Appraisal Repport Apsis

Appraisal Report
SP-0372/13-01
KLABIN S.A .
Report SP-0372/13-01
REPORT REQUESTED BY:
SP-0372/13-01
REFERENCE DATE:
September 30, 2013
COMODORO PARTICIPAES S.A., hereinafter referred to as COMODORO. A closely-held corporation headquartered at Av. Brigadeiro Faria Lima, n 3.600, 4 Andar, Sala 47, Itaim Bibi, in the city and state of So Paulo, enrolled with the Corporate Taxpayers Registry of the Ministry of Finance (CNPJ/MF) under n 05.867.503/0001-82.
RIOPRIMA PARTICIPAES S.A., hereinafter referred to as RIOPRIMA. A closely-held corporation headquartered at Av. Brigadeiro Faria Lima, n 3.600, 4 Andar, Sala 44, Itaim Bibi, in the city and state of So Paulo, enrolled with the Corporate Taxpayers Registry of the Ministry of Finance (CNPJ/MF) under n 05.867.475/0001-01. OBJECT:
COMODORO, the details of which are above; RIOPRIMA, the details of which are above; KLABIN S.A., hereinafter referred to as KLABIN. A publicly-held corporation headquartered at Av. Brigadeiro Faria Lima, n 3.600, 3, 4 e 5 Andares, Itaim Bibi, in the city and state of So Paulo, enrolled with the Corporate Taxpayers Registry of the Ministry of Finance (CNPJ/MF) under n 89.637.490/0001-45.
PURPOSE:
To determine the Net Equity of COMODORO, RIOPRIMA and KLABIN, following the appraisal of the net worth of the companies involved, under the same criteria and on the same reference dates at market value, for the purposes set forth in art. 264 of Law N 6,404, de 15/12/1976 (the Brazilian Corporate Law).
EXECUTIVE SUMMARY
APSIS CONSULTORIA E AVALIAES LTDA. (APSIS) was hired by COMORODO and RIOPRIMA to assess the market value of their assets and liabilities as well as the book value of their shares, compared to those of KLABIN, under the applicable laws and regulations, namely article 264 of Law N 6404 (the Brazilian Corporate Law). The technical procedures applied herein follow the criteria set forth by the appraisal rules and the calculations to determine the value of the assets were prepared from an income, assets and market-based approach. This appraisal report shows the market value of the assets and liabilities of the companies used to adjust the Book Equity Value of COMODORO, RIOPRIMA and KLABIN from an asset-based approach.
EARNINGS SUMMARY
The tables below provide an overview of the market value of the Net Equity of the companies involved in the operation on the reference date of this report, for the purposes of article 264 of Law n 6404/76 (the Brazilian Corporate Law):
KLABIN S.A. (CONSOLIDATED) BALANCE ON 09/30/2013 4,121,106 2,174,176 243,870 1,072,009 102,116 489,805 17,246 21,884 10,035,357 3,763,660 464,268 5,798,805 5,798,805 8,624 14,156,463 1,844,963 1,128,466 PRO FORMA FINANCIAL STATEMENTS SUBSEQUENT EVENT (1) 85,000 PRO FORMA BALANCE 4,121,106 2,174,176 243,870 1,072,009 102,116 489,805 17,246 21,884 10,035,357 3,763,660 464,268 5,798,805 5,798,805 8,624 14,156,463 1,929,963 1,128,466 MARKET VALUE ADJUSTMENT 93,661 93,661 1,215,961 1,215,961 1,215,961 1,309,622 MARKET VALUE BALANCE 4,214,767 2,174,176 243,870 1,072,009 102,116 583,466 17,246 21,884 11,251,318 3,763,660 464,268 7,014,766 7,014,766 8,624 15,466,085 1,929,963 1,128,466
BALANCE SHEET (R$ thousand) CURRENT ASSETS Cash and cash equivalent Investments Accounts Receivable Recoverable Taxes Inventory Advanced Expenses Other Assets NON-CURRENT ASSETS LONG TERM ASSETS INVESTMENTS FIXED ASSETS Technical Fixed Assets INTANGIBLE ASSETS TOTAL ASSETS CURRENT LIABILITIES Loans and financing Suppliers
391,830 Tax liabilities Social and labor obligations Dividends payable Related parties Other Accounts Payable NON-CURRENT LIABILITIES LONG-TERM LIABILITIES Loans and financing Related parties - SCPs Deferred Taxes Tax Installments - REFIS Provision for Contingencies Other Liabilities NET EQUITY Capital stock Treasury shares Capital Reserve Revaluation Reserve Profit Reserve Equity Evaluation Adjustment Advanced Dividends Accumulated Profits Market Value Adjustment TOTAL LIABILITIES 94,562 130,572 3,378 96,155 6,845,175 6,845,175 4,884,241 123,826 1,287,082 393,082 93,506 63,438 5,466,325 2,271,500 (152,085) 4,417 49,447 2,094,146 1,069,795 129,105 14,156,463
85,000 (85,000) (85,000) -
391,830 94,562 130,572 85,000 3,378 96,155 6,845,175 6,845,175 4,884,241 123,826 1,287,082 393,082 93,506 63,438 5,381,325 2,271,500 (152,085) 4,417 49,447 2,094,146 1,069,795 (85,000) 129,105 14,156,463
445,272 445,272 445,272 864,351 864,351 1,309,622
391,830 94,562 130,572 85,000 3,378 96,155 7,290,447 7,290,447 4,884,241 123,826 1,732,354 393,082 93,506 63,438 6,245,676 2,271,500 (152,085) 4,417 49,447 2,094,146 1,069,795 (85,000) 129,105 864,351 15,466,085
(1) Distribution of Dividends.
COMODORO PARTICIPAES S.A. BALANCE SHEET (R$ thousands) CURRENT ASSETS Cash and cash equivalent NON-CURRENT ASSETS LONG TERM ASSETS INV ESTMENTS Interest in Klabin S.A. Interest in Klabin S.A.'s Reserves PROPERTY , PLANT AND EQUIPMENT INTANGIBLE ASSETS TOTAL ASSETS CURRENT LIABILITIES NON-CURRENT LIABILITIES LONG TERM LIABILITIES NET EQUITY Capital stock Revaluation Reserve Equity Evaluation Adjustment Profit Reserve Market Value Adjustment TOTAL LIABILITIES
SPECIAL FINANCIAL STATEMENTS BALANCE ON 10/30/2013 1 1 960,951 960,951 479,459 481,492 960,952 960,952 479,460 8,826 190,948 281,718 960,952 MARKET V ALUE ADJUSTMENT 154,348 154,348 154,348 154,348 154,348 154,348 154,348 1,115,300 633,807 481,492 1,115,301 1,115,301 479,460 8,826 190,948 281,718 154,348 1,115,301 BALANCE AT MARKET V ALUE 1 1 1,115,300
Note: The equity accounting of the investment in KLABIN S.A. was calculated based on its net equity on 09/30/2013.
RIOPRIMA HOLDINGS S.A. BALANCE SHEET (R$ thousand) CURRENT ASSETS Cash and cash equivalent NON-CURRENT ASSETS LONG TERM ASSETS INV ESTMENTS Interest in Klabin S.A. Interest in Klabin S.A.'s Reserves FIX ED ASSETS INTANGIBLE ASSETS TOTAL ASSETS CURRENT LIABILITIES NON-CURRENT LIABILITIES LONG TERM LIABILITIES NET EQUITY Capital stock Revaluation reserve Equity Evaluation Adjustment Profit reserve Market Value Adjustment TOTAL LIABILITIES
SPECIAL FINANCIAL STATEMENTS BALANCE ON 10/30/2013 1 1 144,904 144,904 72,298 72,605 144,905 144,905 72,299 1,331 28,794 42,481 144,905 MARKET V ALUE ADJUSTMENT 23,274 23,274 23,274 23,274 23,274 23,274 23,274 168,178 95,573 72,605 168,179 168,179 72,299 1,331 28,794 42,481 23,274 168,179 BALANCE AT MARKET V ALUE 1 1 168,178
The tables below show the share exchange ratio between the shares of KLABIN and those of COMODORO and RIOPRIMA:
R$ thousand RELEV ANT ACCOUNTS ASSETS CURRENT ASSETS LONG-TERM ASSETS PERMANENT ASSETS LIABILITIES CURRENT LIABILITIES LONG-TERM LIABILITIES NET EQUITY TOTAL NUMBER OF SHARES (*) R$ PER SHARE SHARE EX CHANGE RATIO Note.: Number of KLABIN's shares per 1 COMODORO's share. (*) Breakdown of shares: - Total shares of the Capital Stock before the acquisition Treasury shares (1) Total shares of the Capital Stock KLABIN 917,683,296 (30,113,500) 887,569,796 BOOK V ALUE KLABIN 14,156,463 4,121,106 3,763,660 6,271,697 14,156,463 1,929,963 6,845,175 5,381,325 887,569,796 6.063 1.000 COMODORO 960,952 1 0 960,951 960,952 0 0 960,952 158,420,240 6.066 NE AT MARKET V ALUE KLABIN 15,466,085 4,214,767 3,763,660 7,487,658 15,466,085 1,929,963 7,290,447 6,245,676 887,569,796 7.037 1.000
KLABIN x COMODORO COMODORO 1,115,301 1 0 1,115,300 1,115,301 0 0 1,115,301 158,420,240 7.040
COMODORO 163,797,653 (5,377,413) 158,420,240
(1) The number of KLABIN shares was reduced by its treasury shares. The same reduction was considered in COMODORO based on its percentage of interest in KLABIN's capital stock.
R$ thousand RELEV ANT ACCOUNTS ASSETS CURRENT ASSETS LONG TERM ASSETS PERMANENT ASSETS LIABILITIES CURRENT LIABILITIES LONG TERM LIABILITIES NET EQUITY TOTAL NUMBER OF SHARES (*) R$ PER SHARE SHARE EX CHANGE RATIO Note.: Number of KLABIN shares per 1 RIOPRIMA share. (*) Breakdown of shares: - Total shares of the Capital Stock before the acquisition Treasury shares (1) Total shares of the Capital Stock KLABIN 917,683,296 (30,113,500) 887,569,796 KLABIN 14,156,463 4,121,106 3,763,660 6,271,697 14,156,463 1,929,963 6,845,175 5,381,325 887,569,796 6.063 1.000 BOOK V ALUE RIOPRIMA 144,905 1 0 144,904 144,905 0 0 144,905 23,888,684 6.066 KLABIN 15,466,085 4,214,767 3,763,660 7,487,658 15,466,085 1,929,963 7,290,447 6,245,676 887,569,796 7.037 1.000
KLABIN x RIOPRIMA NET EQUITY AT MARKET V ALUE RIOPRIMA 168,179 1 0 168,178 168,179 0 0 168,179 23,888,684 7.040
RIOPRIMA 24,699,554 (810,870) 23,888,684
(1) The number of KLABIN shares was reduced by its treasury shares. The same reduction was considered in RIOPRIMA based on its percentage of interest in KLABIN's capital stock.
TABLE OF CONTENTS
1. 2. 3. 4. 5. 6. 7. 8. 9. INTRODUCTION ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------10 PRINCIPLES AND EXCEPTIONS ------------------------------------------------------------------------------------------------------------------------- Erro! Indicador no definido. DISCLAIMER ---------------------------------------------------------------------------------------------------------------------------------------------- Erro! Indicador no definido. COMPANY DESCRIPTION -------------------------------------------------------------------------------------------------------------------------------- Erro! Indicador no definido. APPRAISAL METHODOLOGIES-------------------------------------------------------------------------------------------------------------------------- Erro! Indicador no definido. GENERAL APPRAISAL CRITERIA ----------------------------------------------------------------------------------------------------------------------- Erro! Indicador no definido. APPRAISAL OF KLABINS NET EQUITY AT MARKET VALUE ----------------------------------------------------------------------------------------------------------------------------22 APPRAISAL OF COMODORO AND RIOPRIMAS NET EQUITY AT MARKET VALUE ---------------------------------------------------------------------------------------------------28 CONCLUSION ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------33
10. LIST OF ATTACHMENTS -------------------------------------------------------------------------------------------------------------------------------- Erro! Indicador no definido.
1. INTRODUCTION
APSIS CONSULTORIA E AVALIAES LTDA. (APSIS), headquartered at Rua da Assembleia, n 35, 12 andar, Centro, in the city and state of Rio de Janeiro, enrolled with the Corporate Taxpayers Registry of the Ministry of Finance (CNPJ/MF) under number 08.681.365/0001-30, was hired by COMODORO and RIOPRIMA to determine their Net Equities in relation to KLABIN at market value, following appraisal of the equities of such companies as per the same criteria and on the same dates for the purposes of art. 264 of Law N 6,404, of 15/12/1976 (the Brazilian Corporate Law). This Report was prepared based on data and information provided by third parties and gathered through documents and oral interviews with the clients. The estimates used in this process are based on such documents and information, including the following: Audited balance sheets of the groups companies; Organization chart and ownership interests; List of permanent assets; Appraisal of the inventory at market value; List of contingencies and their respective estimated realization; Cash flows used to measure the biological assets; and Other documents needed. This report was prepared by the following APSIS team of professionals:
AMILCAR DE CASTRO Commercial Officer ANA CRISTINA FRANA DE SOUZA Vice-President Civil Engineer with a post-graduate degree in Accounting Science(CREA/RJ 1991103043) ANTONIO LUIZ FEIJ NICOLAU Officer ERIVALDO ALVES DOS SANTOS FILHO Accountant (CRC/RJ-100990/O-1) LUCILIA NICOLINI Accountant (CRC/SP-107639/O-6) LUIZ PAULO CESAR SILVEIRA Vice-President Mechanical Engineer, with a Masters Degree in Business Administration (CREA/RJ 1989100165) MARCIA APARECIDA DE LUCCA CALMON Technical Officer (CRC/SP-143169/O-4) MRCIA MOREIRA FRAZO DA SILVA Officer (CRC/RJ-106548/O-3) RENATA POZZATO CARNEIRO MONTEIRO Vice-President RICARDO DUARTE CARNEIRO MONTEIRO President Civil Engineer, with a post-graduate degree in Economics Engineering (CREA/RJ 1975102453) SERGIO FREITAS DE SOUZA Officer Economist (CORECON/RJ 23521-0)
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2. PRINCIPLES AND EXCEPTIONS

