Document:

Strategic Business Agreement, dated as of August 6, 2007

 Exhibit 10.4 
  
  
 STRATEGIC BUSINESS AGREEMENT 
 between 
 OJI PAPER CO., LTD. 
 and 
 VOTORANTIM CELULOSE E PAPEL S.A. 
 Dated as of August 6th, 2007 
  
  
  

 TABLE OF CONTENTS 
  

			
	 PREAMBLE
	  	1
	 RECITALS
	  	1
	 ARTICLE I DEFINITIONS
	  	1
	 Section 1.01        Certain Defined Terms
	  	1
	 Section 1.02        Interpretation and Rules of Construction
	  	5
	 ARTICLE II TERMINATION OF THE 2004 AGREEMENT
	  	6
	 Section 2.01        Termination of the 2004 Agreement
	  	6
	 ARTICLE III MANUFACTURING LICENSE; ROYALTIES AND PAYMENT
	  	6
	 Section 3.01        License
	  	6
	 Section 3.02        Sales Requirements
	  	8
	 Section 3.03        Payment
	  	9
	 Section 3.04        Keeping of Records; Audit
	  	9
	 ARTICLE IV NEW TECHNOLOGY AND IMPROVEMENTS
	  	10
	 Section 4.01        New Technology
	  	10
	 Section 4.02        Improvements
	  	10
	 Section 4.03        Ongoing Technical Support
	  	11
	 Section 4.04        English Language
	  	11
	 ARTICLE V ADDITIONAL AGREEMENTS
	  	12
	 Section 5.01        Additional Territories
	  	12
	 Section 5.02        Purchases by Oji or VCP
	  	12
	 Section 5.03        Right to Bid
	  	12
	 Section 5.04        Global Network
	  	13
	 Section 5.05        Strategy Meetings
	  	13
	 Section 5.06        Yearly Mill Surveys
	  	13
	 Section 5.07        Inquiry with Exclusive Territory
	  	13
	 Section 5.08        Quality Control
	  	13
	 Section 5.09        Quality Analysis
	  	14
	 Section 5.10        Cost Reductions
	  	14
	 ARTICLE VI CONFIDENTIALITY
	  	14
	 Section 6.01        Confidential Information
	  	14
	 Section 6.02        Obligations
	  	14
	 Section 6.03        Authorized Disclosure
	  	14
	 Section 6.04        Employees; Agents
	  	15
	 Section 6.05        Return of Confidential Information
	  	15
	 Section 6.06        Remedies Upon Breach
	  	15
	 ARTICLE VII TERM; TERMINATION
	  	15
	 Section 7.01        Term
	  	15
	 Section 7.02        Term Extensions
	  	15
	 Section 7.03        Termination
	  	16
	 Section 7.04        Effect of Termination
	  	17
	 ARTICLE VIII MISCELLANEOUS
	  	17
	 Section 8.01        Assignment
	  	17
	 Section 8.02        Notices
	  	17
	 Section 8.03        Choice of Law
	  	18
	 Section 8.04        Venue/Arbitration
	  	18
	 Section 8.05        Indemnification; Defense Against Complaint
	  	18
	 Section 8.06        Entire Agreement; Amendments and Waivers
	  	19
	 Section 8.07        Counterparts
	  	19
	 Section 8.08        Invalidity
	  	19
	 Section 8.09        Headings
	  	19
	 Section 8.10        Expenses
	  	19
	 Section 8.11        Publicity
	  	19

  

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	 Section 8.12        Independent Contractor
	  	19
	 Section 8.13        Severability of Provisions
	  	19
	 Section 8.14        Force Majeure
	  	19
	 Section 8.15        Official Language
	  	19
	 Section 8.16        Translation
	  	20
	 ARTICLE IX ACKNOWLEDGEMENTS
	  	20
	 Section 9.01        Acknowledgements of Oji and VCP
	  	20

 Schedules 
  

			
	1.01(a)	  	Current Technology
	4.01(a)	  	Thermal Paper Products Ready for Commercialization

  

 ii 

 PREAMBLE 
 This STRATEGIC BUSINESS AGREEMENT (the “Agreement”) is made as of August 6, 2007 by and between OJI PAPER
CO., LTD., a Japanese corporation having its registered office at 7-5, Ginza 4-Chome, Chuo-ku, Tokyo, 104-0061, Japan (“Oji”) and VOTORANTIM CELULOSE E PAPEL S.A., a Brazilian corporation having its registered office at Alameda Santos,
1357, 6th floor, Cerqueira Cesar, 01419-908, Sao Paulo,
SP, Brazil, registered at CNPJ under No 60.643.228-0001-21
(“VCP”) 
 RECITALS 
 WHEREAS, there is a long history of mutually beneficial cooperation between Oji and VCP; 
 WHEREAS, Oji and VCP are currently parties to a Technology Transfer Agreement, dated as of October 4, 2004 (the “2004 Agreement”), pursuant to which Oji has licensed the Current Technology (as defined below) to VCP;

 WHEREAS, Oji and VCP wish to terminate the 2004 Agreement and extend and expand their relationship as provided herein; and

 WHEREAS, Oji and VCP intend through this Agreement to collaborate on future Improvements (as defined below) of the Current
Technology and the New Technology (as defined below) in order to enhance the economic efficiency through the exchange of Trade-Secrets, Trade Marks and Copyrights of (a) the use of such Current Technology and New Technology and (b) the
development of such Improvements to such Current Technology and New Technology; 
 NOW THEREFORE, in consideration of the
premises and mutual agreements and covenants hereinafter set forth, and intending to be legally bound, Oji and VCP hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Certain Defined Terms. For purposes of this Agreement: 
 “2004 Agreement” shall have the meaning set forth in the Recitals. 
 “Additional Territory” shall have the meaning set forth in Section 5.01(a). 
 “Additional Territory Distributor” shall have the meaning set forth in Section 5.01(b). 
 “Additional Territory Written Consent” shall have the meaning set forth in Section 5.01(a). 
 “Additional Thermal Paper Products” shall have the meaning set forth in Section 4.01(b). 
 “Agreement” shall have the meaning set forth in the Preamble, and shall include all Exhibits and Schedules attached hereto.

 “Base Paper” shall mean any cellulose substrate capable of receiving a heat-sensitive coating designed to exhibit
an image upon heat activation, normally from a thermal print head, which may be either overcoated or non-overcoated, depending on the end-use application (which may or may not include an impact printing process). 
  

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 “Breach Notice” shall have the meaning set forth in Section 6.06(a).

 “Business Day” shall mean any day that is not a Saturday or Sunday or other day on which commercial banks in New
York are authorized or required by law to close. 
 “Contract Year” shall mean, with respect to the first Contract
Year, the period beginning on the date hereof and ending on the one year anniversary of this Agreement, and with respect to the second Contract Year and each Contract Year thereafter, each successive year commencing the date hereof and ending upon
the expiration of the Royalty License. 
 “Change of Control” shall mean, with respect to either party to this
Agreement, (a) any conveyance, transfer, lease, sale or disposition of all or substantially all of such party’s assets to any Person or Persons or (b) any acquisition of ownership by any Person or group of related Persons, whether
directly or indirectly, of fifty percent (50%) or more of the issued and outstanding voting securities of such party. 
 “Confidential Information” shall have the meaning set forth in Section 6.01. 
 “Copyrights”
shall mean mask works, rights of publicity and privacy, and copyrights of works of authorship of any type, including software, registrations and applications for registration thereof throughout the world, all rights therein provided by international
treaties and conventions, all moral and common law rights thereto, and all other rights associated therewith. 
 “Counter
Offer Purchase Price” shall have the meaning set forth in Section 5.03(c). 
 “Cure Period” shall have the
meaning set forth in Section 6.06(a). 
 “Current Technology” shall mean Oji’s Intellectual Property that
was licensed to VCP pursuant to the 2004 Agreement, including any of Oji’s Intellectual Property that was or is used in the manufacture, sale or distribution of any Thermal Paper Product being sold as of the date hereof under the product legacy
names set forth on Schedule 1.01(a). 
 “Disclosing Party” shall have the meaning set forth in Section 6.01.

 “Exclusive Territory” shall mean the Federative Republic of Brazil. 
 “Exclusive Territory License Amount” shall mean, with respect to a specified period of time, the amount payable to Oji by VCP
under Sections 3.01 with respect to the sale or distribution of Licensed Thermal Paper Products in the Exclusive Territory. 
 “Exclusivity Period” shall have the meaning set forth in Section 5.03(d). 
 “Fair Market
Value” shall mean either the last Oji Effective Price for applicable Thermal Paper Products or the last VCP Effective Price for applicable Licensed Thermal Paper Products. 
 “Five Year Licensed Thermal Paper Product” shall have them meaning set forth in Section 3.01(a). 
 “Improvements” shall mean any Intellectual Property designated as improvements to the Current Technology or the New Technology by
(i) Oji or its Subsidiaries (such designation being consistent with past practice), if developed by Oji or its Subsidiaries, or (ii) VCP (such designation consistent with past practice), if developed by VCP. 
  

 2 

 “Initial Term” shall have the meaning set forth in Section 7.01. 

“Intellectual Property” shall mean (a) Patents, (b) Trademarks, (c) Copyrights and (d) Trade Secrets.

 “Law” shall mean any federal, national, supranational, state, provincial, local or similar statute, law, ordinance,
regulation, rule, code, order, requirement or rule of law (including common law). 
 “Licensed Thermal Paper Products”
shall mean Thermal Paper Products manufactured, sold or distributed using the Current Technology or the New Technology, or any Improvements thereto that may be required to be licensed to VCP pursuant to Section 4.02. 
 “Liquidated Damages” shall have the meaning set forth in Section 6.06(a). 
 “Losses” shall have the meaning set forth in Section 8.05(a) 
 “Marketing Research” shall have the meaning set forth in Section 4.01(c). 
 “Mill Survey” shall have the meaning set forth in Section 5.06. 
 “Net Sales Price” shall mean the invoice price, less applicable sales tax or charges, discounts, freight charges, and credits for
returns. 
 “New Technology” shall mean all Intellectual Property provided by Oji or its Subsidiaries to VCP pursuant
to the terms of Section 4.01 on or after the date hereof used or to be used in the production of Thermal Paper Products (whether such products are sold under new product legacy names or the same product legacy names listed on Schedule 1.01(a))
pursuant to the terms of this Agreement and designated as new technology by Oji or its Subsidiaries (such designation being consistent with past practice), including the formula, production techniques of base paper, preparation techniques of the
color and related equipment, coating techniques and related equipment, finishing equipment, quality control techniques for raw materials, and other technical information and know-how. 
 “New Technology Transfer Date” shall mean, with respect to New Technology necessary to manufacture a particular Selected Thermal
Paper Product, the date on which Oji or one of its Subsidiaries provides VCP with a know-how book that describes in reasonably adequate detail such New Technology. 
 “New Technology Transfer Program” shall have the meaning set forth in Section 4.02(d). 
 “New Thermal Paper Products” shall have the meaning set forth in Section 4.01(b). 
 “Non-Exclusive Territory” shall mean Belize; Republic of Guatemala; Republic of Honduras; Republic of El Salvador; Republic of Nicaragua; Republic of Costa Rica; Republic of Panama; Republic of
Trinidad and Tobago; Commonwealth of the Bahamas; Republic of Cuba; Republic of Haiti; Commonwealth of Dominica; Dominican Republic; Jamaica; Republic of Venezuela; Cooperative Republic of Guyana; Republic of Suriname; Republic of Columbia; Republic
of Ecuador; Republic of Peru; Republic of Bolivia; Republic of Paraguay; Republic of Chile; Oriental Republic of Uruguay; Argentine Republic; Barbados; Saint Vincent and the Grenadines; Saint Lucia; Antigua and Barbuda; Federation of Saint Kitts and
Nevis; the following dependant territories of the United Kingdom of Great Britain and Northern Ireland: Anguilla; Bermuda; British Virgin Islands, Cayman Islands, Falkland Islands, Montserrat, South Georgia and the South Sandwich Islands, and the
Turks and Caicos Islands; the following territories of the French Republic: Guadalupe, Martinique and French Guiana; and, the following dependant territories of the Kingdom of the Netherlands: Aruba and Netherlands Antilles. 
 “Non-Renewal Notice” shall have the meaning set forth in Section 7.02. 
 “Oji” shall have the meaning set forth in the Preamble. 
  

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 “Oji Effective Price” shall mean the per unit price for each type of Thermal Paper
Product. 
 “Oji Effective Price Period” shall mean with respect to any particular Oji Effective Price, a period
commencing when Oji or its Subsidiaries first offers such Oji Effective Price to any Person and ending when Oji or its Subsidiaries increases such Oji Effective Price offered to any Person with a similar credit rating and on similar credit terms
with respect to purchases of similar quantities of such Thermal Paper Products of a similar quality and grade and taking into account all other material terms and conditions related to such sale. 
 “Oji Offer” shall have the meaning set forth in Section 5.03(b). 
 “Oji Technology Thermal Paper Product” shall have the meaning set forth in Section 5.01(a). 
 “Other Products” shall mean Thermal Paper Products manufactured using technology licensed from a party other than Oji or its
Subsidiaries. 
 “Patents” shall mean, in any jurisdiction throughout the world, patents, patent applications and
statutory invention registrations, including reissues, divisions, continuations, continuations-in-part, extensions and reexaminations thereof, and all rights therein provided by international treaties and conventions. 
 “Perpetual License” shall have the meaning set forth in Section 3.01(a). 
 “Person” shall mean an individual, corporation, partnership, association, trust or other entity or organization, including a
government or political subdivision or an agency or instrumentality thereof. 
 “Receiving Party” shall have the
meaning set forth in Section 6.01. 
 “Royalty License” shall have the meaning set forth in Section 3.01(a).

 “Sale Assets” shall have the meaning set forth in Section 5.03(a). 
 “Sale Notice” shall have the meaning set forth in Section 5.03(a). 
 “Selected Thermal Paper Products” shall have the meaning set forth in Section 4.01(c). 
 “Service Deductible” shall have the meaning set forth in Section 4.03(d). 
 “Statement of No Interest” shall have the meaning set forth in Section 5.03(b). 
 “Strategy Meeting” shall have the meaning set forth in Section 5.05. 
 “Subsidiary” shall mean, with respect to Oji, Kanzan Spezialpapiere GmbH, Kanzaki Specialty Papers, Inc., Oji Paper (Thailand)
Ltd. and any corporation, partnership, limited partnership, limited liability company or other entity that manufactures, sells or distributes Thermal Paper Products and as to which Oji, directly or indirectly (including through one or more
Subsidiaries), owns a majority of the outstanding shares of stock or other ownership interests having voting power under ordinary circumstances to elect directors of such corporation or other Persons performing similar functions for such entity; and
shall mean, as to any other specified Person, any corporation, partnership, limited partnership, limited liability company or other entity as to which the specified Person, directly or indirectly (including through one or more Subsidiaries), owns a
majority of the outstanding shares of stock or other ownership interests having voting power under ordinary circumstances to elect directors of such corporation or other Persons performing similar functions for such entity. 
 “Term” shall have the meaning set forth in Section 7.02. 
  

 4 

 “Thermal Paper Product” shall mean any cellulose substrate coated with a
heat-sensitive coating, through a chemical reaction, designed to exhibit an image upon heat activation, through a chemical reaction, normally from a thermal print head, which may be either overcoated or non-overcoated, depending on the end-use
application (which may or may not include an impact printing process). 
 “Trade Secrets” shall mean trade secrets,
know-how and other confidential or proprietary technical, business and other information, including manufacturing and production processes and techniques (included in related know-how books), research and development information, technology,
drawings, specifications, designs, plans, proposals, technical data, financial, marketing and business data, pricing and cost information (such pricing and cost information limited to information relating to the Licensed Thermal Paper Products and
not including pricing and cost information for unrelated products), business and marketing plans, customer and supplier lists and information, and all rights in any jurisdiction to limit the use or disclosure thereof. 
 “Trademarks” shall mean trademarks, service marks, trade dress, logos, trade names, corporate names, URL addresses, domain names
and symbols, slogans and other indicia of source or origin, including the goodwill of the business symbolized thereby or associated therewith, common law rights thereto, registrations and applications for registration thereof throughout the world,
all rights therein provided by international treaties and conventions, and all other rights associated therewith. 
 “VCP” shall have the meaning set forth in the Preamble. 
 “VCP Acceptance” shall have the meaning
set forth in Section 5.03(c). 
 “VCP Counter Offer” shall have the meaning set forth in Section 5.03(c).

 “VCP Effective Price” shall mean the per unit price for each type of Licensed Thermal Paper Product. 
 “VCP Effective Price Period” shall mean with respect to any particular VCP Effective Price, a period commencing when VCP or its
Subsidiaries first offers such VCP Effective Price to any Person and ending when VCP or its Subsidiaries increases such VCP Effective Price offered to any Person with a similar credit rating and on similar credit terms with respect to purchases of
similar quantities of such Licensed Thermal Paper Products of a similar quality and grade and taking into account all other material terms and conditions related to such sale. 
 “Written Analysis” shall have the meaning set forth is Section 3.02(a). 
 Section 1.02 Interpretation and Rules of Construction. In this Agreement, except to the extent otherwise provided or that the context
otherwise requires: 
 (a) when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such
reference is to an Article or Section of, or a Schedule or Exhibit to, this Agreement unless otherwise indicated; 
 (b) the table of contents and headings for this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation of this Agreement; 
 (c) whenever the words “include,” “includes” or “including” are used in this Agreement, they are deemed
to be followed by the words “without limitation”; 
 (d) the words “hereof,” “herein” and
“hereunder” and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement; 
 (e) all terms defined in this Agreement have the defined meanings when used in any certificate or other document made or delivered pursuant hereto, unless otherwise defined therein; 
  

 5 

 (f) the definitions contained in this Agreement are applicable to the singular as well
as the plural forms of such terms; 
 (g) any Law defined or referred to herein or in any agreement or instrument that is
referred to herein means such Law or statute as from time to time amended, modified or supplemented, including by succession of comparable successor Laws in effect as of Closing; 
 (h) references to a Person are also to its successors and permitted assigns; and 
 (i) the use of “or” is not intended to be exclusive unless expressly indicated otherwise. 
 ARTICLE II 
 TERMINATION OF THE 2004 AGREEMENT 
 Section 2.01 Termination of the 2004 Agreement. Except as
explicitly provided for herein, the 2004 Agreement is hereby terminated and is of no further force and effect; provided, however, that (a) those obligations on the part of either Oji or VCP contained in Section 13 and 16(b) of the 2004
Agreement shall survive the termination of such agreement, (b) VCP shall remain liable to Oji for all amounts due and unpaid under the 2004 Agreement and (c) nothing shall relieve either Oji or VCP for any liability resulting from any
breach of the 2004 Agreement. For purposes of clarity, after the termination of the 2004 Agreement, Oji shall remain the sole owner of the Current Technology and, except as limited by this Agreement, reserves the right in any manner to license, use
or sell the Current Technology and in any manner to make, use, sell or distribute Thermal Paper Products manufactured, sold or distributed using the Current Technology. 
 ARTICLE III 
 MANUFACTURING LICENSE; ROYALTIES AND PAYMENT

 Section 3.01 License. (a) Oji hereby grants and agrees to grant to VCP a non-assignable license to use the
Current Technology and the New Technology, and any Improvements thereto that may be required to be licensed pursuant to Section 4.02, to (i) be the exclusive (even as to Oji) manufacturer of Licensed Thermal Paper Products in the Exclusive
Territory, (ii) be the exclusive (even as to Oji) seller or distributor of Licensed Thermal Paper Products in the Exclusive Territory and (iii) to be a non-exclusive seller or distributor of Licensed Thermal Paper Products in the
Non-Exclusive Territory, in each case until the end of the Term or, with respect to Thermal Paper Products manufactured using New Technology having a New Technology Transfer Date of October 4, 2009 or later, the later of (x) the fifth
anniversary of the New Technology Transfer Date and (y) the end of the Term (the “Royalty License”); provided, however, that for each Licensed Thermal Paper Product for which VCP has paid Oji five years of royalties pursuant to the
terms of this Agreement (a “Five Year Licensed Thermal Paper Product”), the Royalty License with regard to such Five Year Licensed Thermal Paper Product shall be converted automatically into a non-assignable, royalty free license to
non-exclusively manufacture such Licensed Thermal Paper Product in the Exclusive Territory and non-exclusively sell or distribute such Licensed Thermal Paper Product in the Exclusive Territory and the Non-Exclusive Territory (a “Perpetual
License”). Notwithstanding the foregoing, the Royalty License shall not be converted into a Perpetual License with regard to any Five Year Licensed Thermal Paper Product while VCP is in breach of this Agreement in any material respect. If the
Royalty License is to be converted into a Perpetual License with respect to a Five Year Licensed Thermal Paper Product pursuant to the terms of this Section 3.01, then no action need be taken by Oji to convert such Royalty License with respect
to such Five Year Licensed Thermal Paper Product into a Perpetual License, it being understood that once a Perpetual License for a Five Year Thermal Paper Product is obtained pursuant to this Section 3.01, such Perpetual License may not be
revoked even due to a subsequent breach of this Agreement by VCP. Upon expiration of the Royalty License pursuant to the terms of this Agreement, VCP shall no longer have any rights to manufacture any Licensed Thermal Paper Products that are not the
subject of a Perpetual License granted pursuant to the terms of this Section 3.01. VCP shall not have the right to use the Current Technology and the New Technology, and any Improvements thereto that may be required to be licensed pursuant to
Section 4.02, for any purpose not expressly granted by this Agreement. 
  

