. (Arainvest), by operation
of a shareholders agreement executed on February 5, 2003.

                
                  
                     

                  

                  
                     

                    
                      

                    

                  

                  
                     

                  

                

                 

                Buyer
hereby undertakes to obtain the approval of Arainvest, indemnifying, defending
and holding Sellers harmless against any complaint or questioning, be it from
Arainvest of from the Company's creditor financial institutions.

                 

                Buyer
acknowledges that the guarantee to be granted shall not modify or exempt it from
the obligation to pay the price of sale of Sellers’ indirect interest in the
Company that is the subject matter of the Agreement, as well as that its
granting comprises the indemnification included in sections 3.2.5 e 5.4 of the
Agreement entered into by the parties.

                 

                
                  Exhibit
3.1.4(a)

                   

                  Arapar Trial Balance
Sheet

                   

                  ARAPAR
S.A.

                   

                  BALANCE
SHEET

                   

                  In Reais

                  

                  
                    
                      
                        
                          	
                                   

                                	 	
                                  1/19/2008

                                	 
	
                                  ASSETS

                                	 	 	 
	
                                  CURRENT
      ASSETS

                                	 	 	 
	
                                  Cash
      and cash equivalents

                                	 	 	84,398.82.	 
	
                                  Securities

                                	 	 	3,452,354
      01	 
	
                                  Taxes
      recoverable

                                	 	 	276,540.84	 
	
                                  Taxes
      recoverable (provision)

                                	 	 	11,252.79	 
	
                                  Court
      deposits PIS/Cofins

                                	 	 	1,038,508.44	 
	 
      	 	 	4,863,054.90	 
	
                                  PERMANENT
      ASSETS

                                	 	 	 	 
	
                                  Investments

                                	 	 	 	 
	
                                  In
      subsidiaries

                                	 	 	345,556,271.16	 
	
                                  Deferred
      charges

                                	 	 	9,129,404.05	 
	 
      	 	 	354,685,675.21	 
	
                                  TOTAL
      ASSETS

                                	 	 	359,548,730.11	 
	
                                  LIABILITIES
      AND SHAREHOLDERS' EQUITY

                                	 	 	 	 
	
                                  CURRENT
      LIABILITIES

                                	 	 	 	 
	
                                  PIS/Cofins

                                	 	 	4,851,325.80	 
	 
      	 	 	4,851,325.80	 
	
                                  SHAREHOLDERS
      EQUITY

                                	 	 	 	 
	
                                  Capital
      stock

                                	 	 	300,182,511.62	 
	
                                  Capital
      reserves

                                	 	 	32,941,379.20	 
	
                                  Profit
      reserve

                                	 	 	9,236,883.55	 
	
                                  Retained
      earnings

                                	 	 	13,773,379.46	 
	
                                  Income
      for the year

                                	 	 	(1,436,749.52	)
	 
      	 	 	354,697,404.31	 
	
                                  TOTAL
      LIABILITIES AND SHAREHOLDERS’ EQUITY

                                	 	 	359,548,730.11	 

                        

                      

                    

                  

                   

                  
                    
                       

                    

                    
                       

                      
                        

                      

                    

                    
                       

                    

                  

                   

                  (sgd)

                   

                  Luiz
Aranha Corrêa do Lago

                   

                  Executive
Officer

                   

                  (sgd)

                   

                  Ricardo
Dutton Machado

                   

                  Accountant

                   

                  CRC-RJ
072704-O

                   

                  ARAPAR
S.A.

                   

                  STATEMENT
OF INCOME

                   

                  In Reais

                  

                  
                    
                      
                        	 
      	 	
                                1/19/2008

                              	 
	
                                OPERATING
      EXPENSES

                              	 	 	 
	
                                Administrative
      expenses

                              	 	 	(1,392,395.78	)
	
                                Financial

                              	 	 	 	 
	
                                Financial
      expenses

                              	 	 	(72,936.96	)
	
                                Financial
      revenues

                              	 	 	28,583.22	 
	 
      	 	 	(1,436,749.52	)
	
                                OPERATING
      INCOME

                              	 	 	(1,436,749.52	)
	
                                INCOME
      BEFORE INCOME AND SOCIAL CONTRIBUTION TAXES AND REVERSAL OF INTEREST ON
      SHAREHOLDER’S EQUITY

                              	 	 	(1,436,749.52	)
	
                                NET
      INCOME FOR THE YEAR

                              	 	 	(1,436,749.52	)
	
                                NUMBER
      OF SHARES OF CAPITAL STOCK AT THE END OF THE YEAR – IN
      THOUSANDS

                              	 	 	1,155,454	 
	
                                NET
      EARNINGS PER THOUSAND SHARES - R$

                              	 	 	(1,243.45	)

                      

                    

                  

                   

                  (sgd)

                   

                  Luiz
Aranha Corrêa do Lago

                   

                  Executive
Officer

                  
                    
                       

                    

                    
                       

                      
                        

                      

                    

                    
                       

                    

                  

                  (sgd)

                   

                  Ricardo
Dutton Machado

                   

                  Accountant

                   

                  CRC-RJ
072704-0

                   

                  
                    São Teófilo Trial Balance
Sheet

                  

                   

                  São
Teófilo Representação e Participações S.A.

                   

                  C.N.P.J.
- 03.214.652/0001-17

                   

                  Trial
Balance Sheet as of January 19, 2009

                  

                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        	 
      	 	
                                                                                Reais

                                                                              	 
	
                                                                                Assets

                                                                              	 	 	 
	 	 	 	 
	
                                                                                Current
      assets

                                                                              	 	 	 
	 	 	 	 	 
	
                                                                                Banks
      checking account

                                                                              	 	 	1,220.95	 
	 	 	 	 	 
	
                                                                                Securities

                                                                              	 	 	3,914,258.63	 
	 	 	 	 	 
	
                                                                                Tax
      credits

                                                                              	 	 	6,361,975.08	 
	 
      	 	 	10,277,454.66	 
	 	 	 	 	 
	
                                                                                Long-term
      receivables

                                                                              	 	 	 	 
	
                                                                                Deferred
      income and social contribution taxes

                                                                              	 	 	6,049,297.26	 
	 
      	 	 	6,049,297.26	 
	 	 	 	 	 
	
                                                                                Permanent
      assets

                                                                              	 	 	 	 
	 	 	 	 	 
