Document:

Agreement to Supply Sugarcane

 EXHIBIT 4.02 
 AGREEMENT TO SUPPLY SUGARCANE 
 By this private instrument, the parties, 

BRASILAGRO – COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS, joint stock company enrolled at the National Register of Corporate
Taxpayers (CNPJ) under 07.628.528/0001-59, headquartered in the city of São Paulo, State of São Paulo, at Avenida Brigadeiro Faria Lima, n° 1.309 – 5o andar, herein duly represented pursuant to its By Laws, hereinafter
named “BRASILAGRO”; and 
 BRENCO – COMPANHIA BRASILEIRA DE ENERGIA RENOVÁVEL, joint stock company enrolled
at the National Register of Corporate Taxpayers (CNPJ) under 08.070.566/0001-00, headquartered in the city of São Paulo, State of São Paulo, at Avenida Faria Lima, n° 1.309 – 4° andar, herein duly represented pursuant to
its By Laws, hereinafter named “BRENCO”, 
 And, further, as consenting party, IMOBILIÁRIA ARAUCÁRIA
LTDA., private limited company enrolled at the National Register of Corporate Taxpayers (CNPJ) under 08.745.851/0001-75, headquartered in the city of São Paulo, State of São Paulo, at Avenida Brigadeiro Faria Lima, n° 1.309
– 5° andar, sala 03, herein duly represented pursuant to its By Laws, hereinafter named “IMOBILIÁRIA ARAUCÁRIA”; 
 Now, therefore, the parties have jointly agreed to enter into this Agreement to Supply Sugarcane (“AGREEMENT”), which shall operate in accordance with the applicable laws and pursuant to
the terms and conditions set forth below. 
 I– PRELIMINARY STATEMENTS 

 

	1.1.	WHEREAS IMOBILIÁRIA ARAUCÁRIA and BRENCO are, jointly, the legitimate engaged purchasers of the below denominated and described rural
properties, which together adjourn the total area stated in their related title deeds of 16,603.4567 ha. (Sixteen thousand, six hundred and threes hectares, forty five Ares and sixty seven centiares) of land and possession of land of 15,543.2073 ha.
(fifteen thousand, five hundred and forty three hectares, twenty ares and seventy three centiares) of land, in whose plot of approximately 11,300.00 ha. (eleven thousand and three hundred hectares) are plantable land, which are identified and
characterized as follows (hereinafter named, together “Properties of Morro Vermelho Project”): 

	 	(a)	“Fazenda Babilônia” – composed of 2 (two) plots of land, nominated for purposes of this AGREEMENT as Plot A and Plot B, each other
separated by Rodovia GO-341, real estate with total area stated in its related title deed of 8,915.1267 ha. (eight thousand, nine hundred and fifteen hectares, twelve ares and sixty seven centiares) of land and total effective possession area of f
8, 919, 91 ha. (eight Thousand, nine hundred and nineteen hectares and ninety one ares) of land, which is object of the Real Estate Registration 15,524, of the Real Estate Registry of the District of Mineiros, State of Goiás, enrolled at the
Federal Revenue Secretariat for purposes of register of the Rural Land Tax – ITR under 5,977,395-2, filed at the National Institute of Colonization and Agrarian Reform – INCRA under 0000433088972, with CCIR under 00271753055;

  

	 	(b)	“Fazenda Itália” – composed of one single plot of land with area stated in its title deed of 308.33 ha. (three hundred and eight hectares
and thirty three ares) and effective possession area of 308, 2817 ha. (three hundred and eight hectares, twenty eight ares and seventeen centiares), rural property which is object of the Real Estate Registration 12,689, of the Real Estate Registry
of the District of Mineiros, State of Goiás, enrolled at the Federal Revenue Secretariat for purposes of register of the Rural Land Tax – ITR under 26805278 (NIRF) and filed at the National Institute of Colonization and Agrarian Reform
– INCRA under 9320600083624, with CCIR under 00271753055; 

  

	 	(c)	“Fazenda Babilônia” – composed of one single plot of land with area stated in its title deed of 120, 00 ha. (one hundred and twenty
hectares), effective possession area of 111.2669 ha. (one hundred and eleven hectares, twenty six ares and sixty nine centiares), rural property which is object of the Real Estate Registration 16,931, of the Real Estate Registry of the District of
Mineiros, State of Goiás, enrolled at the Federal Revenue Secretariat for purposes of register of the Rural Land Tax – ITR under 2,338.822-6 and filed at the National Institute of Colonization and Agrarian Reform – INCRA under
932060008621-6, with CCIR under 00271753055, and, 

  

	 	(d)	 “Fazenda Morrinhos”, composed of 2 (two) plots of land, nominated for purposes of this AGREEMENT as Plot A and Plot B, each
other separated by Rodovia GO-341, real estate with total area stated in its related title deed of 7,260.00 ha. (seven thousand, two hundred and sixty hectares) of land and effective possession area of 6,263.74 ha. (six Thousand, two hundred and
sixty three hectares and seventy four ares) of land, object of the Real Estate Registration 11,765, of the Real Estate Registry of the District of 

  
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Mineiros, State of Goiás, enrolled at the Federal Revenue Secretariat for purposes of register of the Rural Land Tax – ITR under 2,338.822-6 and filed at the National Institute of
Colonization and Agrarian Reform – INCRA under 9,320,600,083,624, with CCIR under 06343911050; 

  

	1.2.	WHEREAS BRASILAGRO and BRENCO executed, at this date, an AGREEMENT setting forth, among other items, the physical division of the Properties of
Morro Vermelho Project between BRASILAGRO and BRENCO, with the opening of own record folio; 

  

	1.3.	WHEREAS BRASILAGRO commits, by means of this instrument, to develop the plantation of sugarcane crop in the plot of 7,300 ha. (seven Thousand and three hundred
hectares) of plantable land which has been attributed to it due to the physical division of the Properties of Morro Vermelho Project, for exclusive supply to BRENCO, except for the provisions of the first paragraph of Section 2.1 below;

  

	1.4.	WHEREAS BRENCO is producer of alcohol and electrical energy, and that shall implement a production unit of ethanol in the region of Mineiros, State of
Goiás (“Morro Vermelho Project”); and, finally; 

  

	1.5.	WHEREAS the mutually expressed interests, the parties hereto decide to enter into this AGREEMENT, which shall be governed by the following terms and
conditions. 

 II– PURPOSE 

 

	2.1.	By this AGREEMENT BRASILAGRO is committed to supply exclusively to BRENCO and BRENCO is committed to purchase from BRASILAGRO, the
total production of 02 (two) complete cycles of sugarcane harvest, of 06 (six) agricultural years every (05 (five) cuts), with possibility of extension of this period for another 01 (one) complete agricultural cycle, through AGREEMENT between
the parties. The duration of each cycle may be extended, by mutual AGREEMENT between the parties, for another 01 (one) or 02 (two) agricultural years, in the event of the first and/or second cycle of sugarcane harvest presenting proper
productivity conditions for the harvest of these additional cuts. The above mentioned crop shall be implemented by BRASILAGRO in the area of approximately 7.300 ha. (seven thousand and three hundred hectares) of effectively plantable land
existing in the Properties of Morro Vermelho Project attributed to BRASILAGRO under the division of the Properties of Morro Vermelho Project, carried out at this date, as follows: 

  
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	 	(a)	In 2007, BRASILAGRO and BRENCO have already planted sugarcane in 890 ha (eight hundred and ninety hectares) of land in the Properties of Morro Vermelho Project,
the crops of which shall be supplied in the harvests of 2009/2010 (in second cut), 2010/2011, 2011/2012 and 2012/2013. BRASILAGRO is committed to carry out a new plantation in the mentioned area, to be ended until May 31, 2013 or 2014,
in the event that the first cycle is extended to another cut (6th cut – 2013/2014), for supply (i) in the harvests of 2014/2015, 2015/2016, 2016/2017, 2017/2018 and 2018/2019, in the event that the first and second cycle are not extended
for another cut, or (ii) in the harvests of 2015/2016; 2016/2017; 2017/2018; 2018/2019; 2019/2020 and, 2020/2021, in the event that the first and second cycle are extended for another cut (6th cut), thus sequentially considered for the third
cycle, as the case may be, as set forth in Section 3.1 of this AGREEMENT; 

  

	 	(b)	BRASILAGRO has already started the plantation of sugarcane which shall be ended until May 31, 2008, in an approximate area of 1,509 ha (one thousand, five
hundred and nine hectares) of plantable land existing in the Properties of Morro Vermelho Project, the crops of which shall be supplied in the harvests of 2009/2010, 2010/2011, 2011/2012, 2012/2013 and 2013/2014. Further, BRASILAGRO is
committed to carry out a new plantation in the mentioned area, to be ended until May 31, 2014 or 2015, in the event that the first cycle is extended to another cut (6th cut – 2014/2015), for supply (i) in the harvests of 2015/2016,
2016/2017, 2017/2018, 2018/2019 and, 2019/2020, in the event that the first and second cycle are not extended for another cut, or (ii) in the harvests of 2016/2017, 2017/2018, 2018/2019, 2019/2020, 2020/2021 and 2021/2022, in the event that the
first and second cycle are extended for another cut (6th cut), thus sequentially considered for the third cycle, as the case may be, as set forth in Section 3.1 of this AGREEMENT; 

 

	 	(c)	 BRASILAGRO is committed to start the plantation of sugarcane on February 15, 2009 and end it up to May 31, 2009, in an approximate
area of 1,225 ha (one thousand, two hundred and twenty five hectares) of plantable land existing in the Properties of Morro Vermelho Project, the production of which shall be supplied in the harvests of 2010/2011; 2011/2012; 2012/2013; 2013/2014 and
2014/2015. Further, BRASILAGRO is committed to carry out a new plantation in the mentioned area, to be ended until May 31 2015 or 2016, in the event that the first cycle is extended to another cut (6th cut – 2015/2016), for supply
(i) in the harvests of 2016/2017, 2017/2018, 2018/2019, 2019/2020, and 2020/2021, in the event that the first and second cycle are not extended 

  
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for another cut, or (ii) in the harvests of 2017/2018, 2018/2019, 2019/2020, 2020/2021, 2021/2022, and 2022/2023, in the event that the first and second cycle are extended for another cut
(6th cut), thus sequentially considered for the third cycle, as the case may be, as set forth in Section 3.1 of this AGREEMENT; 

  

	 	(d)	BRASILAGRO is committed to start the plantation of sugarcane on February 15, 2010 and end it up to May 31, 2010, in an approximate area of 1,225 ha
(one thousand, two hundred and twenty five hectares) of plantable land and in the same approximate quantity of plantable areas in the subsequent years, until the plantable areas of the Properties of Morro Vermelho Project are fully planted, the
first plantation of which for supply in the harvests of 2011/2012, 2012/2013, 2013/2014, 2014/2015 and 2015/2016. Further BRASILAGRO is committed to carry out a new plantation in the mentioned area, to be ended until May 31, 2016 or
2017, in the event that the first cycle is extended to another cut (6th cut - 2016/2017), for supply (i) in the harvests of 2017/2018, 2018/2019, 2019/2020, 2020/2021, and, 2021/2022, in the event that the first and second cycle are not
extended for another cut, or (ii) in the harvests of 2018/2019, 2019/2020, 2020/2021, 2021/2022, 2022/2023, and, 2023/2024, in the event that the first and second cycle are extended for another cut (6th cut), thus sequentially considered for
the third cycle, as the case may be, as set forth in Section 3.1 of this AGREEMENT; and 

  

	 	(e)	Further, BRASILAGRO is committed to carry out new plantation of sugarcane in the Properties of Morro Vermelho Project (i) in 2011, in an approximate area of
1,225 ha (one thousand, two hundred and twenty five hectares) of land, from February 15, 2011 to May 31, 2011; and (ii) in 2012, in an approximate area of 1,225 ha (one thousand, two hundred and twenty five hectares) of land, from
February 15, 2012 to May 31, 2012, until the plantable areas of the Properties of Morro Vermelho Project are fully planted for purposes of supply in the years following the harvests mentioned in subparagraph “d” above, and thus
considered the third cycle, as the case may be, as set forth in Section 3.1 of this AGREEMENT. 