The information below is important and should be carefully read. This Report resulting from this enumerated, calculated and itemized work strictly observes the principles below: The consultants have no personal interest, whether direct or indirect, in the companies involved in the operation, and there are no relevant circumstances which may characterize a conflict of interest. The professional fees of APSIS are in no way subject to the conclusions of this Report. To the best of the consultants knowledge, t he analyses, opinions and conclusions expressed in this Report are based on reliable and correct data, steps, research and surveys. All the information provided by third parties is assumed to be accurate, and its source is included and mentioned in the Report. For projection purposes, it is assumed that the companies are free and clear of any liens or encumbrances of any kind, whether judicial or extrajudicial, other than those listed in this Report. This Report indicates any and all limiting conditions imposed by the methodologies adopted, if any, which may affect the analyses, opinions and conclusions contained in it. This Report was prepared by APSIS and no one other than its own consultants prepared the relevant analyses and conclusions. APSIS assumes all responsibility for the Appraisals, including implicit, in the exercise of its functions, mainly those established in laws, codes or its own regulations. This Report meets the rules and criteria established by the Brazilian Association of Technical Norms (ABNT), the Uniform Standards of Professional Appraisal Practice (USPAP) and the International Valuation Standards Council (IVSC), besides any requirements imposed by different bodies, such as the Brazilian Accounting Pronouncements Committee (CPC), the Ministry of Finance, Banco Central (the Central Bank), Banco do Brasil, the Superintendence of Private Insurance (SUSEP), Income Tax Regulations (RIR), the Brazilian Committee of Business Appraisers (CBAN) etc. The controller and the managers of the companies contemplated in this Report did not direct, limit, hinder or perform any acts that affected or may have affected access, use or knowledge of information, property, documents or work methodologies relevant the quality of the conclusions contained in this report.
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3. DISCLAIMER
To prepare this Report, APSIS used historical data and information audited by third parties or not audited, provided in writing or orally by the companys management or obtained from other sources mentioned. Thus, APSIS assumed as true the data and information obtained for this Report and does not have any responsibility in connection with their truthfulness. The scope of this work does not include an audit of the financial statements or revision of the works performed by its auditors. Thus, APSIS is not providing an opinion about the Applicants financial reports. We shall not be liable for any losses sustained by the Applicant and its subsidiaries, partners, officers, creditors or other parties as a result of the use of data and information provided by the company which are included in this Report. Our work was developed solely for use by the applicants and aims at the objectives described above. Therefore, this Report may not spread or be published, reproduced, disseminated or used for any purposes other than that already mentioned, without the prior written consent of APSIS. The analyses and conclusions contained herein are based on several assumptions, held as of this date, of future operational projections, such as: macroeconomic factors, amounts practiced by the market, exchange rate variations, sale prices, volumes, market share, revenues, taxes, investments, operational margins, etc. Thus, future results may differ from any forecast or estimate contained in this Report, mainly if the company did not have access to such relevant information at the date of issue of this Report. This appraisal does not reflect events and their respective impacts, occurring after the date of issue of this Report. APSIS shall not be liable for losses, whether direct or indirect, or loss of profits resulting from undue use of this Report. It is worth stressing that understanding of the conclusion hereof is conditional upon the thorough reading of this Report and its attachments. Therefore, no conclusions should be drawn from its partial reading, for they are likely to be incorrect.
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4. DESCRIPTION OF THE COMPANIES

