Technical opinion of market evaluation

In accordance with what is stated in the Articles 2nd, item 1st, and the Article 6th, item 1st, from CONFECI’s statute, approved with the Resolution – CONFECI Nº 574/98 and also with what is stated in the Article 5th from Resolution –

CONFECI Nº1066/2007

Requester: Greenwood Agropecuária Limitada, limited society, CNPJ/MF nº 10.905.327/0001-

66, State Inscription nº83254710-NO, with Headquarters at BR 242-Km 735 – Municipality of

Angical/BA. Represented by Nuno Duarte de Páris Dias, Portuguese, married, Engineer,

Administrator, with identity card for foreign RNE Nº V822712-M Delemig/SR/BA, registered

with CPF – 858.893.115-06, resident at Rua Monteiro Lobato, Nº 143, Bairro Vila Regina,

Barreiras – BA.

Technical Opinion Objective: enumerate and characterize the observed existences at Fazenda

Santa Maria I and proceed to the market value of rural property evaluation, regarding the

Normative from ABT from Series 14653, from Resolution – CONFECI Nº10662007 according

with the normative from “Parecer Técnico de Avaliação Mercadológica” (PATM).

Realty Identification and Localization: rural property named Fazenda Santa Maria I, belonging

to Greenwood Agropecuária Limitada, limited society, CNPJ/MF nº 10.905.327/0001-66, State

Inscription nº83254710-NO, registered with the CCIR Nº 50.041.391.514-2 and with the ITR Nº

640.1605-6. This realty evaluated here is registered under the Licence Nº”326” in the General

Registry Book “2-C” dated on 03 of December 2002 Nº R-10.326, in the Notes Registry of

Angical BA in the Book nº 58, pages 147, on 30 of January 2008, properly registered at Registry

of Real Estate and Mortgages from Baianópolis Bahia with Nº - R.326, on 24 of May 2010.

The rural property is sited at “Assentamento do Poção” – Catolândia Municipality and present

the following limits, Directions, distances and confrontations: Descriptive Memorandum: this

survey begun in 05 of October 1987, having as the starting point the stake nº 00 and with a

lashing point at M.N. Starting from there direction to E-01, delimiting with Miguel Pereira de

Almeida with the direction 16.˚15’SW and a 3.500,00m distance, from there to E-02, delimiting

with Miguel Pereira de Almeida, with the direction 53.˚45’SE through a distance of 150,00m,

from there onwards to E-03, delimiting with Miguel Pereira de Almeida, in the direction

18.˚47’SW and for a distance of 149,35m. From there going to E-04, delimiting with Miguel

Pereira de Almeida, with direction 13˚.48’SW for a distance of 80,17m, from there to E-05,

delimiting with Miguel Pereira Almeida, with direction 02.˚25’SW for a distance of 1.000,12m,

from there to E-06, delimiting with Jose de Aquino Rocha, with direction 35.˚17’SW for a

distance of671,00m, from there to E-07, delimiting with Miguel Pereira de Almeida, with

direction 01.˚28’NW for a distance of 1.660,00m, from there to E-08, delimiting with Miguel

Pereira de Almeida, with direction 09.˚32’NE for a distance of 3.990,00m, ending from there,

direction to E-00, delimiting with Miguel Pereira de Almeida, with direction 63.˚28’SW for a

distance of 830,00m having with this a polygonal perimeter of 12.030,66m with an area of

300ha76a00ca. Being like this represented by its attorney, JOSE CARLOS PEREIRA DE ALMEIDA,

married Brazilian, farmer, domiciled and resident at city of Baianópolis-Ba, with the CPF nº

162.727.144-91, as previous Registry: Registered in Registry of Real Estate and Mortgages

from Baianópolis Bahia in the General Registry Book “2” under the R-1-10.381 on 09 of June

1988 and transferred to this judicial district with the licence in this book under M-326 on 03 of

December 2002.

Property Characterization: Fazenda Santa Maria I is located in a region where are developing

plantations of Eucalyptus and Acacia, livestock development and dairy cattle. It’s served by

good quality vicinal roads, and its nearby Barreiras, Baianópolis and Catolândia cities (see

attached localization map). This localization allows and easy flux of products to the major

commercial point – Barreiras.

The rural property hereby evaluated, present a Total Area of 166,90 hectares and a Total

Perimeter of 8,969Km (see attached map).

The farm is completed fenced with poles every 4 meters with 5 level lines of fence wire.

Presents good interior roads, from entrance to HQ building, the road is in gravel.

The realty presents a good basic infrastructure: biphasic electrical energy, water from a well

with a flow rate of 8.000 lt/hour capacity, with two water deposits of 15.000 litres each one,

being one for supplying an irrigation area of 10,46ha with plantations of African Mahogany and

other noble woods, and the other water deposit is to supply the HQ and two irrigated

vegetable garden, one of that with 1,00ha (see photos).