	
                                                                                Investments

                                                                              	 	 	361,675,021.20	 
	 	 	 	 	 
	
                                                                                Deferred
      charges

                                                                              	 	 	59,544,003.48	 
	 
      	 	 	421,219,024.68	 
	
                                                                                Total
      assets

                                                                              	 	 	437,545,776.60	 
	
                                                                                Liabilities

                                                                              	 	 	 	 
	 	 	 	 	 
	
                                                                                Long-term
      liabilities

                                                                              	 	 	 	 
	
                                                                                Legal
      proceedings - PIS and COFINS

                                                                              	 	 	3,914,272.92	 
	 
      	 	 	3,914,272.92	 
	
                                                                                Shareholders'
      equity

                                                                              	 	 	 	 
	
                                                                                Capital
      stock

                                                                              	 	 	433,097,925.00	 
	 	 	 	 	 
	
                                                                                Capital
      reserve

                                                                              	 	 	20,331.84	 
	 	 	 	 	 
	
                                                                                Profit
      reserve

                                                                              	 	 	1,800,563.43	 
	 	 	 	 	 
	
                                                                                Loss
      for the period

                                                                              	 	 	(1,287,316.59	)
	 
      	 	 	433,631,503.68	 
	 	 	 	 	 
	
                                                                                Total
      liabilities

                                                                              	 	 	437,545,776.60	 

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                   

                  
                    
                       

                    

                    
                       

                      
                        

                      

                    

                    
                       

                    

                  

                  (sgd)

                   

                  (sgd)

                   

                  Marcelo
Negreti Gomes

                   

                  CRC No. 1
PR 048362/O6 S SP

                   

                  CPF No.
673.685.739-20

                

                 

                
                  Exhibit 3.1.4
(b)

                   

                  Arapar’s
Proceedings

                   

                  A)
Administrative Proceedings

                   

                  1-CASE
No. 10070.001877/2003-07

                   

                  Interested
party: Arapar S/A

                   

                  Subject:
DCTF - Opposition

                   

                  2-CASE
No. 10070.000812/2002-55

                   

                  Interested
party: Lorenpar S/A

                   

                  Subject:
Tax Assessment Notice - DCTF

                   

                  3-CASE
No. 10070.001876/2003-54

                   

                  Interested
party: Lorenpar S/A

                   

                  Subject:
DCTF - Opposition

                   

                  4-CASE
No. 10070.001984/2002-46

                   

                  Interested
party: Lorenpar S/A

                   

                  Subject:
Tax Assessment Notice - DCTF

                   

                  5-CASE
No. 10070.002246/2001-35

                   

                  Interested
party: Lorenpar S/A

                   

                  Subject:
Tax Assessment Notice - DCTF

                   

                  6-CASE
No. 10070.001982/2002-57

                   

                  Interested
party: Lorentzen Empreendimentos S/A

                   

                  Subject:
DCTF Opposition

                   

                  7-CASE
No. 10070.001981/2002-11

                   

                  Interested
party: Lorentzen Empreendimentos S/A

                   

                  Subject:
DCTF Opposition

                   

                  8-CASE
No. 10070.002241/2001-11

                   

                  Interested
party: Lorentzen Empreendimentos S/A

                   

                  
                    
                      
                      

                    

                    
                      
                      

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                  Subject:
DCTF Opposition

                  9-CASE
No. 10070.002885/2002-81

                   

                  Interested
party: Lorentzen Empreendimentos S/A

                   

                  Subject:
Request for reimbursement of corporate income tax (IRPJ) combined with request
for set off

                   

                  10-CASE
No. 10070.001250/2003-48

                   

                  Interested
party: Lorentzen Empreendimentos S/A

                   

                  Subject:
Request for reimbursement of corporate income tax (IRPJ) combined with request
for set off

                   

                  11-CASE
No. 11543.000097/98-90

                   

                  Interested
party: Lorenpar S/A

                   

                  Subject:
Request for reimbursement of corporate income tax (IRPJ) combined with request
for set off

                   

                  12-CASE
No. 10070.100328/2007-30

                   

                  Interested
party: Lorentzen Empreendimentos S/A

                   

                  Subject:
Request for payment of social contribution on net profit (CSLL) debits in
installments

                   

                  13-CASE
No. 18471-001.738/2005-26

                   

                  Interested
party: Lorentzen Empreendimentos S/A

                   

                  Subject:
Undue deduction of expenses from IRPJ tax basis

                   

                  14-CASE
No. 10070.001872/2003-76

                   

                  Interested
party: Lorentzen Empreendimentos S/A

                   

                  Subject:
DCTF - Opposition

                   

                  15-CASE
No. 10070.001425/2001-55

                   

                  Interested
party: Arapar S/A

                   

                  Subject:
Request for reimbursement of corporate income tax (IRPJ) combined with request
for set off

                   

                  16-CASE
No. 15374.004980/2001-38

                   

                  Interested
party: Lorentzen Empreendimentos S/A

                   

                  Subject:
Assessment resulting from absence of calculation of expenses with credit card
(IRPJ)

                   

                  17-CASE
No. 15374.004979/2001-11 (origin: Federal Public Prosecutors’ Office (MPF)
0719000/1302/01)

                   

                  Interested
party: Lorentzen Empreendimentos S/A

                   

                  Subject:
Assessment resulting from absence of calculation of expenses with credit card
(CSLL)

                   

                  18-CASE
No. 10070000850/2003-99

                   

                  Interested
party: Lorentzen Business Development Ltda.

                   

                  Subject:
Request for reimbursement of corporate income tax (IRPJ) combined with request
for set off

                   

                  19-CASE
No. 10070000852/2003-88

                   

                  Interested
party: Lorentzen Business Development Ltda.

                   

                  Subject:
Set off of Social Integration Program (PIS) debits against PIS
credits

                   

                  20-CASE
No. 10070000908/2003-02

                  
                    
                       

                    

                    
                       

                      
                        

                      

                    

                    
                       

                    

                  

                   

                  Interested
party: Lorentzen Empreendimentos S/A

                   

                  Subject:
Request for reimbursement of corporate income tax (IRPJ) combined with request
for set off

                   

                  21-CASE
No. 10070002115/2004-09

                   

                  Interested
party: Arapar S/A

                   

                  Subject:
Request for reimbursement of corporate income tax (IRPJ) combined with request
for set off

                   

                  22-CASE
No. 10070002113/2004-10

                   

                  Interested
party: Arapar S/A

                   

                  Subject:
Request for reimbursement of CSLL combined with request for set off

                   

                  23-CASE
No. 10070002114/2004-56

                   

                  Interested
party: Arapar S/A

                   

                  Subject:
Request for reimbursement of corporate income tax (IRPJ) combined with request
for set off

                   

                  24-CASE
No. 10070.002245/2001-91

                   

                  Interested
party: Caravelas Participações S/A

                   

                   Subject:
DCTF - Opposition

                   

                  25-CASE
No. 10070.001873/2003-11

                   

                  Interested
party: Brusara Participações Ltda.