Founded in 1899, KLABIN imported stationery products and produced supplies for offices, stores, government agencies and banks. In the following years, the company cardboard entered the papermaking, industry, china and Latin production becoming eucalyptus pulp mill in Paran, and installed new equipment to reduce GHG emissions and fuel oil consumption, structured the Sustainability Committee, concluded the high-voltage line of Monte Alegre (PR), which increases energy supply stability, and invested R$ 220 million in a new sackraft machine in Correia Pinto (SC), with 80-thousand-ton/year capacity. Klabin keeps 16 manufacturing plants, 15 of which are in Brazil and one is in Argentina, offices in eight states of Brazil and Argentina, a branch in the US and a logistic distributor in Europe. The company is headquartered in So Paulo.
Americas largest producer of corrugated paper. In 1979, the company went public on BOVESPA, So Paulo Stock Exchange. In 1990, GRUPO KLABIN was considered to be Brazils largest toilet paper manufacturer. In the year 2005, the company obtained the Forest Stewardship Council (FSC) certification for its forests in Santa Catarina and for cartonboard and kraftliner chain of custody in Paran, the only company in the world ever to have such a seal. In the following years, it was awarded the seal again for the production of paper, industrial bags, cartonboard, kraftliner, recycled paper and corrugated cardboard packaging in several units. This seal also guarantees traceability of the raw material through all the production line. Also, the Plasma Project was inaugurated as first plant in the world to recycle aseptic cartons. In the last two years, the company purchased lands to build a pinus and
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5. APPRAISAL METHODOLOGY
ASSETS APPROACH: NET EQUITY AT MARKET VALUE This methodology derives from generally accepted accounting principles (GAAP), whereby financial statements are prepared based on the principle of historical or acquisition cost. According to these principles and the fundamental principle of accounting, the book value of the assets of a company less the book value of its liabilities equals the book value of its net equity. The application of this methodology contemplates, as a starting point, the book values and liabilities and requires that some of these items be adjusted so as to reflect their probable realization values. The result from the application of this method may provide an initial basis towards the estimate of the companys value, as well as a useful basis of comparison with results from other methodologies. On the other hand, the basic economics principles allow us to create the following appraisal technique: the value defined for assets less the value defined for liabilities equals the value defined for a companys net equity. From an appraisal perspective, the relevant value definitions are those appropriate to the purpose of the appraisal. The valuation of assets, therefore, aims at appraising a company according to In this appraisal, the methodology and scope adopted aimed at appraising a companys going concern. Therefore, expenses incurred in asset realization or liability requirements, as well as those related to the companies bankruptcy or liquidation processes were not contemplated in the calculations. It is worth pointing out that the identification and quantification of liabilities that were neither recorded nor disclosed by the Companys Management was not included in our work. the adjustment of the book value (net balance) to its respective fair market values. The assets and liabilities deemed relevant are evaluated on the basis of their fair market value, with a comparison being made between this amount and the book value (net balance). The general appraisal criteria applied towards the adjustment of assets subject to an appraisal at market value are detailed in Chapter 6 of this report. After being duly analyzed, these adjustments are added to the book Net Equity value, thus establishing the market value of the company through the assets approach. The companys fair market value will be the Net Equity value after adjustments found for assets and liabilities evaluated are accounted for.
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MAIN STAGES OF THE APPRAISAL Reading and analysis of the companies balance sheet. Analysis of the asset and liability accounts registered on the companys balance sheet, aiming at identifying accounts which are subject to adjustments, and calculations of their probable market values. Market-value adjustments in the companies property, plant and equipment based on APSIS calculations. Adjustment of relevant intangible assets to their respective market values, based on the assumptions and criteria developed by APSIS. Application of the net equity method of accounting to the net equities at market value of subsidiary and affiliated companies in order to calculate the value of investments. Calculation of the market value of the companies net equity.
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6. GENERAL APPRAISAL CRITERIA

This report was prepared for the purpose of meeting the relevant laws in force, in the context of the Corporate Restructuring of Grupo Klabin, as described in the Executive Summary. EVENTS AND ADJUSTMENTS CONSIDERED IN THE APPRAISAL The Audited Financial Statements used as a basis for this report were prepared by the Company in full compliance with Law N 11,638/07. The table below provides the general criteria defined for the appraisal of each account and/or group of accounts of the companies involved in the operation: GROUP OF ACCOUNTS GENERAL ASSUMPTIONS Accounts with an amount of less than R$ 500,000 were not analyzed and the book value was maintained, except for those consolidated in some specific group. REDUCTION IN THE RECOVERABLE VALUE OF LONG-TERM ASSETS (IMPAIRMENT TEST) The balance of fixed assets and other assets are revised annually for the identification of non-recoverable losses, or still, whenever any events or changes to the circumstances indicate that the book value may not be recoverable. If this case, the recoverable value is calculated for verification of losses in such assets. The Company did not could identify reduce any the APPRAISAL CRITERION Market value same as book value.
indicators
which
recoverable value of its assets for the period ending on September 30, 20013, based on its analyses of the value in use by the cash flows discounted, prepared according to the budgetary projection approved by the Management. Book value maintained as market
CASH, CASH EQUIVALENTS AND INVESTMENTS
Includes money in cash, bank deposits available and short-term high-liquidity investments, which are immediately convertible in a known cash amount subject to an insignificant risk of changes in value.
adjustment was not identified.
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GROUP OF ACCOUNTS BONDS AND SECURITIES
ASSUMPTIONS They are represented by National Treasury Floating Rate Securities (Letras Financeiras do Tesouro Nacional LFT), the remuneration of which is indexed according to the Special Clearance and Escrow System (Sistema Especial de Liquidao e de Custdia) SELIC rate variation, and are classified as available-for-sale financial assets. They are due to mature by the end of 2015. However, these bonds and securities have an active trading market, considering their characteristics, the fair value of which is basically the value of the principal and interest originally established in such securities accrued.
APPRAISAL CRITERION Book value maintained as it was already recorded at the titles fair value.
ACCOUNTS RECEIVABLE
They are recorded and maintained by the face value of the securities derived from the sale of the products and exchange variations accrued, where applicable. Provision for bad debts (Proviso para Crditos de Liquidao Duvidosa - PCLD) is constituted based on the separate analysis of values receivable and the amount deemed necessary and sufficient to cover any losses in the realization of such credits. O saldo em questo no se encontra ajustado a valor presente pela no relevncia do ajuste, devido ao curto prazo de sua realizao dos ttulos.
Book
value
maintained
as
market
INVENTORIES
Inventories are demonstrated by the average purchase cost, net of offsetting tax, where applicable, and the biological assets fair value on the cut-off date. The finished goods inventories are evaluated by the cost of processed raw materials, direct labor and other production costs. When needed, the inventories are deducted from the provision for losses, constituted in cases of inventory depreciation, product obsolescence and loss of physical
Market adjustment of these items was considered, based on market prices, net of direct taxes and commercial expenses.
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GROUP OF ACCOUNTS inventory. TAX RECOVERABLE AND OTHER TAXES Represented by:
ASSUMPTIONS
APPRAISAL CRITERION
Book
value
maintained
as
market
The values of deferred income tax and social contribution are recorded in the balance sheets in the net amounts in non-current assets and liabilities, deriving mainly from temporarily non-deductible provisions and taxes in court proceedings, both in the controlling companys assets and liabilities an d adjustments included in the Transition Tax Regime ( Regime Tributrio de Transio RTT), such as: fixed assets (lands)-related costs, fair value measurement of biological assets, changes in the fixed asset depreciation rates and amortization of deferred asset. The controlled companies taxes are calculated and provisioned according to the legislation of the companies country and/ or specific tax regime, including, in some cases, presumed profit . Besides such deferred taxes on income, there are balances consisting of the following current taxes: o o o o o IPI (Industrialized Products Tax) ICMS (Tax on the Circulation of Goods and Services) IRPJ/CS (Individual Income Tax/Social Contribution) PIS (Social Integration Program) and COFINS (Social Contribution Tax) Other
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GROUP OF ACCOUNTS INTEREST IN CONTROLLED COMPANIES
ASSUMPTIONS Appraisal through equity method. Klabin S.A.s presented in the consolidated manner. financial statements are being
APPRAISAL CRITERION The balances were adjusted by the effects of the market adjustments reflected on the net equity of the controlled companies evaluated, where applicable.
OTHER INVESTMENTS
Represented by other investments whose balances are recorded net of provision for losses, where applicable.
Book value maintained as no market adjustment was identified. Market value same as book value, given the recently conducted revaluation.
LANDS
Recent appraisal at market value, according to criteria in connection with Technical Pronouncement Interpretation (ICPC) 10, with specific appraisal reports. Appraisal of Fixed Assets as spelled out in the attachment to this report.
a
FIXED ASSETS
Market value-based appraisal.
ONGOING CONSTRUCTION WORKS BIOLOGICAL ASSETS
Assets with book value near the market value, as they refer to recent acquisitions.
Market value same as book value.
The biological assets are measured at fair value, less the estimated sale costs at the moment of the harvest. The value of exhaustion of the biological assets is measured by the amount of lumber, evaluated at its fair value.
Book value maintained as the fair value has already been measured.
INTANGIBLE ASSETS
Represented mostly by: Softwares Acquisition cost less accumulated amortization. Trademark and patents Acquisition cost.
In compliance with art. 264 of the Brazilian Corporate Law, the appraiser opted for the historical cost value as the best reference.
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GROUP OF ACCOUNTS
ASSUMPTIONS
APPRAISAL CRITERION In this way, the book value of the balances was maintained.
LOANS AND FINANCING
Represented by: Loans and Financing in: o o Local Currency Mostly represented by loans with BNDES (Brazilian Development Bank), with expected liquidation in January 2017; Foreign Currency Mostly represented by pre-payment operations and credit notes for exportation obtained from major banks, with expected liquidation in 2022.
Book value maintained as no market adjustment was identified.
The balance of loans and financing accounts for the value of resources raised, with interest and charges pro rata accrued in the period incurred, less the amortized installments. If applicable, the balances of the loans and financing contemplate the exchange rate variation recognized in liabilities. SUPPLIERS The balance is mostly represented by debts in national currency and the Company operates with a medium pay term to suppliers of approximately 45 days.
Book value maintained as no market adjustment was identified. Book value maintained as no market adjustment was identified.
ESCROWS AND FISCAL, PENSION, LABOR AND CIVIL PROVISIONS
The risks provisioned by the Company are mostly relative to court proceedings involving tax disputes such as income tax and social contribution, labor claims on severance pay brought by former employees, and civil actions, mostly damages including compensation for emotional distress arising from accidents.
OTHER ASSETS AND LIABILITIES
Mostly represented by: Prepaid expenses; Advances; and Tax Installments REFIS (Fiscal Recovery Program).
The unpaid balance of REFIS (Law N 11,941/09), recorded in the separate consolidated balance sheet, amounts to R$ 418,828, which is adjusted by the actual
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GROUP OF ACCOUNTS
ASSUMPTIONS
APPRAISAL CRITERION interest rate, which reflects future values and the SELIC rate variation. Book value maintained as no market adjustment was identified.
NET EQUITY
Market adjustments Result of the appraisal of the Assets, Rights and Obligations at market value net of tax effects.
Reflects market adjustments net of tax effects, where applicable.
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7. APPRAISAL OF KLABINS NET EQUITY AT MARKET VALUE