 First Paragraph
– It is henceforth agreed that the effective implementation, by BRASILAGRO, of crop in the total area intended by the parties, presently estimated at 7,300 (seven thousand and three hundred hectares) of land, is subject to the
obtaining all the administrative licenses and approvals for the exploration of sugarcane activity in the intended areas. Should BRASILAGRO not be able to obtain all the necessary authorizations and license for this purpose, and provided that
it has fulfilled all legal and 

  
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administrative requirements and taken all the appropriate measures, the reduction in the crop area shall imply in the reduction of the obligations set forth in Section 2.1 of this
AGREEMENT, and the areas which are not planted under the provisions of this Section shall be always the last ones of the schedule. 

Second Paragraph – The parties at mutual AGREEMENT, may change to more or less the plantation areas for the sugarcane crops of the
Properties of Morro Vermelho Project, in accordance with the above explained schedule. 
 Third Paragraph – At the parties’
discretion, the reforms in the sugarcane crop for the beginning of a new cycle may be postponed or advanced due to the sugarcane crop productivity. 
 Fourth Paragraph – The plantation schedule may be adjusted due to significant unfavorable agronomic conditions, such as severe drought or other technical contingencies inherent to the
plantation activity, by AGREEMENT between the parties. 
  

	2.2.	Considering that the sugarcane production in Properties of Morro Vermelho Project, during the harvests comprising the 02 (two) cycles set forth in this
AGREEMENT, the, parties estimate BRASILAGRO production as follows: 

  

			
	 HARVESTS
	  	 Estimate of production

	2009/2010	  	220.000 tons of sugarcane
		
	2010/2011	  	305.000 tons of sugarcane
		
	2011/2012	  	400.000 tons of sugarcane
		
	2012/2013	  	485.000 tons of sugarcane
		
	2013/2014	  	510.000 tons of sugarcane
		
	2014/2015	  	565.000 tons of sugarcane
		
	2015/2016	  	515.000 tons of sugarcane
		
	2016/2017	  	510.000 tons of sugarcane
		
	2017/2018	  	510.000 tons of sugarcane
		
	2018/2019	  	510.000 tons of sugarcane
		
	2019/2020	  	530.000 tons of sugarcane
		
	2020/2021	  	375.000 tons of sugarcane
		
	2021/2022	  	265.000 tons of sugarcane
		
	2022/2023	  	170.000 tons of sugarcane

  
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 First Paragraph – In the event of occurrence of the provisions in Third Paragraph of
Section 2.1 above or of extension of this AGREEMENT, as set forth in Section 3.1 below, the estimates of production shown in the table above may be updated. 
 Second Paragraph – The volumes above are mere expectation of the parties and not a firm commitment of supply or receipt by the parties and should be used solely for purposes of calculating the
fines set forth in Section Six below. BRENCO, however, shall be released from the obligation of purchasing the sugarcane production which has not been effectively planted until the deadline for planting, according to inspection to be
conducted by BRENCO together with BRASILAGRO, the results of which shall be recorded in writing in an instrument to be signed by both parties’ representatives. BRENCO shall not be committed either to purchase the sugarcane
production planted in areas exceeding those set forth in subparagraphs from “a” to “e” of Section 2.1 of this AGREEMENT. For purposes of this section, exceeding area is the one superior to 3% (three percent) of the
estimated effective plantation areas, set forth in subparagraphs from “a” to “e” of Section 2.1 of this AGREEMENT. 
 Third Paragraph – During the effectiveness of this AGREEMENT, BRASILAGRO and IMOBILIÁRIA ARAUCÁRIA commit not to purchase, directly or by means of companies
owned by their economic group, any property inside an area of 25 km (twenty five kilometers) of distance from the ethanol production unit of BRENCO mentioned in Section 2.3 below, as indicated in Exhibit 1 to this
instrument. The herein established restriction shall not prevent, however, BRASILAGRO from purchasing part of the Properties of Morro Vermelho Project attributed to BRENCO under the division of these properties as set forth in the
Section 1.2 above. Furthermore, during the effectiveness of this AGREEMENT, if IMOBILIÁRIA ARAUCÁRIA sells the properties owned to third parties who have no direct or indirect relationship with it, with
IMOBILIÁRIA ARAUCÁRIA, or with BRASILAGRO, subject to the provision of subparagraph “a” of Section 8.1 below, the new acquirer(s) shall be relieved from the purchase restriction set forth in this Third
Paragraph. 
 Fourth Paragraph – At its own discretion, BRASILAGRO may transfer part of the sugarcane production to be
supplied to BRENCO pursuant to this AGREEMENT to a new area owned, provided that subject to the following conditions: (i) BRASILAGRO be in full compliance with the sugarcane plantation schedule set forth in this
AGREEMENT; (ii) the transfer is only for one area of sugarcane production of up to 2,000 ha (two thousand hectares) of plantable land; and (iii) the sugarcane production is transferred to an area owned by BRASILAGRO located
outside the Municipality of Mineiros. The conditions for the transfer of sugarcane production by BRASILAGRO set forth above, aims at preserving the leasing policy of BRENCO in the region, and, accordingly, aiming at preserving
BRENCO’s efforts 

  
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currently in progress, the parties agree that BRASILAGRO’s prospection, of areas for transfer of the sugarcane production pursuant to this Fourth Paragraph shall only be started after
the minimum period of 90 (ninety) days from the execution of this AGREEMENT. 
 Fifth Paragraph – Should BRASILAGRO
transfer part of its sugarcane production pursuant to the Fourth Paragraph above BRASILAGRO shall: (i) assure that the new area to which the sugarcane production is transferred has the necessary agronomic extension and conditions to
reproduce the potential production equivalent to the area of the Properties of Morro Vermelho Project where the sugarcane would be originally planted, according to table included in the caput of this Section 2.2, and (ii) bear any increase
in expenses and/or supply costs, including, but not limited to, the costs with cut, loading and transportation, arising from such transfer. 

Sixth Paragraph – In any case, BRENCO, shall always be entitled to the preemptive right upon the acquisition of sugarcane production
planted by BRASILAGRO in the region of the city of Mineiros, State of Goiás, including, but not limited to, the Properties of Morro Vermelho Project, in the same currently contracted basis. 

 

	2.3.	The purchase obligation by BRENCO of the sugarcane production planted by BRASILAGRO is limited to the Properties of Morro Vermelho Project, except
for the event of Fourth Paragraph of Section 2.2 above, production which shall be used as raw material for BRENCO’s industrial unit to be installed in the region of the city of Mineiros, State of Goiás, in location henceforth
defined with the geographical coordinates S 17o 27’ 45” and W 52o 43’ 41”. 

  

	2.4.	Should the industrial unit of Morro Vermelho Project not be able to grind, in a certain harvest, all the sugarcane produced by BRASILAGRO in the
Properties of Morro Vermelho Project, the exceeding sugarcane not ground by BRENCO’s industrial unit comprised in Morro Vermelho Project shall be delivered in another BRENCO’s industrial unit, in location pointed by it, and
in such event, BRENCO shall reimburse BRASILAGRO the additional cost arising from the new distance to be covered for the delivery of the exceeding sugarcane, by means of presentation, by BRASILAGRO, of the related transportation
invoices, detailing the length and the amount paid for the transportation. 

 Sole Paragraph – For purposes of
checking the distance difference, in the event of occurrence of the provision in the caput of this Section, it shall be considered the shortest distances covered between the headquarter of Fazenda Araucária, established as reference of the
location of sugarcane production exit (geographical coordinates: S 17o 48’ 70” and W 52o 58’ 44”), and each of BRENCO’s industrial units, 

  
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namely: (i) the industrial unit pointed at Section 2.3 above, which is the location currently established for the delivery of the sugarcane production, according to geographical
coordinates pointed at said Section; and (ii) the new location to be pointed by BRENCO. 
 III– TERM

  

	3.1.	This AGREEMENT is effective for 02 (two) complete cycles of sugarcane crops, for 06 (six) agricultural years every (05 (five) cuts), for each harvest to
be planted by BRASILAGRO, and may be extended pursuant to Section 2.1 above. The party not interested in the extension of this AGREEMENT shall notify the other party no longer than 120 (one hundred and twenty) days from the end of
the crop of the last effective contractual cycle harvest, or, in the event of the sixth cut, no longer than 120 (one hundred and twenty) days from the end of this crop. 

 Sole Paragraph – In case of extension, all the conditions and terms herein agreed shall be effective. 
 IV– PARTIES’ OBLIGATIONS 
  

	4.1.	BRASILAGRO is committed to plant and raise sugarcane crop in 7,300 ha. (seven thousand and three hundred hectares) of land in the Properties of Morro Vermelho
Project which have been attributed under the division of the Properties of Morro Vermelho Project , carried out at this date, bearing all costs, encumbrances and expenses arising from this act, such as, but no limited to, the acquisition of
sugarcane seedlings, expenses for the soil preparation, planting and handle, expenditures with inputs, machinery time, manpower and other necessary for the perfect implementation of the crop. 

 

	4.2.	The costs and expenses mentioned in Section 4.1 above shall be fully borne by BRASILAGRO, which undertakes to pay all taxes levying on the
plantation, handle, cut, transportation and sale of sugarcane, and BRASILAGRO undertakes to issue the related tax documents and comply with all other related tax and legal obligations, evidencing such regulation to BRENCO, whenever
requested. 

  

	4.3.	BRASILAGRO shall be responsible for the acquisition of sugarcane seedlings proper to the soil specifications and characteristics pursuant to this
AGREEMENT, bearing, with costs, expenses and taxes related to said acquisition, according to Section 4.2 above. 

  

	4.4.	BRASILAGRO shall deliver the sugarcane production planted in the Properties of Morro Vermelho Project in the industrial unit to be implemented by BRENCO
in the region of Mineiros, State of Goiás, with the exception of the provision in Section 2.4 of this AGREEMENT. 

  
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	4.5.	BRENCO shall establish a delivery schedule for sugarcane which must follow the grinding plan previously established and informed by BRENCO to
BRASILAGRO (“Grinding Plan”). 

 First Paragraph – It is agreed between the parties that
BRENCO shall communicate the Grinding Plan to BRASILAGRO, no later than 30 (thirty) days from the date of beginning of sugarcane delivery, in conformity with the technical parameters adopted in sugarcane crop which shall also be
considered for purposes of this AGREEMENT, as date of beginning of the concerned harvest. 
 Second Paragraph – the cargo
compartment of the vehicles to be used by BRASILAGRO for the sugarcane delivery shall meet the proper specifications and models, according to the standards accepted by BRENCO, in order to enable the unloading of sugarcane stalks in the
feed table existing at BRENCO’s industrial units, which shall be equipped to receive only chopped sugarcane from mechanized harvesting, with exception for the provision stated in the paragraph below. 

Third Paragraph – the sugarcane crop planted in the land of the Properties of Morro Vermelho Project with inclination of more than 12%
(twelve per cent) may be manually harvested in entire sugarcane, and this manual harvesting area is limited to 1,500.00 ha (one thousand and five hundred hectares) of land, being expressly forbidden the burning of sugarcane straw as pre harvesting
method. Should accidental fire occur in the mentioned area, BRASILAGRO shall present to BRENCO, before the first sugarcane delivery subsequent to such event, the related Police Report duly drafted by the local police authority.