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 (b) VCP may not use any of the Current Technology or New Technology for any purpose not
specifically enumerated in this Agreement. 
 (c) VCP shall pay Oji royalties on the Net Sales Price of all products sold
or distributed under the Royalty License in the following amounts: 
 (i) Two percent (2.0%) on Thermal
Paper Products manufactured, sold or distributed using any of the Trade Secrets contained in the Current Technology, from the date hereof through December 31, 2007. 
 (ii) One and one-half percent (1.5%) on Thermal Paper Products manufactured, sold or distributed using any of the
Trade Secrets contained in the Current Technology relating to the manufacture, sale or distribution of Thermal Paper Products listed as items 1 and 2 on Schedule 1.01(a), from January 1, 2008 to December 31, 2008. 
 (iii) One percent (1.0%) on Thermal Paper Products manufactured, sold or distributed using any of the Trade Secrets
contained in the Current Technology relating to the manufacture, sale or distribution of Thermal Paper Products listed as items 3 and 4 on Schedule 1.01(a), from January 1, 2008 through December 31, 2008. 
 (iv) One percent (1.0%) on Thermal Paper Products manufactured, sold or distributed using any of the Trade Secrets
contained in the Current Technology, from January 1, 2009 until a Perpetual License is granted for such Thermal Paper Products. 
 (v) Three and one-half percent (3.5%) on Selected Thermal Paper Products manufactured, sold or distributed using any New Technology with a New Technology Transfer Date prior to October 4,
2009, from the date hereof through October 3, 2009. 
 (vi) Two and one-half percent (2.5%) on
Selected Thermal Paper Products manufactured, sold or distributed using any New Technology with a New Technology Transfer Date prior to October 4, 2009, from October 4, 2009 through October 3, 2011. 
 (vii) Two percent (2.0%) on Selected Thermal Paper Products manufactured, sold or distributed using any New
Technology with a New Technology Transfer Date prior to October 4, 2009, from October 4, 2011, through October 3, 2012. 
 (viii) One and one-half percent (1.5%) on Selected Thermal Paper Products manufactured, sold or distributed using any New Technology with a New Technology Transfer Date prior to October 4,
2009, from October 4, 2012 through October 3, 2013. 
 (ix) One percent (1.0%) on Selected
Thermal Paper Products manufactured, sold or distributed using any New Technology with a New Technology Transfer Date prior to October 4, 2009, from October 4, 2013 until a Perpetual License is granted for such Selected Thermal Paper
Products. 
 (x) Two and one-half percent (2.5%) on Selected Thermal Paper Products manufactured, sold
or distributed using any New Technology with a New Technology Transfer Date on or after October 4, 2009, from the New Technology Transfer Date of such New Technology until the second anniversary of such date (such royalty payments shall extend
beyond the Term if, and only if, this Agreement terminates pursuant to Sections 7.03(b), 7.03(e)(i), 7.03(e)(ii), 7.03(e)(iii), 7.03(e)(iv), 7.03(e)(v) or 7.03(e)(vi)). 
 (xi) Two percent (2.0%) on Selected Thermal Paper Products manufactured, sold or distributed using any New
Technology with a New Technology Transfer Date on or after October 4, 2009, from the second anniversary of the New Technology Transfer Date of such New Technology until the third anniversary of such date (such royalty payments shall extend
beyond the Term if, and only if, this Agreement terminates pursuant to Sections 7.03(b), 7.03(e)(i), 7.03(e)(ii), 7.03(e)(iii), 7.03(e)(iv), 7.03(e)(v) or 7.03(e)(vi)). 
  

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 (xii) One and one-half percent (1.5%) on Selected Thermal Paper
Products manufactured, sold or distributed using any New Technology with a New Technology Transfer Date on or after October 4, 2009, from the third anniversary of the New Technology Transfer Date of such New Technology until the fourth
anniversary of such date (such royalty payments shall extend beyond the Term if, and only if, this Agreement terminates pursuant to Sections 7.03(b), 7.03(e)(i), 7.03(e)(ii), 7.03(e)(iii), 7.03(e)(iv), 7.03(e)(v) or 7.03(e)(vi)). 
 (xiii) One percent (1.0%) on Selected Thermal Paper Products manufactured, sold or distributed using any New
Technology with a New Technology Transfer Date on or after October 4, 2009, from the fourth anniversary of the New Technology Transfer Date for such New Technology until the Royalty License is converted into a Perpetual License for such
Selected Thermal Paper Products pursuant to Section 3.01(a) (such royalty payments shall extend beyond the Term if, and only if, this Agreement terminates pursuant to Sections 7.03(b), 7.03(e)(i), 7.03(e)(ii), 7.03(e)(iii), 7.03(e)(iv),
7.03(e)(v) or 7.03(e)(vi)). 
 Notwithstanding anything to the contrary contained in this Section 3.01, the royalty rate
contained in any subsection (v) through (xiii) of this Section 3.01 shall be reduced by one quarter of one percent (0.25%) on Selected Thermal Paper Products described in any such subsection that do not have a Patent on file and in
effect in the Exclusive Territory. 
 (d) Oji and/or its Subsidiaries are the sole owners of the Current Technology and the
New Technology, and any Improvements thereto required to be licensed to VCP pursuant to Section 4.02, and, except as limited by this Agreement, Oji and its Subsidiaries reserve the right in any manner to license, use or sell the Current
Technology or the New Technology, or any such Improvements thereto, and in any manner to make, use, sell or distribute Thermal Paper Products manufactured, sold or distributed using the Current Technology or the New Technology. 
 (e) For avoidance of doubt, Oji and VCP agree and acknowledge that nothing in this Agreement shall be construed to limit VCP’s
rights or ability to manufacture, sell or distribute Other Products in the Exclusive Territory or Non-Exclusive Territory, provided that (i) such Other Products are limited to light weight (60 grams or less), non-overcoated Thermal Paper
Products and (ii) do not exceed three thousand, five hundred (3,500) metric tons in any given Contract Year. Notwithstanding anything to the contrary in this Agreement, VCP may not manufacture, sell or distribute Other Products in the
Exclusive Territory or the Non-Exclusive Territory except for such Other Products that (i) are light weight (60 grams or less), non-overcoated Thermal Paper Products and (ii) do not exceed three thousand, five hundred (3,500) metric
tons in any given Contract Year. Oji and VCP further acknowledge and agree that VCP may sell or distribute Licensed Thermal Paper Products through its agents as if VCP had sold or distributed such Licensed Thermal Paper Products directly itself.

 Section 3.02 Sales Requirements. (a) For each Contract Year until the expiration of the Royalty License, VCP
shall use all commercially reasonable efforts to sell or distribute a unit volume of Licensed Thermal Paper Products in the Exclusive Territory that equals or exceeds eighty percent (80%) of the units of Licensed Thermal Paper Products sold by
VCP in the Exclusive Territory during the immediately preceding Contract Year (and for the first Contract Year, the immediately preceding twelve (12) month period) (the “Sales Threshold”). If the unit volume of Licensed Thermal Paper
Products sold or distributed by VCP in the Exclusive Territory during any Contract Year is below the Sales Threshold, then VCP shall provide Oji with a written analysis of the reasons for such sales performance (the “Written Analysis”)
within 30 days of the end of such Contract Year. After receipt of such Written Analysis, Oji shall have the option to (i) work with VCP to bolster sales and address any issues raised by VCP in the Written Analysis, (ii) terminate this
Agreement, but only if (a) Oji reasonably and in good faith expects that VCP will be unable to meet the Sales Threshold in a second consecutive Contract Year and provides VCP with a written analysis supporting such conclusion or (b) VCP
has missed the Sales Threshold in two consecutive Contract Years. 
  

 8 

 (b) Until the end of the expiration of the Royalty License, VCP shall use commercially
reasonable efforts to maximize the volume of Licensed Thermal Paper Products sold or distributed by VCP in the Non-Exclusive Territory, subject to and consistent with VCP’s obligations to meet the Sales Threshold in the Exclusive Territory for
any given Contract Year, and further subject to the sale and distribution of those Other Products it is permitted to sell pursuant to the terms of Section 3.01(e). 
 Section 3.03 Payment. (a) Amounts due pursuant to Section 3.01 on Thermal Paper Products sold by VCP shall be calculated every calendar quarter based on the average Net Sales Price of
each different type of Thermal Paper Product sold during such calendar quarter. 
 (b) Amounts due pursuant to
Section 3.01 shall be paid within thirty (30) days of the close of the calendar quarter in which such amounts become due. 
 (c) All payments made hereunder shall be made in U.S. dollars, after deducting any withholding taxes imposed under the Laws of the Federative Republic of Brazil, by wire transfer of immediately available funds to Oji’s account
with such bank as Oji may designate from time to time by written notice to VCP. 
 (d) For purposes of determining the
amount of any payment due to Oji under this Agreement: 
 (i) amounts in Brazilian reais shall be converted
to U.S. dollars by applying the exchange rate announced by the Brazilian Central Bank as of the close of business on the last Business Day of the calendar quarter in which such amounts become due; 
 (ii) any amounts that may be in currencies other than reais or U.S. dollars shall first be converted to Brazilian reais
by applying the applicable exchange rate announced by the Brazilian Central Bank as of the close of business on the last Business Day of the calendar quarter in which such amounts become due and then shall be converted to U.S. dollars by applying
the exchange rate announced by the Brazilian Central Bank as of the close of business on such date. 
 (e) In the event
that VCP fails to pay any amounts owing to Oji pursuant to Section 3.01 within the time allotted for such payment by this Section 3.04, then VCP shall pay interest on all amounts at a rate of ten percent (10%) per annum, calculated
daily, until such monies are paid in full; provided, however, that the delay in payment of such amounts is not a result of foreign exchange control Laws of Brazil, in which case VCP shall promptly notify Oji of the reasons for the delay and consult
with Oji in good faith about the settlement of such delayed payment. 
 Section 3.04 Keeping of Records;
Audit. (a) VCP shall maintain accurate records of product type, manufacturing unit volume, sales unit quantity, pricing, net sales, customer name and country of sale or distribution for all Licensed Thermal Paper Products manufactured, sold or
distributed by VCP in sufficient detail to accurately carry out the calculations required pursuant to Section 3.01. VCP shall provide to Oji within thirty (30) days after the end of each calendar quarter a written statement showing the
results of product type, manufacturing unit volume, sales unit quantity, pricing, net sales, customer name and country of sale or distribution for each type of Licensed Thermal Paper Product manufactured, sold or distributed during such calendar
quarter (in sufficient detail to audit the calculations required pursuant to Section 3.01) and the total amount payable to Oji thereon. 
 (b) VCP shall grant Oji’s auditors or other representatives reasonable access to and inspection of such records and documents as are necessary or desirable to verify the accuracy of the records,
statements and other information referenced in Section 3.04(a) at any time during VCP’s normal business hours and shall afford all necessary facilities and assistance to such auditors or other representatives. 
  

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 ARTICLE IV 
 NEW TECHNOLOGY AND IMPROVEMENTS 
 Section 4.01 New Technology. (a) Schedule 4.01 attached hereto includes a list of all currently existing Thermal Paper Products developed by Oji or its Subsidiaries and designated by Oji or its Subsidiaries as ready for
the commercialization process (such designation being consistent with past practice), in respect of production techniques not licensed to VCP as of the date hereof. For an abundance of clarity, Intellectual Property used to manufacture, sell or
distribute Thermal Paper Products set forth on Schedule 4.01 previously has not been licensed to VCP and may become New Technology pursuant to this Section 4.01. Oji shall give VCP notice of any Thermal Paper Product not listed on Schedules
1.01(a) and 4.01 and developed after the date hereof by Oji or its Subsidiaries (an “Additional Thermal Paper Product,” and together with those Thermal Paper Products listed on Schedule 4.01, the “New Thermal Paper Products”)
promptly after such Additional Thermal Paper Product is designated as ready for the commercialization process by Oji or its Subsidiaries (such designation being consistent with past practice). In the event VCP wishes to challenge a determination, or
lack thereof, by Oji or its Subsidiaries as to the designation of certain Intellectual Property owned by Oji or its Subsidiaries as an Additional Thermal Paper Product or the readiness of an Additional Thermal Paper Product for commercialization,
Oji and VCP agree to submit such dispute to arbitration pursuant to Section 8.04. 
 (b) In the event that VCP wishes
to manufacture and sell or distribute one or more New Thermal Paper Products, Oji shall share with VCP information regarding such New Thermal Paper Products’ uses and applications, main raw materials, cost information and necessity of
production line changes, based on which VCP shall gather commercially reasonable market information (the “Marketing Research”) and share such information with Oji to determine, jointly with Oji, whether there is sufficient demand for each
such New Thermal Paper Product in the Exclusive Territory or Non-Exclusive Territory to merit a start of production. Based on the Marketing Research, Oji shall work together with VCP to jointly select one or more New Thermal Paper Products that best
suit the demand for Thermal Paper identified in the Marketing Research (“Selected Thermal Paper Products”) and Oji shall, or shall cause its Subsidiaries to, provide VCP with a know-how book that describes in reasonably adequate detail the
New Technology necessary to manufacture such Selected Thermal Paper Products. 
 (c) Oji and VCP shall mutually devise and
execute a program to provide VCP with reasonable access to appropriate technical personnel of Oji or its Subsidiaries to provide on-site technical support and training at VCP facilities in order to ensure that New Technology is transferred to VCP in
accordance with the terms of this Section 4.01 within a commercially reasonable time period (the “New Technology Transfer Program”). VCP shall bear all additional expenses of the New Technology Program, including traveling and living
expenses of Oji’s or its Subsidiaries’ employees. 
 (d) In the event that either party provides to the other a
Non-Renewal Notice pursuant to Section 7.02, the obligations of this Section 4.01 shall terminate and Oji shall be under no obligation to provide and license to VCP additional New Technology (which has not previously been transferred to
VCP) from the date thereof. 
 Section 4.02 Improvements. (a) In the event that Improvements to the Current
Technology or the New Technology are developed by Oji or its Subsidiaries, Oji shall, or shall cause its Subsidiaries to, provide VCP with a know-how book that that describes in reasonably adequate detail such Improvements promptly after such
Improvements are ready to be incorporated into a corresponding Thermal Paper Product’s manufacturing process. Oji shall, or shall cause its Subsidiaries to, grant to VCP a non-exclusive license to use all Improvements developed by Oji or its
Subsidiaries in the manufacturing, sale or distribution of Licensed Thermal Paper Products until the expiration of the Royalty License or, if Oji or its subsidiaries have developed an Improvement for a Licensed Thermal Paper Product that is subject
to a Perpetual License, in connection with any such applicable Perpetual License. This agreement shall serve as consideration for all such licenses granted by Oji to VCP to use all Improvements developed by Oji, and VCP shall not be required to
provide payment in addition to royalty payments described in Section 3.01 for the use of such Improvements. Oji shall provide VCP with reasonable access to appropriate technical personnel of Oji or its Subsidiaries to provide on-site technical
support and training at VCP facilities in order to ensure that Improvements are transferred to VCP in accordance with the terms of this Section 4.02(a) within a commercially reasonable time period. VCP shall pay Oji $1,000 per employee of Oji
or its Subsidiaries per day, or part thereof, for each such employee providing on-site technical support and training at VCP facilities pursuant to this Section 4.02(a), plus VCP shall bear all additional expenses related to this
Section 4.02(a), including traveling and living expenses of Oji’s or its Subsidiaries’ employees. 
  

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 (b) In the event that Improvements to the Current Technology or the New Technology are
developed by VCP, VCP shall provide Oji with a know-how book that describes in reasonably adequate detail such Improvements promptly after such Improvements are ready to be incorporated into a corresponding Thermal Paper Product’s manufacturing
process. VCP shall grant to Oji and its Subsidiaries a non-exclusive license to use all Improvements developed by VCP in the manufacturing, sale or distribution of Licensed Thermal Paper Products in perpetuity. This agreement shall serve as
consideration for all such licenses granted by VCP to Oji to use all Improvements developed by VCP, and Oji shall not be required to provide any additional payment for the use of such Improvements. VCP shall provide Oji with reasonable access to
appropriate technical personnel of VCP to provide on-site technical support and training at Oji facilities to ensure that Improvements are transferred to Oji in accordance with the terms of this Section 4.02(b) within a commercially reasonable
time period. Oji shall pay VCP $1,000 per employee of VCP per day, or part thereof, for each such employee providing on-site technical support and training at Oji or its Subsidiaries facilities pursuant to this Section 4.02(b), plus Oji shall
bear all additional expenses related to this Section 4.02(b), including traveling and living expenses of VCP’s employees. 
 (c) In the event that an Intellectual Property right shall arise in connection with an Improvement, such right shall inure to the party that developed such Improvement and such party shall be entitled to make all filings and take all
such other actions as may be necessary or desirable in connection with the protection or enforcement of such right, provided that this Section 4.02(c) shall not apply to the licenses explicitly contemplated by Sections 4.02(a) and 4.02(b).

 Section 4.03 Ongoing Technical Support. (a) Upon VCP’s request, Oji shall, or shall cause its
Subsidiaries to, provide the services of its or its Subsidiaries technical personnel to provide VCP’s technical personnel with on-site technical support at VCP’s facilities in the manufacture of Thermal Paper Products using the Current
Technology or the New Technology during the Term of this Agreement. 
 (b) Upon request by VCP, VCP shall be entitled to
send its technical or commercial personnel to receive technical support, or to exchange technical service or marketing information relating to Thermal Paper Products manufactured, sold or distributed using the Current Technology or the New
Technology, at facilities owned by Oji or its Subsidiaries during the Term of this Agreement. 
 (c) The number of
VCP’s, Oji’s or its Subsidiaries’ personnel that shall be required to travel to the other party’s facilities pursuant to Sections 4.01(c), 4.02(a), 4.02(b), this Section 4.03 or Section 5.06 shall not exceed five
(5) employees per visit. The period of stay for such personnel shall not exceed an aggregate of twenty (20) man-working days per Contract Year and shall not exceed an aggregate of two hundred (200) man-working days during the Term.

 (d) During the Term of this Agreement, VCP shall be entitled to receive, free of charge, an aggregate of twenty
(20) man-working days per Contract Year, which shall not exceed an aggregate of two hundred (200) man-working days during the Term as Ongoing Technical Support (“Service Deductible”). For each man-working day requested by VCP in
excess of the Service Deductible per Contract Year, VCP shall pay Oji $1,000 per employee of Oji or its Subsidiaries per day, or part thereof, for each such employee providing technical support or exchanging technical service or marketing
information to VCP’s technical personnel or commercial personnel (whether at VCP’s facilities, Oji’s or its Subsidiaries’ facilities or otherwise) pursuant to this Section 4.03, including traveling and living expenses of
VCP’s, Oji’s or its Subsidiaries employees. 
 (e) No employee of VCP, Oji or its Subsidiaries shall be required
to travel to the other party’s facilities pursuant to Sections 4.01(c), 4.02(a), 4.02(b), this Section 4.03 or Section 5.06 unless a separate safety agreement regarding each visit is executed by VCP and Oji or its Subsidiaries.

 Section 4.04 English Language. All know-how books, information, drawings, instructions concerning processes and
other documents or data, that may be made available to VCP pursuant to this Article IV, shall be prepared in the English language. 
  

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 ARTICLE V 
 ADDITIONAL AGREEMENTS 
 Section 5.01 Additional Territories. (a) VCP shall not sell or distribute in any territory other than the Exclusive Territory and the Non-Exclusive Territory any Thermal Paper Product manufactured, sold or distributed using
any valid Patent, Copyright, Trade Mark or Trade Secret of Oji or its Subsidiaries, including the Current Technology and the New Technology, and any Improvements thereto required to be licensed to VCP pursuant to Section 4.02 (an “Oji
Technology Thermal Paper Product”), without obtaining prior written consent from Oji (“Additional Territory Written Consent”), which, in Oji’s sole discretion, may be denied. Once Oji grants an Additional Territory Written
Consent, such new territory shall become an integral part of the Exclusive and Non-Exclusive Territory list, as the case may be (an “Additional Territory”) and all rights and obligations of this Agreement shall apply to such Additional
Territory in the same manner as in the current listed territories. In the event that Oji grants VCP such Additional Territory Written Consent and (i) Oji or its Subsidiaries have established channels of distribution for Thermal Paper Products
in the Additional Territory as of the date of such consent, or (ii) Oji or its Subsidiaries establish channels of distribution for Thermal Paper Products after the date of such consent, Oji shall provide VCP access to sell or distribute Oji
Technology Thermal Paper Products through such channels of distribution and such channels of distribution shall be the sole channels of distribution through which VCP may sell or distribute Oji Technology Thermal Paper Products in the Additional
Territory. VCP shall pay Oji royalties on the Net Sales Price of Oji Technology Thermal Paper Products sold or distributed in the Additional Territories as specified in Sections 3.01(c)(i) through (xiii), unless otherwise stated in the Additional
Territory Written Consent, in which case the royalties payable with respect to Oji Technology Thermal Paper Products shall be on the terms set forth in the Additional Territory Written Consent. 
 (b) VCP agrees that it shall not knowingly sell or distribute Oji Technology Thermal Paper Products to any Person who sells,
distributes, or plans to sell or distribute, either directly or through one or more intermediaries, such Oji Technology Thermal Paper Products in an Additional Territory (an “Additional Territory Distributor”). In the event that either Oji
or VCP identifies a violation, both parties will immediately discuss in good faith and define the most appropriate measures to restrain and prevent future violations. While it is understood that VCP shall not be responsible for any breach of this
Section 5.01(b) by any Person to whom it sells or distributes Oji Technology Thermal Paper Products, VCP agrees to support Oji and to jointly take all commercially reasonable measures to restrain such violation (as previously agreed in good
faith discussions with Oji), including, if necessary, the termination of future sales arrangements and appropriate court proceedings, to restrain all Persons to whom it sells or distributes Oji Technology Thermal Paper Products from becoming or
continuing to be an Additional Territory Distributor. 
 Section 5.02 Purchases by Oji or VCP. (a) In the event
that Oji or any of its Subsidiaries wishes to purchase from VCP Licensed Thermal Paper Products manufactured by VCP for sale or distribution in an Additional Territory, VCP shall use its commercially reasonable efforts to supply such Licensed
Thermal Paper Products to Oji. In the event that VCP wishes to purchase from Oji or its Subsidiaries Thermal Paper Products manufactured by Oji or its Subsidiaries for sale or distribution by VCP in the Exclusive Territory or the Non-Exclusive
Territory, Oji shall, and shall cause its Subsidiaries to, use its commercially reasonable efforts to supply such Thermal Paper Products to VCP. 
 Section 5.03 Right to Bid. 
 (a) If at any time VCP desires to sell
its or its Subsidiaries’ business of manufacturing, coating, distributing and selling Thermal Paper, or any material portion thereof (the “Sale Assets”), whether by merger, business combination, sale of stock, recapitalization, joint
venture, sale of assets or otherwise, VCP will invite Oji to participate as a potential buyer by delivering written notice thereof to Oji (the “Sale Notice”) together with the rules, schedules and time periods for the potential acquisition
(the “Offer Rules”). 
 (b) Within the period set forth in the Offer Rules, Oji shall, at its option, provide to
VCP a written offer to purchase the Sale Assets (the “Oji Offer”), stating all material terms of such offer, including purchase price and structure of the transaction. If Oji does not provide to VCP the Oji Offer within the required
period, Oji shall be deemed to have no interest in a potential acquisition. 
  