This report adopted the assets approach for appraising KLABINs Net Equity. We evaluated the relevant assets and liabilities in order to reflect their fair market value according to the criteria spelled out in Chapter 6. RELEVANT ASSETS The company controls companies which operate in the following segments: Forestry, Papermaking and Conversion, with activities related, respectively, to operations of forest plantation and timber harvesting, production and sale of cartonboard reels and sale of corrugated cartonboard, corrugated cartonboard sheets and industrial sacks. It operates on domestic and international markets. FIXED ASSETS The assets in Fixed Assets, referring to the accounts Machinery, Equipment and Facilities, are assets of major significance within KLABINS group of operating assets. For this appraisal, we considered KLABINs controlling and controlled companies, direct and indirectly, and the sum of the controlling companys fixed assets accounts for more than 90% of the groups total fixed assets. For the appraisal methodology of these assets, please refer to Attachment 1 hereto. The table below provides a summary for the results of Fixed Assets:
Em R$ mil IMOBILIZADO CONSOLIDADO KLABIN S.A. Imobilizado Tcnico TOTAL VALOR CONTBIL VALOR DE MERCADO 5.798.805,00 5.798.805,00 7.014.766,37 7.014.766,37
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BIOLOGICAL ASSETS The Companys biological assets comprise the harvest and plantation of pinus and eucalyptus forests for the storage of raw material and the production of paper and pulp used in the manufacturing production process of paper and the sale of timber to third parties. On September 20, 2013, the Company owned 238,000 hectares of planted forests, excluding the permanent conservation and the legal reserve areas, which must be preserved in compliance with the Brazilian environmental laws. The biological assets were not revaluated, as the criterion to measure these assets, according to CPC Technical Pronouncement 29 (IAS 41), provides for appraisal of biological assets at fair value, less estimated sale costs at the moment of the harvest. This appraisal uses the Discounted Cash Flow method, projecting future cash flows according to the estimated forest production cycle, taking into consideration assumptions such as biological asset price and production volume, brought to present value by a discount rate representing the weighted average cost of the Companys capital. Furthermore, the Company revaluates the fair value of its biological assets quarterly, based on the assumption that such an interval is enough for a significant discrepancy not to exist in the balance of the biological assets fair value recorded in its quarterly reports.
APPRAISAL OF OTHER ASSETS AND LIABILITIES For other KLABINs assets and liabilities, the criteria described in Chapter 6 were adopted.
23
VALUE OF KLABINS NET EQUITY AT MARKET VALUE

The table below provides the value of KLABINs Net Equity at Market Value, with the relevant market adjustments to the principal accounts, on the reference date of this report:
KLABIN S.A. (CONSOLIDATED) BALANCE ON 09/30/2013 4,121,106 2,174,176 243,870 1,072,009 102,116 489,805 17,246 21,884 10,035,357 3,763,660 464,268 5,798,805 5,798,805 8,624 14,156,463 1,844,963 1,128,466 PRO FORMA FINANCIAL STATEMENTS SUBSEQUENT EVENT (1) 85,000 PRO FORMA BALANCE 4,121,106 2,174,176 243,870 1,072,009 102,116 489,805 17,246 21,884 10,035,357 3,763,660 464,268 5,798,805 5,798,805 8,624 14,156,463 1,929,963 1,128,466 MARKET VALUE ADJUSTMENT 93,661 93,661 1,215,961 1,215,961 1,215,961 1,309,622 MARKET VALUE BALANCE 4,214,767 2,174,176 243,870 1,072,009 102,116 583,466 17,246 21,884 11,251,318 3,763,660 464,268 7,014,766 7,014,766 8,624 15,466,085 1,929,963 1,128,466
BALANCE SHEET (R$ thousand) CURRENT ASSETS Cash and cash equivalent Investments Accounts Receivable Recoverable Taxes Inventory Advanced Expenses Other Assets NON-CURRENT ASSETS LONG TERM ASSETS INVESTMENTS FIXED ASSETS Technical Fixed Assets INTANGIBLE ASSETS TOTAL ASSETS CURRENT LIABILITIES Loans and financing
24
Suppliers Tax liabilities Social and labor obligations Dividends payable Related parties Other Accounts Payable NON-CURRENT LIABILITIES LONG-TERM LIABILITIES Loans and financing Related parties - SCPs Deferred Taxes Tax Installments - REFIS Provision for Contingencies Other Liabilities NET EQUITY Capital stock Treasury shares Capital Reserve Revaluation Reserve Profit Reserve Equity Evaluation Adjustment Advanced Dividends Accumulated Profits Market Value Adjustment
391,830 94,562 130,572 3,378 96,155 6,845,175 6,845,175 4,884,241 123,826 1,287,082 393,082 93,506 63,438 5,466,325 2,271,500 (152,085) 4,417 49,447 2,094,146 1,069,795 129,105 -
85,000 (85,000) (85,000) -
391,830 94,562 130,572 85,000 3,378 96,155 6,845,175 6,845,175 4,884,241 123,826 1,287,082 393,082 93,506 63,438 5,381,325 2,271,500 (152,085) 4,417 49,447 2,094,146 1,069,795 (85,000) 129,105 -
445,272 445,272 445,272 864,351 864,351
391,830 94,562 130,572 85,000 3,378 96,155 7,290,447 7,290,447 4,884,241 123,826 1,732,354 393,082 93,506 63,438 6,245,676 2,271,500 (152,085) 4,417 49,447 2,094,146 1,069,795 (85,000) 129,105 864,351
25
TOTAL LIABILITIES (1) Distribution of Dividends.
14,156,463
14,156,463
1,309,622
15,466,085
26
VALUE OF KLABINS SHARES
887.569.796 shares Book value Adjustment per share Market-adjusted book value
VALUE PER SHARE R$ 6.063 R$ 0.974 R$ 7.037
27
8. APPRAISAL OF COMODORO AND RIOPRIMAS NET EQUITY AT MARKET VALUE

This report adopted the assets approach for appraising COMODORO and RIOPRIMAs Net Equity. We evaluated the relevant assets and liabilities in order to reflect their fair market value according to the criteria spelled out in Chapter 6. RELEVANT ASSETS For us to arrive at the value of COMODORO and RIOPRIMA's Net Equity at market value, it was necessary to carry out appraisals of their relevant operating assets. The relevant assets of such companies are their investments in KLABIN, and the market value was conducted through the equity method. APPRAISAL OF OTHER ASSETS AND LIABILITIES For KLABINs other assets and liabilities, the criteria described in Chapter 6 were adopted.
28
VALUE OF COMODOROS NET EQUITY AT MARKET VALUE

The table below provides the value of COMODOROs Net Equity at Market Value, with the relevant adjustments in its main accoun ts, on the reference date of this report:
COMODORO PARTICIPAES S.A. BALANCE SHEET (R$ thousands) CURRENT ASSETS Cash and cash equivalent NON-CURRENT ASSETS LONG TERM ASSETS INV ESTMENTS Interest in Klabin S.A. Interest in Klabin S.A.'s Reserves PROPERTY , PLANT AND EQUIPMENT INTANGIBLE ASSETS TOTAL ASSETS CURRENT LIABILITIES NON-CURRENT LIABILITIES LONG TERM LIABILITIES NET EQUITY Capital stock Revaluation Reserve Equity Evaluation Adjustment Profit Reserve Market Value Adjustment TOTAL LIABILITIES
SPECIAL FINANCIAL STATEMENTS BALANCE ON 10/30/2013 1 1 960,951 960,951 479,459 481,492 960,952 960,952 479,460 8,826 190,948 281,718 960,952 MARKET V ALUE ADJUSTMENT 154,348 154,348 154,348 154,348 154,348 154,348 154,348 1,115,300 633,807 481,492 1,115,301 1,115,301 479,460 8,826 190,948 281,718 154,348 1,115,301 BALANCE AT MARKET V ALUE 1 1 1,115,300
29
VALUE OF COMODOROS SHARES
158,420,240 shares Book value Adjustment per share Market-adjusted book value
VALUE PER SHARE R$ 6.066 R$ 0.974 R$ 7.040
30
RIOPRIMAS NET EQUITY AT MARKET VALUE

The table below shows RIOPRIMAS Net Equity at Market Value, with the relevant adjustments in its main accounts, on the reference date of this report:
RIOPRIMA HOLDINGS S.A. BALANO PATRIMONIAL (R$ mil) ATIV O CIRCULANTE Caixa e equivalente de caixa ATIV O NO CIRCULANTE REALIZV EL A LONGO PRAZO INV ESTIMENTOS Participao em Klabin S.A. Participao nas Reservas de Klabin S.A. IMOBILIZADO INTANGV EL TOTAL DO ATIV O PASSIV O CIRCULANTE PASSIV O NO CIRCULANTE EX IGV EL A LONGO PRAZO PATRIMNIO LQUIDO Capital social Reservas de Reavaliao Ajustes de Avaliao Patrimonial Reservas de Lucros Ajustes a Mercado TOTAL DO PASSIV O 2,69% 144.904 72.298 72.605 144.905 144.905 72.299 1.331 28.794 42.481 144.905 DEMONSTRAES CONTBEIS ESPECIAIS SALDOS EM 30/10/2013 1 1 144.904 AJUSTES A MERCADO 23.274 23.274 23.274 23.274 23.274 23.274 23.274 168.178 95.573 72.605 168.179 168.179 72.299 1.331 28.794 42.481 23.274 168.179 SALDOS A MERCADO 1 1 168.178
OBS: A equivalncia patrimonial do investimento em KLABIN S.A. foi calculada com base no patrimnio lquido de 30/09/2013.
31
VALUE OF RIOPRIMAS SHARES