 Fourth Paragraph – The Grinding Plan shall be prepared and presented by BRENCO to BRASILAGRO no later than 30
(thirty) days from the beginning of each harvest, and shall forecast a daily delivery average quota, to be established due to the estimate of total sugarcane to be processed in the concerned harvest, subject to a linearity in the production delivery
during the harvest. 
 Fifth Paragraph – BRENCO shall proceed to the weight and analysis of the sugarcane delivered by
BRASILAGRO, in order to assess the TOTAL RECOVERABLE SUGAR CONTENT (ATR), according to table comprised in the “Operating Standards to Determine the Sugarcane Quality” of the Regulation for the Business of Purchase and Sale of
Sugarcane in the State of São Paulo (“CONSECANA-SP”), herein attached as Exhibit 2, when the certificates of weight and analysis reports of the sugarcane shall be issued. 

  
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	4.6.	Any expense made by BRENCO to perform and replace faulty acts practiced by BRASILAGRO, due to noncompliance with this AGREEMENT or with Law,
shall result in the related discount of any payment, subject to the table of services and prices included in the Grinding Plan of the concerned harvest. In this case, the discount shall be preceded by notice remitted by BRENCO to
BRASILAGRO communicating the fact, and shall only be effective through express manifestation by the latter one of debit recognition. BRASILAGRO shall manifest itself no later than 30 (thirty) days from the receipt of notice, or
otherwise it is henceforth permitted to BRENCO retain payments in the necessary measure to guarantee the controversial amounts, until the parties reach an AGREEMENT in relation to the claimed discount. 

 

	4.7.	During the effectiveness of this AGREEMENT, BRENCO shall be entitled free access and transit in the areas of the Properties of Morro Vermelho
Project and any of its legal representatives, employees, subcontracted and/or representatives may access them, by any vehicle. For this purpose, BRENCO shall previously present to BRASILAGRO the list with the name of the legal
representatives, employees, subcontracted and/or representatives authorized to access the Properties of Morro Vermelho Project. 

  

	4.8.	Any planting made by BRASILAGRO and addressed to grinding by BRENCO’s units shall (i) comply with the applicable legislation and
technical standards, and (ii) be performed in a proper manner to the mechanized harvesting, as regards to the preparation of areas, soil preservation, fight to erosion, treatment of crops, construction of level curves and practices for soil
preservation, and BRASILAGRO may use techniques developed in the region, with machinery, proper manures and inputs for the mechanized harvesting, with exception of the provisions in Third Paragraph of Section 4.5 of this
AGREEMENT. 

 First Paragraph – The sugarcane delivered by BRASILAGRO shall comply with the established
and accepted percentage by BRENCO as regards to the mineral and vegetal impurities, namely: up to 0.5% (zero point five per cent) of the sugarcane weight, for mineral impurities, as determined by “Muflo” methodology; and up to 5.0%
(five per cent) of the sugarcane weight, for vegetal impurities, according to analysis by sampling in accordance with CONSECANA-SP standard. BRENCO may adjust these percentages, in accordance with its industrial need, provided that a previous
economic understanding is agreed upon by the parties. 

  
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 Second Paragraph – BRASILAGRO is committed to maintain, in the Properties of Morro Vermelho
Project, the permanent preservation areas (PPA) free of cattle rising activities which may affect the natural development of vegetation and respect all the limits and requirements of the legal reserve (LR), being fully responsible for obtaining the
due authorizations of environmental bodies for suppression of isolated trees, being also committed to preserve springs and riparian vegetation, so as to comply with and respect all the obligations set forth in Law 4,771/65 and other related
provisions. 
 Third Paragraph – BRASILAGRO is further committed to adopt and comply with measures of environmental preservation,
being henceforth committed to exclusively use the mechanized harvesting system, unless as otherwise stated in Third Paragraph of Section 4.5 above, without using the burning of sugarcane straw in the areas of the Properties of Morro Vermelho
Project, and further, to use in the sugarcane crops of the Properties of Morro Vermelho Project, exclusively, agricultural fertilizers and pesticides duly registered in the Ministry of Agriculture, as well as to comply with the provisions of Federal
Law 7,802/89 and Decree 98,816/90, which deal with the agronomic prescription. 
 Fourth Paragraph – BRENCO may refuse the receipt
of sugarcane raised in the areas of the Properties of Morro Vermelho Project, should it be aware that it has been planted and/or harvested not in compliance with the effective environmental legislation, or further if it has been burnt on purpose,
provided that (i) such refusal is based on the reasons above; and (ii) BRENCO immediately communicates the fact to the responsible person pointed by BRASILAGRO, so as to provide the opportunity of checking and attempting to
cure the irregularity, within 02 (two) days at most. Should such irregularity not be cured or satisfactorily justified, at BRENCO’s solely discretion, and BRENCO, therefore, maintains its refusal on the sugarcane receipt,
BRASILAGRO may sell the sugarcane raised and/or harvested not in compliance with the effective environmental legislation or burnt on purpose to third parties, bearing all possible necessary expenses for the transportation to the new acquirer.

  

	4.9.	BRASILAGRO may not sell or assign any quantity of the sugarcane produced for purposes of supply object of this AGREEMENT to third parties, under penalty
of law and this AGREEMENT; except in the events in which BRENCO, for exclusively own reasons, or for cases of force majeure resulting in incurable damages, refuses to receive the sugarcane made available by BRASILAGRO as set
forth in this AGREEMENT. 

  

	4.10.	The risk of sugarcane production perishing for natural causes, including hail and fire, act of God or force majeure, belongs to BRASILAGRO; it is
henceforth established that BRASILAGRO cannot charge for the quantity of sugarcane perished and not delivered, and shall not imply on the non fulfillment of the sugarcane delivery schedule. 

  
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 V– PRICE AND PAYMENT CONDITIONS 

 

	5.1.	The price of sugarcane ton, for purposes of this AGREEMENT, shall be the one established based on ATR per ton of sugarcane effectively delivered,
according to the standards of the System of Compensation of Sugarcane Ton for the Quality, provided by CONSECANA-SP, which the parties declare to acknowledge, accept and respect, always taking into consideration the mix of production of the
concerned industrial unit. 

 First Paragraph – BRASILAGRO shall be paid every 5th (fifth) day of each month
subsequent to the month of sugarcane delivery, based on the ATR disclosed by CONSECANA¬SP for the month immediately prior to the one of the sugarcane delivery, assessed as follows: 83% (eighty three per cent) of the ATR value multiplied by the
quantity of sugarcane delivered, as advance, and the remaining portion, i.e., 17% (seventeen per cent) in 4 (four) successive monthly installments of 4% (four per cent), 4% (four per cent), 4% (four per cent) and 5% (five per cent), falling due,
respectively on January 31, February 28, March 31, and April 30 of the subsequent year, with the last installment paid after the official disclosure of the average price, less taxes, contributions and other charges , if
applicable, according to CONSECANA-SP recommendation through the Circular Letter 02/06, system adopted by BRENCO, which BRASILAGRO declares to be in full AGREEMENT. 
 Second Paragraph – Upon the harvest liquidation, i.e., on April 30 of each year, the sugarcane tons delivered and the final value of the ATR shall be checked, for closing of the related
amounts and possible payment of balance to whom is entitled. Should the final amount assessed be lower than the sum of advances paid in the course of the harvest year, according to the paragraph above, the difference in less shall be fully
reimbursed by BRASILAGRO to BRENCO within 30 (thirty) days, i.e., May 31 of each year. 
 Third Paragraph –
Payments shall be made through bank deposit, directly in current account to be pointed by BRASILAGRO, being the deposit slip the evidence of the effective payment and related settlement. In case of doubt by BRASILAGRO on the
amounts due by BRENCO, this one shall expressly manifest within 05 (five) business days from the deposit date, under penalty of being the payment considered perfect and finished. 

  
 13 

 Fourth Paragraph – BRASILAGRO may require the alteration of bank data to receive the payments,
through express communication in writing to BRENCO, no later than 5 (five) business days in advance. 
 VI
– PENALTIES 
  

	6.1.	In case of failure to perform with any of the sections of this AGREEMENT, the aggrieved party shall notify the infringing party on the specific
noncompliance, being determined that the infringing party shall have 7 (seven) days to cure the irregularity, unless otherwise specified in this AGREEMENT, or, if the noncompliance arises from force majeure, present the justifications
inherent to the case and propose the necessary adjustments. Subject to the herein described procedure, without the effective remedy of the infringement, the following specific penalties are established for the cases of noncompliance described below:

  

	 	(a)	It shall be considered serious breaches to this AGREEMENT (i) BRASILAGRO not to raise or supply the sugarcane to BRENCO, pursuant to this
AGREEMENT; or (ii) a BRENCO not to receive the supply herein contracted, pursuant to this AGREEMENT. In the event of any of these hypothesis, the infringing party shall be penalized with the payment, in cash, at the end of
the related harvest year, of an amount equivalent to 15% (fifteen percent) on the amount of acquisition of the estimated quantity of sugarcane delivery in the harvest year in which this default occurs, as set forth in Section 2.2.

  

	 	(b)	 In the failure to comply with the schedule of sugarcane delivery, with the above mentioned notice and elapsed the determined period of 7 (seven) days
without the remedy of the noncompliance, the following penalties shall be applied to BRASILAGRO: (i) daily fine of R$ 1,000.00 (one thousand reais), in the event of discrepancy in the delivery, in accumulated volume, between 1% (one per
cent) and 4% (four per cent) of the estimated production for the harvest year; (ii) daily fine of R$ 2,000.00 (two thousand reais), in the event of discrepancy in the delivery, in accumulated volume, between 4% (four per cent) and 8% (eight per
cent) of the estimated production for the harvest year; (iii) daily fine of R$ 3,000.00 (three thousand reais), in the event of discrepancy in the delivery, in accumulated volume, between 8% (eight per cent) and 12% (twelve per cent) of the
estimated production for the harvest year; and (iv) daily fine of R$ 4,000.00 (four thousand reais), in the event of discrepancy in the delivery, in accumulated volume, between 12% (twelve per cent) and 16% (sixteen per cent) of the estimated
production for the harvest year. The discrepancies in the delivery, in 

  
 14 

	 	
accumulated volume, above 16% (sixteen per cent) of the estimated production for the harvest year shall be treated as serious noncompliance and shall incur in the penalty described in
subparagraph “a” above. In the event of any of these hypotheses, the payment of the above established penalties for BRENCO shall be made, in cash, together with the monthly invoicing immediately subsequent to the presentation of the
monthly measurement report of the sugarcane receipt evidencing the mentioned discrepancies, with exception to BRENCO of the right to offset the amounts due to BRASILAGRO pursuant to this Section. 

 

	 	(b.1)	Without prejudice of the penalties established in this subparagraph “b”, it is permitted to BRASILAGRO, at any time, increase the volume of sugarcane
supply in order to reestablish the fulfillment with the sugarcane delivery schedule, provided that such increase is compatible with the capacity of grinding of BRENCO industrial unit and its own harvesting schedule; 

 

	 	(b.2)	At the end of the grinding period, should the fulfillment with the sugarcane delivery schedule not be reestablished by BRASILAGRO to BRENCO, with part of
the sugarcane production standing in the Properties of Morro Vermelho Project: (i) due to operating inefficiency of BRASILAGRO, this one shall indemnify BRENCO the total amount of sugarcane not ground, calculated pursuant to this
AGREEMENT; or (ii) due to operating inefficiency of BRENCO, this one shall indemnify BRASILAGRO the total amount of sugarcane not ground, calculated pursuant to this AGREEMENT, less costs of cut, loading and
transportation. The possible amounts due between the parties pursuant to this item shall be jointly assessed by the parties no later than 15 (fifteen) days from the date of the end of the grinding period, and shall be paid within 30 (thirty) days
after such assessment; 

  

	 	(b.3)	The parties agree that no penalty shall be imputed to BRASILAGRO in the event of the sugarcane supply be lower than the one forecast in the production estimate
of the harvests presented in Section 2.2 above, provided that the harvesting of the planting areas established in Section 2.1 are performed and the plantations have not been transferred, pursuant to Fourth Paragraph of Section 2.2.