                   

                  Subject:
DCTF - Opposition

                   

                  26-CASE
No. 10768.001486/2002-55

                   

                  Interested
party: Brusara Participações Ltda.

                   

                  Subject:
DCTF - Opposition

                   

                  27-CASE
No. 10768.004927/2002-71

                   

                  Interested
party: Brusara Participações Ltda.

                   

                  Subject:
DCTF - Opposition

                   

                  28-CASE
No. 1768.010692/2002-56

                   

                  Interested
party: Brusara Participações Ltda.

                   

                  Subject:
DCTF - Opposition

                   

                  29-CASE
No. 10070.001871/2003-21

                   

                  Interested
party: Jarapar Participações Ltda.

                   

                  Subject:
DCTF - Opposition

                   

                  30-CASE
No. 10768.001485/2002-19

                   

                  Interested
party: Jarapar Participações Ltda.

                   

                  Subject:
DCTF - Opposition

                   

                  31-CASE
No. 10768.0014872002-08

                   

                  Interested
party: Jarapar Participações Ltda.

                   

                  Subject:
DCTF - Opposition

                  
                    
                       

                    

                    
                       

                      
                        

                      

                    

                    
                       

                    

                  

                   

                  32-CASE
No. 1768.010691/2002-10

                   

                  Interested
party: Jarapar Participações Ltda.

                   

                  Subject:
DCTF - Opposition

                   

                  33-CASE
No. 1768.010693/2002-09

                   

                  Interested
party: Jarapar Participações Ltda.

                   

                  Subject:
DCTF - Opposition

                   

                  B)
Legal Proceedings

                   

                  1-ORDINARY
ACTION No. 2004.5101009159-5

                   

                  Parties:
LORENTZEN EMPREENDIMENTOS S.A., ARAPAR S/A AND LORENPAR S/A X CAIXA ECONÔMICA
FEDERAL

                   

                  Court:
18th
FEDERAL COURT/State of Rio de Janeiro

                   

                  2-ORDINARY
ACTION No. 2005.5101011519-1

                   

                  Parties:
LORENTZEN EMPREENDIMENTOS S.A., CAMOCIM ADMINISTRADORA S/A, NORBRASA
EMPREENDIMENTOS S/A E ARAPAR S/A AND LORENPAR S/A X UNIÃO FEDERAL

                   

                  Court:
7th
FEDERAL COURT/State of Rio de Janeiro

                   

                  3-WRIT OF
MANDAMUS No. 200451010251057/ INTERLOCUTORY APPEAL No. 2005.02010023142/APPEAL
No. 2004.51010251057

                   

                  Parties:
LORENTZEN EMPREENDIMENTOS S.A., ESL EMPREENDIMENTOS S.A, ARAPAR S/A, LORENPAR
S/A, NEBRA PARTICIPAÇÕES LTDA AND TIBA PARTICIPAÇÕES LTDA X FEDERAL REVENUE
OFFICE OF RIO DE JANEIRO.

                   

                  Court:
30th
FEDERAL COURT/State of Rio de Janeiro

                   

                  4-ORDINARY
ACTION No. 00.0716820-9 / MOTION TO STAY EXECUTION No. 96.0020887-5 CIVIL APPEAL
No. 98.02.04545-4

                   

                  Parties:
LORENTZEN EMPREENDIMENTOS S.A., NORENO COM. E IND. S/A, NORSUL OFFSHORE S/A,
RIOBROKER (LORENTZEN, PLATOU E FIGUEIREDO), ELKEM LTDA. AND CIA DE NAVEGAÇÃO
NORSUL X NATIONAL TELECOMMUNICATIONS FUND

                   

                  Court:
6th
FEDERAL COURT / 4th SPECIAL
PANEL

                   

                  5-ORDINARY
ACTION No. 910007789-5 / MOTION TO STAY EXECUTION No. 950044134-9 / CIVIL APPEAL
No. 97.0241088-6

                   

                  Parties:
LORENTZEN EMPREENDIMENTOS S.A. AND NORSUL OFFSHORE S/A X FEDERAL
GOVERNMENT

                   

                  Court:
28th
FEDERAL COURT/3rd
SPECIALIZED PANEL OF THE REGIONAL FEDERAL COURT (TRF) – 2nd
REGION

                   

                  6-ORDINARY
ACTION No. 2004.51.01.011385-2 / CIVIL APPEAL NO.
2004.51.01.011385-2

                   

                  Parties:
LORENTZEN EMPREENDIMENTOS S.A., ARAPAR S/A AND LORENPAR S/A X CAIXA ECONÔMICA
FEDERAL

                   

                  Court:
19th
FEDERAL COURT/State of Rio de Janeiro

                   

                  7-ORDINARY
ACTION No. 2006.51.01.009470-2 / CIVIL APPEAL No.
2006.51.01.009470-2

                   

                  Parties:
NEBRA PARTICIPAÇÕES LTDA AND TIBA PARTICIPAÇÕES LTDA X FEDERAL
GOVERNMENT

                  
                    
                       

                    

                    
                       

                      
                        

                      

                    

                    
                       

                    

                  

                   

                  Court:
12th
FEDERAL COURT/State of Rio de Janeiro

                   

                  8-WRIT OF
MANDAMUS No. 200651010137981/APPEAL No. 200651010137981

                   

                  Parties:
NORBRASA EMPREENDIMENTOS S.A. X FEDERAL REVENUE OFFICE OF RIO DE
JANEIRO

                   

                  Court:
3rd
FEDERAL COURT/State of Rio de Janeiro

                   

                  9-TAX
EXECUTION No. 2007.51.01.530488-0

                   

                  Parties:
NATIONAL TREASURY X NORBRASA EMPREENDIMENTOS S.A.

                   

                  Court:
1st
FEDERAL TAX EXECUTION COURT OF RIO DE JANEIRO

                   

                  São Teófilo’s
Proceedings

                   

                  A)  Administrative
Proceedings

                   

                  1-CASE
No. 10768.018070/89-19

                   

                  Interested
party: Vertex Participações S.A.

                   

                  Subject:
Miscellaneous Legal Matters - Other

                   

                  2-CASE
No. 10768.027520/89-56

                   

                  Interested
party: Vertex Participações S.A.