23,888,684 shares Book value Adjustment per share Market-adjusted book value VALUE PER SHARE R$ 6.066 R$ 0.974 R$ 7.040
Laudo SP-0372/13-01 Anexo 1
32
9. CONCLUSION
Based on the review of the documentation mentioned above and APSIS survey results, the experts have reached the following sh are exchange ratio between COMODORO and RIOPRIMA per KLABINs shares, which were appraised by the value of their Net Equity at Market Value based on the assets approach on September 30, 2013: COMODORO: 1.000 shares per 01 KLABIN share RIOPRIMA: 1.000 shares per 01 KLABIN share
This brings to a close Report SP-0372/13-01, which was prepared as a Digital Report (an electronic document in Portable Document Format - PDF), with the digital certificates of the relevant technical responsible people and printed by APSIS, consisting of thirty-one (31) printed sheets on only one side each and three (03) attachments. For any further clarification, please feel free to contact APSIS Consultoria Empresarial Ltda., CREA/RJ 1982200620 and CORECON/RJ RF/02052, a company specializing in asset appraisal, legally represented below by its officers.
Rio de Janeiro, November 1, 2013. Officer Project management
33
10. LIST OF ATTACHMENTS

1. 2. 3. APPRAISAL CALCULATIONS FIXED ASSETS SUPPORT DOCUMENTATION GLOSSARY AND APSIS PROFILE
RIO DE JANEIRO RJ Rua da Assembleia, n 35, 12 andar Centro, CEP 20011-001 Tel.: + 55 (21) 2212-6850 Fax: + 55 (21) 2212-6851
SO PAULO - SP Av. Anglica, n 2.503, Conj. 42 Consolao, CEP 01227-200 Tel.: + 55 (11) 3666-8448 Fax: + 55 (11) 3662-5722
34
ANEXO 1
35
APPRAISAL OF FIXED ASSETS The procedures applied in this report followed the criteria set forth by ABNT (Brazilian Association of Technical Rules) Appraisal Rules NBR 14653-1:2001, and the appraisal calculations to determine the values were prepared based on the Direct Market Data and the Replacing Value for a New Asset methods. The methodology also aimed at facilitating the process of adjusting the depreciation rates of the assets at hand, in compliance with Law N 11,638/2007. Based on prior experience, APSIS developed a value calculation methodology based on comparative elements obtained from the operating systems evaluated. Please find below the references and the criteria used with the main items of the appraisal: REFERENCES a) Asset control of fixed assets provided by KLABIN with reference date of September 2013; b) Market values for Machinery and Equipment and Buildings and Improvements for the main business units realized by the company in 2008; c) Useful Economic Life table adopted by the company, in compliance with CPC (Accounting Pronouncements Committee)- regulation 27; The balances on the reference date had been audited; All assets had been evaluated in 2009 in compliance with CPC regulation 27, although the company only recorded appreciations for lands; and The most significant additions of fixed assets for the period between last 2009s appraisal and the reference date are substantially concentrated between 2011 and 2013, when the acquisition cost was considered to be the best estimated market value. d) e) Interviews with the engineering departments of each Business Unit; We did not find it necessary to conduct technical visits to the unit, given:
36
METHODOLOGY We analyzed the accounts Machinery and Equipment and Buildings and Improvements for the companys main business units, as follows: ANGATUBA BETIM (BE01) CORREIA PINTO (CP01) FEIRA DE SANTANA (FST1) GOIANA (GO01) GOIANA RECICLADOS (GO02) GOIANA SACOS (GO04) GUAPIMIRIM ITAJA (ITA1) JUNDIA DI JUNDIA TP LAGES I (LG01) LAGES II (LG02) MONTE ALEGRE (MA01) OTACLIO COSTA (OTA1) PIRACICABA (PI01) PIRACICABA (PI02) SO LEOPOLDO (SL01) DATABANK ANALYSIS * Total acquisition value in SEP/13 Acquisition value of the items evaluated in DEC/08 that remained in the databank in SEP/13 % Items that remained in the base
* According to information provided by Sep. 2013 databank
provided so as to correct them in relation to the reference date of September 2013, considering the following corrections: Consider only the portion of assets that remained in the companys databank in September 2013; Depreciation of the assets in the period between December 2008 and September 2013; and IGPM (General Market Price Index) adjustment of the values evaluated at market price until the reference date. The table below provides the proportion of items evaluated based on the market values presented with reference date of December 2008:
VALUE (R$) R$ 4,882,352,310.78 R$ 2,626,932,089.09 54%
For the appraisal of those groups, we used as a starting point the market values of the business units in December 2008, the documentation of which was provided by the companys engineering department. After validation of the methodologies and criteria used in the appraisal calculations presented, an analysis of the relevance of the items evaluated in comparison with the companys total fixed assets was conducted. For such, first, we analyzed the companys databank in December 2008 (date of the appraisal at market value), compared it with the databank on the reference date of this report, and analyzed write-offs and additions. From the result of this analysis, we calculated the reduction factor to be applied to the market values
37
Regarding the other items of the databank evaluated on the reference date (which were not on Decembers databank), the following assumptions were considered: For Lands, as the company realized the deemed cost as set forth in ICPC-10 (Accounting Pronouncements Committee Technical Interpretation - 10), only the market values found were validated. The experts concluded that the book value recorded was already at market value; and For the fixed assets acquired on a date after 2011, as they meant recent acquisitions, the experts concluded that the residual book value was the best estimated market value. Based on the information above, we reached the following list of items evaluated:
ANALYSIS OF RESIDUAL FINANCIAL VALUE Residual Value of Items Evaluated (ref. date 2008) Residual Value Items acquired after 2011 Residual Value Lands Residual Value Items not appraised VALUE (R$) 1,127,122,107.74 683,937,180.19 257,650,005.66 1,038,927,732.69 % 36% 22% 8% 33%
The table below provides a summary for the analysis of the accounts Machinery and Equipment and Buildings and Improvements:
MARKET VALUE APPRAISAL MACHINERY AND EQUIPMENT BUILDINGS AND IMPROVEMENTS TOTAL R$ R$ R$ RESIDUAL VALUE 1,033,001,554.98 94,120,552.76 1,127,122,107.74 R$ R$ MARKET VALUE 2,013,927,379.59 329,156,097.75 R$ R$ R$ APPRECIATION 980,925,824.61 235,035,544.99 1,215,961,369.60
R$ 2,343,083,477.34
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The table below provides a summary for Machinery and Equipment:
MACHINERY AND EQUIPMENT ANGATUBA BETIM (BE01) CORREIA PINTO (CP01) FEIRA DE SANTANA (FST1) GOIANA GUAPIMIRIM ITAJA (ITA1) JUNDIA DI JUNDIA TP LAGES I (LG01) LAGES II (LG02) MONTE ALEGRE (MA01) OTACLIO COSTA (OTA1) PIRACICABA (PI01) SO LEOPOLDO (SL01) R$ R$ R$ R$ RS R$ R$ R$ R$ R$ R$ R$ R$ R$ R$
ACQUSITION VALUE Remaining 2008-2013 114,151,830.42 R$ 15,271,537.88R$ 316,329,319.93 R$ 20,688,495.08R$ 22,656,648.32R$ 41,469,700.49 R$ 19,793,107.84 R$ 4,744,896.14 R$ 53,315,288.30 R$ 93,651,320.59 R$ 10,046,388.58 R$ 1,855,886,231.90 R$ 406,163,761.09 R$ 28,358,772.98 R$ 15,768,823.14 R$
ACQUISITION VALUE Total 2008
REPLACEMENT VALUE (Dec/08) 193,167,745.00 R$ 43,913,407.00 R$ 1,307,534,990.00 R$ 63,514,658.00 R$ 196,076,688.00 R$ 162,151,680.00 R$ 70,258,438.00 R$ 42,306,966.00 R$ 119,154,528.00 R$ 223,239,729.00 R$ 51,543,046.00 R$ 1,751,593,126.00 R$ 292,984,195.00 R$ 51,858,668.00 R$
MARKET VALUE (Dec/08) 111,958,068.00 16,462,471.00 455,003,401.00 27,647,862.00 93,816,166.00 93,404,710.00 35,227,509.00 16,312,168.00 65,478,222.00 132,754,016.00 11,500,940.00 834,981,592.00 154,521,524.00 19,696,096.00
ADJUSTMENT FACTOR Dec/08 -Sep/13 0.66 0.57 0.65 0.54 0.54 0.67 0.62 0.23 0.63 0.53 0.63 0.53 0.58 0.63 0.56 R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$
MARKET VALUE (Sep/13) 73,580,464.65 9,337,390.25 295,915,947.15 15,040,628.73 50,660,972.72 62,873,648.80 21,676,037.94 3,713,289.11 41,402,697.10 70,977,147.31 7,223,926.61 765,577,201.02 487,286,128.14 97,542,322.47 11,119,577.60
117,235,490.68 R$ 18,173,377.28 R$ 328,298,634.60 R$ 25,668,933.14 R$ 29,462,802.27 R$ 41,582,861.00 R$ 21,711,977.44 R$ 14,068,992.21 R$ 56,911,936.45 R$ 118,229,646.11 R$ 10,795,762.98 R$ 2,382,407,845.37 R$ 469,761,457.23 R$ 30,016,008.60 R$ 18,852,740.98 R$
3,570,412,070.00 R$ 1,456,030,244.00
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The table below provides a summary for Buildings and Improvements:
BUILDINGS AND IMPROVEMENTS ANGATUBA BETIM (BE01) CORREIA PINTO (CP01) FEIRA DE SANTANA (FST1) GOIANA GUAPIMIRIM ITAJA (ITA1) JUNDIA DI JUNDIA TP LAGES I (LG01) LAGES II (LG02) MONTE ALEGRE (MA01) OTACLIO COSTA (OTA1) PIRACICABA (PI01) SO LEOPOLDO (SL01) R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$
ACQUISITION VALUE Remaining 2008-2013 10,895,763.01 R$ 1,606,677.11 R$ 26,206,093.83 R$ 5,355,679.81 R$ 9,783,228.32 R$ 2,487,264.93 R$ 4,374,842.63 R$ 2,089,675.40 R$ 19,940,463.81 R$ 5,261,483.15 R$ 1,773,876.13 R$ 111,642,937.17 R$ 26,978,635.76 R$ 12,440,901.37 R$ 4,841,955.79 R$
ACQUISITION VALUE Total 2008
REPLACEMENT VALUE (Dec/08) 31,224,959.00 R$ 21,870,710.00 R$ 123,012,759.00 R$ 15,460,517.00 R$ 66,860,085.00 R$ 24,072,471.00 R$ 16,374,311.00 R$ 19,072,514.00 R$ 51,824,947.00 R$ 19,458,014.00 R$ 11,261,343.00 R$ 627,870,185.00 R$ 237,133,285.00 R$ 60,034,485.00 R$ 18,450,519.00 R$
MARKET VALUE (Dec/08) 15,763,135.00 6,192,937.00 35,977,038.00 5,970,884.00 19,965,351.00 3,069,586.00 7,655,707.00 4,239,072.00 29,763,215.00 8,218,701.00 2,495,468.00 212,296,619.00 90,521,673.00 34,928,586.00 6,461,087.00
ADJUSTMENT FACTOR Dec/08 -Sep/13 1.03 0.99 0.91 0.98 0.94 0.99 1.03 0.69 1.03 0.85 0.96 0.31 0.95 1.04 1.01 R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$
MARKET VALUE (Sep/13) 16,206,039.35 6,146,224.59 32,797,404.35 5,844,799.04 18,834,030.21 3,053,770.73 7,919,272.17 2,939,905.25 30,775,481.07 6,958,704.60 2,406,926.48 66,236,681.36 86,155,224.91 36,373,917.41 6,507,716.23
11,036,526.90 R$ 1,685,877.11 R$ 29,936,242.91 R$ 5,697,610.11 R$ 10,800,029.65 R$ 2,603,601.39 R$ 4,404,245.73 R$ 3,137,800.74 R$ 20,082,571.35 R$ 6,471,307.48 R$ 1,915,232.67 R$ 372,636,024.67 R$ 29,518,888.99 R$ 12,440,901.37 R$ 5,006,184.75 R$
40
APPRAISAL OF BIOLOGICAL ASSETS CPC-29 defines biological assets as living animals and/or plants, which can be classified as ripe or green, or edible and for production. Consumable assets are those which can be consumed as agricultural produce or sold as biological assets, whereas production assets are self-renewable, that is, regularly produced. Ripe assets, in turn, are at the point of harvest or apt to support harvests regularly. Also according to CPC-29, the criterion for recognition of a biological asset by an entity is valid when: a) the entity has the control of the asset; b) future economic benefits are associated with the asset; and c) the assets fair value can be measured. In the case of sugarcane harvest, these three aspects are observed. For this appraisal, the biological asset was measured at its fair value at the moment of its initial recognition and at the end of each accounting period. Calculation of the fair value of biological assets is usually facilitated by grouping the assets according to asset attributes acknowledged by the market, such as age or quality. These attributes must be identified by the company as a basis for sales price fixing. The price to be considered in the appraisal is determined by the market dynamics for such biological assets. The market should be considered as a base for the company to determine its assets fair value . In the absence of active markets, the company should use as a reference the price used in recent transactions or the adjusted price of similar assets. The definition of fair value used in this report is based on the idea that an assets fair value is the value at which it can be traded between interested parties, who know the business and are independent from each other, free from factors that may pressure liquidation of the transaction or which may characterize a compulsory transaction (definition presented by CPC Technical Pronouncement 29 Biological Assets and Agricultural Produce, issued by the Accounting Pronouncements Committee - Definitions). Therefore, any analysis must consider the assumptions that would be common to any market participant buying or selling each asset. If the market price is not available, the company should use the current value of the estimated net cash flow, less the current market rate, to determine the assets fair value. In this case, the objective is to determine the fair price at the current place and in the present conditions of the asset, which will be considered in determining the appropriate discount rate. As in this case the price will vary according to the present net cash flow value, the company should always consider the estimated price variance in calculating discount rates. For this appraisal, we considered the constant price. Thus, the discount rate was considered in real terms.
41
INCOME APPROACH: DISCOUNTED CASH FLOW This methodology defines asset return as its operating value, equivalent to its value less future net cash flow. In the case of biological assets, the cash flow consists of the net result after leasing, plantation and tax payment costs. The projection period of the net cash flow is determined based on the time when the asset will be ready for cut-off. The cash flow is then brought to the present value through a discount rate which will reflect the risk associated with the market, company and capital structure. RESULTS The company conducts appraisals and periodic adjustments of its biological asset in compliance with CPC technical pronouncement 29. The calculations presented by the team responsible for this appraisal were analyzed and validated by APSIS. After the analysis, the experts concluded that the companys biological asset was already recorded at market value, and thus did not conduct any market adjustments.
ANEXO 2
Laudo SP-0372/13-01 Anexo 1 42
COMODORO PARTICIPAES S.A.