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 (c) The Offer Rules provided to Oji shall be materially the same as the Offer Rules
provided to any interested third parties. 
 (d) If VCP receives an unsolicited offer from a third party to acquire any of
its Thermal Paper manufacturing assets, VCP will invite Oji to make a competing offer. The process of notice and offer must be sufficiently expedient as to not affect VCP’s ability to conclude a sale. In addition, VCP will not be required to
disclose to Oji the identity nor the terms of the offer. 
 Section 5.04 Global Network. To the extent permitted by
applicable Laws, Oji shall invite VCP to and include VCP in its yearly management meetings and discussions regarding global strategy for Oji and its Subsidiaries. At such meetings, Oji and its Subsidiaries shall exchange with VCP information about
business strategy, market trends, technological trends regarding Thermal Paper, competitors, major customers and major original equipment manufacturers related to Thermal Paper Products. 
 Section 5.05 Strategy Meetings. During the Term of this Agreement, Oji and VCP shall meet once per Contract Year to exchange new
ideas, share new techniques, and discuss other topics of import regarding the manufacture, sale and distribution of Thermal Paper Products (a “Strategy Meeting”). At such meetings, VCP and Oji may discuss ongoing research into the
development of new Thermal Paper Products, ongoing research into the improvement of currently existing Thermal Paper Products and potential new applications of Thermal Paper Products. Such Strategy Meeting shall coincide with, and be held in the
same location as, the meetings and discussions described in Section 5.04. At the request of either Oji or VCP, an additional Strategy Meeting shall be held each Contract Year during the Term of this Agreement at Oji’s facilities in Japan
(or such other location mutually agreed upon by Oji and VCP), but under no circumstances shall Oji or VCP be required to attend more than two Strategy Meetings in any given Contract Year. Oji and VCP will each be liable for its own costs and
expenses, including traveling and living expenses, incurred in connection with such Strategy Meetings. 
 Section 5.06 Yearly Mill Surveys. Once per Contract Year during the Term of this Agreement, pursuant to an agenda to be mutually agreed by Oji and VCP, Oji shall, or shall cause its Subsidiaries, to conduct a mill survey to
review, assess and update technical information, as well as audit the machines, personnel and processes used by VCP to manufacture Licensed Thermal Paper Products (a “Mill Survey”) and shall share the results of such Mill Survey, along
with any related recommendations, to VCP within a commercially reasonable time period after the conclusion of such Mill Survey. At the request of VCP, Oji shall, or shall cause its Subsidiaries, to conduct an additional Mill Survey each Contract
Year during the Term of this Agreement, but under no circumstances shall Oji or its Subsidiaries be required to conduct more than two Mill Surveys in any given Contract Year. The number of Oji’s or its Subsidiaries’ personnel that shall be
required to travel to VCP’s facilities pursuant to this Section 5.06 shall not exceed the limits contained in the first sentence of Section 4.03(c), and the period of stay for such personnel shall not exceed the limits contained in the
second sentence of Section 4.03(c). The first Mill Survey conducted under this Agreement shall be at the cost of Oji, with VCP to reimburse all related expenses. For additional Mill Surveys, VCP shall pay Oji a reasonable fee, to be agreed upon
by Oji and VCP for the employees of Oji or its Subsidiaries conducting each Mill Survey, plus VCP shall bear all additional expenses related to each Mill Survey, including traveling and living expenses of employees of Oji or its Subsidiaries. Such
fee shall be in addition to any man-work days, relating to technical support. If VCP decides to send its own employees to Oji or its Subsidiaries to participate in the Mill Survey, then it may discount the time employed by Oji employees from the
man-working days within the Service Deductible amount specified in Section 4.03(d). 
 Section 5.07 Inquiry with
Exclusive Territory. In the event that Oji or its Subsidiaries receive an inquiry from a potential purchaser of Thermal Paper Products in the Exclusive Territory, Oji shall promptly inform VCP of such inquiry and discuss with VCP a mutually
beneficial strategy to supply Thermal Paper Products to such potential purchaser. 
 Section 5.08 Quality Control. VCP
agrees that Thermal Paper Products manufactured and sold by it shall be of good quality, shall be in accordance with all specifications contained in know-how books provided with the Current Technology, New Technology and Improvements and shall meet
the standards and specifications of Licensed Thermal Paper Products manufactured by Oji or its Subsidiaries. VCP shall not manufacture Thermal Paper Products using the Current Technology, New Technology or Improvements that materially deviate from
the foregoing requirements of this Section 5.08 without prior written approval from Oji. 
  

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 Section 5.09 Quality Analysis. In the event that VCP wishes to evaluate the
quality of a competitor’s Thermal Paper Product being sold in either the Exclusive Territory or the Non-Exclusive Territory, VCP shall discuss such proposal with Oji and evaluate the most efficient manner in which to develop a useful
benchmarking tool. 
 Section 5.10 Cost Reductions. To the extent permitted by law, Oji agrees to study, together with
VCP, manners in which to optimize production and reduce manufacturing costs, for example, by developing alternative production processes and/or by introducing VCP to alternative suppliers of raw materials (including chemicals). Oji shall not be
responsible or liable for any failure to optimize production, reduce manufacturing costs, develop alternative production processes or introduce VCP to alternative suppliers of raw materials, and any such failure shall not be construed as a breach of
this Agreement by Oji. 
 ARTICLE VI 
 CONFIDENTIALITY 
 Section 6.01 Confidential Information. Oji and
VCP acknowledge and agree that all of the Current Technology, New Technology and Improvements provided, disclosed or otherwise made available by either Oji, its Subsidiaries, or VCP (the “Disclosing Party”) to either VCP or Oji (the
“Receiving Party”) pursuant to the terms of this Agreement or any other prior agreement or otherwise between Oji and VCP shall be the “Confidential Information” of the Disclosing Party and shall be subject to the restrictions on
disclosure and use set forth in this Article VI; provided, however, that Confidential Information shall not include any information of a Disclosing Party that the Receiving Party can demonstrate, by competent evidence: 
 (a) is generally available in the public domain or hereafter becomes available to the public through no act of the Receiving Party;

 (b) was independently known to the Receiving Party prior to receipt thereof; or 
 (c) was made available to the Receiving Party as a matter of lawful right by a third party who had no obligations of confidentiality to
the Disclosing Party. 
 For an abundance of clarity, VCP agrees and acknowledges that the Current Technology and any New
Technology or Improvements provided by Oji or its Subsidiaries to VCP are the Confidential Information of Oji or its Subsidiaries and that, as a result, VCP owes Oji and its Subsidiaries a duty of confidentiality under this Article VI with respect
thereto. 
 Section 6.02 Obligations. Each Receiving Party agrees that during the Term and thereafter (a) that it
shall treat as confidential all Confidential Information, (b) that it shall use the same level of care to prevent disclosure of the Confidential Information that it uses to protect its own similar confidential or proprietary information, but in
no event, not less than a commercially reasonable degree of care, and (c) that it shall not, without prior written consent of the Disclosing Party, directly or indirectly: 
 (i) make any use, including but not limited to any research, commercial or potential commercial use thereof, of any
portion of the Confidential Information of the Disclosing Party for purposes other than those set forth in this Agreement; or 
 (ii) duplicate, disseminate, disclose or transfer any portion of the Confidential Information to any Person other than those employees or agents of the Receiving Party having a need to know such
Confidential Information in connection with the authorized use of the Confidential Information pursuant to the terms of the Royalty License, any Perpetual License and this Agreement. 
 Section 6.03 Authorized Disclosure. A Receiving Party may disclose Confidential Information of the Disclosing Party to the extent
such disclosure is required by applicable Law, including applicable securities regulations, provided that to the extent reasonably possible, the Receiving Party provides reasonable prior written notice of such disclosure to the Disclosing Party,
permits the Disclosing Party to seek a protective order or confidential treatment of such information, and takes all reasonable actions to avoid or minimize the extent of disclosure and unauthorized use of the Confidential Information. 

 

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 Section 6.04 Employees; Agents. VCP and Oji shall, and Oji shall cause its Subsidiaries
to, ensure that each employee or agent who has access to Confidential Information is bound to written obligations of confidentiality and non-use at least equivalent in scope to those set forth in Sections 6.01 and 6.02. VCP acknowledges that it
shall be responsible for any breach of any provision of this Article VI by any of its employees or agents, and VCP agrees to take all commercially reasonable measures, including appropriate court proceedings, to restrain its employees and agents
from prohibited or unauthorized disclosure or use of the Confidential Information. 
 Section 6.05 Return of
Confidential Information. Upon termination or expiration of the Agreement, a Receiving Party will promptly return to the Disclosing Party or destroy, all know-how books, documents, notes and other tangible materials comprising or containing the
Disclosing Party’s Confidential Information and all copies thereof; provided, however, that each Receiving Party may retain one (1) copy of the Confidential Information received hereunder solely to fulfill its rights and obligations that
may survive the termination of this Agreement. 
 Section 6.06 Remedies Upon Breach. 
 (a) In the event that either Oji of VCP becomes aware of an unauthorized disclosure of confidential information, it shall notify the
other party immediately so that both Oji and VCP may seek jointly effective manners to restrain such disclosure as quickly as possible in order to minimize damages to both Oji and VCP. 
 (b) Without prejudice to the foregoing, each of the parties agrees that if it, or any of its employees or agents, were to breach any
provision of this Article VI, the other party or its Subsidiaries would suffer damages that are not readily ascertainable. Accordingly, in addition to and without limiting any remedies in law or in equity that may be available to each party for the
breach of any provision of this Article VI, including, but not limited to, injunctive and other equitable relief, each party agrees that in the event the other provides written notice to it of a breach of a provision of this Article VI by it or any
of its employees or agents (a “Breach Notice”), the party shall have fifteen (15) days from the date it receives such Breach Notice (the “Cure Period”) to fully cure any breach and bring itself, and its employees and agents,
in full compliance with this Article VI. A non-cured breach of this Article VI will entitle the non-breaching party to suspend performance of its obligations under the remainder of this Agreement and to seek judicial relief and monetary compensation
for direct (non-consequential) damages. 
 (c) Each Receiving Party acknowledges and agrees that a Disclosing Party’s
remedy at law for any breach of any provision of this Article VI would be inadequate and that for any breach of such provision, such Disclosing Party shall, in addition to and cumulative with other remedies as may be available to it at law or in
equity, or as provided for in this Agreement, be entitled to a preliminary or permanent injunction, restraining order, or other equitable relief, without the necessity of posting a bond, restraining such Receiving Party, or any of its employees or
agents, from committing or continuing to commit any violation of any provision of this Article VI. Each Receiving Party agrees that proof shall not be required that monetary damages for breach of any provision of this Agreement would be difficult to
calculate and that remedies at law would be inadequate. 
 ARTICLE VII 
 TERM; TERMINATION 
 Section 7.01 Term. This Agreement shall remain in full force and effect for ten (10) years from the date hereof (the “Initial Term”), unless sooner terminated, as provided in this Article VII. 
 Section 7.02 Term Extensions. Oji and VCP shall meet at a mutually agreed upon location between thirty (30) months and
twenty-seven (27) months prior to the expiration of the Initial Term to discuss future extensions of this Agreement. Notwithstanding the foregoing sentence, after the expiration of the then-effective Term, this Agreement shall automatically
renew for successive one (1) year periods, unless either party shall provide the other party with written notice of non-renewal (the “Non-Renewal Notice”) not less than twenty-four (24) months in advance of the date of the
expiration of the Term. The “Term” of this Agreement shall be the Initial Term and any renewal or renewals thereof. 
  

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 Section 7.03 Termination. This Agreement shall terminate in the following manner:

 (a) at any time by the mutual written agreement of Oji and VCP; 
 (b) at the expiration of the Term; 
 (c) pursuant to the terms of Section 3.02(a); 
 (d) at the option
of Oji in any of the following events: 
 (i) upon the institution of insolvency, receivership, bankruptcy,
reorganization or composition proceedings or any other proceedings for the settlement of VCP’s debts; 
 (ii) upon the commencement of an involuntary proceeding seeking liquidation, reorganization or other relief with respect to VCP, or of a substantial part of its assets under any bankruptcy, insolvency, receivership or other Law,
provided that such proceeding goes undismissed for sixty (60) calendar days; 
 (iii) upon VCP making
an assignment for the benefit of creditors; 
 (iv) upon VCP’s dissolution, winding up, or ceasing to
conduct business in the normal course; or 
 (v) upon a Change of Control of VCP; 
 (e) at the option of VCP in any of the following events: 
 (i) Upon Oji or its Subsidiaries persistent failure to provide any Improvements to VCP pursuant to Section 4.02(a).

 (ii) upon the institution of insolvency, receivership, bankruptcy, reorganization or composition
proceedings or any other proceedings for the settlement of Oji’s debts; 
 (iii) upon the commencement
of an involuntary proceeding seeking liquidation, reorganization or other relief with respect to Oji, or of a substantial part of its assets under any bankruptcy, insolvency, receivership or other Law, provided that such proceeding goes undismissed
for sixty (60) calendar days; 
 (iv) upon Oji making an assignment for the benefit of creditors;

 (v) upon Oji’s dissolution, winding up, or ceasing to conduct business in the normal course; or

 (vi) upon Oji’s persistent failure to provide technical support or perform its obligations pursuant
to the terms of this agreement. 
 (vii) upon a Change of Control of Oji. 
  

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 Section 7.04 Effect of Termination. In the event of termination of this Agreement
as provided in either Sections 3.02 or 7.03, this Agreement shall forthwith become void and the obligations of the parties pursuant to this Agreement will terminate except for those obligations on the part of either party hereto contained in Article
VI and Sections 8.02, 8.03, 8.04, 8.05, 8.10, and 8.11. Notwithstanding the foregoing, in the event of termination of this Agreement as provided in Section 7.03(b), the obligations on the part of VCP contained in Section 3.01(a), Section
3.01(c)(x) through (xiii), Section 3.02, Section 3.03 and Section 3.04 shall also survive such termination. Notwithstanding the foregoing, VCP shall be entitled to manufacture, sell and distribute all Licensed Paper Products according
to the Perpetual License received pursuant to Section 3.01(a), beyond the termination of this Agreement. Also notwithstanding the foregoing, any termination of this Agreement shall not relieve either party from liability for any breach of this
Agreement and any amounts due and unpaid as of the date of termination of this Agreement. 
 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.01 Assignment. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by Oji without the prior written consent of VCP, which shall not be unreasonably withheld, or by VCP without the prior
written consent of Oji, which shall not be unreasonably withheld. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, and no other Person shall
have any right, benefit or obligation hereunder. 
 Section 8.02 Notices. Unless otherwise provided herein, any notice,
request, instruction or other document to be given hereunder by either party to the other party shall be in writing and delivered in person or by overnight courier or by facsimile transmission as follows (or at such address or facsimile number of
which notice shall have been duly given in accordance with this Section 8.02): 
  

			
	If to Oji:	  	Oji Paper Co. Ltd.
		  	7-5, Ginza 4-Chome, Chuo-ku
		  	Tokyo 104-0061 Japan
		  	Telephone: 8.13.3563.4666
		  	Facsimile: 8.13.3563.4135
		  	Attention: Mr. Ryuichi Kisaka
		
	With a copy to:	  	Cadwalader, Wickersham & Taft LLP
		  	One World Financial Center
		  	New York, NY 10281
		  	Telephone: (212) 504-6057
		  	Facsimile: (212) 504-6666
		  	Attention: Louis J. Bevilacqua
		
	If to VCP:	  	Votorantim Celulose e Papel S.A.
		  	Alameda Santos, 1357, 6th Floor
		  	Cerqueira Cesar 01419-908
		  	Sao Paulo, SP, Brazil
		  	Telephone: 55-11-2138-4131
		  	Facsimile: 55-11-2138-4346
		  	Attention: Marcelo Strufaldi Castelli

  

 17 

			
	With a copy to:	  	Votorantim Celulose e Papel S.A.
		  	Alameda Santos, 1357, 6th Floor
		  	Cerqueira Cesar 01419-908
		  	Sao Paulo, SP, Brazil
		  	Telephone: 55-11-3417-6951
		  	Facsimile: 55-11-3417-6953
		  	Attention: Shinji Sato
		
		  	and:
		
		  	Proskauer Rose LLP
		  	1585 Broadway
		  	New York, New York 10036-8299
		  	Telephone: (212) 969-3160
		  	Facsimile: (212) 969-2900
		  	Attention: Carlos Martinez

 or to such other place and with such other copies as either party may designate as to itself by
written notice to the others. Any notice delivered in accordance with this Section 8.02 shall be deemed effective upon personal delivery, or on the first Business Day following the sending of such notice by overnight courier service or
facsimile. 
 Section 8.03 Choice of Law. This agreement shall be construed, interpreted and the rights of the parties
determined in accordance with the laws of the State of New York. 
 Section 8.04 Venue/Arbitration. Any dispute, claim
or controversy arising out of or relating to this Agreement, or the breach, termination, enforcement, interpretation or validity of this Agreement, shall be determined by arbitration. The arbitration shall be conducted in the Borough of Manhattan,
in the State of New York pursuant to the Rules and Procedures of the American Arbitration Association. The controlling law shall be that of the State of New York and the arbitration shall be conducted in the English language. The arbitration shall
be conducted by a three arbitrators. Each party shall designate an arbitrator and the two arbitrators so designated shall designate a third arbitrator. The three arbitrators so chosen will conduct the arbitration and will resolve the controversy by
a majority vote. The judgment of the arbitrators will be final and binding on the parties. The judgment may be entered in any competent court having jurisdiction which may then enforce the judgment, without reconsideration of the merits or appeal.
The costs of the arbitration, including the fees of the arbitrators and the reasonable attorneys fees of the prevailing party, will be borne by the non-prevailing party as directed by the arbitrators. 
 Section 8.05 Indemnification; Defense Against Complaint. (a) Each party and its Subsidiaries, officers, directors, employees,
agents, successors and permitted assigns shall be indemnified and held harmless by the other party for and against any and all liabilities, losses, damages, claims, costs, expenses, interest, awards, judgments and penalties (including
attorneys’ and consultants’ fees and expenses) actually suffered or incurred by them (including any action, claim, suit or other proceeding brought or otherwise initiated by any of them) (“Losses”) arising out of or resulting
from the breach of any provision of this Agreement by the other party. 
 (b) VCP and its Subsidiaries, officers,
directors, employees, agents, successors and permitted assigns shall be indemnified and held harmless by Oji for and against any and all Losses arising out of or resulting from the breach of any provision of this Agreement by Oji. 
 (c) Oji agrees to use commercially reasonable efforts to cooperate with and supply reasonably necessary information to VCP in its
defense against any complaint with regard to any Intellectual Property right of a third party with respect to VCP’s manufacture, sale or distribution of Thermal Paper Products using the Current Technology or the New Technology. 
 (d) Each party shall covenant to the other that all licenses provided are proprietary and that the providing party is entitled to grant
such license, free and clear of encumbrances. 
  

 18 

 (e) Each party shall indemnify the other for and exempt the other from all costs and
expenses directly or indirectly related to or arising from any Losses associated with the manufacture, sale or distribution of Thermal Paper Products using the providing party’s licensed Intellectual Property, including Losses associated with
(i) product liability, (ii) applicable safety Laws, (iii) applicable environmental laws and (iv) actions, claims, suits, or other proceedings brought by any third party, including any governmental agency, authority or other body
or entity, except to the extent such Losses results from acts of omissions of employees or representatives of the party claiming the Loss. 
 Section 8.06 Entire Agreement; Amendments and Waivers. This Agreement constitutes the entire agreement among Oji and VCP pertaining to the subject matter hereof and supersedes all prior
agreements, understandings, negotiations and discussions, whether oral or written, of Oji and VCP. This Agreement, or any provision hereof, may be amended, supplemented, modified or waived by the parties hereto from time to time; provided that no
amendment supplement, modification or waiver of this Agreement shall be binding unless executed in writing by Oji and VCP. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision
hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. 
 Section 8.07 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 Section 8.08 Invalidity. In the event that any one or more of the provisions, rates or amounts contained in this Agreement or in
any other instrument referred to herein, shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such provisions, rates or amounts shall be enforced to the maximum extent permitted by Law to effect the intentions of
the parties hereunder, and such invalidity, illegality or unenforceability of such provisions, rates or amounts shall not affect any other provision of this Agreement or any other such instrument. 
 Section 8.09 Headings. The headings of the Articles and Sections herein are inserted for convenience of reference only and are not
intended to be part of or to affect the meaning or interpretation of this Agreement. 
 Section 8.10 Expenses. Oji and
VCP will each be liable for its own costs and expenses incurred in connection with the negotiation, preparation, execution or performance of this Agreement. 
 Section 8.11 Publicity. Oji and VCP agree to notify each other prior to issuing any press release or making any public statement regarding the transactions contemplated hereby, and will obtain
the reasonable approval of the other party prior to making such release or statement, including, without limitation, any press release issued by either or both of Oji and VCP in connection with the transactions contemplated by this Agreement.