                   

                  Subject:
Tax – Actions filed against the National Treasury

                   

                  3-CASE
No. 10070.002247/2001-80

                   

                  Interested
party: Vertex Participações S.A.

                   

                  Subject:
Tax Assessment Notice - DCTF

                   

                  4-CASE
No. 10070.000809/2002-31

                   

                  Interested
party: Vertex Participações S.A.

                   

                  Subject:
Tax Monitoring Control Division - DERAT-RJO

                   

                  5-CASE
No. 10070.000808/2002-97

                   

                  Interested
party: Vertex Participações S.A.

                   

                  Subject:
Tax Monitoring Control Division - DERAT-RJO

                   

                  6-CASE
No. 10070.001392/2007-39

                   

                  Interested
party: Vertex Participações S.A.

                   

                  Subject:
Information and Complaint - IRPJ

                   

                  7-CASE
No. 10070.002253/2001-37

                   

                  Interested
party: Vitória Participações S.A.

                   

                  Subject:
Tax Assessment Notice - DCTF

                   

                  8-CASE
No. 10070.000810/2002-66

                   

                  Interested
party: Vitória Participações S.A.

                   

                  Subject:
Tax Assessment Notice - DCTF

                   

                  9-CASE
No. 10070.001978/2002-99

                  
                    
                       

                    

                    
                       

                      
                        

                      

                    

                    
                       

                    

                  

                   

                  Interested
party: Vitória Participações S.A.

                   

                  Subject:
Tax Assessment Notice - DCTF

                   

                  10-CASE
No. 10070.001868/2003-16

                   

                  Interested
party: Vitória Participações S.A.

                   

                  Subject:
DCTF - Opposition

                   

                  11-CASE
No. 13710.000526/2007-18

                   

                  Interested
party: Vitória Participações S.A.

                   

                  Subject:
Low Business Activity - Tax Matters

                   

                  B)  Legal
Proceedings

                   

                  1-WRIT OF
MANDAMUS No. 2006.61.00.015123-6

                   

                  Parties: São Teófilo
Representação e Participações S/A X Federal Revenue Office for Inspection in São
Paulo

                   

                  Court: 9th Federal Court/State of São
Paulo

                   

                  2-TAX
EXECUTION No. 2008.51.01.503044-9

                   

                  Party: Vitória Participações
S/A

                   

                  Court: 3rd Federal
Execution Court /State of Rio de Janeiro

                

                
                   

                  Exhibit
3.2.5

                   

                  1.      ALARICO SILVEIRA NETO,
Brazilian, married, lawyer, enrolled with the Individual Taxpayers Register of
the Ministry of Finance under No. 239.065.457-68 and with the Brazilian Bar
Association, Rio de Janeiro Chapter, under OAB/RJ 19.155, domiciled in the City
of Rio de Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson No. 231,
9th
floor;

                   

                  2.      ALEX HARRY HEAGLER, Brazilian,
married, economist, bearer of identity card No. 946.928-IFP/RJ and enrolled with
the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No.
004.864.347-53, domiciled in the City and State of Rio de Janeiro, at Rua
Visconde de Pirajá No. 250, 4th
floor;

                   

                  3.           ANTONIO CARLOS DANTAS MATTOS,
Brazilian, divorced, economist, enrolled with the Individual Taxpayers Register
of the Ministry of Finance under CPF/MF No. 272.521.327-49 and with the
CORECON-1st Region under No. 7.770, domiciled in the City of Rio de Janeiro,
State of Rio de Janeiro, at Av. Presidente Wilson No. 231, 9th
floor;

                   

                  4.           CARLOS JURGEN TEMKE,
Brazilian, single, mechanical engineer, bearer of identity card No.
04.261.721-7, issued by IFP/RJ, enrolled with the Individual Taxpayers Register
of the Ministry of Finance under CPF/MF No. 610.818.507-44, resident and
domiciled in this city, at Av. Augusto Severo No. 8, 7th floor;

                   

                  5.           ELIEZER BATISTA DA SILVA,
Brazilian, married, civil engineer, enrolled with the Engineering and
Architecture Council under CREA No. 7008-D-5th Region,
bearer of identity card No. M/524.000-SSP/MF and enrolled with the Individual
Taxpayers Register of the Ministry of Finance under CPF/MF 607.40.50763,
domiciled in the City and State of Rio de Janeiro, at Av. Graça Aranha No. 01,
6th
floor;

                   

                  6.           ELOY DE MACEDO, Brazilian,
married, lawyer, domiciled in the City of São Paulo, State of São Paulo, at Av.
Eusébio Matoso No. 891, 22nd floor,
bearer of identity card OAB/SP 71.184 and enrolled with the Individual Taxpayers
Register of the Ministry of Finance under CPF/MF No.
045.868.678-68;

                  
                    
                       

                    

                    
                       

                      
                        

                      

                    

                    
                       

                    

                  

                   

                  7.           FERNANDO OCTÁVIO MARTINS
ALVES, Brazilian, married, engineer, bearer of identity card No.
2.434.900-IFP/RJ, enrolled with the Individual Taxpayers’ Register of the
Ministry of Finance under CPF/MF No. 129.014.907-00, domiciled in the City and
State of Rio de Janeiro, at Av. Augusto Severo No. 8, 7th
floor;

                   

                  8.           FERNANDO ROBERTO MOREIRA
SALLES, Brazilian, married, industrialist, domiciled in the City of São
Paulo, State of São Paulo, at Av. Eusébio Matoso No. 891, 22nd floor,
bearer of identity card RG No. 2.066.712-7 SECC/RJ and enrolled with the
Individual Taxpayers Register of the Ministry of Finance under CPF/MF No.
002.938.068-53;

                   

                  9.           HAAKON LORENTZEN, Norwegian,
married, business man, bearer of identity card for foreigners RNE No.
W-2064-10-E, issued by SE/DPMAF/DPF, enrolled with the Individual Taxpayers’
Register of the Ministry of Finance under CPF/MF 667.258.797-72, domiciled in
the City and State of Rio de Janeiro, at Av. Augusto Severo No. 8, 7th
floor;

                   

                  10.         IGNÁCIO FERRAZ DE SÁ FREIRE
JÚNIOR, Brazilian, judicially separated, accountant, bearer of identity
card CRC/RJ No. 23.554-9, enrolled with the Individual Taxpayers Register of the
Ministry of Finance under CPF/MF No. 298.041.837-49, all of them resident and
domiciled in this city, at Av. Augusto Severo No. 8, 7th
floor;