CNPJ - 05.867.503/0001-82
SPECIAL BALANCE SHEET PREPARED ON OCTOBER 30, 2013 IN BRAZILIAN REALS R$
ASSETS Current Cash and Banks
LIABILITIES
1,000.00 1,000.00
Non-current Invest. Book Value Interest in Klabin S.A Interest in Klabin S.A.'s reserve
479,459,068.53 481,492,224.49 960,951,293.02
NET EQUITY Capital Klabin S.A Revaluation Reserve Adjustment of Klabin S.A. Equity Evaluation Profit Reserves - Biological Assets in Klabin S.A.
479,460,068.53 8,825,819.75 190,948,244.44 281,718,160.30 960,952,293.02
TOTAL ASSETS
960,952,293.02
TOTAL LIABILITIES
960,952,293.02
RIOPRIMA PARTICIPAES S.A.

CNPJ - 05.867.475/0001-01
SPECIAL BALANCE SHEET PREPARED ON OCTOBER 30, 2013 EM R$
ASSETS Current Cash and Banks
LIABILITIES
1,000.00 1,000.00
Non-current Invest. Book Value Interest in Klabin S.A Interest in Klabin S.A.'s reserves
72,298,323.72 72,605,338.79 144,903,662.51
NET EQUITY Capital Klabin S.A Revaluation Reserves Adjustment of Klabin S.A. Equity Evaluation Profit Reserves - Biological Assets in Klabin S.A.
72,299,323.72 1,330,866.00 28,793,532.43 42,480,940.36 144,904,662.51
TOTAL ASSETS
144,904,662.51
TOTAL LIABILITIES
144,904,662.51
Anexo 3
Glossrio
ABL Gross Leasable Area ABNT (Associao Brasileira de Normas Tcnicas) Brazilian Technical Standards Association. Allocated Codes serial number (grades or weights) to differentiate the quality features of properties. Allotment - subdivision of a tract of land into lots for buildings with the opening of new thoroughfares, or the extension, modification or expansion of existing ones. Amortization systematic allocation of the depreciable value of an asset over its useful life. Apparent Age - estimated age of a property according to its characteristics and conservation status at the time of inspection. Asset a resource controlled by the entity as a result of past events from which future economic benefits are expected for the entity. Asset Approach valuation of companies where all assets (including those not accounted for) have their values adjusted to the market. Also known as market net equity. Base Date - specific date (day, month and year) of application of the assessment value. Basic Infrastructure urban rainwater drainage equipment, street lighting, sewage system, drinking water, public and home electricity supply and access routes. BDI (Budget Difference Income) a percentage that indicates the benefits and overhead costs applied to the direct cost of construction. Best Use of the Property - the most economically appropriate use of a certain property according to its characteristics and surroundings, respecting legal limitations. Beta a systematic risk measure of a share; price trend of a particular share to be correlated with changes in a given index. Book Value - the value at which an asset or liability is recognized on the balance sheet. Building Standard - the quality of the improvements according to the specifications of design, materials, workmanship and performance effectively used in construction. Business Combination - union of separate entities or businesses producing financial statements of a single reporting entity. Transaction or other event by which an acquirer obtains control of one or more businesses, regardless of the legal form of operation. Business Risk - uncertainty of realization of expected future returns of the business resulting from factors other than financial leverage. CAPEX (Capital Expenditure) fixed asset investments. Capitalization - conversion of a simple period of economic benefits into value. CAPM (Capital Asset Pricing Model) model in which the capital cost for any share or lot of shares equals the risk free rate plus risk premium provided by the systematic risk of the share or lot of shares under investigation. Generally used to calculate the Cost of Equity or the Cost of Shareholder Capital. Capitalization Rate - any divisor used to convert economic benefits into value in a single period. Capital Structure - composition of a companys invested capital, between own capital (equity) and third-party capital (debt). Cash Flow - cash generated by an asset, group of assets or business during a given period of time. Usually the term is supplemented by a qualification referring to the context (operating, non-operating, etc...). Cash Flow on Invested Capital - cash flow generated by the company to be reverted to lenders (interest and amortizations) and shareholders (dividends) after consideration of cost and operating expenses and capital investments. Cash-Generating Unit - smallest identifiable group of assets generating cash inflows that are largely independent on inputs generated by other assets or groups of assets.
Casualty - an event that causes financial loss. Company commercial or industrial entity, service provider or investment entity holding economic activities. Conservation Status - physical status of an asset as a result of its maintenance.
Depreciable Value - cost of the asset, or other amount that substitutes such cost (financial statements), less its residual value. Depreciation - systematic allocation of the depreciable value of an asset during its useful life. Dichotomous Variable - variable that assumes only two values.
Control - power to direct the strategic policy and administrative management of a company. Control Premium value or percentage of the pro-rata value of a lot of controlling shares over the pro-rata value of non-controlling shares, which reflect the control power. Cost - the total direct and indirect costs necessary for production, maintenance or acquisition of an asset at a particular time and situation. Cost of Capital - Expected rate of return required by the market as an attraction to certain investment funds. CPC (Comit de Pronunciamentos Contbeis) - Accounting Pronouncements Committee. Current Value value replacement with a new value depreciated as a result of the physical state the property is in. CVM - Securities and Exchange Commission. Damage - damage caused to others by the occurrence of flaws, defects, accidents and crimes, among others. Data Treatment - application of operations to express, in relative terms, the attribute differences between the market data and data of the property being assessed. Date of Issue - closing date of the valuation report, when conclusions are conveyed to the client. DCF (Discounted Cash Flow) - discounted cash flow. D & A - depreciation and amortization. Dependent Variable - variable to be explained by the independent ones.
Direct Production Cost - spending on inputs, including labor, in the production of goods. Discount for Lack of Control - value or percentage deducted from the pro-rata value of 100% of the value of a company that reflects the absence of part or all of the control. Discount for Lack of Liquidity - value or percentage deducted from the pro-rata value of 100% of the value of a company that reflects the lack of liquidity. Discount Rate - any divisor used to convert a flow of future economic benefits into present value. Drivers - value drivers or key variables. EBIT (Earnings before Interest and Taxes) - earnings before interest and taxes. EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) earnings before interest, taxes, depreciation and amortization. Economic Benefits benefits such as revenue, net profit, net cash flow, etc. Efficient Use that which is recommendable and technically possible for the location on a reference date, among the various uses permitted by the applicable law, observing surrounding marketing trends. Electrical Damage Value - estimated cost of the repair or replacement of parts, when the property suffers electrical damage. Values are tabulated in percentages of the Replacement Value and have been calculated through the study of equipment manuals and the expertise in corrective maintenance of Apsis technicians. Enterprise - set of properties capable of producing revenue through marketing or economic exploitation. It can be: real estate (e.g. subdivision, commercial / residential buildings), real-estate based (e.g., hotel, shopping mall, theme parks), industrial or rural.
Enterprise Value - economic value of the company. Equity Value - economic value of the equity. Equivalent Construction Area constructed area on which the unit cost equivalence of corresponding construction is applied, according to ABNT postulates. Equivalent Depth - numerical result of the division of a lot area by its main projected front. Expertise - technical activity performed by a professional with specific expertise to investigate and clarify facts, check the status of property, investigate the causes that motivated a particular event, appraise assets, their costs, results or rights. Facilities - set of materials, systems, networks, equipment and operational support services for a single machine, production line or plant, according to the degree of aggregation. Fair Market Value - value at which an asset could have its ownership exchanged between a potential seller and a potential buyer, when both parties have reasonable knowledge of relevant facts and neither is under pressure to do so. Fair Value Less Cost to Sell - value that can be obtained from the sale of an asset or cash-generating unit less sale expenses, in a transaction between knowledgeable, willing and uninterested parties. FCFF (Free Cash Flow to Firm) - Free cash flow to firm, or unlevered free cash flow. Financial Lease - that which substantially transfers all the risks and benefits related to the ownership of the asset, which may or may not eventually be transferred. Leases that are not financial leases are classified as operating leases. Fixed Asset tangible asset available for use in the production or supply of goods or services, in third-party leasing, investments, or for management purposes, expected to be used for more than one accounting period. Flaw - anomaly that affects the performance of products and services, or makes them inadequate to the purposes intended, causing inconvenience or material loss to the consumer. Forced Liquidation - condition on the possibility of a compulsory sale or in a shorter period than the average absorption by the market.
Free Float - percentage of outstanding shares on the company's total capital. Frontage - horizontal projection of the line dividing the property and the access road; measurement of the front of a building. Goodwill see Premium for Expected Future Profitability. Homogenization - treatment of observed prices by application of mathematical transformations that express, in relative terms, the differences between market data attributes and those of the property assessed. Homogenized Area useful or private area, or built with mathematical treatments for valuation purposes, according to criteria based on the real estate market. IAS (International Accounting Standards) - principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board (IASB). See International Accounting Standards. IASB (International Accounting Standards Board) - International Accounting Standards Board. Standard setting body responsible for the development of International Financial Reporting Standards (IFRSs). Ideal Fraction - percentage owned by each of the buyers (tenants) of the land and of the buildings common items. IFRS (International Financial Reporting Standards) - International Financial Reporting Standards, a set of international accounting pronouncements published and reviewed by the IASB. Impairment - see Impairment losses Impairment Losses (impairment) - book value of the asset that exceeds, in the case of stocks, its selling price less the cost to complete it and expense of selling it; or, in the case of other assets, their fair value less expenditure for sale. Income Approach valuation method for converting the present value of expected economic benefits. Independent Variables - variables that provide a logical content to the formation of the value of the property subject to the assessment. Indirect Production Cost - administrative and financial costs, benefits and other liens and charges necessary for the production of goods.