The property present several improvements, among them, two houses in good condition of

conservation: one at the property entrance, with total area of 42m2, with two different work

areas – one NE facing equipped as an office, two rooms and one complete WC, and the other

facing SW as a horticulture products warehouse, presenting a grating in the main elevational

view and in its interior, a big wood storage structure of shelves until celling’s height; the other

one is bigger, with a total area of 113m2, situated more in the farm’s middle, with dormitory

and canteen functions, with an industrial kitchen, 4 bedrooms (18 beds), 3 completes WC and

1 lunch/dinner area. Around it there are some Nim and Coconuts trees, 1 parking area for 6

cars and two socializing small squares. On its proximity can be observed the water deposit

support made of 7 meters height concrete, one kitchen garden (600m2), one kennel (16m2),

one little house used as warehouse for herbicide and pesticide (8M2), one hangar with a closed

area with walls and a door, mechanical workshop, and another opened where is stored

fertilizers, agricultural implements, etc. It also can be seen, a waiting nursery (625m2) with a

gravel mattress of 0,25m height and 47 irrigation sprinklers for forest and horticultural

seedlings (see photos).

Evaluation and Used Methodology: to obtain this property value, that is evaluated here, it was

used the “Data Market Direct Comparative Method”. In this method, the property market

value identification is made by technical treatment comparison of the elements attributes in

question within the sample, analysing the evaluated item similar elements, with the objective

to find the prices trend formation.

In order to determine this property market value, we considered the offers and the deals done

within similar properties and in the same region. To consolidate this evaluation, we divided its

several observed improvements in 3 categories: Cultures, Constructions and Other

Infrastructures.

Improvments Unit Quantity Unit Value (R$) Total(R$)

Cultures

Irrigated Kitchen Garden

ha 1,00 25.000,00 25.000,00

Irrigated African Mahogany

ha 10,46 15.000,00 156.900,00

Eucalyptus ha 59,43 11.000,00 653.730,00

Acacia ha 37,80 11.000,00 415.800,00

Pasture ha 15,21 4.000,00 60.840,00

Native Forest (Legal Reserve)

ha 35,10 1.500,00 52.650,00

Sub-total (1) 1.364.920,00

Looking the chart above, we can realize that, gathering the planted forest area with the Legal

Reserve area, we achieve 142,79 hectares out of the total 166,90 hectares, i.e., the forest

occupies 85,5% from the available area.

Improvments Unit Quantity Unit Value (R$) Total(R$)

Contructions

Entrance House m2 42,00 850,00 35.700,00

HQ House m2 113,50 850,00 96.475,00

Irrigation System House

m2 12,25 850,00 10.412,50

Poison House m2 8,00 850,00 6.800,00

Kennel m2 16,00 250,00 4.000,00

Closed Hangar m2 16,00 850,00 13.600,00

Open Hangar m2 92,00 250,00 23.000,00

Sub-total (2) 189.987,50

In this last chart, it’s summarized the different existing buildings in the property. All the

buildings are recent and show good conservation. In total, all the buildings have an area of

299,75 m2 and a value of R$ 189.987,50.

Improvments Unit Quantity Unit Value (R$) Total(R$)

Other Infrastructures

Fences Km 9,37 1.200,00 11.241,60

Roads Km 12,29 950,00 11.673,60

Electrification Line

Km 0,50 10.000,00 5.000,00

Waiting Nursery m2 625,00 25,00 15.625,00

Water Deposit Support (HQ)

un. 1,00 10.000,00 10.000,00

Sub-total (3) 53.540,00

Improvments Unit Quantity Unit Value (R$) Total(R$)

Cultures

Irrigated Kitchen Garden

ha 1,00 25.000,00 25.000,00

Irrigated African Mahogany

ha 10,46 15.000,00 156.900,00

Eucalyptus ha 59,43 11.000,00 653.730,00

Acacia ha 37,80 11.000,00 415.800,00

Pasture ha 15,21 4.000,00 60.840,00

Native Forest (Legal Reserve)

ha 35,10 1.500,00 52.650,00

Sub-total (1) 1.364.920,00

Contructions

Entrance House m2 42,00 850,00 35.700,00

HQ House m2 113,50 850,00 96.475,00

Irrigation System House

m2 12,25 850,00 10.412,50

Poison House m2 8,00 850,00 6.800,00

Kennel m2 16,00 250,00 4.000,00

Closed Hangar m2 16,00 850,00 13.600,00

Open Hangar m2 92,00 250,00 23.000,00

Sub-total (2) 189.987,50

Other Infrastructures

Fences Km 9,37 1.200,00 11.241,60

Roads Km 12,29 950,00 11.673,60

Electrification Line

Km 0,50 10.000,00 5.000,00

Waiting Nursery m2 625,00 25,00 15.625,00

Water Deposit Support (HQ)

un. 1,00 10.000,00 10.000,00

Sub-total (3) 53.540,00

Total (1+2+3) 1.608.447,70