                   

                  11. LUCIANO SOARES, Brazilian,
married under the complete separation of assets regime, economist, enrolled with
the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No.
007.555.737-14, bearer of identity card No. 07.823.930-8, issued by IFP/RJ,
domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, at Av.
Presidente Wilson No. 231, 9th
floor;

                   

                  12.         LUIZ ARANHA CORRÊA DO LAGO,
Brazilian, married, economist, bearer of identity card No. 2.259.223, issued by
IFP/RJ, enrolled with the Individual Taxpayers Register of the Ministry of
Finance under CPF/MF No. 375.703.317-53, resident and domiciled in this city, at
Av. Augusto Severo No. 8, 7th floor; and

                   

                  13.         MAURO AGONILHA, Brazilian,
married, accountant, domiciled in the City of São Paulo, State of São Paulo, at
Av. Eusébio Matoso No. 891, 22nd floor,
bearer of identity card RG No. 6.462.154-6 SSP/SP and enrolled with the
Individual Taxpayers Register of the Ministry of Finance under CPF/MF No.
577.141.008-00;

                   

                

                Exhibit
4.3

                 

                Request for Withdrawal of
Arapar’s Tax Actions

                 

                1-WRIT OF
MANDAMUS No. 200451010251057/ INTERLOCUTORY APPEAL No. 2005.02010023142/APPEAL
No. 2004.51010251057

                 

                Parties:
LORENTZEN EMPREENDIMENTOS S.A., ESL EMPREENDIMENTOS S.A, ARAPAR S/A, LORENPAR
S/A, NEBRA PARTICIPAÇÕES LTDA AND TIBA PARTICIPAÇÕES LTDA X FEDERAL REVENUE
OFFICE OF RIO DE JANEIRO.

                 

                Court:
30th
FEDERAL COURT/State of Rio de Janeiro

                 

                All pages
are initialed.

              

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              
                san/rat/textos6a/voto26.doc

                 

                5/26/09Unassociated Document

    
       

      Free
translation from Portuguese

       

      Exhibit
Number: 4.11

       

      BNDES

       

      
        
          	
                  FINANCING AGREEMENT THROUGH CREDIT FACILITY No.
      08.2.1122.1, BY AND BETWEEN THE NATIONAL BANK OF ECONOMIC AND SOCIAL
      DEVELOPMENT – BNDES, VOTORANTIM CELULOSE E PAPEL S/A, AND INTERVENING
      PARTIES, AS FOLLOWS:

                

        

      

       

      THE
NATIONAL BANK OF ECONOMIC AND SOCIAL DEVELOPMENT – BNDES, hereinafter referred
to as BNDES, a federal public entity, with its principal place of business in
Brasília, Federal District, and offices in this City, at Avenida República do
Chile, 100, registered with the National Corporate Taxpayers Register under CNPJ
No. 33.657.248/0001-89, by its undersigned representatives;

       

      and

       

      VOTORANTIM
CELULOSE E PAPEL S/A, hereinafter referred to as BENEFICIARY, a corporation with
its principal place of business in the City of São Paulo, State of São Paulo, at
Alameda Santos, 1.357, 6th floor,
registered with the National Corporate Taxpayers Register under CNPJ No.
60.643.228/0001-21, by its undersigned representatives; and also as INTERVENING
PARTIES, VCP – MS CELULOSE SUL MATO-GROSSENSE LTDA., a business limited company
with its principal place of business in Horto Barra do Moelo, rural zone, State
of Mato Grosso do Sul, at Rodovia MS 395, km 20, registered with the National
Corporate Taxpayers Register under CNPJ No. 36.785.418/0001-07, and also
HEJOASSU ADMINISTRAÇÃO S/A, a corporation with its principal place of business
in the City of São Paulo, State of São Paulo, at Praça Ramos de Azevedo, 254,
7th
floor, National Corporate Taxpayers Register under CNPJ No. 61.194.148/0001-07,
by its undersigned representatives, do hereby agree on the following
clauses:

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        ONE

      

       

      NATURE, AMOUNT AND
SUBJECT-MATTER OF THE AGREEMENT

       

      BNDES
hereby grants to the BENEFICIARY a credit in the amount of one hundred and sixty
million Reais
(R$160,000,000.00), divided into two (2) sub-credits, in the following
amounts:

       

      1 –
Sub-credit "A": eighty-four million Reais (R$84,000,000.00) to
the account of ordinary funds, composed, among others, of the funds of the
Workers Support Fund – FAT, the funds originating from FAT – Special Deposits
and from the PIS/PASEP Participation Fund, with due regard, as to allocation,
for the law applicable to each one of said sources and the provisions of the
Sole Paragraph of Section Two;

       

      2 –
Sub-credit "A": seventy-six million Reais (R$76,000,000.00) to
the account of ordinary funds, composed, among others, of the funds of the
Workers Support Fund – FAT, the funds originating from FAT – Special Deposits
and from the PIS/PASEP Participation Fund, with due regard, as to allocation,
for the law applicable to each one of said sources and the provisions of the
Sole Paragraph of Section Two.

       

      SOLE
PARAGRAPH

       

      The
credit now granted is intended for advancement of funds within the scope of the
Bridge Loan Product, for implementation by the INTERVENING PARTY VCP – MS
CELULOSE SUL MATOGROSSENSE LTDA. of a production line of bleached cellulose from
eucalyptus in the Três Lagoas region – State of Mato Grosso do Sul, with a
nominal capacity of 1,300,000 tons/year.

       

      TWO

       

      AVAILABILITY OF THE
CREDIT

       

      The
credit shall be made available to the BENEFICIARY in installments, after
compliance with the conditions precedent of use mentioned in Section Ten, by
virtue of the need to carry out the financed project, with due regard for the
financial program of the BNDES, which is conditioned upon the definition of
funds for application thereof by the National Monetary Council.

       

      SOLE
PARAGRAPH

       

      The funds
in this transaction shall be made available to the BENEFICIARY through credit in
a non-transaction current account opened on its behalf at the BNDES, in which
the debits determined by the law and those contractually authorized by the
BENEFICIARY shall be made upon release, the remaining total balance of which
shall be promptly transferred to current account No. 7.700.313-3, held by the
BENEFICIARY at Banco Real S/A (No. 0356), Corporate Paulista branch (No.
0689).