Influence Point - atypical point that, when removed from the sample, significantly changes the estimated parameters or the linear structure of the model. Insurance - risk transfer guaranteed by contract whereby one party undertakes, subject to payment of premium, to indemnify another for the occurrence of casualties covered under the policy. Insurance Value - value at which an insurance company assumes the risks. Except in special cases, it is not applied to land and foundations. Intangible Asset - identifiable non-monetary asset without physical substance. This asset is identifiable when: a) it is separable, i.e., capable of being separated or divided from the entity and sold, transferred, licensed, leased or exchanged, either alone or together with the related contract, asset or liability; b) it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.. Internal Rate of Return - discount rate where the present value of future cash flow is equivalent to the cost of investment. International Accounting Standards (IAS) - standards and interpretations adopted by the IASB. They include: International Financial Reporting Standards (IFRS) International Accounting Standards (IAS) and interpretations developed by the Interpretation Committee on International Financial Reporting Standards (IFRIC) or by the former Standing Interpretations Committee (SIC). Invested Capital the sum of own capital and third-party capital invested in a company. Third-party capital is usually related to debt with interest (short and longterm) and must be specified within the context of the valuation. Investment Property - property (land, building or building part, or both) held by the owner or lessee under the lease, both to receive payment of rent and for capital appreciation or both, other than for use in the production or supply of goods or services, as well as for administrative purposes. Investment Value - value for a particular investor based on individual interests in the property in question. In the case of business valuation, this value can be analyzed by different situations, such as the synergy with other companies of an investor, risk perceptions, future performance and tax planning. Key Money - amount paid by the prospective tenant for signature or transfer of the lease contract, as compensation for the point of sale.
Key Variables - variables that, a priori, and traditionally have been important for the formation of property value. Levered Beta beta value reflecting the debt in capital structure. Liability - present obligation that arises from past events, whereby it is hoped that the settlement thereof will result in the inflow of funds from the entity embodying economic benefits. Liquidation Value - value of a property offered for sale on the market outside the normal process, i.e. one that would be established if the property were offered for sale separately, taking into account the costs involved and the discount required for a sale in a reduced period. Liquidity - ability to rapidly convert certain assets into cash or into the payment of a certain debt. Market Approach valuation method in which multiple comparisons derived from the sales price of similar assets are adopted. Market Data - set of information collected on the market related to a particular property. Marketing Factor - the ratio between the market value of an asset and its reproduction cost less depreciation or replacement cost, which may be higher or lower than 1 (one). Market Research - set of activities for identification, investigation, collection, selection, processing, analysis and interpretation of results on market data. Maximum Insurance Value - maximum value of the property for which it is recommendable to insure it. This criterion establishes that the property whose depreciation is greater than 50% should have its Maximum Insurance Value equivalent to twice as much as the Current Value; and the property whose depreciation is with less than 50% should have its Maximum Insurance Value equivalent to the Replacement Value. Multiple - market value of a company, share or invested capital, divided by a valuation measurement of the company (EBITDA, income, customer volume, etc...). Net Debt - cash and cash equivalents, net position in derivatives, short-term and long-term financial debts, dividends receivable and payable, receivables and payables related to debentures, short-term and long-term deficits with pension
funds, provisions, and other credits and obligations to related parties, including subscription bonus. Non-Operating Assets - those not directly related to the companys operations (may or may not generate revenue) and that can be disposed of without detriment to its business. Null hypothesis in a regression model hypothesis in which one or a set of independent variables involved in the regression model are not important to explain the variation of the phenomenon in relation to a pre-established significance level. Operating Assets assets that are basic to the companys operations.
Qualitative Variables - variables that cannot be measured or counted, only ordered or ranked, according to attributes inherent to the property (e.g., building standard, conservation status and quality of the soil). Quantitative Variables - variables that can be measured or counted (e.g., private area, number of bedrooms and parking spaces). Range for Real Estate Valuations range in the vicinity of the point estimator adopted in the valuation within which to arbitrate the value of the property, provided it is justified by the existence of features that are not contemplated in the model. Re (Cost of Equity) - return required by shareholders for the capital invested.
Operating Lease that which does not substantially transfer all the risks and benefits incidental to the ownership of the asset. Leases that are not operating leases are classified as financial leases. Parent Company - an entity that has one or more subsidiaries. Perpetual Value - value at the end of the projective period to be added on the cash flow. Point of Sale - intangible asset that adds value to commercial property, due to its location and expected commercial exploitation. Population - total market data of the segment to be analyzed. Premium for Expected Future Profitability (goodwill) future economic benefits arising from assets not capable of being individually identified or separately recognized. Present Value - the estimated present value of discounted net cash flows in the normal course of business. Price - the amount by which a transaction is performed involving a property, a product or the right thereto. Private Area useful area plus building blocks (such as walls, pillars, etc.) and elevator hallway (in specific cases). Property something of value, subject to use, or that may be the object of a right, which integrates an equity.
Real Estate - property, consisting of land and any improvements incorporated thereto. Can be classified as urban or rural, depending on its location, use or to its highest and best use. Recoverable Value - the highest fair value of an asset (or cash-generating unit) minus the cost of sales compared with its value in use. Rd (Cost of Debt) - a measure of the amount paid for the capital earned from third parties, in the form of loans, financing, market funding, among others. Reference Real Estate market data with features comparable to the property assessed. Regression Model - the model used to represent a specific phenomenon, based on a sample, considering the various influencing characteristics. Remaining Life a propertys remaining life. Replacement Cost a propertys reproduction cost less depreciation, with the same function and features comparable to the property assessed. Replacement Value for New - value based on what the property would cost (usually in relation to current market prices) to be replaced with or substituted by a new, equal or similar property. Reproduction Cost - expense required for the exact duplication of a property, regardless of any depreciation.
Reproduction Cost Less Depreciation a propertys reproduction cost less depreciation, considering the state it is in. Residual Value - value of new or used asset projected for a date limited to that in which it becomes scrap, considering its being in operation during the period. Residual Value of an Asset estimated value that the entity would obtain at present with the sale of the asset, after deducting the estimated costs thereof, if the asset were already at the expected age and condition at the end of its useful life. Sample set of market data representative of a population. Scrap Value - market value of a propertys reusable materials in disabling conditions, without their being used for production purposes. Shareholders' Equity at Market Prices - see Assets Approach. Statistical Inference - part of statistical science that allows drawing conclusions about the population from a sample. Subsidiary - entity, including that with no legal character, such as an association, controlled by another entity (known as the parent company). Supporting Documentation - documentation raised and provided by the client on which the report premises are based. Survey - evidence of local events through insightful observations in a property and of the factors and conditions that constitute or influence it. Tangible Asset - physically existing asset, such as land, building, machinery, equipment, furniture and tools. Technical Report - detailed report or technical clarification issued by a legally qualified and trained professional on a specific subject. Total Construction Area resulting from the sum of the real private area and the common area allocated to an independent unit, defined according to ABNT. Urbanizable Land - land eligible to receive urban infrastructure works aiming at its efficient use, by means of the subdivision, split or implementation of a business. Useful Area real private area subtracted from the area occupied by walls and other building blocks that prevent or hinder its use.
Useful Economic Life - the period in which an asset is expected to be available for use, or the number of production or similar units expected to be obtained from the asset by the entity. Valuation act or process of determining the value of an asset. Valuation Methodology - one or more approaches used in developing evaluative calculations for the indication of the value of an asset. Value at Risk - representative value of the share of the property one wishes to insure and that may correspond to the maximum insurable value. Value in Use - value of a property in operating conditions in its present state, such as the useful part of an industry, including, where relevant, the costs of design, packaging, taxes, freight and installation. Value Plan - the graphic representation or listing of generic square meter values of land or of the real estate on the same date. WACC (Weighted Average Cost of Capital) - model in which capital cost is determined by the weighted average of the market value of capital structure components (own and others).
THE DIFFERENCE IN CONSUL TING
Appraisal for Corporate Restructuring Purposes
Simple and Intelligent
Different
The difference lies in a multidisciplinary , highly-qualified team, in the market for more than 30 years. We work with clients of different sizes and in different sectors of the economy .
SERVICES
Independent Appraisal Reports T echnical Reports for Consolidations, Spin-offs and Mergers Asset Valuation in Investiment and Real Estate Funds Share Capital Increase IPO - Public Share Offering Net Equity at Market Price (Exchange Ratio) Alternative Dispute Resolution (ADR)
Appraisal for Financial Statements (Fair Value)

