Logfert Transportes S.A. Appraisal Report of the book value of shareholders equity on December 1, 2013 based on the accounting statements

Transcription

1 ppraisal Report of the book value of shareholders equity on December 1, 2013 based on the accounting statements

2 ppraisal Report of the book value of shareholders' equity based on the accounting statements To the Shareholders and dministrators Fertilizantes Heringer S.. and Logfert Transportes S.. udit firm identification 1 PricewaterhouseCoopers uditores Independentes, a company headquartered in the City and State of São Paulo with a branch office in Campinas, São Paulo, at Rua José Pires Neto, nº. 314, conjuntos 72, 92, 101 e 102, Edifício Piazza ffari, enrolled in the National Corporate Taxpayers' Registry (CNPJ) of the Ministry of Finance under no / , originally registered in the Regional ccounting Council of the State of São Paulo under no. 2SP000160/O-5, with its rticles of Incorporation duly registered in the 4 th Registry of Deeds and Documents of São Paulo SP at September 17, 1956 and subsequent amendments registered in the 2nd Registry of Deeds and Documents and Civil Corporate Registrar of São Paulo - SP, being the latter dated ugust 30, 2013, registered in the same 2 nd Registry of Deeds and documents and Civil of Corporate Registrar of São Paulo - SP, in microfilm under the No , at October 31, 2013, represented by its undersigned partner, Mr. Maurício Colombari, Brazilian, married, accountant, holder of Identity Card No SSP/SP, enrolled in the Individual Taxpayers' Registry (CPF) No and in the ccounting Council (CRC) of the State of São Paulo under the No. 1SP195838/O-3, resident and domiciled in the City of Campinas, State of São Paulo with offices at the same address, appointed as an expert by Fertilizantes Heringer S.. ("the Parent Company") to proceed with an appraisal of the shareholders' equity of Logfert Transportes S.. ("Company") prepared based on the book value at December 1, 2013, according to the accounting practices adopted in Brazil, presents below the result of its work. Objective of the evaluation 2 The objective of the appraisal report prepared based on the book value of the shareholders equity of Logfert Transportes S.. at December 1, 2013 is the merger of the Company by Fertilizantes Heringer S.. at December 27, Management responsibility for the accounting information 3 Management is responsible for the bookkeeping and preparation of the financial information in accordance with accounting practices adopted in Brazil, and for such relevant internal control as management determines is necessary to enable the preparation of the financial information that are free from material misstatement, whether due to fraud or error. 2 of 5 PricewaterhouseCoopers uditores Independentes, Rua José Pires Neto 314, 10 o, Campinas, SP, Brasil , Caixa Postal 3136T: (19) , F: (19) ,

3 Scope of the work and independent auditors responsibility 4 Our responsibility is to express a conclusion on the book value of the Company's shareholders' equity at December 1, 2013, based on our audit of the Company's balance sheet. We conducted our audit in accordance with Brazilian and International Standards on uditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. 5 n audit involves performing procedures to obtain audit evidence. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement, whether due to fraud or error. In making those risks assessments, the auditor considers internal controls relevant to the balance sheet preparation in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. n audit also includes the evaluation of the adequacy of the accounting policies used and the reasonableness of the accounting estimates made by management. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Conclusion 6 Based on the work carried out, we concluded that the balance of R$ 19,478, (nineteen million, four hundred seventy-eight thousand, one hundred and fifty-five reais and six centavos), as presented in the balance sheet as at December 1, 2013, summarized in the ttachment, represents, in all the relevant aspects, the stockholders' equity of Logfert Transportes S.., recorded in accordance with accounting practices adopted in Brazil. In compliance with the requirements of Brazilian Securities Commission (CVM), we inform that: (a) according to the professional standards established by the Federal ccounting Council (CFC), we are not aware of any conflict of interest, direct or indirect, nor any other circumstance that represents a conflict of interest in relation to the services that were provided by us and that are described above; and (b) we are aware of no instances in which the Company's shareholders or management limited our access or instituted measures to obstruct our work by restricting access, use or knowledge of information, assets, documents or procedures which could have affected our conclusion. Campinas, December 6, 2013 PricewaterhouseCoopers uditores Independentes CRC 2SP000160/O-5 F Maurício Colombari ccountant CRC 1SP195838/O-3 3 of 5

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5 ttachment to the appraisal report dated December 6, 2013 prepared based on the book value of the Shareholders equity Logfert Transportes S.. Condensed balance sheet t December 1, 2013 ssets December 1, 2013 Liabilities and equity December 1, 2013 a a a a a a a a Current assets Current liabilities Cash and cash equivalent 2,091, Suppliers 503, Trade receivables 153, Related parties 14, Related parties 1,088, Social charges 103, Trade receivables from sale of fixed assets 14,487, Income tax and social contribution payable 392, Other assets 393, Taxes payable 505, Other accounts payable 5,653,80 18,214, ,524, Non-current assets Non-current liabilities Long-term Provision for contingencies 316, Trade receivables from sale of fixed assets 2,688, , Deferred taxes 355, Judicial deposits 7, Total liabilities 1,840, Fixed assets 8, Intangible assets 45, Shareholders equity Capital Stock 20,675, ,104, ccrued losses (1,197, ) 19,478, Total assets 21,318, Total liabilities and shareholders equity 21,318, This attachment is an integral and inseparable part of the appraisal report prepared based on the book value of the Shareholders' equity of Logfert Transportes S.., and issued by PricewaterhouseCoopers uditores Independentes on December 6, of 5