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      THREE

       

      INTEREST ON SUB-CREDITS “A”
AND “B”

       

      The
principal of the BENEFICIARY’s debt shall accrue interest of sixteen point
fifty-three percent (16.53%) per year (as remuneration) to Sub-credit “A”, and
sixteen point three percent (16.3%) per year (as remuneration) to Sub-credit
“B”, on the respective outstanding balances on the payment dates mentioned in
the Sole Paragraph of this Section, and also considering, in the daily
calculation of interest, the number of days elapsed from the date of each
financial event to the dates of payment mentioned above.

       

      SOLE
PARAGRAPH

       

      The
amount of interest ascertained pursuant to this Section shall be due on the
fifteenth (15) day of the months of April and July, 2009, and on August 15,
2009, inclusive, together with the lump sum repayment of the principal and on
the maturity or settlement date of this Agreement, with due regard for the
provisions of Section Sixteen.

       

      FOUR

       

      CHARGES FOR RESERVATION OF
CREDIT

       

      The
BENEFICIARY shall pay to the BNDES the Charge for Reservation of Credit of zero
point one percent (0.1%), due on a thirty (30)-day period or fraction thereof,
on:

       

      I – the
unused balance of each installment of the credit, as from the date following its
availability to the date of use, on which occasion the payment shall be due;
and

       

      II – the
unused balance of the credit, as from the date following its availability to the
date of cancellation, made at the request of the BENEFICIARY or by initiative of
the BNDES, and which payment shall be due on the date of the request or decision
of the BNDES, as the case may be.

       

      SOLE
PARAGRAPH

       

      The
charge mentioned in items I and II above shall be due in the event of
establishment of a plan for availability of funds.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      FIVE

       

      PROCESSING AND COLLECTION OF
THE DEBT

       

      The
collection of the principal and charges shall be made by means of a Notice of
Collection issued in advance by the BNDES, for the BENEFICIARY to settle such
obligations on the respective dates of maturity.

       

      SOLE
PARAGRAPH

       

      Failure
to receive the Notice of Collection shall not exempt the BENEFICIARY of the
obligation to pay the principal and charges installments on the dates
established herein.

       

      SIX

       

      REPAYMENT

       

      The
principal of the debt arising out of this Agreement shall be paid to the BNDES
in a lump sum, on August 15, 2009, with due regard for the provisions in Section
Sixteen, the BENEFICIARY agreeing to comply, in such lump sum payment, with all
obligations arising out of this Agreement.

       

      SEVEN

       

      SPECIAL OBLIGATIONS OF THE
BENEFICIARY

      

      The
BENEFICIARY shall:

      I –
comply, as applicable, until the final settlement of the debt hereunder, with
the “PROVISIONS APPLICABLE TO
BNDES CONTRACTS”, approved by Resolution No. 665, of December 10, 1987,
partially amended by Resolution No. 775, of December 16, 1991, by Resolution No.
863, of March 11, 1996, by Resolution No. 878, of September 4, 1996, by
Resolution No. 894, of March 6, 1997, by Resolution No. 927, of April 1, 1998,
and by Resolution No. 976, of September 24, 2001, and Resolution No. 1.571/2008,
of March 04, 2008, all of which of the Executive Board of the BNDES, published
in the Federal Official Gazette (Section I), of December 29, 1987, December 27,
1991, April 8, 1996, September 24, 1996, March 19, 1997, April 15, 1998, October
31, 2001 and March 25, 2008, respectively, a copy of which is hereby delivered
to the BENEFICIARY, which, after learning about all the contents of the same,
declares to accept it as an integral and inseparable part hereof, for all the
purposes and legal effects;

      II - use
the total credit within twenty-six (26) months, as from the date of execution
hereof, without prejudice to the authority of the BNDES, before or after the
final expiration of this period, protected by the collaterals established
herein, to extend the said period, by means of an express authorization, by
mail, irrespective of another formality or registration;

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      III - in
the event of, by reason of the project under the Sole Paragraph of Section One,
dismissal of employees of the BENEFICIARY during the term hereof, offering a
training program aimed at opportunities of work in the region and/or program for
placing the workers in other companies, after submitting to the BNDES, for
examination, a document that specifies and attests to the conclusion of the
negotiations with the competent representations of the workers involved in the
process of dismissal.

      IV -
adopt, during the term hereof, measures and actions intended to avoid or correct
damages to the environment, occupational safety and medicine, which may be
caused by the project mentioned in the Sole Paragraph of Section
One;

      V -
maintain in a regular situation its obligations toward the environmental
authorities, during the term hereof;

      VI -
observe, during the term hereof, the provisions of the laws applicable to
disabled persons;

      VII –
inform to the BNDES, on the date of the event, the name and the Individual
Taxpayers Register of the Ministry of Finance – CPF/MF of the person who,
exercising a paid office or being a owner, controlling member or officer, has
been qualified as a Federal Congressperson or Senator;

      VIII –
transfer to the INTERVENING PARTY VCP – MS CELULOSE SUL-MATOGROSSENSE LTDA. the
totality of the funds mentioned in Section One, with due regard for the
provisions of the Sole Paragraph of Section Two, and on the same conditions
established in the other Sections hereof, such funds being intended for the
purpose described in the Sole Paragraph of Section One;

      IX –
maintain, during the effectiveness of this Agreement, the following
financial-economic indexes annually ascertained in a balance sheet audited by
external auditors registered with the Brazilian Securities Commission – CVM, as
specified in the items below:

      
        	
              	
                a)

              	
                As
      regards the indebtedness during the period mentioned in item IX of this
      Section, the formula DBL/EBTDA formula < three (3.00) shall apply,
      where DBL means the Net Bank Debt and EBITDA means the Operating Income
      before interest, income tax, depreciation and
  amortization;

              

      

      
        	
              	
                b)

              	
                As
      regards the structure of the debt during the period mentioned in item IX
      of this Section, the Gross Debt / (Gross Debt + PL) < zero point
      seventy (0.70) formula shall apply, where Gross Debt corresponds to the
      result of the sum of Current Liabilities and Long-Term Liability, and PL
      corresponds to Net Equity;

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      X –
submit to the BNDES, by June 30, 2009, for purposes of evidence of compliance
with the obligation established in item IX hereof, a balance sheet audited by a
company registered with the Brazilian Securities Commission;

      XI – in
case the levels established in item IX of this Section are not met, create
within a term of sixty (60) days as from the date of the communication, in
writing, from the BNDES, collateral guarantees pursuant to the provisions or
article 27 of the mentioned “Provisions Applicable to BNDES Contracts”, unless
within such term the levels mentioned above are restored.