  
 15 

	 	(c)	In reciprocity to the penalties to which BRASILAGRO is subject as set forth in the preceding subparagraph “b”, BRENCO, once notified and with
the established period of 7 (seven) days to present its justifications and propositions of corrective measures, shall incur in the same penalties imposed to BRASILAGRO, in the same amount of fine and taking into consideration the same
quantities of sugarcane not received in conformity with the sugarcane delivery schedule. 

  

	 	(c.1)	Without prejudice of the penalties established in this subparagraph “c”, it is permitted to BRENCO, at any time, increase the volume of
BRASILAGRO sugarcane demand in order to reestablish the fulfillment of the schedule of sugarcane receipt, provided that such increase is compatible with the production capacity of BRASILAGRO. Should the volume increase of sugarcane
demand presented by BRENCO exceed the harvesting schedule of BRASILAGRO and this one has no instrumental and machinery structure to meet the additional demand, it is permitted to BRENCO, at its own discretion, to make the
necessary structure available to the cut, loading and/or transportation of sugarcane demanded in excess to the schedule of own harvesting of BRASILAGRO, at BRASILAGRO’s expenses, bearing in mind the table of services and prices
included in the Grinding Plan of the concerned harvest. 

  

	 	(d)	Without prejudice of the other applicable legal measures, in case of breach of the effective legislation or regulation, remarkably relating to the environmental, labor
and tax aspects, the infringing party shall (i) bear the cost of fine or any other penalty, of any nature, to be imposed by the inspection authority to the innocent party; (ii) require the prompt exclusion of the innocent party from the
defendant of any judicial lawsuit or administrative procedure filed on account of such breach, bearing the totality of legal costs, fees and other expenses inherent to the lawsuit or procedure; and (iii) pay to the innocent party a fine in the
amount equivalent to 10 % (ten per cent) of the total amount of fines and penalties paid by the innocent party, assessed as set forth in item “i” above. 

 

	 	(e)	In the event of delay in the payments established in the First Paragraph of Section 5.1 of this AGREEMENT, BRENCO shall incur in fine in arrears of
15% (fifteen per cent) on the outstanding amount, without prejudice of the monetary restatement by IGPM-FGV and interest of 1% (one per cent) per month, always calculated on a “pro rata die” basis, amounts which shall be paid no
later than 30 (thirty) days from the maturity date of the overdue and unpaid installment. 

  
 16 

 First Paragraph – Any other default to the obligations established in this AGREEMENT
which do not fit into the subparagraphs “a” to “e” above, if not be cured as set forth in the caput of this section, shall be object of indemnity by the default party to the innocent party, as set forth in Section 10.9
below. 
 Second Paragraph – The amounts due by BRASILAGRO to BRENCO, as fine, may be offset from the payments due by
BRENCO to BRASILAGRO for the sugarcane supply herein agreed. The amounts due by BRENCO, as fine, shall be paid together with the sugarcane invoicing immediately subsequent to the concerned event. 

VII – NOTICES 
  

	7.1.	All notices and communications sent under the scope of this AGREEMENT shall be in writing, through registered letter or facsimile, and considered received
at the date of their transmission, if by facsimile, and at the date of the effective receipt by the notified party, in its address, if sent by registered letter with acknowledgment of receipt, courier or telegram, whichever the first. The notices
shall be remitted to the below addresses or to another address, as previously informed by one party to the other, as the case may be: 

  

			
	(i)	  	If addressed to BRASILAGRO:
		
	Name:	  	Ivo Alves da Cunha
	Address:	  	Av. Brigadeiro Faria Lima, n° 1.309 – 5° andar.
		
		  	ZIP CODE 01452-002 – São Paulo- SP
	Fax:	  	(11) 3035-5366
	e-mail:	  	ivo.cunha@brasil-agro.com
		
	(ii) 	  	If addressed to BRENCO:
		
	Name:	  	Carlos Rodrigo Opice Leão
	Address:	  	Avenida Brigadeiro Faria Lima, no 1.309 – 4o andar.
		  	ZIP CODE 01452-002 – São Paulo, SP
	Fax:	  	(11) 3095-2251
	e-mail:	  	carlos.leao@BRENCO.com.br

 VIII – TERMINATION AND CANCELLATION 

 

	8.1.	This AGREEMENT is irrevocably and irreversibly executed, regret not permitted, binding not only the contracting parties but also their successors at any
title, subject to the exceptions below: 

  
 17 

	 	(a)	In the event of sale, by BRENCO and/or by IMOBILIÁRIA ARAUCÁRIA, to the direct or indirect competitor(s) of BRENCO, of any of the
Properties of Morro Vermelho Project, BRENCO, at its own discretion, my cancel this AGREEMENT without resulting in any encumbrances or penalties to the parties; 

 

	 	(b)	In the event of impossibility of installation and/or operation of BRENCO’s industrial unit in the area of Morro Vermelho Project due to non obtaining of the
necessary environmental licenses for the installation and operation of said industrial unit until August 2008, BRENCO shall expressly communicate to BRASILAGRO the temporary impossibility for the total implementation of this
AGREEMENT and, as a consequence of the total or partial suspension of the obligations comprised in subparagraphs “c”, “d” and “e” of Section 2.1 above, until a new communication, by BRENCO, of the
obtaining of said license(s), and in such case, BRASILAGRO may use the land with annual crops; and, if until August 2009, BRENCO has not obtained the necessary environmental licenses for the installation and operation of the industrial
unit, the parties may, in mutual AGREEMENT, extend this AGREEMENT, or terminate it without any encumbrance to the parties, being applied in this event, the AGREEMENT between BRASILAGRO and BRENCO in letter dated
April 11, 2007; 

  

	 	(c)	In the event of impossibility of obtaining the necessary environmental licenses for the installation and operation of BRENCO’s industrial unit in the area
of Morro Vermelho Project, due to reason independent of BRENCO’s will , both parties are exempt from the obligations agreed in this AGREEMENT. In this event, due to the non obtaining of the mentioned environmental licenses,
BRENCO undertakes to acquire only the sugarcane production planted pursuant to the subparagraphs “a” and “b” of Section 2.1 above referring to the first cycle, and the difference in the transportation costs arising
from the readdressing of the sugarcane production shall be equally divided between the parties, bearing in mind the concept defined in the Sole Paragraph of Section 2.4 of this AGREEMENT. It is henceforth determined that the 50% (fifty
per cent) sharing in the difference of the transportation cost that should be paid by BRASILAGRO shall only be borne up to the limit of additional transportation distance of 40 km (forty kilometers) in relation to the location established as
reception point of sugarcane in Section 2.4 above, i.e., BRASILAGRO shall only bear the difference in cost of up to 20 km (twenty kilometers), at most. Accordingly, any excess to this limit shall be solely borne by BRENCO. Without
prejudice to the above dispositions, it is agreed that BRENCO shall endeavor to make the implementation of the mentioned industrial unit feasible; and 

  
 18 

	 	(d)	In the event of termination without cause of this AGREEMENT by any of the parties, the party promoting the termination shall incur in the fine established in
subparagraph “a” of Section 6.1 above, being certain that in such case, the percentage of 15% (fifteen per cent) shall be calculated on the balance of the sugarcane delivery schedule defined in Section 2.2 above, considering the
effectiveness of this AGREEMENT that would remain had it not been terminated. 

  

	8.2.	The noncompliance with the applicable legislation by any of the parties shall imply on just cause for the contract termination, being the faulty party bound to
proceed as set forth in Section 6.1 above. 

 IX – PARTIES’ REPRESENTATIONS 

 

	9.1.	Each party hereby represents and warrants to the other party that: 

  

	 	(a)	is duly organized , validly existing and in good standing under the laws to execute this AGREEMENT, conduct all the operations herein established and comply with
the obligations herein assumed, having taken all the corporate nature measures and other possibly necessary to authorize its execution, to implement all the operations herein established and comply with all the obligations herein assumed;

  

	 	(b)	The execution of this AGREEMENT and the fulfillment of the obligations by the parties (i) do not violate any provision comprised in their corporate
documents; (ii) do not violate any law, regulation, judicial, administrative or arbitration decision, to which the related party is linked; and (iii) are duly authorized, pursuant to their incorporation acts in force;

  

	 	(c)	This AGREEMENT has been duly authorized and executed by the parties and constitutes its valid and legally binding obligation, enforceable in accordance with is
terms and conditions; 

  

	 	(d)	The installments assumed are recognized by both parties manifestly proportional and the proportionality of the installments assumed arise from the amounts effective at
the time of execution of this AGREEMENT; 

  
 19 

	 	(e)	The discussions about the contractual purpose of this AGREEMENT have been conducted and implemented by free initiative; 

 

	 	(f)	The parties are aware of all the circumstances and rules guiding this legal business, and have been informed and advised of all the conditions and circumstances
involved in the negotiation object of this AGREEMENT and which might influence their capacity to express their will; 

  

	 	(g)	Upon the execution of this AGREEMENT the parties shall always keep the principles of good Faith, present both in its negotiation and in its execution; and

  

	 	(h)	The parties represent having not provided or offered any gratuity to the employees, agents or representatives of the other party, with the purpose of assuring any
business with the other party or to influence such persons as regards to the business performed between the parties, representing further having no intention of doing it in the future. 

X – FINAL PROVISIONS 
  

	10.1.	The payment of any parafiscal taxes or contributions levying on the Properties of Morro Vermelho Project or on any operation contemplated in this
AGREEMENT shall be borne by the related defendant of the tax obligation, as set forth the legislation in force. 

  

	10.2.	This AGREEMENT does not imply in any job entailment or other legal relationship between BRENCO and (i) any employee, subcontracted,
representative or employee of BRASILAGRO, (ii) third parties possibly resident in the areas of the Properties of Morro Vermelho Project; or (iii) any person rendering, or who has rendered services to BRASILAGRO. BRENCO
shall not be considered responsible, in any event, for the payment of any labor, social security or accident right to the employees, outsourced or employees mentioned above, responsibility which shall be of BRASILAGRO or of the actual
employer. Likewise, BRASILAGRO shall not be considered responsible for the payment of any labor, social or accident right of the employees, outsourced or employees of BRENCO, as engaged purchaser of sugarcane. 

 

	10.3.	BRASILAGRO is responsible for monitoring the sugarcane crop, including against diseases, plagues, theft or fire. 

 

	10.4.	 Except for the provision in Fourth Paragraph of Section 2.2, in the event of sale of the Properties of Morro Vermelho Project by
IMOBILIÁRIA ARAUCÁRIA, in the whole or in part, without 

  
 20 

	 	
BRENCO exercising its right of cancellation described in subparagraph “a” of Section 8.1 above, BRASILAGRO and IMOBILIÁRIA ARAUCÁRIA are
committed to previously notice the acquirer and obtain his AGREEMENT on the maintenance of this AGREEMENT, through formalization of his consenting approval to this AGREEMENT, in whole or in part, implying on the prompt transfer
of the rights and obligations of this AGREEMENT in relation to the property(ies) sold to the acquirer, who shall comply with and respect all the terms and conditions herein included, as regards to the effectiveness, good faith, of the social
function of the AGREEMENTs and , further, under penalty of annulment of the sale. 