 Section 8.12 Independent Contractor. Nothing contained in this Agreement shall be construed as constituting or
giving rise to a partnership, joint venture or agency between Oji and VCP. 
 Section 8.13 Severability of Provisions.
If any provision of this Agreement, or the application of any such provision to any Person or circumstance, shall be held invalid by a court of competent jurisdiction, the remainder of this Agreement, and the application of such provision to Persons
or circumstances other than those as to which it is held invalid, shall not be affected thereby. 
 Section 8.14 Force
Majeure. Neither of the parties hereto shall be liable for any failure to perform its duties or obligations under this Agreement owing to war, serious fire, flood, typhoon, earthquake and any objective circumstance which is unforeseeable,
unavoidable and insurmountable. 
 Section 8.15 Official Language. The official language of this Agreement shall be
English. 
  

 19 

 Section 8.16 Translation. The translation of this Agreement into Portuguese will
serve as a mere reference. In the event of any inconsistency between the English version of this Agreement and the Portuguese version of this Agreement, the English version of this Agreement shall be determinative for purposes of interpretation of
this Agreement. 
 ARTICLE IX 
 ACKNOWLEDGEMENTS 
 Section 9.01 Acknowledgements of Oji and VCP.
Oji and VCP acknowledge and confirm that as of the date hereof: 
 (a) the Current Technology consists of a number of
highly valuable, unique, proprietary technologies and processes which have been developed and refined by Oji or its Subsidiaries over a long period of time and which are not available from any source other than Oji or its Subsidiaries; 

(b) in addition to Patents of Oji in full force and effect, VCP uses Oji’s Trade Secrets in the manufacture of all Thermal
Paper Products that VCP currently manufactures; 
 (c) VCP uses Trade Marks or Copyrights of Oji (including, without
limitation, paper grade names, model numbers or brand names) in the sale or distribution of Thermal Paper Products that VCP currently sells or distributes; 
 (d) given the current demand for Thermal Paper Products manufactured, sold or distributed by VCP, VCP does not currently have the capacity to manufacture, sell or distribute Thermal Paper Products
outside of the Exclusive Territory and Non-Exclusive Territory. 
  

 20 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 
  

			
	OJI PAPER CO., LTD.
		
	By:	 	 /s/ Tomoo Edagawa

		 	Name: Tomoo Edagawa
		 	Title: Corporate Officer Commercial Paper Division
	
	VOTORANTIM CELULOSE E PAPEL S.A.
		
	By:	 	 /s/ José Luciano Penido

		 	Name: José Luciano D. Penido
		 	Title: Chief Executive Officer
		
	By:	 	 /s/ Marcelo Strufaldi Castelli

		 	Name: Marcelo Strufaldi Castelli
		 	Title: Officer

  

 Sch. 4.01Share Purchase Agreement, dated January 19, 2009

 Exhibit 10.5 
 SHARE PURCHASE AGREEMENT 
 This share purchase agreement
(“Agreement”), dated January 19, 2009, is entered into by and between: 
 (I) The parties listed and identified in Exhibit
A (hereinafter referred to as “Group A Sellers”); 
 (II) The parties listed and identified in Exhibit B (hereinafter
referred to as “Group B Sellers”); and 
 (III) The parties listed and identified in Exhibit C (hereinafter referred to as
“Buyer”). 
 Group A Sellers and Group B Sellers are jointly referred to as “Sellers”. 
 And also, as intervening party, 
 (IV) The parties
listed and identified in Exhibit D (hereinafter referred to as “Intervening Party”). 
 Buyer, Sellers and Intervening Party
shall be jointly referred to as “Parties” or “Party”, as the context may require. 
 INITIAL
CONSIDERATIONS 
 (a) WHEREAS Group A Sellers are the lawful owners of one billion, one hundred and fifty-five million,
four hundred and fifty-four thousand and forty-seven (1,155,454,047) shares issued by Arapar S.A., a corporation with its principal place of business in the City of Rio de Janeiro, State of Rio de Janeiro, at Avenida Augusto Severo, 8 – 7
th floor, enrolled with the National Corporate Taxpayers
Register of the Ministry of Finance under CNPJ/MF No. 29.282.803/0001-68 and its articles of incorporation registered with the Commercial Registry of the State of Rio de Janeiro under NIRE No. 33.3.0026230-0 (“Arapar”), of which
eight hundred and ninety-three million, eight hundred and forty-two thousand and nine hundred and sixty-three (893,842,963) are common shares and two hundred and sixty-one million, six hundred and eleven thousand and eighty four
(261,611,084) are preferred shares (“Arapar Shares”); 
 (b) WHEREAS Group B Sellers are the lawful owners of one hundred and
thirty million, four hundred and twelve thousand and five hundred (130,412,500) shares issued by São Teófilo Representação e Participações S.A., a corporation with its principal place of business in the
City of São Paulo, State of São Paulo, at Avenida Eusébio Matoso, 891 – 22nd floor, enrolled with the National Corporate Taxpayers Register of the Ministry of Finance under CNPJ/MF No. 03.214.652/0001-17 and its
articles of incorporation registered with the Commercial Registry of the State of São Paulo under NIRE No. 35.300.325.516 (“São Teófilo”), of which sixty-five million, nine hundred and three thousand and six
hundred and fifty-six (65,903,656) are common shares and sixty four million, five hundred and eight thousand, eight hundred and forty-four (64,508,844) are preferred shares (“São Teófilo Shares”); 

 (c) WHEREAS Arapar and São Teófilo are jointly the lawful owners of one hundred and
twenty-seven million, five hundred and six thousand, four hundred and fifty-seven (127,506,457) common registered shares, with no par value, representing approximately twenty-eight percent (28%) of the voting capital stock of Aracruz
Celulose S.A., a corporation with its principal place of business in the City of Aracruz, State of Espírito Santo, at Aracruz Highway/Barra do Riacho, km 25, no number, enrolled with the National Corporate Taxpayers Register of the Ministry
of Finance under CNPJ/MF No. 42.157.511/0001-61 (“Company”) (“Company’s Shares”); ; 
 (d) WHEREAS the only and
exclusive business of Arapar and São Teófilo is to hold the Company’s Shares; 
 (e) WHEREAS Group A Sellers intend to sell
all Arapar’s Shares and Buyer intends to purchase them; 
 (f) WHEREAS Group B Sellers intend to sell all São Teófilo’s
Shares and Buyer intends to purchase them; 
 (g) WHEREAS on February 5, 2003, Sodepa Sociedade de Empreendimentos, Publicidade e
Participações S.A., subsequently succeeded by Arainvest Participações S.A. (“Arainvest”) and Arapar S.A., entered into a Shareholders Agreement regarding the Company, with the adhesion of São
Teófilo on August 1, 2008 (“Shareholders Agreement”); and 
 (h) WHEREAS the carrying out of such purchase and sale is
conditioned upon compliance with all requirements and obligations to permit the indirect sale and transfer of the Company’s Shares to Buyer as established in the Shareholders Agreement. 
 The Parties RESOLVE to enter into the Agreement, which shall be governed by the following terms and conditions: 
 I – PURCHASE AND SALE; PRICE AND CLOSING; WARRANTIES 
 1.1. Pursuant to this Agreement, each of the Sellers, irrevocably and irreversibly, agrees to sell Arapar’s Shares and São Teófilo’s Shares to Buyer, which agrees to purchase such
Shares by January 21, 2009 (“Closing Date”). 
 1.2. For the purchase and sale of Arapar’s Shares and São
Teófilo’s Shares, Buyer shall pay to Sellers the certain and agreed upon price corresponding to R$21.2538 per each Company’s Share, thus amounting to two billion, seven hundred and ten million Reais (R$2,710,000,000.00)
(“Price”), which shall be subject to adjustment pursuant to item 1.2.1 below. 
 1.2.1. Buyer hereby agrees, in case of a direct or
indirect sale, whether full or partial, in any way or form, of the Shares of the Company or its successor by Buyer, (i) within one (1) year as from the Closing Date, and (ii) for a share price exceeding the Price, to pay to Sellers,
as adjustment to the Price, the excess amount received by Buyer, which adjustment shall be paid by Buyer in a lump sum, in cash, in Brazilian currency, within at most thirty (30) days as from the sale event (in any way or form) of the
Company’s Shares. Such sale does not apply to a secondary offering held on the stock market through an authorized financial institution or in case of a direct or indirect sale, whether full or partial, in any way or form, to the National Bank
for Economic and Social Development – BNDES or a company controlled by it. 

 1.3. The Price shall be paid by Buyer to Sellers in six (6) installments, on the dates established
below or on the next business day should any of the dates below fall in a non-banking day in the Cities of Rio de Janeiro and São Paulo: 
 (a) five hundred million Reais (R$500,000,000.00) on the Closing Date; 
 (b) five hundred million Reais (R$500,000,000.00) on
July 2, 2009; 
 (c) five hundred million Reais (R$500,000,000.00) on January 04, 2010; 
 (d) five hundred million Reais (R$500,000,000.00) on June 30, 2010; 
 (e) four hundred and ten million Reais (R$410,000,000.00) on January 3, 2011; and 
 (f) three
hundred million Reais (R$300,000,000.00) on July 1, 2011. 
 1.3.1. Buyer’s failure to pay, whether fully or in part, any of the
installments of the Price on the dates and amounts provided for in items 1.3(a) to 1.3(f) above shall make Buyer to be automatically in default, irrespectively of any notice or court summons, as regards the installment due and unpaid, and such
installment shall be restated by the reference rate of the Settlement and Custody Special System for federal notes, accruing monthly and disclosed by the Central Bank of Brazil (“Selic Rate”) or any other index that legally replaces such
Selic Rate, as from the date of maturity up to the actual payment. 
 1.3.2. Should Buyer’s default as mentioned in item 1.3.1 above
persist over ten (10) days, Sellers may, irrespectively of any notice or court summons, declare all installments of the Price not yet paid as due in advance and, in such case, the default installment pursuant to item 1.3.1 above and the
installments due in advance shall be restated by the Selic Rate as from the Closing Date to the actual payment thereof. 
 1.3.3. The Parties
hereby agree that should Buyer increase its capital stock in cash and/or credits after the date hereof up to the maturity date of the second installment of the Price, Buyer shall be entitled, but shall not be required, to partially advance the
credit to Sellers regarding the second installment of the Price due to them pursuant to item 1.3(b) above in an amount of one hundred million Reais (R$100,000,000.00), using such amount to subscribe and pay in, on behalf of Sellers and in the
proportion each one of them is entitled to receive the Price, a certain number of preferred shares issued by Buyer (“Payment in Registered Preferred Shares of Buyer”). 
 1.3.3.1. Sellers, for the specific purposes of item 1.3.3 above, hereby name and appoint the Intervening Party as their true and lawful attorney-in-fact, with irrevocable powers to sign, on behalf of
Sellers, any and all documents necessary to actually make the Payment in Registered Preferred Shares of Buyer, including, but not limited to, subscription bulletins and list of attendance at shareholders meetings of Buyer. Buyer and Intervening
Party agree that the Payment in Registered Preferred Shares of Buyer is restricted (i) to the first capital increase of Buyer made after the date hereof and before the maturity of the second installment of the Price, fully failing to be valid
and effective should it be not exercised on that occasion, (ii) to the subscription and paying up of preferred shares of Buyer, and it cannot be used for subscription and paying up of common shares or any other security issued by Buyer and/or
Intervening Party, (iii) solely and exclusively up to an amount of one hundred million Reais (R$100,000,000.00) advanced from the second installment of the Price as provided for in item 1.3(b) above, and no other credit of Sellers against Buyer
and/or Intervening Party may be used for such purpose, (iv) shall comply with the portion of the Price to which each of Sellers is entitled; and (v) to the issuance price of such preferred shares issued by Buyer and purchased through
Payment in Registered Preferred Shares of Buyer. 

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

 1.4. Concurrently with the execution of this Agreement, Buyer delivers to Banco de Investimentos Credit Suisse (Brasil) S.A. promissory notes
linked to this Agreement, to the order of Sellers, in the amount of the installments of the Price set forth in items 1.3(a) to 1.3(f) above and with maturity dates according to the payment dates established in items 1.3(a) to 1.3(f) above for the
installments of the Price, according to the draft included in Exhibit 1.4 hereof (“Promissory Notes”). 
 1.4.1. The Promissory
Notes shall remain deposited in guarantee with Banco de Investimentos Credit Suisse (Brasil) S.A., having Banco de Investimentos Credit Suisse (Brasil) S.A. irrevocable powers, irrespectively of any statement of the Parties, to deliver the
Promissory Notes to Sellers on the Closing Date. 
 1.4.2. Sellers hereby agree that the transfer of the Promissory Notes is authorized only
between Sellers, including their causa mortis successors, irrespectively of any declaration and/or agreement of Buyer, Sellers being also assured the possibility to submit the Promissory Notes in guarantee to third parties, provided that such
third parties are fully aware of the prohibition to transfer the Promissory Notes. The restriction to transmission, under no circumstance, shall harm or withdraw from the Promissory Notes their other characteristics of negotiable instrument.

 1.5. The installments of the Price shall be paid by Buyer to Sellers on the respective dates of maturity as provided for in item 1.3 above,
in immediately available funds, and Buyer shall make the applicable withholdings according to the respective taxation condition of each of Sellers, pursuant to Exhibit 1.5(a), through Electronic Transfer of Funds (“TED”) of the
funds to the current accounts indicated by Sellers in Exhibit 1.5(b). 
 1.5.1. Receipt of payment of the installments of the Price by
Sellers through TED shall imply release to Buyer and/or Intervening Party, as the case may be, of payment of the respective installment of the Price, and the evidence of payment of TED shall be a receipt for all purposes. 

 1.5.2. Upon evidence of the full and definitive payment of each installment of the Price, Sellers agree to
return to Buyer the Promissory Notes corresponding to the installment of the Price actually paid, which shall be cancelled ipso jure, failing to produce thereafter any effects between the Parties. 
 1.5.3. In case of loss by any of Sellers of their Promissory Notes, the loss shall be informed in writing to Buyer and Seller shall be liable before Buyer
should any third party demand payment based on the lost Promissory Note. In such case, Buyer may not withhold, delay or fail to pay the corresponding installment of the Price. 
 1.6. Buyer hereby agrees, irrevocably and irreversibly, to fully bear the costs and expenses relating to any legal or extrajudicial proceeding, including fees of counsel, necessary for collection by
Sellers of the amounts due by Buyer based on the Promissory Notes. 
 1.7. On the Closing Date there shall occur the
consummation of the purchase and sale of Arapar’s Shares and São Teófilo’s Shares to be carried out at the offices of Barbosa, Mussnich & Aragão – Advogados located in the City and State of Rio de
Janeiro, at Av. Almirante Barroso, 52, 31st floor, or in
any other location to be mutually agreed upon by the Parties, with the performance of the following acts by the Parties: 
 (a) Sellers shall
deliver to Buyer a statement of deposit account issued by the financial institution in charge of the deposit and book-entry of the Company’s Shares (“Book-entry Agent”) certifying that Arapar and São Teófilo are holders
of the Company’s Shares free and clear of any liens, restriction and encumbrances of any nature, except for the subject-matter of the Shareholders Agreement; 
 (b) Group A Sellers shall sign Arapar’s Shares Transfer Register transferring to Buyer all and not less than all Arapar’s Shares, free and clear of any liens, restriction and encumbrances of any
nature; 
 (c) Group B Sellers shall sign São Teófilo’s Shares Transfer Register transferring to Buyer all and not less than
all São Teófilo’s Shares, free and clear of any liens, restriction and encumbrances of any nature; 
 (d) Buyer shall
evidence the payment of the first installment of the Price established in item 1.3(a) above for Sellers through TED; and 
 (e) Sellers shall
receive the Promissory Notes corresponding to the installments of the Prices provided for in items 1.3(b) to 1.3(f). 
 1.8. The Parties agree
to enter into and perfect all other documents, agreements, terms and other instruments, as well as perform any other acts that are necessary or proper for the consummation and/or implementation of the transaction established in this Agreement.

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

 2.1.1. Considering the purpose of Sections IV and VI of such Shareholders Agreement, Buyer shall be liable
for notifying Arainvest of the contents of this Agreement within twenty-four (24) hours after entering into of this Agreement, and Buyer, irrevocably and irreversibly, shall indemnify, defend and hold Sellers harmless of any claim or
questioning made by Arainvest based on the Shareholders Agreement, even if pursuant to item 2.5 below. 
 2.1.2. Buyer agrees to include in the
notice to Arainvest mentioned in item 2.1.1 above the following statement: “Buyer declares, under the penalty of the law, that there are no other amounts or benefits being offered, paid, prior to or subsequently to the Agreement, or promised to
be paid, in any way, by virtue of other transactions, directly or by a third person, to Sellers”. 
 2.1.3. Buyer agrees, irrevocably and
irreversibly, not to carry out directly or indirectly any amendments to the By-laws of Arapar and/or São Teófilo rendering it impossible for Arainvest to exercise its rights provided for in the Shareholders Agreement. 
 2.2. Should Arainvest timely exercises its right of first refusal in the purchase of the Company’s Shares or Arapar’s Shares or São
Teófilo’s Shares, pursuant to Section IV of the Shareholders Agreement, Buyer agrees, irrevocably and irreversibly, to transfer the Company’s Shares, Arapar’s Shares or São Teófilo’s Shares, as the case may
be, to Arainvest. 
 2.2.1. Should Arainvest exercise its right of first refusal against the transfer of the Company’s Shares or
Arapar’s Shares or São Teófilo’s Shares, as the case may be, to Arainvest, Arainvest shall (i) adhere to this Agreement as buyer, Arainvest becoming subrogated in the obligations of Buyer established in this Agreement,
also as regards the payment of the installments of the Price provided for in items 1.3(a) to 1.3(f) above; (ii) issue new promissory notes in replacement of the Promissory Notes on the same terms and conditions; and (iii) reimburse Buyer
for the amount of the installment of the Price established in item 1.3(a) above. 
 2.2.1.1. Should Arainvest exercise its right of first
refusal pursuant to item 2.2.1, Sellers agree to return the Promissory Notes to Buyer upon receipt of the new promissory notes issued by Arainvest. 
 2.2.2. Against the reimbursement of the first installment of the Price provided for in item 1.3(a) above by Arainvest and return of the Promissory Notes by Sellers, in order to guarantee Arainvest’s rights based on the Shareholders
Agreement and permit due compliance with the provisions of the Shareholders Agreement, in case of timely exercise by Arainvest of its right of first refusal, Buyer grants to Arapar Persons Responsible and São Teófilo Persons
Responsible, as representatives of Sellers, irrevocably, irreversibly and unconditionally, pursuant to article 684 of the Brazilian Civil Code, exclusive and specific powers for Arapar Persons Responsible and São Teófilo Persons
Responsible, always jointly, on behalf of Sellers, (i) to perform all acts necessary to transfer Arapar’s Shares and São Teófilo’s Shares or the Company’s Shares, as the case may be, in the Arapar Share Transfer
Register and São Teófilo Share Transfer Register, respectively or with a Book-Entry Agent, as the case may be, to Arainvest; and (ii) to sign any and all documents, agreements or transfer instruments, perform any and all acts
before the Company, Arapar and São Teófilo, as the case may be, and also represent Buyer with third parties, any other government bodies, for the purpose of taking all necessary measures to transfer the Company’s Shares or
Arapar’s Shares or São Teófilo’s Shares, as the case may be, to Arainvest, being able to delegate wholly or in part such powers. 

 2.3. Should Arainvest exercise the tag along right of the Linked Shares, pursuant to Section VI of the
Shareholders Agreement, Buyer agrees to purchase from Arainvest the Linked Shares on the same terms and conditions established herein. 
 2.4.
Should Arainvest fail to timely exercise the right of first refusal established in Section IV of the Shareholders Agreement or the tag along right, according to Section VI of the Shareholders Agreement, Buyer agrees to adhere to the Shareholders
Agreement, as required in the Shareholders Agreement. 
 2.5. Buyer agrees, irrevocably and irreversibly, with the obligations established in
item 1.7 for the Closing Date, notwithstanding the event that, on the Closing Date, the transfer of Arapar’s Shares or São Teófilo’s Shares as provided for in items 1.7(b) and/or 1.7(c) above, as the case may be, fails to
occur by virtue of any claim or challenging by Arainvest based on the Shareholders Agreement, or by any third party. Upon resolution of the claim or challenging, Sellers agree, irrevocably and irreversibly, to comply with the obligations provided
for in items 1.7(b) and/or 1.7(c) above. 
 2.5.1 Buyer also agrees that, in case Sellers fail to comply with the obligations provided for in
item 1.7 by the Closing Date due to any claim or questioning by Arainvest based on the Shareholders Agreement, or by any third party, the fine provided for in item 10.1 shall not be due in any way by Sellers to Buyer. 
 III – REPRESENTATIONS AND WARRANTIES 
 3.1. Sellers, for all purposes of this Agreement, represent and warrant to Buyer, on the date hereof and on the Closing Date, as a condition and presupposition for the execution and consummation of the
purchase and sale of the s Shares, that: 
 3.1.1. Sellers have full capacity to sign this Agreement and comply with the obligations provided
for herein. Execution and compliance with this Agreement by Sellers were duly authorized by all necessary corporate acts, as the case may be, which are in full force. Assuming the due authorization, execution and perfection by Buyer, this Agreement
is a legal, valid, binding and enforceable obligation against Sellers. 
 3.1.2. Execution and compliance with this Agreement by Sellers
(a) shall not violate its articles of incorporation, when applicable; (b) shall not violate any applicable law; and (c) (i) shall not require any consent or any other act by any person, including Arapar and/or São
Teófilo pursuant to any shareholders agreement or contract or another instrument of which Sellers are a party, or any grant, authorization, permit, license or other similar authorization held by Sellers, except for the provisions of the
Shareholders Agreement, or shall be a default pursuant to the terms of any agreement or instrument of which Sellers are a party, except for the provisions of the Shareholders Agreement; and (ii) shall not create any right of termination,
cancellation or early maturity of any obligation of Sellers or Arapar or São Teófilo which in any way impedes the transaction established herein. 