       

      EIGHT

      OBLIGATIONS OF THE
INTERVENING PARTY

      

      The
intervening party VCP – MS CELULOSE SUL MATO-GROSSENSE LTDA, identified in the
preamble to this Agreement, agrees to:

      I – apply
the funds transferred by the BENEFICIARY pursuant to item VIII of Section Seven
exclusively in the implementation of the production line of bleached cellulose
from eucalyptus in the Três Lagoas region – State of Mato Grosso do Sul, with a
nominal capacity of 1,300,000 tons/year, which project is mentioned in the Sole
Paragraph of Section One;

      II –
comply, as applicable, with the PROVISIONS mentioned in item I of Section Seven,
especially article 34, the specific application of which it expressly declares
to be aware and in agreement;

      III –
submit to the BNDES, within one hundred and eighty (180) days as from release of
the last installment of the credit, the Operation License, officially published,
of the project set forth in the Sole Paragraph of Section One, issued by the
proper agency integrating the National Environment System – SISNAMA, or
supplementarily by the Brazilian Institute of Environment and Renewable Natural
Resources – IBAMA;

      IV - in
the event of, by reason of the project under the Sole Paragraph of Section One,
dismissal of employees of the INTERVENING PARTY VCP – MS CELULOSE SUL
MATOGROSSENSE LTDA. during the term hereof, offering a training program aimed at
opportunities of work in the region and/or outplacement program for the workers
in other companies, after submitting to the BNDES, for examination, a document
that specifies and attests the conclusion of the negotiations with the competent
representations of the workers involved in the dismissal
process;

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      V -
adopt, during the term hereof, measures and actions intended to avoid or correct
damages to the environment, occupational safety and medicine, which may be
caused by the project mentioned in the Sole Paragraph of Section
One;

      VI -
maintain in good standing its obligations with the environmental authorities,
during the term of effectiveness hereof;

      VII –
communicate to the BNDES, on the date of the event, the name and the Individual
Taxpayers Register of the Ministry of Finance – CPF/MF of the person who,
exercising a paid office or being an owner, controlling member or officer, has
been qualified as a member of the House of Representatives or
Senator.

      

      NINE

      RECIPROCAL POWER OF
ATTORNEY

      

      The
BENEFICIARY, the INTERVENING PARTY VCP – MS CELULOSE SUL MATO-GROSSENSE LTDA.
and the INTERVENING PARTY HEJOASSU ADMINISTRAÇÃO S/A, hereby and irrevocably and
irreversibly name each other mutual and reciprocal attorneys-in-fact until final
settlement of the debt now undertaken, with powers to receive service of
process, notices and summons, and further with powers of the ad judicia clause for the
courts in general, which powers may be delegated to an attorney, all regarding
any legal or extrajudicial proceedings filed against them by the BNDES by virtue
of this Agreement, with powers to perform all acts necessary for the good and
faithful compliance with such power of attorney.

       

      TEN

      CONDITIONS TO USE THE
CREDIT

      

      The
utilization of the credit, and performance, as the case may be, of the
conditions set forth in Articles 5 and 6 of the “PROVISIONS APPLICABLE TO BNDES
CONTRACTS” mentioned above, and of those set forth in the “RULES AND INSTRUCTIONS FOR
MONITORING”, mentioned in Article 2 of the same “PROVISIONS”, is subject to
compliance, by the BENEFICIARY and the INTERVENING PARTY VCP - MS CELULOSE SUL
MATO-GROSSENSE LTDA., as mentioned below, with the following items:

      I - to
use the first installment of the credit:

      a)
opening, by the BENEFICIARY, of a current account at BNDES;

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    b)
submission, by the BENEFICIARY, of a Letter of Guarantee issued by a financial
institution approved by the BNDES pursuant to and in accordance with the
provisions of Paragraph One of Section Eleven hereof;

    II - to
use each installment of the credit:

    a)
inexistence on the part of the BENEFICIARY or the INTERVENING PARTY VCP – MS
CELULOSE SUL MATO-GROSSENSE LTDA. of an economic-financial fact that, at the
discretion of BNDES, may jeopardize the performance of the undertaking now
financed, so as to change it or prevent its performance, as set forth in the
project approved by the BNDES;

    b)
submission, by the BENEFICIARY and the INTERVENING PARTY VCP – MS CELULOSE SUL
MATO-GROSSENSE LTDA., of the Tax Clearance Certificate – CND, issued by the
Brazilian Federal Revenue Office , on the Internet, to be obtained by the
BENEFICIARY at www.previdenciasocial.gov.br
or www.receita.fazenda.gov.br
and verified by the BNDES in such sites;

    c) proof
of the good standing before environmental authorities, or when such proof has
already been submitted and is in force, declaration of the INTERVENING PARTY VCP
– MS CELULOSE SUL MATO-GROSSENSE LTDA. about the continuation of the validity of
such document;

    d)
submission, preferably by electronic file, of a list with data identifying the
assets corresponding to the installment of the credit to be used, detailing the
equipment, the manufacturer, the amount and other information as requested by
the BNDES, in order to prove that the machines and equipment purchased with
funds arising out hereof are accredited at the BNDES.

    

    ELEVEN

    GUARANTEE

    

    HEJOASSU
ADMINISTRAÇÃO S/A, identified in the preamble, accepts this Agreement as
guarantor and principal payer, expressly waiving the benefits of articles 366,
827 and 838 of the Brazilian Civil Code, being jointly and severally liable
until final settlement of this Agreement for the faithful and exact compliance
with all obligations herein undertaken by the BENEFICIARY, such liability being
limited to fifty-two point five percent (52.5%) of the debt.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    PARAGRAPH
ONE

    

    In
addition to the guarantee established in the main provision of this Section, a
guarantee shall be granted by a financial institution which, at the BNDES
discretion, is in an economic-financial situation of visible solvency, through a
Letter of Guarantee to be executed according to the form given by the BNDES, and
the guarantor agrees to be bound as joint and several debtor and principal payer
of the obligations arising out hereof, until final settlement, with express
waiver of the benefits of articles 366, 827 and 838 of the Civil Code, and any
change in the term or amount of the guarantee shall depend always on the prior
consent of such guarantor, which liability shall be limited to forty-seven point
five percent (47.5%) of the debt.

    

    PARAGRAPH
TWO

    

    Any
change in the limits of the guarantees provided for in the main provision and in
Paragraph One of this Section shall be evidenced in an amendment entered into
between all the parties.