  

	10.5.	In the event of any party recurring to the Judiciary Branch in order to satisfy its right, the losing defendant shall bear all the procedural expenses and costs,
fees, legal interest according to the rate in force for the payment in arrears of taxes due to the National Treasury, pursuant to Article 406 of the Civil Code, as well as with the interest in arrears to be arbitrated in courts, as well as the
monetary restatement calculated by IPCA/IBGE index, or, in its lack by INPC/IBGE, or others replacing them and other legal charges, without prejudice to the application of the fines established in Section 6.1 of this AGREEMENT.

  

	10.6.	After the termination and no extension of this AGREEMENT, pursuant to Section 3.1 above, BRENCO shall have the preemptive right to execute a
new AGREEMENT in relation to the Properties of Morro Vermelho Project, in equal conditions with third parties, and BRASILAGRO shall notice it about the existing proposals. 

 

	10.7.	The tolerance by any of the parties, including in relation to the payment punctuality, shall never imply on novation or transaction, and cannot be used as
justification for the noncompliance with any of the herein agreed upon obligations. 

  

	10.8.	No party may assign, in whole or in part, this AGREEMENT or its creditor rights to third parties, unless previously authorized in writing by the other
party. 

  

	10.9.	The parties agree that a possible breach of this AGREEMENT shall entitle the aggrieved party to request the specific execution of the obligations assumed
by the other party under this AGREEMENT, in accordance with the provisions of the Brazilian Civil Code. Accordingly, the parties recognize and agree that the payment of losses and damages shall not constitute a proper compensation for the
breach of any obligation assumed by the parties in this AGREEMENT and that the specific execution of the obligations is a necessary legal remedy to supplement the payment of direct losses and damages, excluding loss of profit.

  
 21 

	10.10.	The Parties elect the courts of the city of São Paulo, State of São Paulo, to resolve any doubts or controversies resulting from this
AGREEMENT. 

 In witness whereof, the Parties sign this AGREEMENT in 3 (three) counterparts of same content and
form, in the presence of the undersigned 2 (two) witnesses in order to produce all legal effects. 
 São Paulo, March 13, 2008.

 BRASILAGRO – COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS 

 

			
	  
 By:
	  	  
 By:

	Title:	  	Title

 BRENCO – COMPANHIA BRASILEIRA DE ENERGIA RENOVÁVEL 

 

	
	  
 By:

	Title:

 WITNESSES: 
  

			
	  
 Name:
	  	  
 Name:

	RG::	  	RG:
	CPF:	  	CPF:

  
 22 

 EXHIBIT 1 
 Map of BRENCO’s industrial unit area 

 EXHIBIT 2 
 Table included in the “Operating Standards to Determine Sugarcane Quality” – CONSECANA – SPFirst Amendment to Agreement to Supply Sugarcane

 EXHIBIT 4.03 
 FIRST AMENDMENT TO 
 THE SUGARCANE SUPPLY AGREEMENT 

By this Private Instrument, the below qualified parties, 
 BRASILAGRO — COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS, joint stock company enrolled at the National Register of Corporate Taxpayers (CNPJ) under 07.628.528/0001-59, headquartered in the
city of São Paulo, State of São Paulo, at Avenida Brigadeiro Faria Lima, n° 1.309 — 5o andar, herein duly represented as set forth in its By Laws, hereinafter named “BRASILAGRO”; 

BRENCO — COMPANHIA BRASILEIRA DE ENERGIA RENOVÁVEL, joint stock company enrolled at the National Register of Corporate Taxpayers (CNPJ) under
08.070.566/0001-00, headquartered in the city of São Paulo, State of São Paulo, at Avenida Pedroso de Moraes, n° 1.553 — 8° andar, herein duly represented as set forth in its By Laws, hereinafter named
“BRENCO”; 
 And, further, as consenting party, IMOBILIÁRIA ARAUCÁRIA LTDA., private limited company enrolled at
the National Register of Corporate Taxpayers (CNPJ) under 08.745.851/0001-75, headquartered in the city of São Paulo, State of São Paulo, at Avenida Laws, hereinafter named “IMOBILIÁRIA ARAUCÁRIA”;

 Being IMOBILIÁRIA ARAUCÁRIA, BRASILAGRO and BRENCO hereinafter also referred to, jointly, as “Parties” or,
individually, as “Party”; 
 WHEREAS 
  

	 	(i)	At March 13, 2008, the Parties entered into the Agreement to Supply Sugarcane (“Agreement”), whose purpose is the supply, by BRASILAGRO to BRENCO,
of the production of 2 complete cycles of sugarcane crop produced in the total plantable area existing in the plot of the Properties of Morro Vermelho Project attributed to IMOBILIÁRIA ARAUCÁRIA due to the Agreement of Management,
Exploration and Division of Rural Property held in Co-ownership , executed between the Parties at 03.13.2008 (“Division Agreement”), as set forth in Section 2.1 of the Agreement; 

 

	 	(ii)	The plot of the Properties of Morro Vermelho Project attributed to IMOBILIÁRIA ARAUCÁRIA under the Division Agreement currently consists in the rural
property object of the real estate registration 19,964 of the Real Estate Registry of the District of Mineiros, State of Goiás (arisen from the real estate registrations 15.524, 12.689 and 16.931,all of them from the Real Estate Registry of
the District of Mineiros, State of Goiás), named Fazenda Araucária (“Fazenda Araucária”), which has been owned by IMOBILIÁRIA ARAUCÁRIA since 11.20.2008 also under the Division Agreement;

 Agreement for the Sub-Leasing of Rural Property for the Exploration of Agricultural Activity 

	 	(iii)	BRASILAGRO planted and raised sugarcane in the area established in the Agreement, without complying, however, with all the terms therein established (“
BrasilAgro Breach”). 

  

	 	(iv)	At this date BRASILAGRO owns 2,017.11 ha (two thousand and seventeen hectares and eleven centiares) of sugarcane in Fazenda Araucária which would be supplied to
BRENCO in 2009/2010 harvest pursuant to the Agreement; 

  

	 	(v)	The installation of BRENCO’s industrial unit integral part of Morro Vermelho Project, located in the city of Mineiros — GO, has not been completed yet,
preventing BRENCO from grinding the sugarcane production of BRASILAGRO that would be supplied in 2009/2010 harvest; 

  

	 	(vi)	BRENCO does not own another industrial unit to grind the sugarcane production of BRASILAGRO which would be supplied in 2009/2010 harvest as an alternative to
BRENCO’s industrial unit integral part of Morro Vermelho Project, as set forth in Section 2.4 of the Agreement; 

  

	 	(vii)	BRENCO did not present to BRASILAGRO the grinding plan for the 2009/2010 harvest as set forth in the first paragraph of Section 4.5 of the Agreement, expressing to
BRASILAGRO the impossibility of acquiring the sugarcane production of the 2009/2010 harvest, since the mentioned sugarcane could not be ground, therefore breaching its obligation according to the provision of Section 2.1 of the Agreement
(“Brenco Breach”, and, jointly with BrasilAgro Breach, “Breaches”); 

  

	 	(viii)	Notwithstanding the Agreement provision of penalties to the Breaches, aiming to maintain the good relationship and the Agreement in full force and effect during the
period originally agreed, the Parties wish to be indemnified one by the other at the exact proportion of the incurred and/or to be incurred losses due to the Breaches, without any penalty of punishment nature being imposed from one Party to the
other; 

  

	 	(ix)	BRASILAGRO has the interest to renounce, on behalf of BRENCO, to the indemnity due, pursuant to the Agreement, for Brenco’s Breach, and BRENCO has the interest to
assume new obligations in the Agreement before BRASILAGRO, in order to compensate the incurred and/or to be incurred losses by BRASILAGRO due to Brenco’s Breach; and BRENCO has the interest to renounce, on behalf of BRASILAGRO, to the indemnity
due, pursuant to the Agreement, for Brasilagro’s Breach, and BRASILAGRO has the interest to assume new obligations in the Agreement before BRENCO, in order to compensate the incurred and/or to be incurred losses by BRENCO due to
BrasilAgro’s Breach, being the parties mutual interest, to prevent judicial or extra judicial litigations, thus avoiding consuming processes to assess possible responsibilities, as set forth in arts. 840 and following of the Brazilian Civil
Code; 

  
 2 

	 	(x)	For purposes of the provision in (ix) and (x) above, on 07.28.2009 the Parties executed the Agreement Instrument on the Sugarcane Supply Agreements entered
into by BRASILAGRO and BRENCO on 03.13.2008, committing to execute an amendment to the Agreement, in order to reflect the terms and conditions therein agreed; 

 Therefore the parties have agreed to enter into this First Amendment to the Agreement for Sugarcane Supply (“Amendment”), which shall operate in accordance with the following terms and
conditions: 
  

	1.	THE AMENDMENT PURPOSE 

 1.1 Since the plot
of the Properties of Morro Vermelho Project attributed to IMOBILIÁRIA ARAUCÁRIA under the Division Agreement currently consists of Fazenda Araucária, as mentioned in (ii) to this Amendment, any reference in the Agreement to
the Properties of Morro Vermelho Project, including, but not limited to the reference in Section 8.1(a) of the Agreement, shall be read and considered as Fazenda Araucária; 
 1.2 The Parties decide to change the schedule for the plantation and supply of sugarcane set forth in Section 2.1 of the Agreement, in order to (i) establish the applicable terms and conditions
to the plantation to be carried out in the area presently occupied by savannah in Fazenda Araucária; plantation which is subject to the obtaining, by BRASILAGRO, of the related authorizations, according to the First Paragraph of
Section 2.1 of the Agreement; (ii) include the area effectively planted by BRASILAGRO in 2008 and 2009; (iii) establish that BRASILAGRO plants the sugarcane in 200 ha (two hundred hectares) of land of Fazenda Araucária which
would be planted in 2012, up to June 15,2010, being certain that BRASILAGRO shall only be committed to postpone the plantation in the mentioned area if (a) the installation of BRENCO’s industrial unit integrant part of Morro Vermelho
Project is completed until November 30, 2009; and (b) BRENCO has not failed to comply with any obligation object of this Amendment and of the INSTRUMENT OF AGREEMENT ON THE MANAGEMENT, EXPLORATION AND RURAL PROPERTY DIVISION AGREEMENT HELD
IN CO OWNERSHIP AND THE AGREEMENT FOR THE PURCHASE AND SALE OF SUGARCANE SEEDLINGS, ENTERED INTO BY BRASILAGRO — COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS AND BRENCO — COMPANHIA BRASILEIRA DE ENERGIA RENOVÁVEL ON
03.13.2008 AND OTHER COVENANTS, executed between the Parties on 07.28.2009; and (iv) adjust the areas which shall be object of plantation in 2010 and 2011 due to the alterations performed due to items (i) to (iii) above. 