 3.1.3. Exhibit Whereas (a) includes a description of the totality of Arapar Shares, Exhibit Whereas
(b) includes a description of the totality of São Teófilo Shares and Exhibit 3.1.3(a) includes a description of the totality of the Company’s issued and outstanding Shares held by Arapar and São Teófilo. Except
for the provisions in Exhibit 3.1.3(b), Arapar Shares, São Teófilo Shares and the Company’s Shares were validly issued and are fully paid-in, free and clear of any encumbrances, restrictions and liens, whether judicial or
extrajudicial, except for the provisions in the Shareholders Agreement. Arapar’s Shares represent the totality of Arapar’s capital stock. São Teófilo’s Shares represent the totality of São Teófilo’s
capital stock. Arapar and São Teófilo are the lawful owners of the Company’s Shares, and neither Arapar nor São Teófilo are owners of any other share or security issued by the Company. Sellers are not the owners of
any other share issued by Arapar or São Teófilo or any other security convertible into Arapar’s and/or São Teófilo’s share. São Teófilo adhered to the Shareholders Agreement. 
 3.1.4. Arapar and São Teófilo are pure companies (i.e., business companies the exclusive purpose of which is the participation in other
companies) in good standing before all authorities and third parties in general, and shall have the Company’s Shares, cash and recoverable taxes as sole assets on the Closing Date. Arapar and São Teófilo do not exercise any other
activity or transaction, do not have employees or any obligation, debt, contingency or claim of any nature, except as reflected in the respective trial balances included in Exhibit 3.1.4(a) and the proceedings included in Exhibit 3.1.4(b). Arapar
and São Teófilo cash included in such trial balances, as the case may be, shall be exclusively the amount mentioned in item 4.3 below. 
 3.2. Buyer and Intervening Party, for all purposes of this Agreement, represent and warrant to Sellers, on the date hereof and on the Closing Date, as a condition and presupposition for the execution of this Agreement, that: 
 3.2.1. The execution and compliance with this Agreement by Buyer, including issuance of the Promissory Notes by Buyer, were duly authorized by all necessary
corporate acts of Buyer, which are in full force. Assuming the due authorization, execution and perfection by Sellers, this Agreement is the legal, valid, binding and enforceable obligation against Buyer. 
 3.2.2. The execution and compliance with this Agreement by Buyer (a) shall not violate its articles of incorporation; (b) shall not violate any
law applicable thereto; (c) shall not require any other consent or other act by any other person pursuant to any agreement or another instrument to which Buyer is bound, or any license or another similar authorization held by Buyer;
(d) shall not constitute a default pursuant to any agreement or instrument to which Buyer is bound and which in any way impedes the transaction contemplated herein; and (e) shall not create any right of termination, cancellation or early
maturity of any obligation of Buyer which in any way impedes the transaction contemplated herein. 
 3.2.3. The decision to indirectly buy any
of the Company’s Shares was taken based on the information held by Buyer and/or Intervening Party, as indirect shareholders of the Company and in charge of indicating the Company’s managers, as well as on the information available to the
market and disclosed by the Company pursuant to applicable law, also on the economic-financial-accounting situation of the Company, including, but not limited to, the Company’s obligations arising out of transactions with derivatives, changes
in exchange rate, effects on the sales and liquidity of clients by virtue of the Brazilian and world economic scenario, Buyer and Intervening Party fully undertaking, as from the Closing Date, all benefits and risks arising out of the indirect
ownership of the Company’s Shares, without such economic-financial factors regarding the Company, its clients, the Brazilian or world economic situation or the market where the Company, Buyer and/or Intervening Party acts, even that thereafter
they may be aggravated, in an unpredictable or exceptional way, or in any way be cause for changing the obligation to pay the Price provided for herein, and no allegation on the change in the economic, commercial or financial premises of the
Agreement shall be made. 

 3.2.4. They acknowledge the existence of registration in Arapar and/or São Teófilo accounts of
a discount, Buyer fully assuming in any case, as from the Closing Date, all benefits, obligations, liabilities and risks arising out of the ownership of Arapar’s Shares and São Teófilo’s Shares. 
 3.2.5. They shall cause the Company to indemnify and hold harmless the persons listed in Exhibit 3.2.5, as former managers, agents representatives or
members of the management of the Company, including as guest or listener, and/or as managers of Arapar and São Teófilo (“Managers”), from and against any Loss or liability of any nature incurred by them in connection with the
transactions of the Company with derivative instruments in any jurisdictions, including upon retaining and maintaining legal advisory services, as the case may be, at the expenses of the Company, so long as such Loss or liability is not resulting
from gross negligence or willful misconduct of the Managers in the performance of their duties or in breach of the law or Bylaws of the Company. 
 IV – OTHER OBLIGATIONS 
 4.1. On the Closing Date, Sellers shall cause the managers of
Arapar and the managers of São Teófilo to deliver to Arapar and São Teófilo, as the case may be, their respective irrevocable waiver letters, together if applicable with a release of such managers as regards their fees
for the performance of their duties. 
 4.2. Sellers agree, even after the Closing Date, to supply within a reasonable term any and all
information of Arapar, São Teófilo and also Sellers, which is necessary for Buyer as a shareholder of the companies Arapar, São Teófilo and indirectly the Company. 
 4.3. Concomitantly with the Closing Date, Group A Sellers agree to file with the proper courts a claim for withdrawal of tax actions of which Arapar is a
defendant, mentioned in Exhibit 4.3, when applicable, and make the respective payments. Sellers agree to keep at Arapar and São Teófilo current assets, according to the trial balances mentioned in Exhibit 3.1.4(a), the amounts
necessary for such withdrawal, and Sellers agree to fully bear the costs and expenses relating to the withdrawal of actions, including fees of counsel. 
 V – INDEMNITY 
 5.1. After the Closing Date, Group A Sellers shall indemnify, defend
and hold Buyer harmless from and against any loss, damage, liability, injury, expense or cost (collectively “Losses” and individually a “Loss”) which may be actually incurred by Buyer arising from: 
 (a) incorrection, misrepresentation, inaccuracy or noncompliance of any representation or warranty provided by Group A Sellers under Section III hereof;

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

 5.2. After the Closing Date, Group B Sellers agree to indemnity, defend and hold Buyer harmless in
connection with any Loss to be effectively suffered by Buyer by virtue of: 
 (a) incorrectness, misrepresentation, inaccurateness or
noncompliance with any representation or warranty given by Group B Sellers in Section III hereof; 
 (b) breach, by Group B Sellers, of the
obligations undertaken herein; and 
 (c) corporate events under the responsibility of Group B Sellers in connection with ownership of the
Company’s Shares before carrying out the transaction provided for herein. 
 5.2.1. For purposes of the indemnity
provided for in item 5.2, Group B Sellers appoint as persons responsible before Buyer Mr. Pedro Moreira Salles, Brazilian, married, banker, bearer of Identity Card RG No. 19.979.952-0 SSP-SP, enrolled with the Individual Taxpayers Register
of the Ministry of Finance under CPF/MF No. 551.222.567-72, and Mr. Fernando Roberto Moreira Salles, Brazilian, married, industrialist, bearer of Identity Card RG No. 2.066.712-7 SECC/RJ, enrolled with the Individual Taxpayers
Register of the Ministry of Finance under CPF/MF No. 002.938.068-53 (“Moreira Salles Persons Responsible”) and Mr. Luis Antonio Nabuco de Almeida Braga, Brazilian, married, businessman, bearer of Identity Card RG
No. 03.474.562-0 issued by the IPF/RJ, enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 533.519.087-68 and Mrs. Maria do Carmo Nabuco de Almeida Braga, Brazilian, single, of age,
businesswoman, bearer of Identity Card RG No. 02.978.307-3, issued by the IFP/RJ, enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 487.269.157-15 (“Almeida Braga Persons Responsible”)
(Moreira Salles Persons Responsible jointly with Almeida Braga Persons Responsible, “São Teófilo Persons Responsible”). With no joint and several liability, Moreira Salles Persons Responsible shall be liable for 60.2599% of
any indemnities mentioned in item 5.2 and Almeida Braga Persons Responsible shall be liable for 39.7401%. For purposes of item 5.2, Moreira Salles Persons Responsible indicate as address to receive all notices Av. Eusébio Matoso, 891,
22nd floor, Pinheiros 05423-901, in the City of São
Paulo, State of São Paulo, phone (011) 3095-2855, fax (011) 3814-8977. Also for purposes of item 5.2, Almeida Braga Persons Responsible indicate as address to receive all notices Av. Presidente Wilson, 231, 9th floor, Downtown, in the City of Rio de Janeiro, State of Rio de
Janeiro, phone (021) 3804-8618, fax (021) 3804-8627. Moreira Salles Persons Responsible are joint and several liable between them, and Almeida Braga Persons Responsible are also joint and several liable between them, in the percentages
indicated above, respectively. 
 5.3. If Buyer is informed of any omission, act or fact giving rise to the indemnity obligation, Buyer shall
notify Arapar Persons Responsible or São Teófilo Persons Responsible, as the case may be, within the lesser of five (5) business days from the date on which such information comes to the knowledge of Buyer or 1/3 of the term
provided by law for pronouncing on the claim or obligation, in order to allow Arapar Persons Responsible or São Teófilo Persons Responsible, as the case may be, to elect whether to challenge the debt or obligation claimed in the notice
within the lesser of five (5) business days from receiving the notice from Buyer or 1/3 of the term provided by law for pronouncing on the claim or obligation. 

 5.3.1. If the event provided for in item 5.3. above occurs before the full payment of the Price by Buyer,
the following shall apply: 
 5.3.1.1. If Arapar Persons Responsible or São Teófilo Persons Responsible, as the case may be, elect
not to challenge the debt or obligation, the Parties hereby irrevocably and irreversibly agree that Buyer shall (i) pay the debt in full or perform the obligation within the term provided for by the law and (ii) discount the amount of the
debt or obligation from the portion of the Price due to Group A Sellers or Group B Sellers, as the case may be, beginning by the last installment, and Buyer shall deliver any balance, if any, to Group A Sellers or Group B Sellers, as the case may
be, on the date scheduled for the payment of the last installment of the Price, pursuant to item 1.3(f) above. If the amount of the debt or obligation exceeds the amount of the last installment of the Price due to Group A Sellers or Group B Sellers,
as the case may be, Buyer shall discount the exceeding amount from the portion due to Group A Sellers or Group B Sellers, as the case may be, of the immediately preceding installment of the Price, and so on successively. 
 5.3.1.2. If Arapar Persons Responsible or São Teófilo Persons Responsible, as the case may be, elect to challenge the debt or obligation, the
Parties hereby irrevocably and irreversibly agree that Buyer shall (i) fully bear, at its own expenses, with the costs arising from the challenge by Sellers to the debt or obligation claimed in the judicial and/or extrajudicial notice,
including all expenses and fees of attorneys and consultants appointed by Sellers and providing guarantees as may be necessary for the defense, and (ii) if Sellers are not successful in their challenging the debt or obligation, Buyer shall be
fully reimbursed according to the provisions of item 5.3.1.1(ii) above; or (b) if Sellers are successful in their challenging the debt or obligation, no reimbursement of any nature shall be payable to Buyer. 
 5.3.1.3. In the event of item 5.3.1 above, Buyer hereby irrevocably and irreversibly agree that Buyer may not retain, delay, fail to pay, discount or
otherwise dispose of installments not yet due of the Price, which shall remain to be payable to Sellers in the amount and terms provided for in such items of this Agreement, except any reimbursements as provided for in items 5.3.1.1 and 5.3.1.2
above. 
 5.3.1.4. If any reimbursement shall be made to Buyer according to items 5.3.1.1 and 5.3.1.2 above, Sellers agree to return to Buyer
the Promissory Notes representing the installments not paid yet which shall be subject to discount, and Buyer shall, simultaneously with such return, issue new Promissory Notes to Sellers, in the same number and with the same characteristics of the
Promissory Notes returned, discounting the amounts agreed under said items. Except as provided for in item 1.5.3 above, if by any reason the Promissory Notes shall not have been returned to Buyer on the date of payment of the installment which shall
be granted abatement, Sellers acknowledge that Buyer shall be entitled, without any penalty or indemnity obligation, to retain the payment exclusively of the Seller whose Promissory Note has not been returned, until said Promissory Note is returned
and cancelled. 
 5.3.2. If the event provided for in item 5.3 above occurs after the full payment of the Price by Buyer, the following shall
apply: 
 5.3.2.1. If Arapar Persons Responsible or São Teófilo Persons Responsible, as the case may be, elect not to challenge
the debt or obligation, they shall, within the term provided by law for the settlement of the debt or performance of the obligation, settle the debt or perform the obligation, or, yet, in the event Buyer may not have settled the debt or performed
the obligation, reimburse Buyer for the amount of said debt or obligation, plus the due additions provided for by the law or contract. 
 5.3.2.2. If Arapar Persons Responsible or São Teófilo Persons Responsible, as the case may be, elect to challenge the debt or obligation, they shall, at their own expenses, bear the costs related to their judicial and/or
extrajudicial challenging, including all expenses and fees of attorneys and consultants. Arapar Persons Responsible or São Teófilo Persons Responsible, as the case may be, upon request, shall provide the guarantees necessary for the
defense, so that Buyer shall not, at any time, make any disbursement or sustain any constraint to its assets or limitation of any nature to its business or operations. Buyer, in turn, shall grant power of attorney to the attorneys appointed by
Arapar Persons Responsible or São Teófilo Persons Responsible, as the case may be, as well as cooperate with these attorneys to produce evidences as necessary for an efficient defense against the third party claim. 

 5.3.2.3. In the events provided for in 5.3.2.1 and 5.3.2.2 above, if Arapar Persons Responsible or
São Teófilo Persons Responsible, as the case may be, as duly notified according to item 5.3 above, fail to directly pay the debt or indemnify Buyer against the amount due, omit, confess, or fails to take the measures necessary to
challenge the notified debt, requirement or claim and to the defense of Buyer, and Buyer sustains any constraint on its assets or limitation of any nature to its business or operations as a result thereof, Buyer itself shall be entitled to pay the
claimed debt and shall become creditor of Arapar Persons Responsible or São Teófilo Persons Responsible, as the case may be, in respect to said amount. A penalty of ten per cent (10%) shall accrue on the amount due by Arapar
Persons Responsible or São Teófilo Persons Responsible, as the case may be, plus interests calculated on pro rata die basis at Selic Rate. This clear legal credit right shall be evidenced upon the submission of the receipt of
payment of the payable debt, which, for all purposes and legal effects, shall operate as an extrajudicial execution instrument. 
 5.3.3. The
obligation of Arapar Persons Responsible or São Teófilo Persons Responsible, as the case may be, to indemnify Buyer provided for in items 5.1 and 5.2. shall remain valid and effective for a period of five (5) years, except for the
representations set forth in items 3.1.2., 3.1.3. and 3.1.4. above in respect to which the indemnity obligation shall remain valid and effective until the expiration of said obligation (collectively “Liability Period”). In the event of any
existing debt, requirement or claim against Buyer which constitutes a Loss and about which notice or service of process has already been served on Buyer and/or Arapar Persons Responsible or São Teófilo Persons Responsible, as the case
may be, before the expiration of the Liability Period, the indemnity obligation of the Persons Responsible shall survive until the actual payment, settlement and/or reimbursement of the obligation related to the debt, requirement or claim against
Buyer. 
 5.3.4. The obligation of Arapar Persons Responsible or São Teófilo Persons Responsible, as the case may be, to indemnify
Buyer under items 5.1 and 5.2. is not subject to a limit of amounts, subject, however, to their respective equity interests. 
 5.4. After the
Closing Date, Buyer shall indemnify, defend and hold Sellers harmless from and against any Loss incurred by Sellers arising from: 
 (a)
incorrection, misrepresentation, inaccuracy or noncompliance with any representation or warrant provided by Buyer under Section III hereof; 
 (b) breach by Buyer of its obligations under this Agreement; 
 (c) breach by Buyer of any obligation under law or which may be awarded
against Sellers for Buyer’s action or failure to act as regards market regulatory bodies, notably those regulating competition issues and the stocks and securities market; and 
 (d) transaction of the Company with derivative instruments in any jurisdiction, including upon retaining and maintaining legal advisory services, as the case may be, at the expenses of the Buyer.

 5.4.1 The procedures set forth in item 5.3 and following above shall apply mutatis mutandis and as applicable to Buyer, Sellers and
Managers as regards the indemnity obligation under item 5.4 above. The Liability Period, in relation to Buyer, shall be equal to the statute of limitations of said obligation. 
 5.5. The Parties hereby agree that, in the event of death of one of Arapar Persons Responsible and/or one of Moreira Salles Persons Responsible and/or one of Almeida Braga Persons Responsible, the
remaining Arapar Person Responsible and/or Moreira Salles Person Responsible and/or Almeida Braga Person Responsible, as the case may be, shall be the sole person responsible for the indemnity obligation established in items 5.1 and 5.2, as the case
may be. The Parties agree that, in case of death of the two Arapar Persons Responsible and/or the two Moreira Salles Persons Responsible and/or the two Almeida Braga Persons Responsible, the Group A Sellers or the Group B Sellers, as the case may
be, shall appoint the successor for the obligation of the two deceased Arapar Persons Responsible and/or the two deceased Moreira Salles Persons Responsible and/or the two deceased Almeida Braga Persons Responsible, established in items 5.1 and 5.2,
as the case may be, and the successor to be appointed to substitute the two deceased Arapar Persons Responsible, and/or the two deceased Moreira Salles Persons Responsible and/or the two deceased Almeida Braga Persons Responsible shall be reasonably
acceptable to Buyer within fifteen (15) days from appointment, provided that the silent of Buyer on this matter shall be deemed as acceptance of the successor appointed. Until the acceptance by Buyer of the successor of the two deceased Arapar
Persons Responsible and/or the two deceased Moreira Salles Persons Responsible and/or the two deceased Almeida Braga Persons Responsible, the remaining Arapar Persons Responsible and São Teófilo Persons Responsible shall be jointly
liable for the indemnity obligation of the two deceased Arapar Persons Responsible and/or the two deceased Moreira Salles Persons Responsible and/or the two deceased Almeida Braga Persons Responsible under items 5.1 and 5.2, as the case may be.

 VI – APPROVAL BY CADE AND THE OTHER REGULATORY BODIES 
 6.1. Buyer acknowledges that this Agreement shall be binding upon the Parties before the market regulatory bodies, notably those regulating competition and
the stocks and securities market. 
 6.2. Buyer, within fifteen (15) days from execution hereof, shall send to the Brazilian Council for
Economic Defense (“CADE”) the notice and form required by applicable law regarding the transactions provided for herein. Sellers shall provide the required information and reasonably assist in connection with the finding of facts for any
petition or motion that may be necessary. Buyer shall keep Sellers informed about the development of the proceeding, any notices sent to CADE and any other inquiries or requests of additional information to CADE, and shall promptly fulfill any
requirement or request and provide such other additional information as may be requested. Buyer shall fully bear all costs and expenses related to the submission of the transaction for CADE’s consideration and approval, except the fees of
attorneys, auditors and advisors of Sellers. If the transaction is not approved by CADE, or if CADE imposes conditions to approve the transaction, Buyer shall be solely responsible and shall take all measures necessary to remedy the situation to
have the transaction approved by CADE, without any loss or damage to Sellers. 
 6.3. Buyer shall also assume any and all liability before the
other market regulatory bodies, and shall take all measures necessary for the full performance of the legal obligations imposed by these regulatory bodies. 
 6.4. Sellers shall be unconditionally entitled to receive the Price and to maintain it even if the transaction hereunder does not meet, in the opinion of CADE or any other regulatory bodies, the
conditions provided by law, without any loss or damage to Sellers. 
 VII – RESOLUTION OF DISPUTES 
 7.1. In the event of any difficulty in the interpretation or performance of this Agreement, or any dispute related to or arising from any breach of this
Agreement, the Parties shall use their best efforts to solve it amicably. For such purpose, the Parties shall negotiate in good-faith a solution acceptable to both of them. If the Parties cannot reach an agreement within thirty (30) days after
the receipt of the notice of the existing dispute and the need of a solution for the matter, the dispute shall be settled as provided for in the items below. 
 7.2. Subject to the foregoing item, the Parties agree that any dispute related to or arising from this Agreement whose solution would represent a cognizance proceeding, including any dispute regarding the
existence, effectiveness, interpretation, or termination hereof, shall be exclusively and finally settled upon arbitration conducted and managed according to applicable Arbitration Rules of the Arbitration Center of the Brazil-Canada Chamber of
Commerce and managed by the Arbitration Center of the Brazil-Canada Chamber of Commerce, subject to the provisions of Law No. 9307, of September 23, 1996, and the Brazilian Code of Civil Procedure, without prejudice to the right of
requiring payment of the Price by Sellers directly through proceeding of execution on a fixed amount. 
 7.3. The place of arbitration, if
applicable, shall be the City of São Paulo, State of São Paulo, Brazil, unless the Parties expressly agree otherwise, and without prejudice to the Parties’ right to elect other location for the arbitration proceedings. 