    

    TWELVE

    DEFAULT

    

    In the
event of default of the obligations assumed by the BENEFICIARY and by the
INTERVENING PARTY VCP – MS CELULOSE SUL MATO-GROSSENSE LTDA. and HEJOASSU
ADMINISTRAÇÃO S/A, Articles 40 to 47-A of the “PROVISIONS APPLICABLE TO BNDES
CONTRACTS” shall apply, as mentioned by
Section Seven, Item I.

    

    THIRTEEN

    FINE FOR
FILING

    

    In the
event of judicial collection of the debt arising out of this Agreement, the
BENEFICIARY shall pay a fine of ten percent (10%) on the principal and charges
of the debt, in addition to extrajudicial, judicial expenses and fees of
counsel, due as from the date of filing of a collection action.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    FOURTEEN

    ACCELERATED SETTLEMENT OF
THE DEBT

    

    In the
event of accelerated settlement of the debt, the collateral shall be released,
and the other obligations shall conform to Article 18, Paragraph Two, of the
“PROVISIONS APPLICABLE TO BNDES CONTRACTS” mentioned in Section Seven, Item
I.

    

    FIFTEEN

    ACCELERATED
MATURITY

    

    The BNDES
may declare the accelerated maturity hereof, with the enforceability of the debt
and immediate suspension of any disbursement, if, in addition to the events set
forth in Articles 39 and 40 of the “PROVISIONS APPLICABLE TO BNDES CONTRACTS”,
mentioned in Section Seven, Item I, BNDES proves:

    a) the
dismissal of employees of the BENEFICIARY or the INTERVENING PARTY VCP – MS
CELULOSE SUL MATO-GROSSENSE LTDA. in breach of the provisions, respectively, of
Item III of Section Seven and item IV of Section Eight;

    b)
existence of a final judgment regarding performance of acts by the Beneficiary
or the INTERVENING PARTY VCP – MS CELULOSE SUL MATO-GROSSENSE LTDA. implying
violation of the legislation applicable to race or sex discrimination, child
work and slavery;

    c) the
inclusion, in a corporate agreement, by-laws or articles of association of the
BENEFICIARY, or of the companies that control it, of a provision that requires a
special quorum for the resolution or approval of matters that limit or restrict
the control of any of these companies by the respective controlling persons, or
also the inclusion in those documents of provisions implying:

    i)     restrictions
on the capacity of growth of the BENEFICIARY or on its technological
development;

    ii)
restrictions on the access of the BENEFICIARY to new markets; or,

    iii)
restrictions or harm to the capacity of payment of the financial obligations
arising out of this transaction;

    d)
non-compliance with the obligation set forth in item XI of Section
Seven.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    PARAGRAPH
ONE

    

    In the
event of use of the funds granted hereby for a purpose other than that set forth
in the Sole Paragraph of Section One, the BNDES, without prejudice to the main
provision hereof, shall communicate the fact to the Federal Public Prosecutors
Office, for the purposes of Law No. 7.492, of June 16, 1986.

    

    PARAGRAPH
TWO

    

    This
Agreement shall also be accelerated, with the consequent collection of the debt
and prompt suspension of any disbursement, on the date of qualification as a
member of the House of Representatives or Senator of a person exercising a paid
office in the BENEFICIARY or the INTERVENING PARTY VCP – MS CELULOSE SUL
MATO-GROSSENSE LTDA. or whose owners, controlling persons or officers include
persons subject to the prohibitions established by the Federal Constitution,
article 54, items I and II. There shall be no collection of default charges,
provided that the payment is made within five (5) business days as from the date
of qualification, under penalty of failing to do so, the charges provided for in
the cases of advanced maturity due to default becoming due.

    

    SIXTEEN

    MATURITY ON
HOLIDAYS

    

    Every
maturity of an installment of repayment of the principal and charges that occurs
on a Saturday, Sunday or national holiday, whether state, district or municipal,
including bank holidays, shall be, for all purposes hereof, postponed until the
first subsequent business day, and the charges shall be computed until this
date, the next regular period of assessment and computation of the charges
hereof shall also start on this date.

    

    SOLE
PARAGRAPH

    

    For
effects of the main provision of this Section, except for an express provision
otherwise, the holidays of the place where the principal place of business of
the BENEFICIARY is located, the address of which is mentioned herein, shall be
taken into consideration.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The
BENEFICIARY VOTORANTIM CELULOSE S/A and the INTERVENING PARTIES VCP – MS
CELULOSE SUL MATO-GROSSENSE LTDA. and HEJOASSU ADMINISTRAÇÃO S/A submitted,
respectively, Tax Clearance Certificates – CND Nos. 003732008-21200228,
03982208-06001090 and 003122008-21200148, issued on November 13, 2008, December
18, 2008 and October 21, 2008, by the Brazilian Federal Revenue
Office.

    

    The pages
hereof are initialed by Leonardo Thadeu de Oliveira, lawyer of BNDES, by
authorization of the undersigned legal representatives.

    

    In
witness whereof, the parties sign this instrument in four (4) counterparts of
same contents and for one single purpose, in the presence of the undersigned
witnesses.

    

    Rio de
Janeiro, January ...., 2009

    

    By
BNDES:

     NATIONAL
BANK OF ECONOMIC AND SOCIAL DEVELOPMENT – BNDES

    

    By the
BENEFICIARY:

    VOTORANTIM
CELULOSE E PAPEL S/A

    (sgd)

    Paulo
Prignolato

    Chief
Financial Officer and Investors Relations Officer

    CPF:
085.379.378-60

    (sgd)

    Francisco
Fernandes Campos Valério

    Technical
and Industrial Officer

    CPF:
055.280.319-91

    

    INTERVENING
PARTY:

    

    VCP – MS
CELULOSE SUL MATO-GROSSENSE LTDA.

    (sgd)

    Francisco
Fernandes Campos Valério

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Technical
and Industrial Officer

    CPF:
065.280.319-91

    (sgd)

    José
Guilherme Ferreira Oliveira Gomes

    Identity
Card: 13.091.212-8 SSP/SP

    CPF:
134.404.078-02

    

    INTERVENING
GUARANTOR:

    

    HEJOASSU
ADMINISTRAÇÃO S/A

    (sgd)                    
  (sgd)

    

    WITNESSES:

    (sgd)

    Name:
Paulo Henrique B. Alonso

    Taxpayer
Card (CPF): 254.079.748-27

    (sgd)

    Name:
Benedito Fernando Dário

    Identity
Card: 20.491.481-4

    Taxpayer
Card (CPF): 139.382.928-73

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      san/mmc/textos6/voto23.doc

      3/3/2009

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