1.2.1 In view of the alteration in the schedule mentioned in Section 1.2 above, the Section 2.1 of the Agreement is effective
with the following writing: 
 “2.1 By this AGREEMENT, BRASILAGRO undertakes to supply exclusively
for BRENCO, and BRENCO undertakes to acquire from BRASILAGRO, the total production of 02 (two) complete cycles of sugarcane crop, of 06 (six) agricultural years every (05 (five) cuts),with the possibility of
extension of this period for another 01 (one) complete agricultural cycle, through agreement between the parties. The duration of each cycle may be extended, by mutual agreement between the parties, for another 01

  
 3 

 
(one) or 02 (two) agricultural years, if the first and/or the second cycle of sugarcane crop presents proper productivity conditions for the harvesting of these additional cuts. The above
mentioned crop shall be implemented by BRASILAGRO in the total area of effectively plantable land existing in Fazenda Araucária, in the following terms and conditions: 

 

	 	(a)	In 2007, BRASILAGRO and BRENCO have already planted sugarcane in 892 ha (eight hundred and ninety two hectares) of land in Fazenda Araucária, the crops of
which shall be supplied in the 2009/2010 (in second cut), 2010/2011, 2011/2012, 2012/2013 harvests, and in the event of an additional cut, 2013/2014 harvests. BRASILAGRO is committed to a new plantation in the mentioned area, to
be ended until May 31, 2013 or 2014, should the first cycle be extended for another cut (6th cut — 2013/2014), for supply (i) in the 2014/2015, 2015/2016, 2016/2017, 2017/2018 and 2018/2019 harvests, if the first and second cycle are
not extended for another cut; (ii) in the 2015/2016, 2016/2017, 2017/2018, 2018/2019 and 2019/2020 harvests, if the first cycle is extended for another cycle and the second cycle is not extended to another cycle; (iii) in the 2014/2015,
2015/2016, 2016/2017, 2017/2018, 2018/2019 and 2019/2020 harvests, if the first cycle is not extended for another cut and the second cycle is extended for another cut; or (iv) in the 2015/2016, 2016/2017, 2017/2018, 2018/2019, 2019/2020 and
2020/2021 harvests, if the first and second cycle are extended for another cut (6th cut), thus considered in a sequence to the third cycle, as the case may be, as set forth in Sections 2.1 and 3.1 of this AGREEMENT;

  

	 	(b)	In 2008 BRASILAGRO has already planted sugarcane in 1,303 (one thousand, three hundred and three hectares) of plantable land existing in Fazenda
Araucária, the crops of which shall be supplied in the 2009/2010, 2010/2011, 2011/2012, 2012/2013, 2013/2014 harvests, and in the 2014/2015 harvests in the event of an additional cut. Further, BRASILAGRO is committed to a
new plantation in the mentioned area, to be ended until May 31, 2014 or 2015, should the first cycle be extended for another cut (6th cut — 2014/2015), for supply (i) in the 2015/2016, 2016/2017, 2017/2018, 2018/2019 and 2019/2020
harvests, ,if the first and second cycle are not extended for another cut; (ii) in the 2016/2017, 2017/2018, 2018/2019, 2019/2020 and 2020/2021 harvests, if the first cycle is extended for another cycle and the second cycle is not extended to
another cycle; (iii) in the 2015/2016, 2016/2017, 2017/2018, 2018/2019, 2019/2020 and 2020/2021 harvests, if the first cycle is not extended for another cut and the second cycle is extended for another cut; or (iv) in the 2016/2017,
2017/2018, 2018/2019, 2019/2020, 2020/2021 and 2021/2022 harvests, if the first and second cycle are extended for another cut (6th cut), thus considered in a sequence to the third cycle, as the case may be, as set forth in Sections 2.1 and 3.1 of
this AGREEMENT; 

  

	 	(c)	 In 2009 BRASILAGRO has already planted sugarcane in 1,526 ha (one thousand, five hundred and twenty six hectares) of plantable
land existing in Fazenda Araucária, the crops of which shall be supplied in the 2010/2011; 2011/2012; 2012/2013; 2013/2014 2014/2015 harvests and in the 2015/2016 

  
 4 

	 	
harvests in the event of an additional cut. Further, BRASILAGRO is committed to a new plantation in the mentioned area, to be ended until May 31, 2015 or 2016, should
the first cycle be extended for another cut (6th cut — 2015/2016), for supply (i) in the 2016/2017, 2017/2018, 2018/2019, 2019/2020, and 2020/2021 harvests, if the first and second cycle are not extended for another cut; (ii) in the
2017/2018, 2018/2019, 2019/2020, 2020/2021 and 2021/2022 harvests, if the first cycle is extended for another cycle and the second cycle is not extended to another cycle; (iii) in the 2016/2017, 2017/2018, 2018/2019, 2019/2020, 2020/2021 and
2021/2022 harvests, if the first cycle is not extended for another cut and the second cycle is extended for another cut; or (iv) in the 2017/2018, 2018/2019, 2019/2020, 2020/2021, 2021/2022 and 2022/2023 harvests, if the first and second cycle
are extended for another cut (6th cut), thus considered in a sequence to the third cycle, as the case may be, as set forth in Sections 2.1 and 3.1 of this AGREEMENT; 

 

	 	(d)	BRASILAGRO is committed to start the sugarcane plantation on February 15, 2010 and end it until June 15, 2010, in an approximate area
of 1,425 ha (one thousand, four hundred and twenty five hectares) of plantable land existing in Fazenda Araucária, of which 200 ha (two hundred hectares) as advance of the plantation mentioned in item (e) below, the production of which
shall be supplied in the 2011/2012, 2012/2013, 2013/2014, 2014/2015, 2015/2016 harvests, and in the 2016/2017 harvests in the event of an additional cut. Further, BRASILAGRO is committed to a new plantation in the mentioned
area, to be ended until May 31, 2016 or 2017, should the first cycle be extended for another cut (6th cut — 2016/2017), for supply (i) in the 2017/2018, 2018/2019, 2019/2020, 2020/2021 and 2021/2022 harvests, if the first and second
cycle are not extended for another cut; (ii) in the 2018/2019, 2019/2020, 2020/2021, 2021/2022 and 2022/2023 harvests, if the first cycle is extended for another cycle and the second cycle is not extended to another cycle; (iii) in the
2017/2018, 2018/2019, 2019/2020, 2020/2021, 2021/2022 and 2022/2023 harvests, if the first cycle is not extended for another cut and the second cycle is extended for another cut; or (iv) in the 2018/2019, 2019/2020, 2020/2021, 2021/2022,
2022/2023 and 2023/2024 harvests, if the first and second cycle are extended for another cut (6th cut), thus considered in a sequence to the third cycle, as the case may be, as set forth in Sections 2.1 and 3.1 of this
AGREEMENT; 

  

	 	(e)	 BRASILAGRO is committed to start the sugarcane plantation on February 15, 2011 and end it until May 31, 2011, in an
approximate area of 773 ha (seven hundred and seventy three hectares) of plantable land existing in Fazenda Araucária, to be reduced to 573 ha (five hundred and seventy three hectares) if BRASILAGRO complies with the
obligation of advancing the plantation of 200 ha (two hundred) according to item (d) above, the production of which shall be supplied in the 2012/2013, 2013/2014, 2014/2015, 2015/2016, 2016/2017 harvests, and in the 2017/2018 harvests in the
event of an additional cut. Further, BRASILAGRO is committed to a new plantation in the mentioned area, to be ended until May 31, 2017 or 2018, should the first cycle be extended for another cut (6th cut — 2017/2018),
for supply (i) in the 2018/2019, 2019/2020, 2020/2021, 

  
 5 

	 	
2021/2022 and 2022/2023 harvests, if the first and second cycle are not extended for another cut; (ii) in the 2019/2020, 2020/2021, 2021/2022, 2022/2023 and 2023/2024 harvests, if the
first cycle is extended for another cycle and the second cycle is not extended to another cycle; (iii) in the 2018/2019, 2019/2020, 2020/2021, 2021/2022, 2022/2023 and 2023/2024 harvests, if the first cycle is not extended for another cut and
the second cycle is extended for another cut; or (iv) in the 2019/2020, 2020/2021, 2021/2022, 2022/2023, 2023/2024 and 2025/2026 harvests, if the first and second cycle are extended for another cut (6th cut), thus considered in a sequence to
the third cycle, as the case may be, as set forth in Sections 2.1 and 3.1 of this AGREEMENT; and 

  

	 	(f)	Should BRENCO request to BRASILAGRO the plantation of sugarcane in the area of 1,190ha (one thousand, one hundred and
ninety hectares) of currently existing savannah in Fazenda Araucária (“Savannah Area”) until June 30,2010, BRASILAGRO is committed to start the sugarcane plantation in the Savannah Area on February 15
of the 4th. (fourth)harvest year from the date of obtaining, by BRASILAGRO, of the necessary authorizations for said plantation, as set forth in the First Paragraph below, the production of which shall be supplied in accordance
with a schedule similar to the one of the other areas of Fazenda Araucária; being agreed between the parties that, should BRENCO not formalize the request for the plantation in the Savannah Area until June 30,2010,
BRASILAGRO shall be exempt from the obligation of performing it during the effectiveness of this Agreement. 

 First Paragraph — It is henceforth agreed that the effective implementation, by BRASILAGRO, of crop in the total area of effectively plantable land
existing in Fazenda Araucária, including, as the case may be, the Savannah Area, is subject to the obtaining of all necessary approvals and licenses for the exploration of the sugarcane crop activity in the intended areas. In the event of
BRASILAGRO not obtaining all the necessary authorizations and licenses for this purpose, and provided that it has fulfilled with all the legal and administrative requirements and taken all the applicable measures,
BRASILAGRO shall be exempt from the obligation of planting in the Savannah Area mentioned in item (f) above. 
 Second Paragraph — The parties may, by mutual agreement, change for more or less the planting areas of sugarcane crops of the Properties of Morro Vermelho Project, in
accordance with the above explained schedule 
 Third Paragraph — At the parties’
discretion, the reforms of the sugarcane crops for the beginning of a new cycle may be extended or advanced due to the sugarcane crops productivity. 
 Fourth Paragraph — The plantation schedule may be adjusted due to significant unfavorable agronomic conditions, such as severe droughts or other technical contingencies
inherent to the planting activity, through agreement between the parties 

  
 6 

 Fifth Paragraph — Of the 1,425 ha (one thousand, four
hundred and twenty five hectares) of sugarcane to be planted by BRASILAGRO pursuant to Section 2.1 (d) of this Agreement, the plantation of 200ha (two hundred hectares) of land shall only be performed until June 15, 2010 if
(a) the installation of BRENCO’s industrial unit integrant part of Morro Vermelho Project is completed until November 30, 2009; and (b) BRENCO has not failed to comply with any obligation object of this Agreement and of the
INSTRUMENT OF AGREEMENT ON THE MANAGEMENT, EXPLORATION AND RURAL PROPERTY DIVISION AGREEMENT HELD IN CO OWNERSHIP AND THE AGREEMENT FOR THE PURCHASE AND SALE OF SUGARCANE SEEDLINGS, ENTERED INTO BY BRASILAGRO BRASILAGRO — COMPANHIA
BRASILEIRA DE PROPRIEDADES AGRÍCOLAS AND BRENCO — COMPANHIA BRASILEIRA DE ENERGIA RENOVÁVEL ON 13.03.2008 AND OTHER COVENANTS, entered into by the parties on 07.28.2009; otherwise, the planting of the mentioned 200ha (two hundred
hectares) of land shall be conducted in 2012 together with the plantation of 573 ha (five hundred and seventy three hectares) of land set forth in Section 2.1 (e) of this Agreement.” 