 7.4. The proceedings shall be conducted in the Portuguese language, and all documents and statements
provided as evidence in the course of the arbitration proceeding shall be translated into Portuguese, if written in foreign language, and the Party providing such evidence shall bear the respective costs of such translation. 
 7.5. The dispute shall be settled upon arbitration proceeding conducted by an arbitral tribunal consisting of three (3) arbitrators belonging to the
Panel of Arbitrators of the Arbitration Center of the Brazil-Canada Chamber of Commerce, one (1) arbitrator being appointed by the Plaintiff(s) and one (1) by the Defendant(s). The third arbitrator, who shall act as President of the
arbitration tribunal, shall be appointed by the two (2) first appointed arbitrators. If the arbitrators fail to reach an agreement on the appointment of the President of the arbitration tribunal, such appointment shall be made by the
Arbitration Center of the Brazil-Canada Chamber of Commerce. 
 7.6. The arbitration tribunal shall settle the dispute according to the
provisions hereof and the Brazilian law. 
 7.7. Any document or information disclosed by the Parties in the course of the arbitration
proceeding shall be confidential, and the Parties and the arbitrator(s) to be appointed agree not to disclose them to third parties, unless upon court or administrative order against which confidentiality obligation may not be invoked. The
information about the existence, filing or development of the arbitration proceeding is confidential and may not be disclosed without the prior and express consent of the other Party. 
 7.8. The arbitral award shall be binding upon the Parties and shall not be subject to any legal or administrative appeal. The arbitral award shall be rendered in writing and include the legal basis upon
which it was rendered. The costs of the arbitration proceeding, including the attorney’s fees and expenses, shall be borne as determined by the arbitration court, unless the Parties mutually agree otherwise in writing. 
 7.9 The Parties agree that during the course of the arbitration proceeding they shall continue to perform their respective obligation hereunder. 

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

 (b) the relevant information is or become generally available to the public other than as result of breach of the confidentiality obligation
by any means of disclosure or other action or omission by the Party or any of its Related Parties; 
 (c) the information is or become known or
available to the Party or any of its Related Parties on a non-confidential basis from any source (other than the party in possession of said information or any of its Related Parties) that, to the best of the knowledge of the receiving Party, after
due investigation, is not prohibited from disclosing such information by obligation to the Party owning said information or any of its Related Parties; 
 (d) the information was already known by the Party on a lawful basis on the date of its disclosure by the other Party or its Related Parties; or 

 (e) the information is required to be disclosed according to applicable law or regulations, including the
rules of the Brazilian Council for Economic Defense (CADE), the Brazilian Securities and Exchange Commission (CVM) and any competent Stock Exchange, or as result of order, determination or Governmental ruling applicable to said Party, so long as, if
permitted by law, said Party consult with the Party owning said information before the disclosure thereof, and the Parties hereby agree that said consultation shall under no circumstances be deemed as prior approval of the Party owning said
information. 
 8.2. Furthermore, the Parties agree and shall cause its respective Related Parties to agree not to use any confidential
information as provided for in item 8.1 other than for the purposes of this Agreement. 
 8.3. The confidentiality obligation provided for
herein shall survive the termination of this Agreement, for any reason whatsoever, and shall remain in full force and effect for a period of three (3) years from execution of this Agreement. 
 8.4. In addition to the provisions above, the Parties hereby acknowledge to be subject to the confidentiality obligations provided for in the regulations
issued by the CVM and other relevant securities and exchange commissions in respect to non-disclosure to third parties of any and all information about the transaction provided for herein. 
 8.5. The Parties shall jointly agree on the form, contents and time of the disclosure to the market of any notice or material fact regarding this Agreement,
taking always into account the applicable requirements of law. 
 8.6. The Parties agree that no notice to the market regarding this Agreement,
including press releases, shall be disclosed by any of the Parties without the express written consent of the other Party. 
 8.7. Sellers agree
not to disclose, and shall cause the representative of the bodies of the Company to agree not to disclose to third parties any confidential information about the Company, its business and operations, for a period of three (3) years from the
Closing Date, and not to use such information in any business or transaction. 
 8.8. The Parties acknowledge that the disclosure of the
information related to this Agreement by any of the Related Parties in breach of this Chapter VIII shall result in significant Losses to the non-breaching Party. In this case, the non-breaching party may file a claim for damages against the
breaching Party, subject to the provisions under Chapter V above. 
 IX – JURISDICTION AND APPLICABLE LAW 

9.1. Notwithstanding the provisions about arbitration and without prejudice to item 7.2. above regarding the right to require payment of the Price
through execution proceeding, the Parties shall be entitled to file claim in any competent court (i) to have an injunction or provisional relief or (ii) enter judgment upon the arbitral award against the other Party. For the purposes of
any action or proceeding to be filed according to this Section IX, the Parties hereby elect the courts of the Judicial District of the City of São Paulo, State of São Paulo, as the courts of jurisdiction to settle any disputes, except
those to which the applicable law require mandatory competence. 
 9.2. This Agreement shall be governed by and construed according to the laws
of the Federative Republic of Brazil. 
 X – MISCELLANEOUS 
 10.1 Buyer’s failure to pay the first installment of the Price provided for in item 1.3(a) above on the Closing Date to Sellers or Sellers’
failure to transfer Arapar’s Shares and São Teófilo’s Shares on the Closing Date shall entitle the other Party to require execution of an affirmative covenant or execution on a fixed amount, as the case may be, or the right
to require from the other Party a fine in an amount of one billion Reais (R$1,000,000,000.00), which fine the Parties hereby agree as fair for the losses that would have be borne by the other Party, and it is hereby agreed that the non-defaulting
Party shall pay such fine within fifteen (15) days as from receipt of the proper notice sent by the other Party. 

 10.1.1. Buyer irrevocably and irreversibly agrees that, in the event provided for in item 2.5 above, the
fine established in item 10.1 shall not be due in any way by Sellers to Buyer. 
 10.2. This agreement comprises the entire understanding
between the Parties regarding the subject-matter hereof, and is binding upon the Parties and its respective successors on any account. 
 10.3.
Intervening Party hereby signs this Agreement to confirm that it is aware of the provisions herein, and to ensure that it shall comply with its obligations under such provisions and shall not perform any act against or in breach of the rights and
obligations of Sellers and Buyer under this Agreement, and shall cause Buyer to perform its obligations under this Agreement. 
 10.4. Any
changes in the terms and conditions hereof shall only be effective upon written instrument duly executed by the Parties. Neither Party is entitled to assign or otherwise transfer, in whole or in part, any of its rights or obligations under this
Agreement without the prior written and express consent of the other Party, except as provided in item 1.4.2. above. 
 10.5. The invalidity or
unenforceability of any provision hereof shall not affect the validity or enforceability of the other provisions hereof, which shall be fully complied with, and the Parties agree to use their best efforts to validly attain the same effects of the
provision deemed invalid or unenforceable. 
 10.6. This Agreement is irrevocably and irreversibly executed, and the Parties shall not be
entitled to terminate it or be released from performing it. 
 10.7. The commitments and covenants of Parties hereunder are subject to the
specific performance of articles 461, 461-A, 466-A, 466-C and 632 et seq. of the Brazilian Code of Civil Procedure, and this Agreement shall operate as an extrajudicial execution instrument pursuant to article 585, II, of the Brazilian Code
of Civil Procedure. 
 10.8. All costs and expenses incurred in connection with this Agreement shall be paid by the Party incurring them.

 10.9. All notices, requests and other communications between the Parties shall be in writing (including by facsimile) and shall be sent
(i) to Sellers to Arapar Persons Responsible and São Teófilo Persons Responsible at the address and number of fax specified in items 5.1.1 and 5.2.1 above, respectively (or any other address that may be informed by them upon
notice) and (ii) to Buyer, care of Mr. José Luciano Duarte Penido, at Alameda Santos, 1357, 6° andar, Cerqueira César, São Paulo - São Paulo, Facsimile: (11) 2138-4000, Telephone:
(11) 2138-4065, and (iii) to Intervening Party, care of Mr. Raul Calfat at Rua Amauri, 255, 13th floor, Itaim Bibi, São Paulo – State of São Paulo, Facsimile: (11) 3079-9345, Telephone:
(11) 3704-3320. The communications to be sent by any of the Parties as set forth in this provision shall be deemed received when delivered by certified letter or with “acknowledgement receipt” issued by the Brazilian Postal and
Telegraph Services Company. The communications sent by facsimile or email shall be deemed received on the date they are sent, so long as acknowledgement of receipt is issued by the machine used by the issuer. The original of said notices shall be
sent to the addresses of Intervening Party, Buyer or Arapar Persons Responsible and São Teófilo Persons Responsible, as the case may be, within up to two (2) business days after the message is sent. 
 IN WITNESS WHEREOF, the Parties hereto execute this Agreement in eight (8) counterparts of equal tenor and form before the undersigned witnesses.

 São Paulo, January 19, 2009 
 Buyer: 
 (sgd) / (sgd)VOTORANTIM CELULOSE E PAPEL S.A. 

 By: 
 Title: 
 Sellers: 
 (sgd)

 ERLING SVEN LORENTZEN 
 (sgd)

 HAAKON LORENTZEN 
 (sgd) 

INGEBORG LORENTZEN RIBEIRO 
 (sgd) 
 VICTORIA RAGNA LORENTZEN RIBEIRO 
 (sgd) 

OIVIND HARALD LORENTZEN 
 (sgd) 
 OIVIND LORENTZEN JR. TRUST – OIVIND LORENTZEN III FUND 
 (sgd) 
 OIVIND LORENTZEN JR. TRUST – EVELYN BELL FUND 
 (sgd) 
 CLEARWATER NAVIGATION LIMITED 
 (sgd) 
 THEA HACK LORENTZEN 
 (sgd) 
 LILY HACK LORENTZEN 
 (sgd) 
 CLAIRE WARWICK LORENTZEN 
 (sgd) 
 OIVIND HARALD HACK LORENTZEN 
 (sgd) 
 LUKE BYRD HACK LORENTZEN 
 (sgd) 
 GIF-II FUNDO DE INVESTIMENTO EM PARTICIPAÇÕES 
 (sgd) / (sgd) 
 PEDRO MOREIRA SALLES 
 (sgd) / (sgd) 
 WALTHER MOREIRA SALLES JÚNIOR

 (sgd) / (sgd) 
 JOÃO MOREIRA
SALLES 
 (sgd) / (sgd) 
 LUCAS ESPINOLA
MOREIRA SALLES 
 (sgd) / (sgd) 
 ANDRE
ESPINOLA MOREIRA SALLES 
 (sgd) / (sgd) 
 ROBERTO KONDER BORNHAUSEN 
 (sgd) / (sgd) 
 TOMAS TOMISLAV ANTONIN ZINNER 

 (sgd) / (sgd) 
 ISRAEL VAINBOIM 
 (sgd) / (sgd) 
 CARLOS LEONI RODRIGUES SIQUEIRA 
 (sgd) / (sgd) 
 ELOY DE MACEDO 
 (sgd) 
 MAURO AGONILHA 
 (sgd) 
 BRAZIL SILVA I LLC 
 (sgd) 
 NALBRA’S, LLC 
 (sgd) 
 SYLVIA MARIA DA GLÓRIA DE MELLO FRANCO NABUCO 
 (sgd) 
 MARIA DO CARMO NABUCO DE ALMEIDA BRAGA 
 (sgd) 
 LUIS ANTONIO NABUCO DE ALMEIDA BRAGA 
 (sgd) 
 SYLVIA NABUCO DE ALMEIDA BRAGA 

(sgd) 
 LUCIA NABUCO DE ALMEIDA BRAGA REBELLO

 (sgd) 
 ALARICO SILVEIRA NETO

 (sgd) 
 ANTONIO CARLOS DANTAS MATTOS

 (sgd) 
 ANTONIO DE PÁDUA
BITTENCOURT NETO 
 (sgd) 
 LUCIANO
SOARES 
 (sgd) 
 MARCOS PESSOA DE
QUEIROZ FALCÃO 
 (sgd) 
 NEY
VILLAS BÔAS MARINHO 
 (sgd) 
 PEDRO LUIZ BODIN MORAES 
 Intervening Party: 
 (sgd)/ (sgd) 
 VOTORANTIM INDUSTRIAL S.A. 
 By: 
 Title: 

 Witnesses: 
 (sgd) 
 Name: Andréia Mendes de Souza 
 Individual Taxpayers Register (CPF/MF) No.: 033.127.177-01 
 Identity Card (RG) No.: 08.179.174-1 IFP 
 (sgd) 
 Name: Carla Maria Baraldo da Silva Campos 
 Individual Taxpayers Register (CPF/MF) No:
021.388.157-81 
 Identity Card (RG) No.: 08.058.116-8 IFP 

 Exhibit A 
 Group A Sellers 
 1. ERLING SVEN
LORENTZEN, Norwegian, married, businessman, bearer of identity card for foreigners RNE No. W-339332-8, issued by SE/DPMAF/DPF, enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF
No. 021.948.307-82, domiciled in the City and State of Rio de Janeiro, at Av. Augusto Severo No. 8, 7th
 floor; 
 2. HAAKON LORENTZEN, Norwegian,
married, businessman, bearer of identity card for foreigners RNE No. W-2064-10-E, issued by SE/DPMAF/DPF, enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 667.258.797-72, domiciled in the City and
State of Rio de Janeiro, at Av. Augusto Severo No. 8, 7th floor; 
 3. INGEBORG LORENTZEN RIBEIRO, Norwegian, married, housewife, bearer of identity card for
foreigners RNE No. W100036-C, issued by SE/DPMAF/DPF, enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 708.256.707-30, domiciled in the City and State of Rio de Janeiro, at Av. Portugal No. 680,
district of Urca; 
 4. VICTORIA RAGNA LORENTZEN RIBEIRO, Brazilian, single, student, bearer of identity card
No. 24.569.732-1, issued by Detran/RJ and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 109.012.467-86, domiciled in the City and State of Rio de Janeiro, at Av. Portugal No. 680, district
of Urca; 
 5. OIVIND HARALD LORENTZEN, US citizen, married, enrolled with the Individual Taxpayers Register of the Ministry
of Finance under CPF/MF No. 691.392.537-91, domiciled at 89, Butternut Hollow Road, Greenwich, Connecticut, United States; 
 6. OIVIND LORENTZEN JR. TRUST - OIVIND LORENTZEN III FUND, an equity fund administered by Codan Trust Company Limited, with its principal place of business at Richmond House, 12 Par-la-Ville Road, P.O. Box HM
6666, Hamilton HM CX, Bermuda; 
 7. OIVIND LORENTZEN JR. TRUST - EVELYN BELL FUND, an equity fund administered by Codan
Trust Company Limited, with its principal place of business at Richmond House, 12 Par-la-Ville Road, P.O. Box HM 6666, Hamilton HM CX, Bermuda; 
 8. CLEARWATER NAVIGATION LIMITED, a company with its principal place of business at P.O. Box 309, Ugland House, South Church St., Grand Cayman, Cayman Island, enrolled with the National Corporate Taxpayers
Register of the Ministry of Finance under CNPJ/MF No. 05.772.410/0001-74; 
 9. THEA HACK LORENTZEN, Brazilian, enrolled
with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 108.809.637-94, domiciled at 89, Butternut Hollow Road, Greenwich, Connecticut, United States; 
 10. LILY HACK LORENTZEN, Brazilian, enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 108.808.007-39, domiciled at 89, Butternut Hollow
Road, Greenwich, Connecticut, United States; 
 11. CLAIRE WARWICK LORENTZEN, US citizen, enrolled with the Individual
Taxpayers Register of the Ministry of Finance under CPF/MF No. 108.808.577-65, domiciled at 89, Butternut Hollow Road, Greenwich, Connecticut, United States; 

 12. OIVIND HARALD HACK LORENTZEN, US citizen, enrolled with the Individual Taxpayers
Register of the Ministry of Finance under CPF/MF No. 108.807.607-61, domiciled at 89, Butternut Hollow Road, Greenwich, Connecticut, United States; 
 13. LUKE BYRD HACK LORENTZEN, US citizen, enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 108.807.887-71, domiciled at 89, Butternut
Hollow Road, Greenwich, Connecticut, United States; 
 14. GIF-II FUNDO DE INVESTIMENTOS EM
PARTICIPAÇÕES, an equity fund enrolled with the National Corporate Taxpayers Register of the Ministry of Finance under CNPJ/MF No. 08.669.289/0001-48, herein represented by its investment manager GIF
GESTÃO DE INVESTIMENTOS E PARTICIPAÇÕES LTDA., a limited liability company with its principal place of business in this City and State of Rio de Janeiro. 
 Exhibit B 
 Group B Sellers 
 1. PEDRO MOREIRA SALLES, Brazilian, married, banker, domiciled in the City of São Paulo, State of São
Paulo, at Av. Eusébio Matoso No. 891 – 4th floor, bearer of identity card RG No. 19.979.952-0 SSP/SP and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 551.222.567-72; 
 2. WALTHER MOREIRA SALLES JÚNIOR, Brazilian, married, filmmaker, domiciled in the City of Rio de
Janeiro, State of Rio de Janeiro, at Rua do Russel No. 270 - 3rd floor, bearer of identity card RG n° 3.113.711 SSP/RJ and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 406.935.467-00; 
 3. JOÃO MOREIRA SALLES, Brazilian, married, documentarian, domiciled in the City of Rio de Janeiro, State of
Rio de Janeiro, at Rua do Russel No. 270 - 3rd floor,
bearer of identity card RG No. 05.935.901-8 SSP/RJ and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 667.197.397-00; 
 4. LUCAS ESPINOLA MOREIRA SALLES, Brazilian, single, student, domiciled in the City of São Paulo,
State of São Paulo, at Avenida Eusébio Matoso No. 891 – 22nd floor, bearer of identity card RG No. 35.546.325-8 SSP-SP and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 226.604.568-79; 
 5. ANDRE ESPINOLA MOREIRA SALLES, Brazilian, single, student, domiciled in the City of São Paulo, State of
São Paulo, at Avenida Eusébio Matoso No. 891 - 22nd floor, bearer of identity card RG No. 37.504.024-9 SSP-SP and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 226.604.548-25; 
 6. ROBERTO KONDER BORNHAUSEN, Brazilian, married, agronomist, domiciled in the City of São Paulo, State of
São Paulo, at Av. Eusébio Matoso No. 891, 22nd floor, bearer of identity card RG No. I/R 44.560 SSI-SC and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 003.899.359-72; 
 7. TOMAS TOMISLAV ANTONIN ZINNER, Brazilian, married, economist, domiciled in the City of Rio de Janeiro,
State of Rio de Janeiro, District of Gloria, at Rua do Russel No. 270 – 3rd floor, bearer of identity card No. 16.459-CRE – 1st Region, and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF
No. 007.884.067-87; 
 8. ISRAEL VAINBOIM, Brazilian, divorced, engineer, domiciled in the City of
São Paulo, State of São Paulo, at Av. Eusébio Matoso No. 891, 22nd floor, bearer of identity card RG No. 14.189.351 SSP-SP and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 090.997.197-87; 

 9. CARLOS LEONI RODRIGUES SIQUEIRA, Brazilian, married, lawyer, domiciled in
the City of Rio de Janeiro, State of Rio de Janeiro, at Rua Joana Angélica No. 166 - apt. 701, bearer of Identity Card OAB/RJ 10.577 and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF
No. 003.908.877-49; 
 10. ELOY DE MACEDO, Brazilian, married, lawyer, domiciled in the City of
São Paulo, State of São Paulo, at Av. Eusébio Matoso No. 891, 22nd floor, bearer of identity card OAB/SP 71.184 and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 045.868.678-68; 
 11. MAURO AGONILHA, Brazilian, married, accountant, domiciled in the City of São Paulo, State of São
Paulo, at Av. Eusébio Matoso No. 891, 22nd
floor, bearer of identity card RG No. 6.462.154-6 SSP/SP and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 577.141.008-00; 
 12. BRAZIL SILVA I, LLC, a company organized under the laws of Delaware, United States of America, with its principal place of business at 135 South State College BLVD.
Brea, CA 92821, USA, enrolled with the National Corporate Taxpayers Register under CNPJ No. 07.534.265/0001-19; 
 13. NALBRA S, LLC, a company organized under the laws of Delaware, United States of America, with its principal place of business at 1201 North Market Street, Wilmington, New Castle County, Delaware 19801, USA, enrolled
with the National Corporate Taxpayers Register under CNPJ No. 06.205.788/0001-59; 
 14. SYLVIA MARIA DA
GLÓRIA DE MELLO FRANCO NABUCO, Brazilian, divorced, business woman, bearer of identity card No. 01.173.774-9, issued by IFP/RJ, enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF
No. 958.202.647-20, domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson No. 231, 9th floor; 
 15. MARIA DO CARMO NABUCO DE ALMEIDA BRAGA, Brazilian, single, of age, business woman, bearer of identity card No. 02.978.307-3, issued by IFP/RJ, enrolled with the Individual
Taxpayers Register of the Ministry of Finance under CPF/MF No. 487.269.157-15, domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson No. 231, 9th floor; 
 16. LUIS ANTONIO NABUCO DE ALMEIDA BRAGA, Brazilian, married, businessman, bearer of identity card No. 03.474.562-0, issued by IFP/RJ, enrolled with the Individual Taxpayers
Register of the Ministry of Finance under No. 533.519.087-68, domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson No. 231, 9th floor; 
 17. SYLVIA NABUCO DE ALMEIDA BRAGA, Brazilian, married, business woman, bearer of identity card No. 04.371.185-2, issued by IFP/RJ, enrolled with the Individual Taxpayers Register
of the Ministry of Finance under CPF/MF No. 786.276.997-04, domiciled in the City of Rio de Janeiro - RJ, at Av. Presidente Wilson No. 231, 9th floor; 
 18. LUCIA NABUCO DE ALMEIDA BRAGA REBELLO, Brazilian, married, business woman, bearer of identity card No. 4.022.158, issued by IFP/RJ, enrolled with the Individual Taxpayers
Register of the Ministry of Finance under CPF/MF No. 733.363.007-20, domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson No. 231, 9th floor; 
 19. ALARICO SILVEIRA NETO, Brazilian, married, lawyer, enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 239.065.457-68 and with the
Brazilian Bar Association, Rio de Janeiro Chapter, under OAB/RJ 19.155, domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson No. 231, 9th floor; 
 20. ANTONIO CARLOS DANTAS MATTOS, Brazilian, divorced, economist, enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 272.521.327-49 and
with the CORECON-1st Region under No. 7.770,
domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson No. 231, 9th floor; 

 21. ANTONIO DE PÁDUA BITTENCOURT NETO, Brazilian, married, economist, bearer of
identity card No. 10.915.190-2, issued by IFP/RJ, enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 914.571.577-72, domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, at Rua Padre
Leonel Franca No. 135, district of Leblon; 
 22. LUCIANO SOARES, Brazilian, married under the
complete separation of assets regime, economist, enrolled with the Individual Taxpayers Register of the Ministry of Finance under No. 007.555.737-14, bearer of identity card No. 07.823.930-8, issued by IFP/RJ, domiciled in the City of Rio
de Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson No. 231, 9th floor; 
 23. MARCOS PESSOA DE QUEIROZ FALCÃO, Brazilian, married,
economist, bearer of identity card No. 04.740.688-9, issued by IFP/RJ, enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 914.007.167-72, domiciled in the City of São Paulo, State of Rio de
Janeiro, at Rua Leopoldo Couto de Magalhães Jr. No. 758, suite 52; 
 24. NEY VILLAS BÔAS MARINHO,
Brazilian, married, economist, bearer of identity card No. 06.104.776-7, issued by IFP/RJ, enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 797.463.907-59, domiciled in the City of Rio de Janeiro,
State of Rio de Janeiro, at Rua Padre Leonel Franca No. 135, district of Leblon; and 
 25. PEDRO LUIZ BODIN DE MORAES,
Brazilian, married, economist, bearer of identity card No. 3.733.122, issued by IFP/RJ, enrolled with the Individual Taxpayers Register of the Ministry of Finance under No. 548.346.867-87, resident in the City of London, at 32 Evelyn
Gardens, flat 05, SW 73BL, England, United Kingdom. 
 Exhibit C 
 Buyer 
 1. VOTORANTIM CELULOSE E PAPEL
S.A., a joint-stock company enrolled with the National Corporate Taxpayers Register of the Ministry of Finance under CNPJ/MF No. 60.643.228/0001-21, with its principal place of business in the City and State of São Paulo,
at Alameda Santos No. 1.357, 8th floor. 