Business Combination - Goodwill Impairment T est Intangible Assets (Brands, Softwares and Others) Economic Lifetime, Residual Value and Replacement Value Property for Investments Purchase Price Allocation (PP A) Biological Assets
Simple
We wish to simplify things for you. We are a team sized to your needs. We are resourceful, precise and to-the-point. Here you talk with those who decide.
Corporate Finance
Business, Brand Valuation and Other Intangible Asset Valuation Mergers & Acquisitions (M&A) Fairness Opinion Investors and Opportunity Prospection Feasibility Studies Strategic Financial Modeling Performance Analysis Indicator
Intelligent
Intelligence translates itself into the capacity to quickly understand your problem and turn it into a solution, using creativity , knowledge and experience. We are a company always on the move. And ready to meet your companys needs.
Fixed Asset Management

Inventory-taking and Accounting Reconciliation Equity Outsourcing
Real Estate Appraisal

Purchase & Sale / Rental Evaluation Bank Guarantee / Payment in Kind Insurance Appraisal T ax Review (Land and Property T ax / T ransfer T ax) Y ou can find more information about our services and cases at apsis.com.br Laudo SP-0372/13-01 Anexo 1 52
53 Laudo SP-0372/13-01 Anexo 1

Appraisal Repport Apsis

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Appraisal Report

REPORT REQUESTED BY:

September 30, 2013

85,000 (85,000) (85,000) -

445,272 445,272 445,272 864,351 864,351 1,309,622

(1) Distribution of Dividends.

KLABIN x COMODORO COMODORO 1,115,301 1 0 1,115,300 1,115,301 0 0 1,115,301 158,420,240 7.040

COMODORO 163,797,653 (5,377,413) 158,420,240

RIOPRIMA 24,699,554 (810,870) 23,888,684

10. LIST OF ATTACHMENTS -------------------------------------------------------------------------------------------------------------------------------- Erro! Indicador no definido.

2. PRINCIPLES AND EXCEPTIONS

4. DESCRIPTION OF THE COMPANIES

6. GENERAL APPRAISAL CRITERIA

CASH, CASH EQUIVALENTS AND INVESTMENTS

adjustment was not identified.

GROUP OF ACCOUNTS BONDS AND SECURITIES

adjustment was not identified.

adjustment was not identified.

GROUP OF ACCOUNTS INTEREST IN CONTROLLED COMPANIES

Market value-based appraisal.

ONGOING CONSTRUCTION WORKS BIOLOGICAL ASSETS

Market value same as book value.

LOANS AND FINANCING

Book value maintained as no market adjustment was identified.

ESCROWS AND FISCAL, PENSION, LABOR AND CIVIL PROVISIONS

OTHER ASSETS AND LIABILITIES

Reflects market adjustments net of tax effects, where applicable.

7. APPRAISAL OF KLABINS NET EQUITY AT MARKET VALUE

VALUE OF KLABINS NET EQUITY AT MARKET VALUE

85,000 (85,000) (85,000) -

445,272 445,272 445,272 864,351 864,351

TOTAL LIABILITIES (1) Distribution of Dividends.

VALUE OF KLABINS SHARES

VALUE PER SHARE R$ 6.063 R$ 0.974 R$ 7.037

8. APPRAISAL OF COMODORO AND RIOPRIMAS NET EQUITY AT MARKET VALUE

VALUE OF COMODOROS NET EQUITY AT MARKET VALUE

VALUE OF COMODOROS SHARES

VALUE PER SHARE R$ 6.066 R$ 0.974 R$ 7.040

RIOPRIMAS NET EQUITY AT MARKET VALUE

VALUE OF RIOPRIMAS SHARES

Laudo SP-0372/13-01 Anexo 1

Rio de Janeiro, November 1, 2013. Officer Project management

Laudo SP-0372/13-01 Anexo 1

10. LIST OF ATTACHMENTS

Laudo SP-0372/13-01 Anexo 1

Laudo SP-0372/13-01 Anexo 1

Laudo SP-0372/13-01 Anexo 1

VALUE (R$) R$ 4,882,352,310.78 R$ 2,626,932,089.09 54%

Laudo SP-0372/13-01 Anexo 1

Laudo SP-0372/13-01 Anexo 1

The table below provides a summary for Machinery and Equipment:

ACQUISITION VALUE Total 2008

Laudo SP-0372/13-01 Anexo 1

The table below provides a summary for Buildings and Improvements:

ACQUISITION VALUE Total 2008

Laudo SP-0372/13-01 Anexo 1

Laudo SP-0372/13-01 Anexo 1

COMODORO PARTICIPAES S.A.

SPECIAL BALANCE SHEET PREPARED ON OCTOBER 30, 2013 IN BRAZILIAN REALS R$

ASSETS Current Cash and Banks

479,459,068.53 481,492,224.49 960,951,293.02

479,460,068.53 8,825,819.75 190,948,244.44 281,718,160.30 960,952,293.02

Laudo SP-0372/13-01 Anexo 1 43

RIOPRIMA PARTICIPAES S.A.