1.3 In view of the renouncement, by BRASILAGRO, on behalf of BRENCO, of the indemnity due, pursuant to the Agreement, for Brenco’s Breach, BRENCO
assumes before BRASILAGRO the obligations arising from the transaction conducted between the Parties pursuant to the Agreement entered into on 07.28.2009, in order to compensate the incurred and/or to be incurred losses by BRASILAGRO due to
Brenco’s Breach, as follows: 
  

	 	(a)	All the sugarcane planted and raised by BRASILAGRO in 2,017.11 ha (two thousand and seventeen hectares and eleven centiares) of Fazenda Araucária, which would
be, pursuant to the Agreement, supplied to BRENCO in the 2009/2010 harvests, shall be “repeated” (“Repeated Sugarcane”), and BRENCO is committed to pay to BRASILAGRO only the financial result that would be achieved with
the sale of said sugarcane in the 2009/2010 harvest should Brencho’s Breach have not occurred (“2009/2010 Result”), the amount of which shall be calculated and the payment made in accordance with the provisions of items
(e) and (f) of this Section 1.3. In order to properly evidence the planted area, as well as for BRENCO’s guideline upon the sugarcane harvesting, BRASILAGRO shall, until 12.31.2009, provide a geo referenced map of the herein
referred to planted area, in which the due stands, their related harvesting, varieties planted, age of the sugarcane crop, in addition to other information which both evidence the area to be harvested and guide BRENCO’s representatives on the
access to the mentioned areas, shall be included. 

  

	 	(b)	BRENCO shall proceed to the harvesting and grinding of the Repeated Sugarcane (“Harvesting of 2010/2011 Harvest”) in accordance with the Effective
Schedule for Harvesting (defined below), undertaking to pay to BRASILAGRO, as a supplementation to the 2009/2010 Result, the financial result that should have been achieved with the sale of the Repeated Sugarcane in the 2010/2011 harvest, should the
sugarcane have not been repeated in the 2009/2010 harvest (“2010/2011 Result” and, jointly with the 2009/2010 Result , “Result”), the amount of which shall be calculated and paid in accordance with the provisions of
items (d) and (g) of this Section 1.3. 

  
 7 

	 	(c)	BRENCO shall perform the Harvesting of 2010/2011 Harvest in accordance with the schedule below (“Effective Schedule for Harvesting”):

  

							
	 Varieties
	  	Approximate area	 	  	Harvesting
	 RB 83 5486
	  	 	163,69	  	  	May
	 SP 80 1816
	  	 	172,95	  	  	May/June
	 RB 86 7515
	  	 	920,50	  	  	May/June/July
	 SP 79 1011
	  	 	112,95	  	  	June
	 RB 85 5536
	  	 	503,26	  	  	August/September
	 RB 72 454
	  	 	143,65	  	  	October

  

	 	(d)	After the harvesting of 2010/2011 harvest is completed, BRENCO shall remove all its employees and machinery from Fazenda Araucária used to perform the harvesting
of 2010/2011 harvest, leaving the sugarcane crop in the same maintenance condition found, except for the changes arising from the regular operation of harvesting of 2010/2011 harvest; being certain that BRENCO shall not be responsible for the
operation of crop treatment to be performed in the crop after the Harvesting of 2010/2011 Harvest. 

  

	 	(e)	(e) In order to calculate the amount of the Result to be paid by BRENCO to BRASILAGRO, the Parties shall use the calculation methodology described below:

  

	 	(i)	The 2009/2010 Result is composed of the sum of the monthly financial results that should be achieved by BRASILAGRO with the sale/supply of Repeated Sugarcane from April
to November of the 2009/2010 Harvest should Brenco’s Breach have not occurred (“Monthly Financial Result 09/10”); 

  

	 	(ii)	The 2010/2011 Result is composed of the sum of the monthly financial results that should be achieved by BRASILAGRO with the sale/supply of Repeated Sugarcane from April
to November of the 2010/2011 Harvest should the sugarcane have not been repeated in the 2009/2010 harvest (“Monthly Financial Result 10/11”); 

 

	 	(iii)	The productivity of the Repeated Sugarcane in the 2009/2010 harvest to be adopted by the Parties for calculation of the 2009/2010 Result, shall be, at BRENCO’s
solely discretion, at decision to be communicated until 09.04.2009: (a) of 121.06 (one hundred and twenty one point zero six) tons per hectare; or (b) the one established upon assessment to be completed until 09.30.2009, by Escola Superior
de Agricultura Luiz de Queiroz — ESALQ, with costs borne by both Parties, at the proportion of 50% for each Party; 

  
 8 

	 	(iv)	The productivity of the Repeated Sugarcane in the 2010/2011 harvest to be adopted by the Parties for calculation of the 2010/2011 Result, shall be, at BRENCO’s
solely discretion, at decision to be communicated until 09.04.2009: (a) of 97.01 (ninety seven point zero one) tons per hectare; or (b) the one established upon assessment by ESALQ for the Repeated Sugarcane in the 2009/2010 Harvest,
applying the discount of 19.87%; 

  

	 	(v)	The quantity of kilograms of total recoverable sugar content (“ATR”) per ton of sugarcane to be considered for the 2009/2010 and 2010/2011 harvests,
for calculation of the Result, is 118.28 for April, 125.62 for May, 132.74 for June, 140.77 for July, 147.17 for August, 153.17 for September, 150.99 for October and 140.75 for November; being certain and adjusted that, after the completion of the
harvesting of 2011/2012 harvest, the monthly quantities of ATR kilograms per tons shall be readjusted to reflect the variations related to the effective quantities of ATR per ton harvested by BRASILAGRO in non repeated areas during the 2010/2011 and
2011/2012 harvests, and the difference decreased or increased to the subsequent payments due by BRENCO; 

  

	 	(vi)	The hypothetical harvesting schedule for the 2009/2010 and 2010/2011 harvests to be considered, for calculation of the Result, assumes that in April 144.08] ha of
sugarcane shall be cut, from May to October 288.16 ha of sugarcane shall be cut and in November 144.08 ha shall be cut; 

  

	 	(vii)	The ATR price shall be calculated based on the value comprised in the “Operating Standards to Determine the Sugarcane Quality” of the Regulation for the
Purchase and Sale of Sugarcane in the State of São Paulo —CONSECANA-SP between April and March of each harvest. For the 2009/2010 harvest the calculation shall contemplate the following mix: anhydrous alcohol domestic market — 25%,
hydrated alcohol domestic market — 25%, anhydrous alcohol foreign market — 25% and hydrated alcohol foreign market 25%. For the 2010/2011 harvest the effective mix of BRENCO shall be considered, being certain that, should Brenco not start
its activities until June 2010, the same mix of the 2009/2010 Harvest shall be considered; 

  

	 	(viii)	The estimated sales revenue of the Repeated Sugarcane in the 2009/2010 and 2010/2011 harvests shall be monthly calculated considering: (a) the harvested area in
hectares in each month of the related harvest year according to hypothetical harvesting schedule defined in sub item (vi) above; (b) the estimated productivity of the sugarcane crop included in sub items (iii) or (iv), as the case may
be; (c) the quantity of ATR kilograms per ton determined in sub item (v) above; and (d) the ATR price defined according to sub item (vii) above; 

  
 9 

	 	(ix)	The cost with cut, loading and transportation (“CCT”) per ton to be considered in the 2009/2010 and 2010/2011 harvests for calculation of the Result
is: (a) R$ 10.00 (ten reais) per ton of sugarcane for cut; (b) R$ 3.53 (three reais and fifty three cents) per ton of sugarcane for the transshipment; and (c) the amount defined in the table below, for the distance effectively covered
in the transportation of each ton of sugarcane in the Harvesting of 2010/2011 Harvest: 

  

																	
	 Distance to the

Plant (in km)
	    	CCT / Ton from 21 to 40 km from the Plant
(base date 07.05.09)	 	    	Total	 
	    	Cut	 	    	Transshipment	 	    	Transportation	 	    
	 21
	    	 	10.00	  	    	 	3.53	  	    	 	5.92	  	    	 	19.45	  
	 22
	    	 	10.00	  	    	 	3.53	  	    	 	6.12	  	    	 	19.65	  
	 23
	    	 	10.00	  	    	 	3.53	  	    	 	6.29	  	    	 	19.82	  
	 24
	    	 	10.00	  	    	 	3.53	  	    	 	6.47	  	    	 	20.00	  
	 25
	    	 	10.00	  	    	 	3.53	  	    	 	6.66	  	    	 	20.19	  
	 26
	    	 	10.00	  	    	 	3.53	  	    	 	6.79	  	    	 	20.32	  
	 27
	    	 	10.00	  	    	 	3.53	  	    	 	6.98	  	    	 	20.51	  
	 28
	    	 	10.00	  	    	 	3.53	  	    	 	7.16	  	    	 	20.69	  
	 29
	    	 	10.00	  	    	 	3.53	  	    	 	7.34	  	    	 	20.87	  
	 30
	    	 	10.00	  	    	 	3.53	  	    	 	7.53	  	    	 	21.06	  
	 31
	    	 	10.00	  	    	 	3.53	  	    	 	7.65	  	    	 	21.18	  
	 32
	    	 	10.00	  	    	 	3.53	  	    	 	7.85	  	    	 	21.38	  
	 33
	    	 	10.00	  	    	 	3.53	  	    	 	8.02	  	    	 	21.55	  
	 34
	    	 	10.00	  	    	 	3.53	  	    	 	8.20	  	    	 	21.73	  
	 35
	    	 	10.00	  	    	 	3.53	  	    	 	8.38	  	    	 	21.91	  
	 36
	    	 	10.00	  	    	 	3.53	  	    	 	8.52	  	    	 	22.05	  
	 37
	    	 	10.00	  	    	 	3.53	  	    	 	8.68	  	    	 	22.21	  
	 38
	    	 	10.00	  	    	 	3.53	  	    	 	8.85	  	    	 	22.38	  
	 39
	    	 	10.00	  	    	 	3.53	  	    	 	9.00	  	    	 	22.53	  
	 40
	    	 	10.00	  	    	 	3.53	  	    	 	9.20	  	    	 	22.73	  

  

	 	(ix.1)	The amounts in the table above shall be monthly readjusted at the ratio of: (a) 25% (twenty five per cent) by the variation of diesel quotation from the base date
07.05.2009, as published by ANP; and (b) 75% (seventy five per cent) by the IGPM variation from the base date 07.05.2009, as published by FGV. 

  

	 	(x)	The cost with the operation of crop treatment to be considered in the 2009/2010 harvest for calculation of the 2009/2010 Result is R$ 987.00 / ha (nine hundred and
eighty seven reais per hectare), being certain that the cost related to crops treatment shall not be considered for calculation of 2010/2011 Result, since such operation shall be conducted by BRASILAGRO, at its own expenses;

  

	 	(xi)	 The amount of each Monthly Financial Result 09/10 shall be composed of the amount of the estimated monthly revenue calculated according to sub item
(viii) above, less the amount related to FUNRURAL levying on the 

  
 10 

	 	
mentioned revenue at the annual rate of 2.85% and the costs incurred in the month referring to CCT and crops treatment, calculated, respectively, according to items (ix) and (x) above,
and paid by BRENCO to BRASILAGRO as set forth in item (f) below of this Section 1.3; and 

  

	 	(xii)	The amount of each Monthly Financial Result 10/11 shall be composed of the amount of the estimated monthly revenue calculated according to sub item (viii) above,
less the amount related to FUNRURAL levying on the mentioned revenue at the annual rate of 2.85% and the CCT costs calculated according to sub item (ix) above and paid by BRENCO to BRASILAGRO as set forth in item (g) below of this
Section 1.3. 