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

 Exhibit Whereas (a) 
 Arapar’s Shares 
  

										
	 Shareholder
	  	Common
Shares	  	Preferred Shares	  	Total Shares	  	% interest	 
	 Haakon Lorentzen
	  	475,157,940	  	—  	  	475,157,940	  	41.13	% 
	 Erling Sven Lorentzen
	  	276,495,249	  	92,608,881	  	369,104,130	  	31.94	% 
	 Ingeborg Lorentzen Ribeiro
	  	72,516,457	  	—  	  	72,516,457	  	6.28	% 
	 Victória Ragna Lorentzen Ribeiro
	  	69,673,317	  	—  	  	69,673,317	  	6.03	% 
	 GIF-II
	  	—  	  	107,847,220	  	107,847,220	  	9.33	% 
	 Oivind Harald Lorentzen
	  	—  	  	20,893,677	  	20,893,677	  	1.81	% 
	 Oivind Harald Lorentzen Trust
	  	—  	  	13,777,606	  	13,777,606	  	1.19	% 
	 Clear Water Navigation Ltd
	  	—  	  	6,863,068	  	6,863,068	  	0.59	% 
	 Thea Hack Lorentzen
	  	—  	  	2,068,233	  	2,068,233	  	0.18	% 
	 Lily Hack Lorentzen
	  	—  	  	2,068,233	  	2,068,233	  	0.18	% 
	 Claire W. Lorentzen
	  	—  	  	2,068,233	  	2,068,233	  	0.18	% 
	 Oivind H.H. Lorentzen
	  	—  	  	2,068,233	  	2,068,233	  	0.18	% 
	 Luke B.H. Lorentzen
	  	—  	  	2,068,233	  	2,068,233	  	0.18	% 
	 Evelyn Byrd L. Bell Trust
	  	—  	  	9,279,467	  	9,279,467	  	0.80	% 
		  	 	  	 	  	 	  	 	 
	 Total
	  	893,842,963	  	261,611,084	  	1,155,454,047	  	100.00	% 
		  	 	  	 	  	 	  	 	 

 Exhibit Whereas (b) 
 São Teófilo’s Shares 
  

										
	 Shareholder
	  	Common
Shares	  	Preferred Shares	  	Total Shares	  	% interest	 
	 Nalbra S, LLC
	  	1,720,353	  	5,970,031	  	7,690,384	  	5.897 	% 
	 Pedro Luiz Bodin de Moraes
	  	1,900,069	  	2,071,419	  	3,971,488	  	3.045 	% 
	 Sylvia Maria da Glória de Mello Franco Nabuco
	  	14,718,852	  	4,528,352	  	19,247,204	  	14.759	% 
	 Maria do Carmo Nabuco de Braga Almeida
	  	2,457,099	  	755,943	  	3,213,042	  	2.464 	% 
	 Luis Antonio Nabuco de Braga Almeida
	  	2,457,099	  	755,943	  	3,213,042	  	2.464 	% 
	 Lúcia Nabuco de Almeida Braga Rebello
	  	2,457,099	  	755,943	  	3,213,042	  	2.464 	% 
	 Sylvia Nabuco de Almeida Braga
	  	2,457,099	  	755,943	  	3,213,042	  	2.464 	% 
	 Antonio Carlos Dantas Mattos
	  	386,310	  	337,404	  	723,714	  	0.555 	% 
	 Marcos Pessoa de Queiroz Falcão
	  	430,408	  	376,340	  	806,748	  	0.619 	% 
	 Ney Villas-boas Marinho
	  	1,490,696	  	724,172	  	2,214,868	  	1.698 	% 
	 Antônio de Pádua Bittencourt Neto
	  	2,225,538	  	1,482,552	  	3,708,090	  	2.843 	% 
	 Alarico Silveira Neto
	  	212,058	  	85,412	  	297,470	  	0.228 	% 
	 Luciano Soares
	  	39,148	  	274,834	  	313,982	  	0.241 	% 
	 Brazil Silva I LLC
	  	—  	  	23,065,402	  	23,065,402	  	17.686	% 
	 Pedro Moreira Salles
	  	8,237,920	  	4,359,884	  	12,597,804	  	9.660 	% 
	 João Moreira Salles
	  	8,237,920	  	2,898,882	  	11,136,802	  	8.540 	% 
	 Walther Moreira Salles Júnior
	  	8,237,920	  	1,924,880	  	10,162,800	  	7.793 	% 
	 Lucas Espínola Moreira Salles
	  	4,118,960	  	3,153,940	  	7,272,900	  	5.577 	% 
	 André Espínola Moreira Salles
	  	4,118,960	  	3,153,940	  	7,272,900	  	5.577 	% 
	 Israel Vainboim
	  	148	  	1,439,504	  	1,439,652	  	1.104 	% 
	 Mauro Agonilha
	  	—  	  	2,121,274	  	2,121,274	  	1.627 	% 
	 Eloy de Macedo
	  	—  	  	2,121,274	  	2,121,274	  	1.627 	% 
	 Tomas Tomislav Antonin Zinner
	  	—  	  	1,045,710	  	1,045,710	  	0.802 	% 
	 Roberto Konder Bornhausen
	  	—  	  	106,364	  	106,364	  	0.082 	% 
	 Carlos Leoni Rodrigues Siqueira
	  	—  	  	243,502	  	243,502	  	0.187 	% 
		  	 	  	 	  	 	  	 	 
	 Total
	  	65,903,656	  	64,508,844	  	130,412,500	  	100.0000	% 
		  	 	  	 	  	 	  	 	 

 Exhibit 1.4 
 PROMISSORY NOTE 
 No. 01/01 
 Principal Amount: R$[—] 
 Place of Issuance: São Paulo, Brazil 
 Date of Issuance: [—] 
 Maturity Date: [—] 
 By this single copy of Promissory Note, VOTORANTIM CELULOSE E PAPEL S.A., a joint-stock company enrolled with the National
Corporate Taxpayers Register of the Ministry of Finance under CNPJ/MF No. 60.643.228/0001-21, with its principal place of business in the City and State of São Paulo, at Alameda Santos, 1.357, 8th floor (hereinafter referred to as “Debtor”),
unconditionally promises to pay as of [—] to [Seller] (hereinafter referred to as “Creditor”), in cash and at the domicile of Creditor, in the City of [—], the amount of R$[—], upon presentation of this Promissory Note. 
 In the event of late payment of this Promissory Note, the amount due and payable under this Promissory Note shall be adjusted based on the reference rate of the Settlement and Custody Special System for
Federal securities, accruing monthly and quoted by the Central Bank of Brazil (“Selic Rate”), or any other legal rate that may replace the Selic Rate, from the date of issuance of this Promissory Note to the date of actual payment hereof.

 This Promissory Note is related to the Share Purchase Agreement executed on [—][—], [—] by and between Debtor, as Buyer, and Creditor, as Seller. 
 São Paulo, [—], [—]. 
 Issuer: 
 VOTORANTIM CELULOSE E PAPEL S.A. 
 Exhibit 1.5(a) 
 Withholding Income Tax (IRRF) - Buyer 
 Group A Sellers 
  

				
	 Shareholder
	  	% IRRF	 
	 Haakon Lorentzen
	  	0	% 
	 Erling Sven Lorentzen
	  	0	% 
	 Ingeborg Lorentzen Ribeiro
	  	0	% 
	 Victória Ragna Lorentzen Ribeiro
	  	0	% 
	 GIF-II
	  	0	% 
	 Oivind Harald Lorentzen
	  	15	% 
	 Oivind Harald Lorentzen Trust
	  	25	% 
	 Clear Water Navigation Ltd
	  	25	% 
	 Thea Hack Lorentzen
	  	15	% 
	 Lily Hack Lorentzen
	  	15	% 
	 Claire W. Lorentzen
	  	15	% 
	 Oivind H. H. Lorentzen
	  	15	% 
	 Luke B.H. Lorentzen
	  	15	% 
	 Evelyn Byrd L. Bell Trust
	  	25	% 

 Group B Sellers 
  

				
	 Shareholder
	  	% IRRF	 
	 Nalbra S, LLC
	  	15	% 
	 Pedro Luiz Bodin de Moraes
	  	15	% 
	 Sylvia Maria da Glória de Mello Franco Nabuco
	  	0	% 
	 Maria do Carmo Nabuco de Almeida Braga
	  	0	% 
	 Luis Antonio Nabuco de Almeida Braga
	  	0	% 
	 Lúcia Nabuco de Almeida Braga Rebello
	  	0	% 
	 Sylvia Nabuco de Almeida Braga
	  	0	% 
	 Antonio Carlos Dantas Mattos
	  	0	% 
	 Marcos Pessoa de Queiroz Falcão
	  	0	% 
	 Ney Villas-boas Marinho
	  	0	% 
	 Antônio de Pádua Bittencourt Neto
	  	0	% 
	 Alarico Silveira Neto
	  	0	% 
	 Luciano Soares
	  	0	% 
	 Brazil Silva I LLC
	  	15	% 
	 Pedro Moreira Salles
	  	0	% 
	 João Moreira Salles
	  	0	% 
	 Walther Moreira Salles Júnior
	  	0	% 
	 Lucas Espínola Moreira Salles
	  	0	% 
	 André Espínola Moreira Salles
	  	0	% 
	 Israel Vainboim
	  	0	% 
	 Mauro Agonilha
	  	0	% 
	 Eloy de Macedo
	  	0	% 
	 Tomas Tomislav Antonin Zinner
	  	0	% 
	 Roberto Konder Bornhausen
	  	0	% 
	 Carlos Leoni Rodrigues Siqueira
	  	0	% 

 Exhibit 1.5(b) 
 Banking Data for Payment to Sellers 
  

							
	 Group A Sellers
	  	Banking Data
	 	  	Bank	 	Branch	  	Account Number
	 Erling Sven Lorentzen
	  	Unibanco (409)	 	0300	  	104787-1
	 Haakon Lorentzen
	  	Unibanco (409)	 	0300	  	104158-5
	 Ingeborg Lorentzen Ribeiro
	  	Unibanco (409)	 	0300	  	104788-9
	 Victoria Ragna Lorentzen Ribeiro
	  	Unibanco (409)	 	0300	  	104789-7
	 GIF-II Fundo de Investimentos em Participações
	  	Bradesco (237)	 	2856-8	  	588427-6

			
	Oivind Harald Lorentzen	  	WACHOVIA NATIONAL BANK
		
		  	CHARLOTTE, North Carolina 28288-1164, USA ABA Routing: 021-101-108
		
		  	SWIFT: PNBPUS33
		
		  	Acc. Name: Oivind Lorentzen III
		
		  	Acc. Number: 8887655531
		
		  	Oivind Harald Lorentzen
		
		  	62 Southfield Avenue - Suite 212
		
		  	Stamford – USA
		
	Oivind Lorentzen Jr. Trust - Oivind Lorentzen III Fund	  	CORRESPONDENT BANK
		
		  	HSBC BANK USA
		
		  	500 Stanton Christiana Road, 2/OPS1,
		
		  	Newark, Delaware, USA
		
		  	SWIFT CODE: MRMDUS33
		
		  	Fedwire ABA: 021001088
		
		  	CHIPS ABA: 0108
		
		  	BENEFICIARY BANK:
		
		  	The Bank of Bermuda Limited
		
		  	6 Front Street
		
		  	Hamilton, Bermuda
		
		  	CHIPS UID: 005584

			
		  	S.W.I.F.T. CODE: BBDA BMHM
		
		  	FURTHER CREDIT:
		
		  	Account No: 010-165678-502
		
		  	Account Name: Codan Trust Company Limited U.S. Dollar Trust Account
		
		  	REFERENCE:
		
		  	Matter No. 017040 / Oivind Lorentzen Jr. Trust – Oivind III Fund
		
	Oivind Lorentzen Jr. Trust - Evelyn Bell Fund	  	CORRESPONDENT BANK:
		
		  	HSBC BANK USA 500 Stanton Christiana Road, 2/OPS1 Newark, Delaware - USA
		
		  	SWIFT CODE: MRMDUS33
		
		  	Fedwire ABA: 021001088 CHIPS ABA: 0108
		
		  	BENEFICIARY BANK: The Bank of Bermuda Limited
		
		  	6 Front Street - Hamilton, Bermuda
		
		  	CHIPS UID: 005584
		
		  	S.W.I.F.T. CODE: BBDA BMHM
		
		  	FURTHER CREDIT:
		
		  	Account No: 010-165678-502
		
		  	Account Name: Codan Trust Company Limited
		
		  	U.S. Dollar Trust Account
		
		  	REFERENCE: Matter No. 017040 / Oivind Lorentzen Jr. Trust - Evelyn Fund
		
	Clearwater Navigation Limited	  	Beneficiary: 10052062 Clearwater Navigation Limited
		
		  	Bank Code: ** COUTGB22A
		
		  	Beneficiary Bank: Coutts and Co.
		
		  	IPB-400, Strand
		
		  	London WC2R OQS
		
		  	Intermediary: Cert.# 348223

			
	Thea Hack Lorentzen	  	WACHOVIA NATIONAL BANK
		
		  	CHARLOTTE, North Carolina 28288-1164, USA
		
		  	ABA Routing: 021-101-108
		
		  	SWIFT: PNBPUS33
		
		  	Acc. name: Oivind Lorentzen III
		
		  	Acc. Number: 8887655531
		
		  	Oivind Harald Lorentzen
		
		  	62 Southfield Avenue - Suite 212
		
		  	Stamford - USA
		
	Lily Hack Lorentzen	  	WACHOVIA NATIONAL BANK
		
		  	CHARLOTTE, North Carolina 28288-1164, USA
		
		  	ABA Routing: 021-101-108
		
		  	SWIFT: PNBPUS33
		
		  	Acc. name: Oivind Lorentzen III
		
		  	Acc. Number: 8887655531
		
		  	Oivind Harald Lorentzen
		
		  	62 Southfield Avenue - Suite 212
		
		  	Stamford - USA
		
	Claire Warwick Lorentzen	  	WACHOVIA NATIONAL BANK
		
		  	CHARLOTTE, North Carolina 28288-1164, USA
		
		  	ABA Routing: 021-101-108
		
		  	SWIFT: PNBPUS33
		
		  	Acc. name: Oivind Lorentzen III
		
		  	Acc. Number: 8887655531
		
		  	Oivind Harald Lorentzen
		
		  	62 Southfield Avenue - Suite 212
		
		  	Stamford - USA
		
	Oivind Harald Hack Lorentzen	  	WACHOVIA NATIONAL BANK
		
		  	CHARLOTTE, North Carolina 28288-1164, USA

			
		  	ABA Routing: 021-101-108
		
		  	SWIFT: PNBPUS33
		
		  	Acc. name: Oivind Lorentzen III
		
		  	Acc. Number: 8887655531
		
		  	Oivind Harald Lorentzen
		
		  	62 Southfield Avenue - Suite 212
		
		  	Stamford – USA
		
	Luke Byrd Hack Lorentzen	  	WACHOVIA NATIONAL BANK
		
		  	CHARLOTTE, North Carolina 28288-1164, USA
		
		  	ABA Routing: 021-101-108
		
		  	SWIFT: PNBPUS33
		
		  	Acc. name: Oivind Lorentzen III
		
		  	Acc. Number: 8887655531
		
		  	Oivind Harald Lorentzen
		
		  	62 Southfield Avenue - Suite 212
		
		  	Stamford - USA

							
	 Group B Sellers
	  	 Banking Data

	 	  	 Bank
	  	    Branch    	  	Account Number
	 Sylvia Maria da Glória de Mello Franco Nabuco
	  	Unibanco (409)	  	0300	  	105.116-2
	 Maria do Carmo Nabuco de Almeida Braga
	  	Unibanco (409)	  	0300	  	105.114-7
	 Luis Antonio Nabuco de Almeida Braga
	  	Unibanco (409)	  	0300	  	104.202-1
	 Lúcia Nabuco de Almeida Braga Rebello
	  	Unibanco (409)	  	0300	  	105.117-0
	 Sylvia Nabuco de Almeida Braga
	  	Unibanco (409)	  	0300	  	105.118-8
	 Antonio Carlos Dantas Mattos
	  	Unibanco (409)	  	0300	  	105.125-3
	 Marcos Pessoa de Queiroz Falcão
	  	Itaú (341)	  	3789	  	05584-9
	 Ney Villas-Boas Marinho
	  	Unibanco (409)	  	0300	  	105.256-6
	 Antônio de Pádua Bittencourt Neto
	  	Unibanco (409)	  	0300	  	105.263-2
	 Alarico Silveira Neto
	  	Bradesco (237)	  	2773-1	  	1430-3
	 Luciano Soares
	  	Unibanco (409)	  	0300	  	105.414-1
	 Pedro Luiz Bodin de Moraes
	  	Unibanco (409)	  	0300	  	104.227-8
	 Nalbra S, LLC
	  	Unibanco (409)	  	0300	  	104.777-2
	 Brazil Silva I LLC
	  	Unibanco (409)	  	0398	  	107.850-8
	 Pedro Moreira Salles
	  	Unibanco (409)	  	0927	  	202.159-4
	 João Moreira Salles
	  	Unibanco (409)	  	0927	  	202.161-0
	 Walther Moreira Salles Júnior
	  	Unibanco (409)	  	0927	  	202.160-2
	 Lucas Espínola Moreira Salles
	  	Unibanco (409)	  	0927	  	202.184-2
	 André Espínola Moreira Salles
	  	Unibanco (409)	  	0927	  	202.185-9
	 Israel Vainboim
	  	Unibanco (409)	  	0398	  	822.642-3
	 Mauro Agonilha
	  	Unibanco (409)	  	0398	  	822.919-5
	 Eloy de Macedo
	  	Unibanco (409)	  	0398	  	105.914-4
	 Tomas Tomislav Antonin Zinner
	  	Unibanco (409)	  	0300	  	820.907-8
	 Roberto Konder Bornhausen
	  	Unibanco (409)	  	0398	  	820.817-3
	 Carlos Leoni Rodrigues Siqueira
	  	Unibanco (409)	  	0240	  	820.002-6

 Exhibit 3.1.3(a) 
 Company Shares 
  

			
	 Company Shareholder
	  	Registered Common Shares (ON)
	 Arapar
	  	62,300,207
		  	 
	 São Teófilo
	  	65,206,250
		  	 
	 Total
	  	127,506,457
		  	 

 Exhibit 3.1.3(b) 
 As a condition for the negotiations in progress between the Company and the financial institutions for purposes of reviewing the transactions they carried out with derivatives, the financial institutions
may require Arapar and São Teófilo to encumber the Company shares they own so as to guarantee the obligations undertaken or that may be undertaken by the Company. 
 Accordingly, Arapar and São Teófilo, as holders of the Company shares, may enter into an agreement reflecting the provisions above, and Buyers of Arapar and São Teófilo shares
undertake the obligation to cause the companies now acquired to comply with the obligation to encumber the Company shares now directly held by Arapar and São Teófilo as a guarantee of the obligations undertaken by the Company before
the financial institutions. 
 It should be worthy of note that the encumbrance, so as to be effective, shall be subject to the prior approval
of Arainvest Participações S.A. (Arainvest), by operation of a shareholders agreement executed on February 5, 2003. 