  

	 	(f)	The terms for payment by BRENCO to BRASILAGRO, of each Monthly Financial Result 09/10 (“Payments of 09/10 Result”), at the proportions and dates
included in the First Paragraph of Section 5.1 of the Agreement, are extended for 12 (twelve) months (“Extension of the Payment Term”), so that: the amount corresponding to 83% of the financial result in April of the 2009/2010
harvest is paid on 05.05.2010 and the remaining 17% paid in 4 successive monthly installments of 4%, 4%, 4% and 5% with maturities, respectively, on 01.31.2011, 02.28.2011, 03.31.2011 and 04.30.2011; the amount corresponding to 83% of the financial
result in May of the 2009/2010 harvest is paid on 06.05.2010 and the remaining 17% paid in 4 successive monthly installments of 4%, 4%, 4% and 5% with maturities, respectively, on 01.31.2011, 02.28.2011, 03.31.2011 and 04.30.2011, and thus
successively. In view of the Extension of the Payment Term, the amount of the installments of each Monthly Financial Result 09/10 shall be restated at the rate of 100% of CDI from the date in which it should have been paid by BRENCO to BRASILAGRO
for the sugarcane that would have been supplied in the 2009/2010 harvest should Brenco’s Breach have not occurred until the date of the effective payment of the related installments of each Monthly Financial Result 09/10, that shall occur in
the terms and proportions defined in this item (f). 

  

	 	(g)	The payment, by BRENCO to BRASILAGRO, of each Monthly Financial Result 10/11 (“Payments of 09/10 Result” and , jointly with the Payments of 09/10
Result, “Payment of the Result”) shall be subject to the proportions and terms comprised in the First Paragraph of Section 5.1 of the Agreement, so that: the amount corresponding to 83% of the financial result in April of the
2010/2011 harvest is paid on 05.05.2010 and the remaining 17% paid in 4 successive monthly installments of 4%, 4%, 4% and 5% with maturities, respectively, on 01.31.2011, 02.28.2011, 03.31.2011 and 04.30.2011; the amount corresponding to 83% of the
financial result in May of the 2010/2011 harvest is paid on 06.05.2010 and the remaining 17% paid in 4 successive monthly installments of 4%, 4%, 4% and 5% with maturities, respectively, on 01.31.2011, 02.28.2011, 03.31.2011 and 04.30.2011, and thus
successively. 

  
 11 

	 	(h)	At each Payment of the Result the gross up of FUNRURAL and of any other charge that would not levy had the regular supply of sugarcane occurred, shall be performed,
since such charges shall be exclusively borne by BRENCO. 

  

	 	(i)	In the event of noncompliance with the payment terms of any Payments of the Result, terms which have been established in accordance with items (f) and (g) of
this Section 1.3, BRENCO shall incur in fine in arrears in the amount corresponding to (i) 1% (one per cent) of the outstanding amount, if the delay is cured in up to 15 (fifteen) days from the maturity of the outstanding amount; or
(ii) 15% (fifteen per cent) of the outstanding amount, if the delay is above 15 (fifteen) days from the maturity of the outstanding amount, plus monetary restatement by the positive variation of IGPM-FGV and interest of 1% (one per cent) per
month, calculated on a “pro rata die” basis, amount which shall be paid in up to 30 (thirty) days from the maturity of the overdue and unpaid Payment of the Result. 

 

	 	(j)	In the event of breach by BRENCO, of the obligation to harvesting the Repeated Sugarcane in the terms defined in the Effective Schedule for Harvesting mentioned in
Section 1.3 (c) of this Amendment, BRENCO shall bear non compensatory fine in the amount equivalent to 15% (fifteen per cent) of the total estimated revenue for the 2009/2010 harvest calculated in accordance with Section 1.3
(e) (viii) of this Amendment, at the proportion of the mentioned breach, to be paid within 30 (thirty) days from the date in which the breach was characterized pursuant to this item, except if the noncompliance arises from force majeure,
condition in which the Parties shall endeavor to solve the breach in mutual agreement. 

  

	 	(k)	In the event of breach by BRASILAGRO, of the obligation to plant the sugarcane in the area and term established in Section 2.1 (d) of the Agreement,
BRASILAGRO shall bear non compensatory fine in the amount equivalent to 15% (fifteen per cent) of the total estimated revenue for the 2009/2010 harvest calculated in accordance with Section 1.3 (e) (viii) of this Amendment, at the
proportion of the mentioned breach, to be paid within 30 (thirty) days from the date in which the breach was characterized pursuant to this item, except if the noncompliance arises from force majeure, condition in which the Parties shall endeavor to
solve the breach in mutual agreement. 

 1.4 As regards the Harvesting of 2010/2011 Harvest, BRENCO is committed to: 

 

	 	(a)	Assume full, total and unrestricted responsibility for the repair of the damages to third parties, including its employees and/or subcontracted and BRASILAGRO’s
employees, as a result of accidents or damages of any nature due to the Harvesting of 2010/2011 Harvest, undertaking to indemnify BRASILAGRO in case of this one incurring in any damage, loss, expenditure or expense, including payment of
lawyers’ fees, due to third parties claims, in courts or not, related to such accidents or claims; 

  
 12 

	 	(b)	Be responsible for any act practiced in the Harvesting of 2010/2011 Harvest, including, but not limited to, labor, social security, tax and environmental obligations
undertaking to indemnify BRASILAGRO in case of any request, threatening or constraint suffered , in courts or not, due to the provisions of this Agreement; 

 

	 	(c)	Perform the Harvesting of 2010/2011 Harvest with care, diligence and in strict compliance with the terms and conditions established in this Agreement;

  

	 	(d)	Make BRASILAGRO aware of any facts that may, anyhow, interfere on the geological and/or agronomical conditions in the area object of the Harvesting of 2010/2011 Harvest
and/or in the compliance with this Amendment; 

  

	 	(e)	Strictly maintain and make its employees, representatives and/or third parties also to maintain, the discipline and conduct for the flora and fauna preservation,
without harming or damaging preservation woods or any other natural vegetation inside Fazenda Araucária, as well as not to pollute the natural resources, specially soil and river waters; and 

 

	 	(f)	Assume full and sole responsibility in case of possible inspection/ assessment by the Ministry of Labor or INSS, collective or individual agreement, as well as
indemnity actions for damages arising from labor accident filed at the Labor or Common Justice, before BRENCO or BRASILAGRO, requesting the exclusion of the latter one from any payment or silent participation in possible demands.

 1.4.1 Should BRENCO fail to comply with any of the obligations set forth in items (a) to (f) of
Section 1.4 of this Amendment so as to result in losses, damages, fines or penalties to BRASILAGRO, BRENCO shall pay to BRASILAGRO a non compensatory fine in the amount corresponding to 10% of the amount of the mentioned losses, damages, fines
and/or penalties, without prejudice of BRENCO’s responsibility in assuming and fully reimbursing the losses, damages, fines and/or penalties suffered by BRASILAGRO due to the noncompliance, by BRENCO, with the obligations set forth in items
(a) to (f) of said Section 1.4. 
 1.5 At this date, BRENCO issues an instrument of promise of payment on behalf of BRASILAGRO,
being the object BRENCO’s obligation of carrying out the Payments of the Result, pursuant to this Amendment (the “Instrument of Promise of Payment”). 
 1.5.1 Should the amount of the Instrument of Promise of Payment be insufficient to cover all the amounts due by BRENCO under this Amendment, BRENCO shall remain responsible for the payment of the amounts
exceeding the amount in the Instrument of Promise of Payment. 
 1.5.2 The possible execution of the Instrument of Promise of
Payment by BRASILAGRO does not affect any other right to charge the amounts due or which may be due by BRASILAGRO as a result of this Amendment. 

  
 13 

 1.6 Except for the acts of God or force majeure, BRASILAGRO shall be responsible for the maintenance of the
sugarcane quality up to the beginning of the Harvesting of 2010/2011 Harvest. 
  

	2.	RATIFICATIONS OF OTHER PROVISIONS OF THE AGREEMENT 

 2.1 All other provisions included in the Agreement which have not been expressly altered by this Amendment, remain ratified. 

 

	3.	GENERAL PROVISIONS 

 3.1 Each of the
Parties may propose changes in the contractual provisions of this Amendment, through new amendment to the Agreement, in written instrument, signed by both Parties, which becomes an integral part of the Agreement for all legal effects. 

3.2 In case of rights and obligations arising from the Agreement and/or this Amendment, which, for their nature, maintain their effectiveness and
validity in force for a period after the termination or rescission of the Agreement, these shall survive to the termination or rescission of the Agreement, for the validity period prescribed to them. 

3.3 Should any term and/or condition of this Amendment be stated null, invalid or unenforceable by any court, such fact shall not affect the validity,
legality and enforceability of any remaining contractual provision, which shall remain in force and produce effects as if the invalidated party had never been herein included, from its execution. 

3.4 The tolerance or compromise, by any of the Parties, to the failure to comply with any term of this Amendment, shall not be considered as waiver by
that Party in requiring the compliance with any other provision therein on in the Agreement, and shall not be considered as novation or tolerance for the noncompliance with any past, present or future obligation, related to the term whose
noncompliance has been tolerated. 
 3.5 Any notice or communication from one Party to the other in relation to the execution of this Amendment
shall be in writing, and shall be considered valid if delivered in hands with acknowledge of receipt or if remitted by fax with confirmation of receipt or registered letter with Acknowledgment of Receipt (AR), in the following addresses: 

 

			
	 If addressed to BRASILAGRO:

		
	Name:	  	Gustavo Javier Lopez
	Title:	  	Administrative Director
	C/c:	  	Legal Department
	Address:	  	Av. Brigadeiro Faria Lima, n° 1.309 — 5° andar
		  	ZIP CODE 01452-002 — São Paulo- SP
	Fax:	  	(11) 3035-5366
	e-mail:	  	gustavo.lopez@brasil-agro.com

  
 14 

			
	If addressed to BRENCO:
		
	Name:	  	Rogério Almeida Manso da Costa Reis
	Title:	  	Com and Logistics Vice-President Director
	C/c:	  	Legal Department
	Address:	  	Avenida Pedroso de Moraes, no 1.553 — 8o andar
		  	ZIP CODE 05419-001 — São Paulo, SP
	Fax:	  	(11) 3095-2251
	e-mail:	  	rogerio.manso@brenco.com.br

 3.6 The rights and obligations hereunder bind the Parties on their behalf and on behalf of their successors of any title.

 3.7 The terms started in capital letters not defined in this Amendment have the meaning attributed to them in the Agreement. 

3.8 This Amendment constitutes the full agreement between the Parties on its purpose and revokes any other prior understandings about it. 

 

	4.	FORUM 

 4.1 This Amendment shall be
governed and interpreted in accordance with the laws of the Federative Republic of Brazil and the Parties elect the courts of the city of São Paulo, State of São Paulo, to resolve any doubts or controversies resulting from this
Amendment, with the exclusion of all others, however privileged they may be. 
 In witness whereof, the Parties sign this instrument in 03
(three) counterparts of same content and form, in the presence of two undersigned witnesses in order to produce all legal effects. 
 São Paulo, August 31, 2009. 
 BRASILAGRO — COMPANHIA BRASILEIRA
DE PROPRIEDADES AGRÍCOLAS 
  

					
	  
	 		 	  

	 Julio Cesar de Toledo Piza
 President Director
	 		 	 André Guillaumon
 Operations Director

 BRENCO — COMPANHIA BRASILEIRA DE ENERGIA RENOVÁVEL 

 

					
	  
	 		 	  

	 Rogério Almeida Manso da Costa Reis

Com and Logistics Vice-President Director
	 		 	 José Alfredo de Freitas
 Finance Administrative Director

 IMOBILIÁRIA ARAUCÁRIA LTDA. 

 

					
	  
	 		 	  

	 Julio Cesar de Toledo Piza
 Director
	 		 	 Gustavo Javier Lopez
 Director

  
 15 

 Witnesses: 
  

									
	1. 	 	  
	 		  	2.	  	  

	 Name:
 CPF:

RG:
	 		 		  	 Name:
 CPF:

RG:
	  	

  
 16

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