 Buyer hereby undertakes to obtain the approval of Arainvest, indemnifying, defending and holding Sellers
harmless against any complaint or questioning, be it from Arainvest of from the Company’s creditor financial institutions. 
 Buyer
acknowledges that the guarantee to be granted shall not modify or exempt it from the obligation to pay the price of sale of Sellers’ indirect interest in the Company that is the subject matter of the Agreement, as well as that its granting
comprises the indemnification included in sections 3.2.5 e 5.4 of the Agreement entered into by the parties. 
 Exhibit
3.1.4(a) 
 Arapar Trial Balance Sheet 
 ARAPAR S.A. 
 BALANCE SHEET 
 In Reais 
  

				
	 	  	1/19/2008	 
	 ASSETS
	  		
	 CURRENT ASSETS
	  		
	 Cash and cash equivalents
	  	84,398.82.	  
	 Securities
	  	3,452,354 01	  
	 Taxes recoverable
	  	276,540.84	  
	 Taxes recoverable (provision)
	  	11,252.79	  
	 Court deposits PIS/Cofins
	  	1,038,508.44	  
		  	4,863,054.90	  
	 PERMANENT ASSETS
	  		
	 Investments
	  		
	 In subsidiaries
	  	345,556,271.16	  
	 Deferred charges
	  	9,129,404.05	  
		  	354,685,675.21	  
	 TOTAL ASSETS
	  	359,548,730.11	  
	 LIABILITIES AND SHAREHOLDERS’ EQUITY
	  		
	 CURRENT LIABILITIES
	  		
	 PIS/Cofins
	  	4,851,325.80	  
		  	4,851,325.80	  
	 SHAREHOLDERS EQUITY
	  		
	 Capital stock
	  	300,182,511.62	  
	 Capital reserves
	  	32,941,379.20	  
	 Profit reserve
	  	9,236,883.55	  
	 Retained earnings
	  	13,773,379.46	  
	 Income for the year
	  	(1,436,749.52 	) 
		  	354,697,404.31	  
	 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
	  	359,548,730.11	  

 (sgd) 
 Luiz Aranha Corrêa do Lago 
 Executive Officer 
 (sgd) 
 Ricardo Dutton Machado 
 Accountant 
 CRC-RJ 072704-O 
 ARAPAR S.A. 
 STATEMENT OF INCOME 
 In Reais 
  

				
	 	  	1/19/2008	 
	 OPERATING EXPENSES
	  		
	 Administrative expenses
	  	(1,392,395.78	) 
	 Financial
	  		
	 Financial expenses
	  	(72,936.96 	) 
	 Financial revenues
	  	28,583.22	  
		  	(1,436,749.52	) 
	 OPERATING INCOME
	  	(1,436,749.52	) 
		  	 	 
	 INCOME BEFORE INCOME AND SOCIAL CONTRIBUTION TAXES AND REVERSAL OF INTEREST ON SHAREHOLDER’S EQUITY
	  	(1,436,749.52	) 
		  	 	 
	 NET INCOME FOR THE YEAR
	  	(1,436,749.52	) 
		  	 	 
	 NUMBER OF SHARES OF CAPITAL STOCK AT THE END OF THE YEAR – IN THOUSANDS
	  	1,155,454	  
		  	 	 
	 NET EARNINGS PER THOUSAND SHARES - R$
	  	(1,243.45 	) 
		  	 	 

 (sgd) 
 Luiz Aranha Corrêa do Lago 
 Executive Officer 

 (sgd) 
 Ricardo Dutton Machado 
 Accountant 
 CRC-RJ 072704-0 
 São Teófilo Trial Balance Sheet 
 São Teófilo Representação e Participações S.A. 
 C.N.P.J. - 03.214.652/0001-17 
 Trial
Balance Sheet as of January 19, 2009 
  

				
	 	  	Reais	 
	 Assets
	  		
		
	 Current assets
	  		
		
	 Banks checking account
	  	1,220.95	  
		
	 Securities
	  	3,914,258.63	  
		
	 Tax credits
	  	6,361,975.08	  
		  	 	 
		  	10,277,454.66	  
		
	 Long-term receivables
	  		
	 Deferred income and social contribution taxes
	  	6,049,297.26	  
		  	 	 
		  	6,049,297.26	  
		
	 Permanent assets
	  		
		
	 Investments
	  	361,675,021.20	  
		
	 Deferred charges
	  	59,544,003.48	  
		  	 	 
		  	421,219,024.68	  
	 Total assets
	  	437,545,776.60	  
		  	 	 
	 Liabilities
	  		
		
	 Long-term liabilities
	  		
	 Legal proceedings - PIS and COFINS
	  	3,914,272.92	  
		  	 	 
		  	3,914,272.92	  
	 Shareholders’ equity
	  		
	 Capital stock
	  	433,097,925.00	  
		
	 Capital reserve
	  	20,331.84	  
		
	 Profit reserve
	  	1,800,563.43	  
		
	 Loss for the period
	  	(1,287,316.59 	) 
		  	 	 
		  	433,631,503.68	  
		
	 Total liabilities
	  	437,545,776.60	  
		  	 	 

 (sgd) 
 (sgd) 
 Marcelo Negreti Gomes 
 CRC No. 1 PR 048362/O6 S SP 
 CPF No. 673.685.739-20 
 Exhibit 3.1.4 (b) 
 Arapar’s Proceedings

 A) Administrative Proceedings 
 1-CASE No. 10070.001877/2003-07 
 Interested party: Arapar S/A 
 Subject: DCTF - Opposition 
 2-CASE No. 10070.000812/2002-55 
 Interested party: Lorenpar S/A 
 Subject: Tax
Assessment Notice - DCTF 
 3-CASE No. 10070.001876/2003-54 
 Interested party: Lorenpar S/A 
 Subject: DCTF - Opposition 
 4-CASE No. 10070.001984/2002-46 
 Interested
party: Lorenpar S/A 
 Subject: Tax Assessment Notice - DCTF 
 5-CASE No. 10070.002246/2001-35 
 Interested party: Lorenpar S/A 
 Subject: Tax Assessment Notice - DCTF 
 6-CASE
No. 10070.001982/2002-57 
 Interested party: Lorentzen Empreendimentos S/A 
 Subject: DCTF Opposition 
 7-CASE No. 10070.001981/2002-11 
 Interested party: Lorentzen Empreendimentos S/A 
 Subject: DCTF Opposition 
 8-CASE No. 10070.002241/2001-11 
 Interested party: Lorentzen Empreendimentos S/A 

 Subject: DCTF Opposition 
 9-CASE No. 10070.002885/2002-81 
 Interested party: Lorentzen Empreendimentos S/A 

Subject: Request for reimbursement of corporate income tax (IRPJ) combined with request for set off 
 10-CASE No. 10070.001250/2003-48 
 Interested
party: Lorentzen Empreendimentos S/A 
 Subject: Request for reimbursement of corporate income tax (IRPJ) combined with request for set off

 11-CASE No. 11543.000097/98-90 
 Interested party: Lorenpar S/A 
 Subject: Request for reimbursement of corporate income tax (IRPJ) combined with request for set off

 12-CASE No. 10070.100328/2007-30 
 Interested party: Lorentzen Empreendimentos S/A 
 Subject: Request for payment of social contribution on net profit (CSLL) debits in
installments 
 13-CASE No. 18471-001.738/2005-26 
 Interested party: Lorentzen Empreendimentos S/A 
 Subject: Undue deduction of expenses from IRPJ
tax basis 
 14-CASE No. 10070.001872/2003-76 
 Interested party: Lorentzen Empreendimentos S/A 
 Subject: DCTF - Opposition 
 15-CASE No. 10070.001425/2001-55 
 Interested
party: Arapar S/A 
 Subject: Request for reimbursement of corporate income tax (IRPJ) combined with request for set off 
 16-CASE No. 15374.004980/2001-38 
 Interested
party: Lorentzen Empreendimentos S/A 
 Subject: Assessment resulting from absence of calculation of expenses with credit card (IRPJ)

 17-CASE No. 15374.004979/2001-11 (origin: Federal Public Prosecutors’ Office (MPF) 0719000/1302/01) 
 Interested party: Lorentzen Empreendimentos S/A 
 Subject: Assessment resulting from absence of calculation of expenses with credit card (CSLL) 
 18-CASE No. 10070000850/2003-99

 Interested party: Lorentzen Business Development Ltda. 
 Subject: Request for reimbursement of corporate income tax (IRPJ) combined with request for set off 
 19-CASE No. 10070000852/2003-88 
 Interested party: Lorentzen Business Development Ltda. 
 Subject: Set off of Social Integration Program (PIS) debits against PIS credits 
 20-CASE No. 10070000908/2003-02 

 Interested party: Lorentzen Empreendimentos S/A 
 Subject: Request for reimbursement of corporate income tax (IRPJ) combined with request for set off 
 21-CASE No. 10070002115/2004-09 
 Interested
party: Arapar S/A 
 Subject: Request for reimbursement of corporate income tax (IRPJ) combined with request for set off 
 22-CASE No. 10070002113/2004-10 
 Interested
party: Arapar S/A 
 Subject: Request for reimbursement of CSLL combined with request for set off 
 23-CASE No. 10070002114/2004-56 
 Interested
party: Arapar S/A 
 Subject: Request for reimbursement of corporate income tax (IRPJ) combined with request for set off 
 24-CASE No. 10070.002245/2001-91 
 Interested
party: Caravelas Participações S/A 
 Subject: DCTF - Opposition 
 25-CASE No. 10070.001873/2003-11 
 Interested party: Brusara Participações
Ltda. 
 Subject: DCTF - Opposition 
 26-CASE No. 10768.001486/2002-55 
 Interested party: Brusara Participações Ltda. 
 Subject: DCTF - Opposition 
 27-CASE
No. 10768.004927/2002-71 
 Interested party: Brusara Participações Ltda. 
 Subject: DCTF - Opposition 
 28-CASE
No. 1768.010692/2002-56 
 Interested party: Brusara Participações Ltda. 
 Subject: DCTF - Opposition 
 29-CASE
No. 10070.001871/2003-21 
 Interested party: Jarapar Participações Ltda. 
 Subject: DCTF - Opposition 
 30-CASE
No. 10768.001485/2002-19 
 Interested party: Jarapar Participações Ltda. 
 Subject: DCTF - Opposition 
 31-CASE
No. 10768.0014872002-08 
 Interested party: Jarapar Participações Ltda. 
 Subject: DCTF - Opposition 

 32-CASE No. 1768.010691/2002-10 
 Interested party: Jarapar Participações Ltda. 
 Subject: DCTF - Opposition

 33-CASE No. 1768.010693/2002-09 
 Interested party: Jarapar Participações Ltda. 
 Subject: DCTF - Opposition 
 B) Legal Proceedings 
 1-ORDINARY ACTION
No. 2004.5101009159-5 
 Parties: LORENTZEN EMPREENDIMENTOS S.A., ARAPAR S/A AND LORENPAR S/A X CAIXA ECONÔMICA FEDERAL 

Court: 18th FEDERAL COURT/State of Rio de Janeiro 
 2-ORDINARY ACTION No. 2005.5101011519-1 
 Parties: LORENTZEN EMPREENDIMENTOS S.A., CAMOCIM
ADMINISTRADORA S/A, NORBRASA EMPREENDIMENTOS S/A E ARAPAR S/A AND LORENPAR S/A X UNIÃO FEDERAL 
 Court:
7th FEDERAL COURT/State of Rio de Janeiro 
 3-WRIT OF MANDAMUS No. 200451010251057/ INTERLOCUTORY APPEAL No. 2005.02010023142/APPEAL No. 2004.51010251057 
 Parties: LORENTZEN EMPREENDIMENTOS S.A., ESL EMPREENDIMENTOS S.A, ARAPAR S/A, LORENPAR S/A, NEBRA PARTICIPAÇÕES LTDA AND TIBA
PARTICIPAÇÕES LTDA X FEDERAL REVENUE OFFICE OF RIO DE JANEIRO. 
 Court: 30th FEDERAL COURT/State of Rio de Janeiro 
 4-ORDINARY ACTION No. 00.0716820-9 / MOTION TO STAY EXECUTION No. 96.0020887-5 CIVIL APPEAL No. 98.02.04545-4 
 Parties: LORENTZEN EMPREENDIMENTOS S.A., NORENO COM. E IND. S/A, NORSUL OFFSHORE S/A, RIOBROKER (LORENTZEN, PLATOU E FIGUEIREDO), ELKEM LTDA. AND CIA DE
NAVEGAÇÃO NORSUL X NATIONAL TELECOMMUNICATIONS FUND 
 Court: 6th FEDERAL COURT / 4th SPECIAL PANEL 
 5-ORDINARY ACTION No. 910007789-5 / MOTION TO STAY EXECUTION No. 950044134-9 / CIVIL APPEAL No. 97.0241088-6 
 Parties: LORENTZEN EMPREENDIMENTOS S.A. AND NORSUL OFFSHORE S/A X FEDERAL GOVERNMENT 
 Court: 28th FEDERAL COURT/3rd SPECIALIZED PANEL OF THE REGIONAL FEDERAL COURT (TRF) –
2nd REGION 
 6-ORDINARY ACTION No. 2004.51.01.011385-2 / CIVIL APPEAL NO. 2004.51.01.011385-2 
 Parties: LORENTZEN EMPREENDIMENTOS S.A., ARAPAR S/A AND LORENPAR S/A X CAIXA ECONÔMICA FEDERAL 
 Court: 19th
FEDERAL COURT/State of Rio de Janeiro 
 7-ORDINARY ACTION No. 2006.51.01.009470-2 / CIVIL APPEAL No. 2006.51.01.009470-2 

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

 Court: 12th FEDERAL COURT/State of Rio de Janeiro 
 8-WRIT OF MANDAMUS No. 200651010137981/APPEAL No. 200651010137981 
 Parties: NORBRASA
EMPREENDIMENTOS S.A. X FEDERAL REVENUE OFFICE OF RIO DE JANEIRO 
 Court: 3rd FEDERAL COURT/State of Rio de Janeiro 
 9-TAX EXECUTION No. 2007.51.01.530488-0 
 Parties: NATIONAL TREASURY X NORBRASA
EMPREENDIMENTOS S.A. 
 Court: 1st FEDERAL TAX EXECUTION COURT OF RIO DE JANEIRO 
 São Teófilo’s Proceedings 
 A) Administrative
Proceedings 
 1-CASE No. 10768.018070/89-19 
 Interested party: Vertex Participações S.A. 
 Subject: Miscellaneous Legal Matters -
Other 
 2-CASE No. 10768.027520/89-56 
 Interested party: Vertex Participações S.A. 
 Subject: Tax – Actions filed against the National Treasury

 3-CASE No. 10070.002247/2001-80 
 Interested party: Vertex Participações S.A. 
 Subject: Tax Assessment Notice - DCTF 
 4-CASE No. 10070.000809/2002-31 
 Interested
party: Vertex Participações S.A. 
 Subject: Tax Monitoring Control Division - DERAT-RJO 
 5-CASE No. 10070.000808/2002-97 
 Interested
party: Vertex Participações S.A. 
 Subject: Tax Monitoring Control Division - DERAT-RJO 
 6-CASE No. 10070.001392/2007-39 
 Interested
party: Vertex Participações S.A. 
 Subject: Information and Complaint - IRPJ 
 7-CASE No. 10070.002253/2001-37 
 Interested
party: Vitória Participações S.A. 
 Subject: Tax Assessment Notice - DCTF 
 8-CASE No. 10070.000810/2002-66 
 Interested
party: Vitória Participações S.A. 
 Subject: Tax Assessment Notice - DCTF 
 9-CASE No. 10070.001978/2002-99 

 Interested party: Vitória Participações S.A. 
 Subject: Tax Assessment Notice - DCTF 
 10-CASE
No. 10070.001868/2003-16 
 Interested party: Vitória Participações S.A. 
 Subject: DCTF - Opposition 
 11-CASE
No. 13710.000526/2007-18 
 Interested party: Vitória Participações S.A. 
 Subject: Low Business Activity - Tax Matters 
 B) Legal Proceedings 
 1-WRIT OF MANDAMUS No. 2006.61.00.015123-6 
 Parties: São Teófilo Representação e Participações S/A X Federal Revenue Office
for Inspection in São Paulo 
 Court: 9th Federal Court/State of São Paulo 
 2-TAX EXECUTION No. 2008.51.01.503044-9 
 Party: Vitória Participações S/A 
 Court: 3rd Federal Execution Court /State of Rio de Janeiro 
 Exhibit 3.2.5 
 1. ALARICO SILVEIRA
NETO, Brazilian, married, lawyer, enrolled with the Individual Taxpayers Register of the Ministry of Finance under No. 239.065.457-68 and with the Brazilian Bar Association, Rio de Janeiro Chapter, under OAB/RJ 19.155, domiciled in the City
of Rio de Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson No. 231, 9th floor; 
 2. ALEX HARRY HEAGLER, Brazilian, married,
economist, bearer of identity card No. 946.928-IFP/RJ and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 004.864.347-53, domiciled in the City and State of Rio de Janeiro, at Rua Visconde de
Pirajá No. 250, 4th floor; 
 3. ANTONIO CARLOS DANTAS MATTOS, Brazilian, divorced, economist, enrolled with the Individual Taxpayers Register of
the Ministry of Finance under CPF/MF No. 272.521.327-49 and with the CORECON-1st Region under No. 7.770, domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson No. 231, 9th floor; 
 4. CARLOS JURGEN TEMKE, Brazilian, single, mechanical engineer, bearer of identity card No. 04.261.721-7, issued by IFP/RJ, enrolled
with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 610.818.507-44, resident and domiciled in this city, at Av. Augusto Severo No. 8, 7th floor; 
 5. ELIEZER BATISTA DA SILVA, Brazilian, married, civil engineer, enrolled with the Engineering and Architecture
Council under CREA No. 7008-D-5th Region, bearer of
identity card No. M/524.000-SSP/MF and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF 607.40.50763, domiciled in the City and State of Rio de Janeiro, at Av. Graça Aranha No. 01, 6th floor; 
 6. ELOY DE MACEDO, Brazilian, married, lawyer, domiciled in the City of São Paulo, State of São Paulo,
at Av. Eusébio Matoso No. 891, 22nd floor,
bearer of identity card OAB/SP 71.184 and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 045.868.678-68; 

 7. FERNANDO OCTÁVIO MARTINS ALVES, Brazilian, married,
engineer, bearer of identity card No. 2.434.900-IFP/RJ, enrolled with the Individual Taxpayers’ Register of the Ministry of Finance under CPF/MF No. 129.014.907-00, domiciled in the City and State of Rio de Janeiro, at Av. Augusto
Severo No. 8, 7th floor; 
 8. FERNANDO ROBERTO MOREIRA SALLES, Brazilian, married, industrialist, domiciled in the City of São Paulo,
State of São Paulo, at Av. Eusébio Matoso No. 891, 22nd floor, bearer of identity card RG No. 2.066.712-7 SECC/RJ and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 002.938.068-53; 
 9. HAAKON LORENTZEN, Norwegian, married, business man, bearer of identity card for foreigners RNE No. W-2064-10-E,
issued by SE/DPMAF/DPF, enrolled with the Individual Taxpayers’ Register of the Ministry of Finance under CPF/MF 667.258.797-72, domiciled in the City and State of Rio de Janeiro, at Av. Augusto Severo No. 8, 7th floor; 
 10. IGNÁCIO FERRAZ DE SÁ FREIRE JÚNIOR, Brazilian, judicially separated, accountant, bearer of
identity card CRC/RJ No. 23.554-9, enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 298.041.837-49, all of them resident and domiciled in this city, at Av. Augusto Severo No. 8, 7th floor; 
 11. LUCIANO SOARES, Brazilian, married under the complete separation of assets regime, economist, enrolled with the Individual
Taxpayers Register of the Ministry of Finance under CPF/MF No. 007.555.737-14, bearer of identity card No. 07.823.930-8, issued by IFP/RJ, domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson
No. 231, 9th floor; 
 12. LUIZ ARANHA CORRÊA DO LAGO, Brazilian, married, economist, bearer of identity card No. 2.259.223, issued by IFP/RJ,
enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 375.703.317-53, resident and domiciled in this city, at Av. Augusto Severo No. 8, 7th floor; and 
 13. MAURO AGONILHA, Brazilian, married, accountant, domiciled in the City of São Paulo, State of São
Paulo, at Av. Eusébio Matoso No. 891, 22nd
floor, bearer of identity card RG No. 6.462.154-6 SSP/SP and enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 577.141.008-00; 
 Exhibit 4.3 
 Request for Withdrawal of
Arapar’s Tax Actions 
 1-WRIT OF MANDAMUS No. 200451010251057/ INTERLOCUTORY APPEAL No. 2005.02010023142/APPEAL
No. 2004.51010251057 
 Parties: LORENTZEN EMPREENDIMENTOS S.A., ESL EMPREENDIMENTOS S.A, ARAPAR S/A, LORENPAR S/A, NEBRA
PARTICIPAÇÕES LTDA AND TIBA PARTICIPAÇÕES LTDA X FEDERAL REVENUE OFFICE OF RIO DE JANEIRO. 
 Court: 30th FEDERAL COURT/State of Rio de Janeiro

 All pages are initialed. 
  

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